iBio Q3 2026 loss widens but cash runway extended

iBio, Inc. reported third-quarter fiscal 2026 results, highlighting pipeline progress alongside wider losses.

Rhea-AI Filing Summary

iBio, Inc. reported third-quarter fiscal 2026 results, highlighting pipeline progress alongside wider losses. The company recorded no revenue for the quarter ended March 31, 2026, while research and development expenses rose to $3.3 million from $1.9 million and general and administrative expenses increased to $5.1 million from $3.0 million, driven mainly by a $2.5 million impairment of the IBIO-101 intangible asset.

Operating loss was $8.4 million and net loss was $7.7 million, or $0.06 per share, compared with a $4.9 million net loss, or $0.49 per share, a year earlier. iBio held $74.8 million in cash, cash equivalents and investments in debt securities as of March 31, 2026, and received approximately $17 million in gross proceeds from warrant exercises in the fourth fiscal quarter, which the company states extend its cash runway into the fourth quarter of fiscal 2028.

Strategically, iBio obtained regulatory clearance in Australia to initiate a phase 1 clinical trial of obesity candidate IBIO-600, reported new obese non-human primate data for IBIO-610 showing a 6.7% reduction in visceral fat and 5.2% reduction in total fat mass, and expanded its pipeline with a bispecific antibody targeting pulmonary hypertension associated with heart failure with preserved ejection fraction.

Positive

• iBio reported cash, cash equivalents and investments in debt securities of $74.8 million as of March 31, 2026, and approximately $17 million in gross warrant exercise proceeds in the fourth fiscal quarter, which the company states extend its cash runway into the fourth quarter of fiscal 2028.
• The company received regulatory clearance in Australia to initiate a phase 1 clinical trial of obesity candidate IBIO-600 and expanded its pipeline with a bispecific antibody targeting PH-HFpEF, adding new cardiometabolic and cardiopulmonary programs.

Negative

• Quarterly net loss increased to $7.7 million for the three months ended March 31, 2026, from $4.9 million a year earlier, reflecting higher operating expenses and including a $2.5 million impairment of the IBIO-101 indefinite-lived intangible asset.
• For both the three-month periods ended March 31, 2026 and 2025, iBio reported no revenue, underscoring its continued dependence on external financing to fund R&D and corporate activities while it advances its development-stage pipeline.

Insights

Biotech equity analyst

iBio advances its obesity and cardiopulmonary pipeline while operating losses widen.

iBio combined meaningful R&D progress with a significantly strengthened balance sheet. The company reported no revenue for the quarter ended March 31, 2026, but increased R&D spending to support IBIO-600, IBIO-610 and other preclinical assets.

Operating expenses rose sharply, including a $2.5 million impairment of IBIO-101, leading to a quarterly net loss of $7.7 million. However, cash, cash equivalents and investments in debt securities totaled $74.8 million, and warrant exercises added about $17 million in gross proceeds, with management indicating a cash runway into the fourth quarter of fiscal 2028.

Pipeline milestones include regulatory clearance to start a phase 1 trial of IBIO-600 in obesity, new obese NHP data for IBIO-610, and expansion into PH-HFpEF via a bispecific antibody. Future disclosures in company filings may specify clinical enrollment progress and any changes to spending levels as these programs advance.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Quarterly revenue: $0 R&D expense: $3,254 (thousands) G&A expense: $5,111 (thousands) +5 more

8 metrics

Quarterly revenue $0 Three months ended March 31, 2026; no revenue also in 2025 period

R&D expense $3,254 (thousands) Three months ended March 31, 2026; vs $1,906 (thousands) in 2025

G&A expense $5,111 (thousands) Three months ended March 31, 2026; vs $2,973 (thousands) in 2025

Net loss (quarter) $7,730 (thousands) Three months ended March 31, 2026; vs $4,861 (thousands) in 2025

Loss per share $0.06 Basic and diluted, three months ended March 31, 2026; vs $0.49 in 2025

Cash and investments $74,797 (thousands) Cash, cash equivalents and investments in debt securities as of March 31, 2026

Warrant exercise proceeds Approximately $17,000 (thousands) Gross proceeds from warrant exercises in Q4 fiscal 2026; extends runway into Q4 FY 2028

Total assets $85,834 (thousands) As of March 31, 2026; vs $23,185 (thousands) at June 30, 2025

Key Terms

phase 1 clinical trial, PH-HFpEF, bispecific antibody, comprehensive loss, +2 more

6 terms

phase 1 clinical trial financial

"Received regulatory clearance to initiate its phase 1 clinical trial of IBIO-600 in Australia"

A phase 1 clinical trial is the first stage of testing a new drug or treatment in people, typically involving a small group to assess safety, how the body handles the treatment, and appropriate dosing. For investors, phase 1 results are an early risk check — like a test drive that can reveal fatal flaws or promising signals — and they often cause big changes in a drug’s perceived value and the company’s prospects.

PH-HFpEF medical

"pipeline expansion into pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF)"

Pulmonary hypertension associated with heart failure with preserved ejection fraction (PH‑HFpEF) is a condition where high blood pressure builds up in the lungs because the heart’s left side is stiff and doesn’t fill properly, even though its pumping strength looks normal. For investors, it matters because it defines a specific patient group and treatment need that shapes clinical trial design, drug approval chances, market size, and potential revenue for companies developing therapies; think of it as a distinct customer segment with a clear unmet need.

bispecific antibody medical

"expanded our pipeline with our selective bispecific antibody designed to block Activin A, GDF8 (myostatin) and GDF11"

A bispecific antibody is a specially designed protein that can attach to two different targets at the same time. Think of it as a custom-made connector that brings two things together—such as a disease cell and an immune system component—helping the body fight illnesses more effectively. For investors, understanding bispecific antibodies is important because they represent innovative therapies that could lead to new treatments and potentially lucrative market opportunities.

comprehensive loss financial

"Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited; in thousands, except per share amounts)"

Comprehensive loss measures the total decrease in a company’s value over a reporting period by combining its regular profit-or-loss with other gains or losses that don’t show up on the main income line—things like currency swings, changes in the value of certain investments, or pension adjustments. For investors it matters because it reveals hidden hits to a company’s equity that aren’t reflected in net income, offering a fuller picture of financial health, similar to checking both your bank balance and the value of investments when assessing your net worth.

warrant exercises financial

"received gross proceeds of approximately $17 million from warrant exercises extending the Company’s cash runway"

Warrant exercises occur when holders of stock warrants use their right to buy company shares at a predetermined price, paying that price to receive new shares. It matters to investors because this process brings new cash into the company but also increases the total number of shares, which can reduce each existing shareholder’s ownership percentage — similar to adding more slices to a pizza while keeping the original toppings the same.

Accumulated deficit financial

"Accumulated deficit | (354,667) | (332,224)"

Accumulated deficit is the running total of a company’s past net losses minus any profits, showing how much the business has eaten into its own funds over time—think of it like a bank account that’s been overdrawn by repeated shortfalls. It matters to investors because a large accumulated deficit reduces the cushion that protects owners and creditors, can limit dividends or borrowing, and signals how much funding the company may need to reach profitability.

Earnings Snapshot

Revenue: $0

Quarter ended March 31, 2026

Revenue $0

Operating loss $8,365 (thousands)

Net loss $7,730 (thousands)

Loss per share (basic and diluted) $0.06

Cash, cash equivalents and investments $74,797 (thousands)

FAQ

What were iBio (IBIO) revenues and net loss for Q3 fiscal 2026?

iBio reported no revenue and a net loss of $7.7 million for the quarter ended March 31, 2026. A year earlier, the company also had no revenue and posted a net loss of $4.9 million, reflecting lower operating expenses in the prior period.

How much did iBio (IBIO) spend on R&D and G&A in Q3 fiscal 2026?

For the quarter ended March 31, 2026, iBio recorded $3.3 million in research and development expenses and $5.1 million in general and administrative expenses. The G&A increase versus 2025 was mainly driven by a $2.5 million impairment of the IBIO-101 intangible asset.

What is iBio’s (IBIO) cash position and runway after Q3 fiscal 2026?

As of March 31, 2026, iBio held $74.8 million in cash, cash equivalents and investments in debt securities. In the fourth fiscal quarter, the company also received about $17 million in gross proceeds from warrant exercises, which it states extend cash runway into Q4 fiscal 2028.

What clinical and pipeline milestones did iBio (IBIO) report with Q3 2026 results?

iBio received regulatory clearance in Australia to start a phase 1 trial of IBIO-600 in obesity and expanded its pipeline with a bispecific antibody for PH-HFpEF. The company also reported obese NHP data for IBIO-610, including reductions in visceral and total fat mass.

What new IBIO-610 data did iBio (IBIO) highlight in its Q3 fiscal 2026 update?

iBio presented new obese non-human primate data for IBIO-610, showing 6.7% visceral fat reduction and 5.2% total fat mass reduction. These preclinical results support its development as a potential first-in-class Activin E antibody candidate in obesity-related indications.

How did iBio’s (IBIO) balance sheet change between June 2025 and March 2026?

Total assets increased from $23.2 million at June 30, 2025 to $85.8 million at March 31, 2026, driven mainly by higher cash and investments. Total stockholders’ equity rose from $14.9 million to $77.5 million over the same period.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/12/2026 - 04:15 PM Learn about SEC filing dates

0001420720false00014207202026-05-122026-05-12

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 12, 2026

iBio, Inc.

(Exact name of registrant as specified in charter)

Delaware

(State or other jurisdiction of incorporation)

​	​
001-35023	26-2797813
(Commission File Number)	(IRS Employer Identification No.)

​

11750 Sorrento Valley Road Suite 200

San Diego, California 92121

(Address of principal executive offices and zip code)

(979) 446-0027

(Registrant’s telephone number including area code)

N/A

(Former Name and Former Address)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

​	​	​
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	IBIO	The Nasdaq Stock Market LLC

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

​

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Item 2.02. Results of Operations and Financial Condition.

On May 12, 2026, iBio, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	​ ​ ​	Description
99.1	​	Press Release, issued by iBio, Inc. dated May 12, 2026
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 12, 2026	IBIO, INC.
​
​	By:	/s/ Marc A. Banjak
​	​	Name:	Marc A. Banjak
​	​	Title:	Chief Legal Officer

​

​

​

Exhibit 99.1

iBio Reports Q3 Fiscal Year 2026 Financial Results and Provides Corporate Update

Received regulatory clearance to initiate its phase 1 clinical trial of IBIO-600 in Australia

Announced a strategic pipeline expansion into pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF) of its bispecific antibody 

Reported new preclinical data from its obese non-human primate (NHP) study evaluating IBIO-610, with visceral fat reduced by 6.7% and total fat mass by 5.2% 

San Diego, California / May 12, 2026 / (GLOBE NEWSWIRE) / iBio, Inc. (NASDAQ:IBIO), an AI-driven innovator developing therapies for cardiometabolic, obesity and cardiopulmonary diseases, today reported financial results for the third quarter ended Mar. 31, 2026, and provided a corporate update on its progress.

“This last quarter was marked by significant advancement across our full pipeline. Most importantly, we received the clearance to enter the clinic with IBIO-600, which we believe has best-in-class potential due to its ability to preserve lean mass and improve body composition in obesity,” said Martin Brenner, D.V.M., Ph.D., Chief Executive Officer and Chief Scientific Officer of iBio. “We also presented new data for IBIO-610 demonstrating targeted reduction of total and visceral fat in obese non-human primates (NHPs) and expanded our pipeline with our selective bispecific antibody designed to block Activin A, GDF8 (myostatin) and GDF11, potentially to treat PH-HFpEF, which represents a high unmet need. Together, these milestones continue to demonstrate the significant potential of our platform and our commitment to developing differentiated therapies to meaningfully impact the lives of patients.”

Third Fiscal Quarter 2026 & Recent Corporate Updates:

• Announced receipt of Clinical Trial Notification (CTN) acknowledgement from Australia’s Therapeutic Goods Administration (TGA) and Human Research Ethics Committee (HREC) approval to initiate a first-in-human Phase 1 clinical trial of IBIO-600, a long-acting anti-myostatin monoclonal antibody designed to preserve lean mass and improve body composition. The randomized, double-blind, placebo-controlled, single ascending dose study will evaluate safety, tolerability, pharmacokinetics, and pharmacodynamics of IBIO-600 in overweight and obese adults, with first participant dosing expected in the second quarter of calendar 2026.

• Announced a strategic pipeline expansion into pulmonary hypertension associated with heart failure with preserved ejection fraction (PH-HFpEF). iBio is engineering a selective bispecific antibody designed to block Activin A, GDF8 (myostatin), and GDF11 to reduce cardiac fibrosis, reverse pulmonary vascular remodeling, and improve whole body functional capacity, while avoiding safety issues linked to broader TGFβ ligand blockade.

• Presented new preclinical data from its obese non-human primate (NHP) study evaluating IBIO-610, potentially a first-in-class Activin E antibody candidate. The preclinical body composition data demonstrate IBIO-610 reduced fat mass in obese NHPs compared to vehicle-treated obese NHPs, in a small, not statistically powered study. Following two once-every-eight-week dosing, IBIO-610

reduced visceral fat by 6.7% and total fat mass by 5.2%, with only a slight increase in lean mass following treatment.

• Delivered an oral presentation at Drug R&D on February 24, 2026, titled “Accelerating Antibody Drug Discovery with Artificial Intelligence.”

• Delivered a company presentation at Biocom California’s Global Life Science Partnering & Investor Conference on February 25, 2026.

• Participated in fireside chats at the Leerink Global Healthcare Conference and the Oppenheimer 36^th Annual Healthcare Life Sciences Conference.

Financial Results:

No revenue was recognized for the three months ended March 31, 2026 and 2025.

Research and Development (“R&D”) expenses for the three months ended March 31, 2026, and March 31, 2025, were $3.3 million and $1.9 million, respectively, an increase of approximately $1.4 million. The increase in R&D expenses is primarily due to increased spending for consultants and outside services supporting the Company’s R&D efforts, including conducting the NHP studies and CMC activities, and an increase in personnel costs as a result of advancing research activities for the Company’s IBIO-600 and IBIO-610 programs and other preclinical pipeline assets.

General and Administrative expenses for the three months ending March 31, 2026, and March 31, 2025, were approximately $5.1 million and $3 million, respectively, an increase of $2.1 million. The increase is primarily attributable to the impairment of the Company’s indefinite-lived intangible asset IBIO-101 of $2.5 million offset by lower IT related costs and franchise taxes.

iBio held cash, cash equivalents and investments in debt securities of $74.8 million as of March 31, 2026. In addition, in the fourth quarter of fiscal year 2026, the Company received gross proceeds of approximately $17 million from warrant exercises extending the Company’s cash runway into fourth quarter of fiscal year 2028.

About iBio, Inc.

iBio (Nasdaq: IBIO) is a cutting-edge biotech company leveraging AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic and cardiopulmonary diseases, obesity, cancer and other hard-to-treat diseases. By combining proprietary 3D modeling with innovative drug discovery platforms, iBio is creating a pipeline of breakthrough antibody treatments to address significant unmet medical needs. iBio’s mission is to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine. For more information, visit www.ibioinc.com or follow iBio on LinkedIn.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements

regarding the potential of IBIO-600 to be best-in-class; IBIO-600’s ability to preserve lean mass and improve body composition in obesity; the significant potential of the Company’s platform and its commitment to developing differentiated therapies to meaningfully impact the lives of patients; initiation of a first-in-human Phase 1 clinical trial of IBIO-600, the potential of IBIO-600 to be a best-in-class, long-acting anti-myostatin monoclonal antibody; evaluation of the safety, tolerability, pharmacokinetics, and pharmacodynamics of IBIO-600 in overweight and obese adults in a randomized, double-blind, placebo-controlled, single ascending dose study; the dosing of the first participant in the IBIO-600 Phase 1 clinical trial in the second quarter of calendar 2026; iBio’s engineering of a selective bispecific antibody designed to block Activin A, GDF8 (myostatin), and GDF11; the selective bispecific antibody reducing cardiac fibrosis, reversing pulmonary vascular remodeling, and improving whole body functional capacity, while avoiding safety issues linked to broader TGFβ ligand blockade; the potential of IBIO-610 to be a first-in-class Activin E antibody candidate; the net proceeds of the warrant exercises in the fourth quarter of fiscal year 2026 extending the Company’s cash runway into fourth quarter of fiscal year 2028; the Company’s ability to leverage AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic and cardiopulmonary diseases, obesity, cancer and other hard-to-treat diseases; iBio’s ability to combine its proprietary 3D modeling with its innovative drug discovery platforms to create a pipeline of breakthrough antibody treatments to address significant unmet medical needs; and iBio’s ability to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine. While iBio believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability of iBio to initiate a first-in-human Phase 1 clinical trial of IBIO-600, with the dosing of the first participant in the IBIO-600 Phase 1 clinical trial in the second quarter of calendar 2026; iBio’s ability to obtain regulatory approvals for commercialization of its product candidates, or to comply with ongoing regulatory requirements; regulatory limitations relating to iBio’s ability to promote or commercialize its product candidates for specific indications; acceptance of iBio’s product candidates in the marketplace and the successful development, marketing or sale of products; and whether iBio will incur unforeseen expenses or liabilities or other market factors; and the other factors discussed in iBio’s filings with the SEC including its Annual Report on Form 10-K for the year ended June 30, 2025 and its subsequent filings with the SEC on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and iBio undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Contact:

iBio, Inc.
Investor Relations
ir@ibioinc.com

Ignacio Guerrero-Ros, Ph.D., or David Schull
Russo Partners, LLC
Ignacio.guerrero-ros@russopartnersllc.com
David.schull@russopartnersllc.com
(858) 717-2310 or (646) 942-5604

iBio, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited; in thousands, except per share amounts)

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​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Three Months Ended

​

Nine Months Ended

​

​

March 31,

​

March 31,

​

​ ​ ​

2026

​ ​ ​

2025

​

2026

​ ​ ​

2025

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue

​

$

—

​

$

—

​

$

100

​

$

200

​

​

​

​

​

​

​

​

​

Operating expenses:

​

​

​

​

​

​

​

​

​

Research and development

​

3,254

​

​

1,906

​

11,084

​

5,088

General and administrative

​

5,111

​

​

2,973

​

12,777

​

8,516

Total operating expenses

​

8,365

​

4,879

​

23,861

​

13,604

​

​

​

​

​

​

​

​

​

Operating loss

​

(8,365)

​

(4,879)

​

(23,761)

​

(13,404)

​

​

​

​

​

​

​

​

​

Other income (expense):

​

​

​

​

​

​

​

​

Interest income

​

​

657

​

​

72

​

​

1,417

​

​

358

Interest expense

​

(22)

​

​

(54)

​

​

(99)

​

​

(168)

Total other income (expense)

​

635

​

18

​

​

1,318

​

190

​

​

​

​

​

​

​

​

​

Net loss

​

$

(7,730)

​

$

(4,861)

​

$

(22,443)

​

$

(13,214)

​

​

​

​

​

​

​

​

​

​

​

​

​

Comprehensive loss:

​

​

​

​

​

​

​

​

Net loss

​

$

(7,730)

​

$

(4,861)

​

$

(22,443)

​

$

(13,214)

Other comprehensive loss - unrealized loss on debt securities

​

(31)

​

—

​

(21)

​

—

​

​

​

​

​

​

​

​

​

Comprehensive loss

​

$

(7,761)

​

$

(4,861)

​

$

(22,464)

​

$

(13,214)

​

​

​

​

​

​

​

​

​

Loss per common share - basic and diluted

​

$

(0.06)

​

$

(0.49)

​

$

(0.25)

​

$

(1.44)

​

​

​

​

​

​

​

​

​

Weighted-average common shares outstanding - basic and diluted - see Note 16

​

119,600

​

9,862

​

90,295

​

​

9,202

​

​

iBio, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)

​	​	​	​	​	​	​
​	​	March 31,		​	June 30,
​	​	2026		​	2025
​	​	(Unaudited)		​	​
Assets	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	47,631	​	$	8,582
Accounts receivable - trade, net of allowance for credit losses of $65 and $0 as of March 31, 2026 and June 30, 2025, respectively	​		—	​		—
Investments in debt securities (adjusted cost $27,187 and $0, respectively - see Note 6)	​		27,166	​		—
Subscription receivable	​	​	—	​	​	105
Prepaid expenses and other current assets	​		2,454	​		1,034
Total Current Assets	​		77,251	​		9,721
​	​		​	​		​
Restricted cash	​	​	228	​	​	210
Promissory note receivable	​	​	1,157	​	​	1,098
Finance lease right-of-use assets, net of accumulated amortization	​		—	​		68
Operating lease right-of-use asset	​	​	1,766	​	​	2,051
Fixed assets, net of accumulated depreciation	​		3,310	​		3,163
Intangible assets, net of accumulated amortization	​	​	1,830	​	​	6,848
Prepaid expenses - noncurrent	​	​	282	​	​	—
Security deposits	​	​	10	​	​	26
Total Assets	​	$	85,834	​	$	23,185
​	​		​	​		​
Liabilities and Stockholders’ Equity	​		​	​		​
Current liabilities:	​		​	​		​
Accounts payable	​	$	3,035	​	$	2,188
Accrued expenses	​		1,787	​		1,345
Finance lease obligations	​	​	—	​	​	53
Operating lease obligation - current portion	​	​	532	​	​	490
Equipment financing payable - current portion	​	​	—	​	​	64
Term promissory note	​	​	—	​	​	766
Contract liabilities	​	​	1,150	​	​	1,200
Total Current Liabilities	​		6,504	​		6,106
​	​		​	​		​
Operating lease obligation - net of current portion	​	​	1,793	​	​	2,199
Total Liabilities	​		8,297	​		8,305
​	​		​	​		​
Stockholders’ Equity	​		​	​		​
Preferred Stock - $0.001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding (see Note 15 - Stockholders’ Equity)	​		—	​		—
Common Stock - $0.001 par value; 275,000,000 shares authorized; 34,543,561 and 19,349,201 shares issued and outstanding as of March 31, 2026 and June 30, 2025, respectively	​		35	​	​	19
Additional paid-in capital	​		432,190	​	​	347,085
Accumulated other comprehensive loss	​		(21)	​	​	—
Accumulated deficit	​	​	(354,667)	​	​	(332,224)
Total Stockholders’ Equity	​		77,537	​		14,880
Total Liabilities and Stockholders’ Equity	​	$	85,834	​	$	23,185

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Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 230.0 KB

Other Documents

• EX-101 EX-101.SCH 3.4 KB
• EX-101 EX-101.DEF 2.8 KB
• EX-101 EX-101.LAB 16.8 KB
• EX-101 EX-101.PRE 11.1 KB