Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Sep. 22, 2021 | Dec. 31, 2020 | |
Document And Entity Information | |||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2021 | ||
Entity Registrant Name | iBio, Inc. | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | IBIO | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001420720 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 217,873,094 | ||
Entity Public Float | $ 222,357,558 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 77,404,000 | $ 55,112,000 |
Accounts receivable - trade | 426,000 | 75,000 |
Settlement receivable - current portion | 5,100,000 | |
Subscription receivable | 5,549,000 | |
Investments in debt securities | 19,570,000 | |
Work in progress | 27,000 | 798,000 |
Prepaid expenses and other current assets | 2,070,000 | 214,000 |
Total Current Assets | 104,597,000 | 61,748,000 |
Note receivable and accrued interest | 1,556,000 | |
Settlement receivable - noncurrent portion | 5,100,000 | |
Finance lease right-of-use assets, net of accumulated amortization | 26,111,000 | 27,616,000 |
Fixed assets, net of accumulated depreciation | 8,628,000 | 3,657,000 |
Intangible assets, net of accumulated amortization | 952,000 | 1,144,000 |
Security deposits | 24,000 | 24,000 |
Total Assets | 146,968,000 | 94,189,000 |
Current liabilities: | ||
Accounts payable (related parties of $0 and $6 as of June 30, 2021 and 2020, respectively) | 2,254,000 | 1,759,000 |
Accrued expenses (related party of $701 and $705 as of June 30, 2021 and 2020, respectively) | 3,001,000 | 1,105,000 |
Finance lease obligations - current portion | 367,000 | 301,000 |
Note payable - PPP loan - current portion | 600,000 | 261,000 |
Deferred revenue / Contract liabilities | 423,000 | 1,810,000 |
Total Current Liabilities | 6,645,000 | 5,236,000 |
Note payable - PPP loan - net of current portion | 0 | 339,000 |
Finance lease obligations - net of current portion | 31,755,000 | 32,007,000 |
Total Liabilities | 38,400,000 | 37,582,000 |
Commitments and Contingencies | ||
iBio, Inc. Stockholders’ Equity: | ||
Common stock - $0.001 par value; 275,000,000 shares authorized at June 30, 2021 and 2020; 217,873,094 and 140,071,110 shares issued and outstanding as of June 30, 2021 and 2020, respectively | 217,000 | 140,000 |
Additional paid-in capital | 282,058,000 | 206,931,000 |
Accumulated other comprehensive loss | (63,000) | (33,000) |
Accumulated deficit | (173,627,000) | (150,420,000) |
Total iBio, Inc. Stockholders’ Equity | 108,585,000 | 56,618,000 |
Noncontrolling interest | (17,000) | (11,000) |
Total Equity | 108,568,000 | 56,607,000 |
Total Liabilities and Equity | $ 146,968,000 | $ 94,189,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Consolidated Balance Sheets | ||
Accounts payable, related parties | $ 0 | $ 6 |
Accrued expenses, related parties | $ 701 | $ 705 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 275,000,000 | 275,000,000 |
Common Stock, Shares, Issued | 217,873,094 | 140,071,110 |
Common Stock, Shares, Outstanding | 217,873,094 | 140,071,110 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated Statements of Operations and Comprehensive Loss | ||
Revenues | $ 2,371 | $ 1,638 |
Cost of goods sold | 1,462 | 703 |
Gross profit | 909 | 935 |
Operating expenses: | ||
Research and development (related party of $0 and $97) | 9,989 | 3,573 |
General and administrative (related party of $1,587 and $1,143) | 22,031 | 11,365 |
Total operating expenses | 32,020 | 14,938 |
Operating loss | (31,111) | (14,003) |
Other income (expense): | ||
Interest income | 140 | 15 |
Interest expense (related party of $2,446 and $2,466) | (2,454) | (2,466) |
Royalty income | 12 | 10 |
Settlement income | 10,200 | |
Total other income (expense) | 7,898 | (2,441) |
Consolidated net loss | (23,213) | (16,444) |
Net loss attributable to noncontrolling interest | 6 | 5 |
Net loss attributable to iBio, Inc. | (23,207) | (16,439) |
Deemed dividends – down round of Series A Preferred and Series B Preferred | (21,560) | |
Preferred stock dividends – iBio CMO Tracking Stock | (260) | (261) |
Net loss attributable to iBio, Inc. stockholders | (23,467) | (38,260) |
Comprehensive loss: | ||
Consolidated net loss | (23,213) | (16,444) |
Other comprehensive loss - unrealized loss on debt securities | (29) | |
Other comprehensive loss - foreign currency translation adjustments | (1) | (2) |
Comprehensive loss | $ (23,243) | $ (16,446) |
Loss per common share attributable to iBio, Inc. stockholders - basic and diluted | $ (0.12) | $ (0.61) |
Weighted-average common shares outstanding - basic and diluted | 195,620 | 62,795 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated Statements of Operations and Comprehensive Loss | ||
Operating expenses research and development, related party | $ 0 | $ 97 |
Operating expenses general and administrative, related party | 1,587 | 1,143 |
Interest expense, related party | $ 2,446 | $ 2,466 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jun. 30, 2019 | $ 20 | $ 108,295 | $ (31) | $ (105,821) | $ (6) | $ 2,457 | |
Balance (in shares) at Jun. 30, 2019 | 10,000 | 20,152,000 | |||||
Capital raises | $ 40 | 68,045 | 68,085 | ||||
Capital raise (in shares) | 5,000 | 40,025,000 | |||||
Costs to raise capital and warrant exchange | (2,342) | (2,342) | |||||
Compensation shares | $ 1 | (1) | |||||
Compensation shares (in shares) | 1,316,000 | ||||||
Exercise of warrants | $ 35 | 7,600 | 7,635 | ||||
Exercise of warrants (in shares) | 35,000,000 | ||||||
Exercise of stock options | 130 | $ 130 | |||||
Exercise of stock options (in shares) | 140,000 | 139,392 | |||||
Deemed dividends – down round of Series A Preferred and Series B Preferred | 21,560 | (21,560) | $ 21,560 | ||||
Warrant exchange and deemed dividend | $ 15 | 3,285 | (6,600) | (3,300) | |||
Warrant exchange and deemed dividend (in shares) | 15,000,000 | ||||||
Conversion of preferred stock to common stock | $ 29 | (29) | |||||
Conversion of preferred stock to common stock (in shares) | (9,000) | 28,438,000 | |||||
Share-based compensation | 388 | 388 | |||||
Foreign currency translation adjustment | (2) | (2) | |||||
Net loss | (16,439) | (5) | (16,444) | ||||
Balance at Jun. 30, 2020 | $ 140 | 206,931 | (33) | (150,420) | (11) | 56,607 | |
Balance (in shares) at Jun. 30, 2020 | 6,000 | 140,071,000 | |||||
Capital raises | $ 48 | 78,228 | 78,276 | ||||
Capital raise (in shares) | 48,814,000 | ||||||
Costs to raise capital and warrant exchange | (4,713) | (4,713) | |||||
Exercise of stock options | 54 | $ 54 | |||||
Exercise of stock options (in shares) | 53,000 | 53,687 | |||||
Vesting of RSU's | 1 | $ 1 | |||||
Vesting of RSU's (in shares) | 10,000 | ||||||
Conversion of preferred stock to common stock | $ 29 | (29) | |||||
Conversion of preferred stock to common stock (in shares) | (6,000) | 28,925,000 | |||||
Share-based compensation | 1,586 | 1,586 | |||||
Unrealized loss on debt securities | (29) | (29) | |||||
Foreign currency translation adjustment | (1) | (1) | |||||
Net loss | (23,207) | (6) | (23,213) | ||||
Balance at Jun. 30, 2021 | $ 217 | $ 282,058 | $ (63) | $ (173,627) | $ (17) | $ 108,568 | |
Balance (in shares) at Jun. 30, 2021 | 217,873,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (23,213,000) | $ (16,444,000) |
Adjustments to reconcile consolidated net loss to net cash used in operating activities: | ||
Share-based compensation | 1,586,000 | 388,000 |
Amortization of intangible assets | 291,000 | 298,000 |
Amortization of finance lease right-of-use assets | 1,651,000 | 1,661,000 |
Depreciation of fixed assets | 472,000 | 282,000 |
Accrued interest income on note receivable | (56,000) | |
Amortization of premiums on debt securities | 216,000 | |
Loss on abandonment of intangible assets | 143,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable – trade | (426,000) | 22,000 |
Accounts receivable – other | (112,000) | |
Settlement receivable | (10,200,000) | |
Work in process | 772,000 | (798,000) |
Prepaid expenses and other current assets | (1,746,000) | 77,000 |
Accounts payable | 48,000 | 498,000 |
Accrued expenses | 1,897,000 | 140,000 |
Deferred revenue / contract liabilities | (1,387,000) | 531,000 |
Net cash used in operating activities | (30,064,000) | (13,345,000) |
Cash flows from investing activities: | ||
Purchases of debt securities | (23,816,000) | |
Additions to intangible assets | (242,000) | (76,000) |
Purchases of fixed assets | (4,920,000) | (1,078,000) |
Redemption of debt securities | 4,000,000 | |
Issuance of note receivable | (1,500,000) | |
Net cash used in investing activities | (26,478,000) | (1,154,000) |
Cash flows from financing activities: | ||
Proceeds from sales of preferred and common stock | 78,276,000 | 62,363,000 |
Proceeds from subscription receivable | 5,549,000 | |
Proceeds from exercise of warrants | 6,330,000 | |
Proceeds from exercise of stock option | 54,000 | 130,000 |
Costs to raise capital | (4,713,000) | (2,170,000) |
Proceeds from PPP Loan | 600,000 | |
Payments of notes payable – warrant exchange | (1,995,000) | |
Payment of finance lease obligation | (331,000) | (66,000) |
Net cash provided by financing activities | 78,835,000 | 65,192,000 |
Effect of exchange rate changes | (1,000) | (2,000) |
Net increase in cash and cash equivalents | 22,292,000 | 50,691,000 |
Cash and cash equivalents – beginning | 55,112,000 | 4,421,000 |
Cash and cash equivalents - end | 77,404,000 | 55,112,000 |
Schedule of non-cash activities: | ||
Legal costs related to Fraunhofer litigation | (16,000,000) | |
Legal cost recovery - Fraunhofer litigation | 16,000,000 | |
Increase in ROU assets under ASC 842 | 146,000 | 7,489,000 |
Subscription receivable for capital raise | 5,549,000 | |
Costs related to subscription receivable (net of costs) | 172,000 | |
Deemed dividends – down round of Series A Preferred and Series B Preferred | 21,560,000 | |
Deemed dividend – non-cash warrant exchange | 6,600,000 | |
Issuances of common stock under warrant exchange | 3,300,000 | |
Issuances of notes payable under warrant exchange | 3,300,000 | |
Cashless exercise of warrants reducing balance owed for notes payable – warrant exchange | 1,305,000 | |
Intangible assets included in accounts payable in prior period, paid in current period | 8,000 | |
Unpaid fixed assets included in accounts payable | 791,000 | 268,000 |
Accounts receivable and accounts payable offset related to Fraunhofer settlement | 75,000 | |
Unrealized loss on available-for-sale debt securities | 29,000 | |
Conversion of preferred stock shares into common stock shares | 29,000 | 29,000 |
Compensation shares | 1,000 | |
Supplemental cash flow information: | ||
Cash paid for interest during Fiscal Year 2021 | $ 2,446,000 | $ 2,372,000 |
Nature of Business
Nature of Business | 12 Months Ended |
Jun. 30, 2021 | |
Nature of Business [Abstract] | |
Nature of Business | 1. iBio, Inc. (“we”, “us”, “our”, “iBio”, “Ibio, Inc” or the “Company”) are a developer of next-generation biopharmaceuticals and pioneer of the sustainable FastPharming Manufacturing System ® . The Company is applying its licensed and owned technologies to develop novel product candidates to treat or prevent fibrotic diseases, cancers, and infectious diseases. The Company is using its FastPharming Manufacturing System (“ FastPharming ” or the “ FastPharming System”) and Glycaneering Services TM to rapidly and cost effectively build a portfolio of biologic drug candidates for internal use. The Company is also using the FastPharming System to create proteins for others by contract or via the Company’s catalog. The Company operates in two segments: (i) Biopharmaceuticals: its biologics development and licensing segment which is focused on drug development in two primary areas: Therapeutics (currently Fibrotics and Oncology) and Vaccines (human and animal health vaccines), and (ii) Bioprocessing: focused on two business lines: CDMO Services and Research & Bioprocess Products (“RBP”). Biopharmaceuticals: Therapeutics Anti-Fibrotics Fibrosis is a pathological disorder in which connective tissue replaces normal parenchymal tissue to the extent that it goes unchecked, leading to considerable tissue remodeling and the formation of permanent scar tissue. Fibrosis can occur in many tissues within the body, including the lungs (e.g., idiopathic pulmonary fibrosis (“IPF”) and skin (e.g. systemic scleroderma). Oncology iBio’s oncology efforts seek to identify therapeutics to aid in the treatment of cancer. Although there are a large number of cancer treatments available, significant unmet need exists in many types of cancer for improved treatments. In May 2021, the Company announced plans to establish drug development capabilities in the San Diego, California area, with an initial focus on monoclonal antibodies for use in oncology. Vaccines Human Health: SARS-CoV-2 Coronavirus disease 2019 is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV‑2) (“COVID”). It was first identified in December 2019 in Wuhan, Hubei, China, and has resulted in an ongoing pandemic. Common symptoms include fever, cough, fatigue, shortness of breath or breathing difficulties, and loss of smell and taste. Some people develop acute respiratory distress syndrome (ARDS), possibly precipitated by cytokine dysregulation, multi-organ failure, septic shock, and blood clots. Animal Health: Classical Swine Fever Classical swine fever (“CSF”) is a contagious, often fatal disease affecting both feral and domesticated pigs. Outbreaks in Europe, Asia, Africa, and South America have not only adversely impacted animal health and food security, but have also had severe socioeconomic impacts on both the pig industry worldwide and small-scale pig farming. Currently available vaccines can be efficient at triggering rapid animal immune response and protecting swine populations when combined with culling of infected pigs, but do not allow the differentiation of infected from vaccinated animals (DIVA), nor are they approved for use in the U.S. The development of DIVA compatible and efficacious vaccination solutions remains a top priority to prevent the economic impacts of a CSF outbreak including supply disruptions, export restrictions and reduced food security. Bioprocessing Services iBio’s contract development and manufacturing services use iBio’s FastPharming intellectual property and know how to develop or manufacture proteins for others per a contract or to provide bioprocess services. Research & Bioprocess Products iBio is developing proteins for use in cutting-edge research and cGMP manufacturing where the demand for high-quality products continues to evolve. The Company offers recombinant proteins for third parties on a catalog and custom basis. These catalog products often can lead to opportunities to provide CDMO services or identify in-licensing opportunities for our proprietary biotech pipeline. FastPharming FastPharming System is iBio’s proprietary approach to plant-made pharmaceutical and protein production. It uses hydroponically-grown, transiently-transfected plants, (typically Nicotiana benthamiana, a relative of the tobacco plant) , novel expression vectors, a large-scale transient transfection method, and other technologies that can be used to produce complex therapeutic proteins emerging from our own, our clients’ and our potential clients’ pipelines . |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of iBio Inc. and our subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Non-controlling interest in the consolidated financial statements represents the share of the loss in iBio CDMO for the Eastern Affiliate. See Note 19 – Related Party Transactions for additional information. In the past, the history of significant losses, the negative cash flow from operations, the limited cash resources on hand and the dependence by the Company on its ability – about which there was uncertainty – to obtain additional financing to fund its operations after the current cash resources are exhausted raised substantial doubt about the Company's ability to continue as a going concern. Based on the total cash and cash equivalents plus investments in debt securities of approximately $97 million as of June 30, 2021, the Company believes it has adequate cash on hand to support the Company’s activities through March 31, 2023. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include liquidity assertions, the valuation of intellectual property, legal and contractual contingencies and share-based compensation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates. Accounts Receivable Accounts receivable are reported at their outstanding unpaid principal balances net of allowances for uncollectible accounts. The Company provides for allowances for uncollectible receivables based on management’s estimate of uncollectible amounts considering age, collection history, and any other factors considered appropriate. The Company writes off accounts receivable against the allowance for doubtful accounts when a balance is determined to be uncollectible. At June 30, 2021 and 2020, the Company determined that an allowance for doubtful accounts was not needed. Revenue Recognition The Company accounts for its revenue recognition under Accounting Standards Update (“ASU”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” (“ASU 2014-09”) and other associated standards. Under this new standard, the Company recognizes revenue when a customer obtains control of promised services or goods in an amount that reflects the consideration to which the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The Company’s contract revenue consists primarily of amounts earned under contracts with third-party customers and reimbursed expenses under such contracts. The Company analyzes its agreements to determine whether the elements can be separated and accounted for individually or as a single unit of accounting. Allocation of revenue to individual elements that qualify for separate accounting is based on the separate selling prices determined for each component, and total contract consideration is then allocated pro rata across the components of the arrangement. If separate selling prices are not available, the Company will use its best estimate of such selling prices, consistent with the overall pricing strategy and after consideration of relevant market factors. In general, the Company applies the following steps when recognizing revenue from contracts with customers: (i) identify the contract, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when a performance obligation is satisfied. The nature of the Company’s contracts with customers generally fall within the three key elements of the Company’s business plan: CDMO Facility Activities; Product Candidate Pipeline, and Facility Design and Build-out / Technology Transfer services. Recognition of revenue is driven by satisfaction of the performance obligations using one of two methods: revenue is either recognized over time or at a point in time. Contracts containing multiple performance obligations classify those performance obligations into separate units of accounting either as standalone or combined units of accounting. For those performance obligations treated as a standalone unit of accounting, revenue is generally recognized based on the method appropriate for each standalone unit. For those performance obligations treated as a combined unit of accounting, revenue is generally recognized as the performance obligations are satisfied, which generally occurs when control of the goods or services have been transferred to the customer or client or once the client or customer is able to direct the use of those goods and / or services as well as obtaining substantially all of its benefits. As such, revenue for a combined unit of accounting is generally recognized based on the method appropriate for the last delivered item but due to the specific nature of certain project and contract items, management may determine an alternative revenue recognition method as appropriate, such as a contract whereby one deliverable in the arrangement clearly comprises the overwhelming majority of the value of the overall combined unit of accounting. Under this circumstance, management may determine revenue recognition for the combined unit of accounting based on the revenue recognition guidance otherwise applicable to the predominant deliverable. If a loss on a contract is anticipated, such loss is recognized in its entirety when the loss becomes evident. When the current estimates of the amount of consideration that is expected to be received in exchange for transferring promised goods or services to the customer indicates a loss will be incurred, a provision for the entire loss on the contract is made. At June 30, 2021 and 2020, the Company had no contract loss provisions. The Company generates (or may generate in the future) contract revenue under the following types of contracts: Fixed-Fee Under a fixed-fee contract, the Company charges a fixed agreed upon amount for a deliverable. Fixed-fee contracts have fixed deliverables upon completion of the project. Typically, the Company recognizes revenue for fixed-fee contracts after projects are completed, delivery is made and title transfers to the customer, and collection is reasonably assured. Revenue can be recognized either 1) over time or 2) at a point in time and is summarized below (in thousands). June 30, June 30, 2021 2020 Revenue recognized at a point in time $ 2,371 $ 1,491 Revenue recognized over time — 147 Total revenue $ 2,371 $ 1,638 Time and Materials Under a time and materials contract, the Company charges customers an hourly rate plus reimbursement for other project specific costs. The Company recognizes revenue for time and material contracts based on the number of hours devoted to the project multiplied by the customer’s billing rate plus other project specific costs incurred. Contract Assets A contract asset is an entity's right to payment for goods and services already transferred to a customer if that right to payment is conditional on something other than the passage of time. Generally, an entity will recognize a contract asset when it has fulfilled a contract obligation but must perform other obligations before being entitled to payment. Contract assets consist primarily of the cost of project contract work performed by third parties whereby the Company expects to recognize any related revenue at a later date, upon satisfaction of the contract obligations. At both June 30, 2021 and 2020, contract assets were $0. Contract Liabilities A contract liability is an entity’s obligation to transfer goods or services to a customer at the earlier of (1) when the customer prepays consideration or (2) the time that the customer’s consideration is due for goods and services the entity will yet provide. Generally, an entity will recognize a contract liability when it receives a prepayment. Contract liabilities consist primarily of consideration received, usually in the form of payment, on project work to be performed whereby the Company expects to recognize any related revenue at a later date, upon satisfaction of the contract obligations. At June 30, 2021 and 2020, contract liabilities were $423,000 and $1,810,000, respectively. The Company recognized revenue of $1,087,000 in 2021 that was included in the contract liabilities balance as of June 30, 2020. Leases Effective July 1, 2019, the Company adopted ASU 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”) (“ASC 842”) and other associated standards using the modified retrospective approach for all leases entered into before the effective date. The new standard establishes a right-of-use (“ROU”) model requiring a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months and classified as either an operating or finance lease. The adoption of ASC 842 had a significant effect on the Company’s balance sheet, resulting in an increase in non-current assets and both current and non-current liabilities. The adoption of ASC 842 had no impact on retained earnings as the assets recognized under the sublease and the associated lease obligation were accounted for as a capital lease under Topic 840. The Company did not have any operating leases, therefore there was no change in accounting treatment required. For comparability purposes, the Company will continue to comply with prior disclosure requirements in accordance with the then existing lease guidance under Topic 840 as prior periods have not been restated. As the Company elected to adopt ASC 842 at the beginning of the period of adoption, the Company recorded the ROU and finance lease obligation as follows: 1. ROU measured at the carrying amount of the leased assets under Topic 840. 2. Finance lease liability measured at the carrying amount of the capital lease obligation under Topic 840 at the beginning of the period of adoption. The Company elected the package of practical expedients as permitted under the transition guidance, which allowed it: (1) to carry forward the historical lease classification; (2) not to reassess whether expired or existing contracts are or contain leases; and, (3) not to reassess the treatment of initial direct costs for existing leases. In accordance with ASC 842, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease including whether the contract involves the use of a distinct identified asset, whether the Company obtains the right to substantially all the economic benefit from the use of the asset, and whether the Company has the right to direct the use of the asset. Leases with a term greater than one year are recognized on the balance sheet as ROU assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less under practical expedient in paragraph ASC 842-20-25-2. For contracts with lease and non-lease components, the Company has elected not to allocate the contract consideration and to account for the lease and non-lease components as a single lease component. The lease liability and the corresponding ROU assets were recorded based on the present value of lease payments over the expected remaining lease term. The implicit rate within our capital lease was determinable and, therefore, used at the adoption date of ASC 842 to determine the present value of lease payments under the finance lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not exercise the option. For periods prior to the adoption of ASC 842, the Company recorded interest expense based on the amortization of the capital lease obligation. The expense recognition for finance leases under Topic 842 is substantially consistent with prior guidance for capital leases. As a result, there are no significant differences in our results of operations presented. Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents at June 30, 2021 consisted of money fund accounts. The Company did not have any cash equivalents at June 30, 2020. Investments in Debt Securities Debt investments are classified as available-for-sale. Changes in fair value are recorded in other comprehensive income (loss). Fair value is calculated based on publicly available market information. Discounts and/or premiums paid when the debt securities are acquired are amortized to interest income over the terms of the debt securities. Work in Process Work in process consists primarily of the cost of labor and other overhead incurred on contracts that have not been completed. Work in process amounted to $27,000 and $798,000 as of June 30, 2021 and 2020, respectively. Research and Development The Company accounts for research and development costs in accordance with the FASB ASC 730‑10, “ Research and Development ” (“ASC 730‑10”). Under ASC 730‑10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Right-of-Use Assets Assets held under the terms of finance (capital) leases are amortized on a straight-line basis over the terms of the leases or the economic lives of the assets. Obligations for future lease payments under finance (capital) leases are shown within liabilities and are analyzed between amounts falling due within and after one year. See Note 8 - Finance Lease ROU’s and Note 14 - Finance Lease Obligation for additional information. Fixed Assets Fixed assets are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from three to fifteen years. Intangible Assets The Company accounts for intangible assets at their historical cost and records amortization utilizing the straight-line method based upon their estimated useful lives. Patents are amortized over a period of 10 years and other intellectual property is amortized over a period from 16 to 23 years. The Company reviews the carrying value of its intangible assets for impairment whenever events or changes in business circumstances indicate the carrying amount of such assets may not be fully recoverable. Evaluating for impairment requires judgment, and recoverability is assessed by comparing the projected undiscounted net cash flows of the assets over the remaining useful life to the carrying amount. Impairments, if any, are based on the excess of the carrying amount over the fair value of the assets. Foreign Currency The Company accounts for foreign currency translation pursuant to FASB ASC 830, “ Foreign Currency Matters .” The functional currency of iBio Brazil is the Brazilian Real. Under FASB ASC 830, all assets and liabilities are translated into United States dollars using the current exchange rate at the end of each fiscal period. Revenues and expenses are translated using the average exchange rates prevailing throughout the respective periods. All transaction gains and losses from the measurement of monetary balance sheet items denominated in Reals are reflected in the statement of operations as appropriate. Translation adjustments are included in accumulated other comprehensive loss. For both 2021 and 2020, any translation adjustments were considered immaterial and did not have a significant impact on the Company's consolidated financial statements. Share-based Compensation The Company recognizes the cost of all share-based payment transactions at fair value. Compensation cost, measured by the fair value of the equity instruments issued, adjusted for estimated forfeitures, is recognized in the financial statements as the respective awards are earned over the performance period. The Company uses historical data to estimate forfeiture rates. The impact that share-based payment awards will have on the Company’s results of operations is a function of the number of shares awarded, the trading price of the Company’s stock at the date of grant or modification, the vesting schedule and forfeitures. Furthermore, the application of the Black-Scholes option pricing model employs weighted-average assumptions for expected volatility of the Company’s stock, expected term until exercise of the options, the risk-free interest rate, and dividends, if any, to determine fair value. Expected volatility is based on historical volatility of the Company’s common stock; the expected term until exercise represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns; and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company has not paid any dividends since its inception and does not anticipate paying any dividends for the foreseeable future, so the dividend yield is assumed to be zero. In addition, the Company estimates forfeitures at each reporting period rather than electing to record the impact of such forfeitures as they occur. See Note 17 – Share-Based Compensation for additional information. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations. Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions as of June 30, 2021 and 2020. Interest and penalties, if any, related to unrecognized tax benefits would be recognized as income tax expense. The Company does not have any accrued interest or penalties associated with unrecognized tax benefits, nor was any significant interest expense recognized during 2021 and 2020. Concentrations of Credit Risk Cash The Company maintains principally all cash balances in one financial institution which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The exposure to the Company is solely dependent upon daily bank balances and the strength of the financial institution. The Company has not incurred any losses on these accounts. At June 30, 2021 and 2020, amounts in excess of insured limits were approximately $27,013,000 and $54,680,000, respectively. Revenue During Fiscal 2021, the Company generated 99% of its revenue from four customers, each of whom individually accounted for more than 10% of revenue. During Fiscal 2020, the Company generated 77% of its revenue from one customer, no other customer accounted for more than 10% of revenue. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2021 | |
Recently Issued Accounting Pronouncements | |
Recently Issued Accounting Pronouncements | 4. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. In November 2019, the FASB issued ASU 2019-10, “ Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates ”, which amended the effective date of the various topics. As the Company is a smaller reporting company, the provisions of ASU 2016-13 and the related amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 (quarter ending September 30, 2023 for the Company). Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company will evaluate the impact of ASU 2016-13 on the Company’s consolidated financial statements in a future period closer to the date of adoption. Effective July 1, 2019, the Company adopted ASU 2018-07, “ Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance also specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The adoption of ASU 2018-07 did not have a significant impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “ Simplifying the Accounting for Income Taxes ” (“ASU 2019-12”) to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of U.S. GAAP. The guidance is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2020 (quarter ending September 30, 2021 for the Company), with early adoption permitted. An entity that elects early adoption must adopt all the amendments in the same period. Most amendments within ASU 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company does not expect the adoption of ASU 2019-12 to have a significant impact on the Company’s consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standard if currently adopted would have a material effect on the accompanying consolidated financial statements. Most of the newer standards issued represent technical corrections to the accounting literature or application to specific industries which have no effect on the Company’s consolidated financial statements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurement | 12 Months Ended |
Jun. 30, 2021 | |
Financial Instruments and Fair Value Measurement [Abstract] | |
Financial Instruments and Fair Value Measurement | 5. Financial Instruments and Fair Value Measurement The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses in the Company’s consolidated balance sheets approximated their fair values as of June 30, 2021 and 2020 due to their short-term nature. The carrying value of the convertible promissory note receivable and finance lease obligations approximated fair value as of June 30, 2021 and 2020 as the interest rates related to the financial instruments approximated market. The Company accounts for its investments in debt securities at fair value. The following provides a description of the three levels of inputs that may be used to measure fair value under the standard, the types of plan investments that fall under each category, and the valuation methodologies used to measure these investments at fair value. • • • |
Convertible Promissory Note Rec
Convertible Promissory Note Receivable | 12 Months Ended |
Jun. 30, 2021 | |
Convertible Promissory Note Receivable [Abstract] | |
Convertible Promissory Note Receivable | 6. Convertible Promissory Note Receivable On October 1, 2020, the Company entered into a master services agreement with Safi Biosolutions, Inc. (“Safi”). In addition, the Company invested $1.5 million in Safi in the form of a convertible promissory note (the "Note"). The Note bears interest at the rate of 5% per annum and is convertible into shares of Safi’s common stock (as defined). Principal and accrued interest mature on October 1, 2023. For Fiscal 2021, interest income amounted to $56,000. As of June 30, 2021, the Note balance and accrued interest totaled $1,556,000. |
Investments in Debt Securities
Investments in Debt Securities | 12 Months Ended |
Jun. 30, 2021 | |
Investments in Debt Securities [Abstract] | |
Investments in Debt Securities | 7. Investments in Debt Securities Investments in debt securities consist of AA and A rated corporate bonds bearing interest at rates from 0.23% to 4.25% with maturities from September 2021 to June 2023. The components of investments in debt securities at June 30, 2021 are as follows (in thousands): Adjusted cost $ 19,603 Gross unrealized losses (33) Fair value $ 19,570 The fair value of available-for-sale debt securities, by contractual maturity, as of June 30, 2021, was as follows (in thousands): Fiscal year ending on June 30: Fair Value 2022 $ 2023 $ Amortization of premiums paid on the debt securities amounted to $216,000 for Fiscal 2021. |
Finance Lease ROU's
Finance Lease ROU's | 12 Months Ended |
Jun. 30, 2021 | |
Finance Lease ROU's [Abstract] | |
Finance Lease ROU's | 8. Finance Lease ROU's As discussed above, the Company adopted ASC 842 effective July 1, 2019 using the modified retrospective approach for all leases entered into before the effective date. iBio CDMO is leasing its facility in Bryan, Texas as well as certain equipment from the Second Eastern Affiliate under the Sublease. See Note 14 – Finance Lease Obligation for more details of the terms of the Sublease. The economic substance of the Sublease is that the Company is financing the acquisition of the facility and equipment. As the Sublease involves real estate and equipment, the Company separated the equipment component and accounted for the facility and equipment as if each was leased separately. The following table summarizes by category the gross carrying value and accumulated amortization of finance lease ROU (in thousands): June 30, June 30, 2021 2020 ROU - Facility $ 25,907 $ 25,761 ROU - Equipment 7,728 7,728 33,635 33,489 Accumulated amortization (7,524) (5,873) Net finance lease ROU $ 26,111 $ 27,616 Amortization expense of finance lease ROU assets was approximately $1,651,000 and $1,661,000 in 2021 and 2020, respectively. |
Fixed Assets
Fixed Assets | 12 Months Ended |
Jun. 30, 2021 | |
Fixed Assets [Abstract] | |
Fixed Assets | 9. Fixed Assets As discussed above, the Company adopted ASC 842. As such, assets formerly classified as “under capital lease” are now classified as finance lease ROU assets. See Note 8 – Finance Lease ROU’s above. The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands): June 30, June 30, 2021 2020 Facility improvements $ 1,517 $ 1,465 Machinery and equipment 4,255 1,760 Office equipment and software 714 398 Construction in progress 3,367 787 9,853 4,410 Accumulated depreciation (1,225) (753) Net fixed assets $ 8,628 $ 3,657 Depreciation expense was approximately $472,000 and $282,000 in 2021 and 2020, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2021 | |
Intangible Assets [Abstract] | |
Intangible Assets | 10. Intangible Assets The Company has two categories of intangible assets – intellectual property and patents. Intellectual property consists of all technology, know-how, data, and protocols for producing targeted proteins in plants and related to any products and product formulations for pharmaceutical uses and for other applications. Intellectual property includes, but is not limited to, certain technology for the development and manufacture of novel vaccines and therapeutics for humans and certain veterinary applications acquired in December 2003 from Fraunhofer USA Inc., acting through its Center for Molecular Biotechnology ("Fraunhofer"), pursuant to a Technology Transfer Agreement, as amended (the "TTA"). The Company designates such technology further developed and acquired from Fraunhofer as iBioLaunch ™ or LicKM ™ or FastPharming technology. The value on the Company’s books attributed to patents owned or controlled by the Company is based only on payments for services and fees related to the protection of the Company’s patent portfolio. The intellectual property also includes certain trademarks. In January 2014, the Company entered into a license agreement with the University of Pittsburgh whereby iBio acquired exclusive worldwide rights to certain issued and pending patents covering specific candidate products for the treatment of fibrosis (the "Licensed Technology") which license agreement was amended in August 2016 and again in December 2020. The license agreement provides for payment by the Company of a license issue fee, annual license maintenance fees, reimbursement of prior patent costs incurred by the university, payment of a milestone payment upon regulatory approval for sale of a first product, and annual royalties on product sales. In addition, the Company has agreed to meet certain diligence milestones related to product development benchmarks. As part of its commitment to the diligence milestones, the Company successfully commenced production of a plant-made peptide comprising the Licensed Technology before March 31, 2014. The next milestone – filing a New Drug Application with the FDA or foreign equivalent covering the Licensed Technology ("IND") – initially was required to be met by December 1, 2015, and on November 2, 2020, was extended to be required to be met by December 31, 2021. The Company accounts for intangible assets at their historical cost and records amortization utilizing the straight-line method based upon their estimated useful lives. Patents are amortized over a period of 10 years and other intellectual property is amortized over a period from 16 to 23 years. The Company reviews the carrying value of its intangible assets for impairment whenever events or changes in business circumstances indicate the carrying amount of such assets may not be fully recoverable. Evaluating for impairment requires judgment, and recoverability is assessed by comparing the projected undiscounted net cash flows of the assets over the remaining useful life to the carrying amount. Impairments are based on the excess of the carrying amount over the fair value of the assets. The Company recorded an impairment of licensed technology in the amount of $143,000 in 2021. (See Note 25 – Subsequent Events for additional information.) This amount was recorded in the consolidated statement of operations and comprehensive loss under general and administrative expense. No impairments were recorded in 2020. The following table summarizes by category the gross carrying value and accumulated amortization of intangible assets (in thousands): June 30, June 30, 2021 2020 Intellectual property – gross carrying value $ 3,100 $ 3,100 Patents and licenses – gross carrying value 2,720 2,628 5,820 5,728 Intellectual property – accumulated amortization (2,711) (2,555) Patents and licenses – accumulated amortization (2,157) (2,029) (4,868) (4,584) Net intangible assets $ 952 $ 1,144 Amortization expense, included in general and administrative expenses, was approximately $291,000 and $298,000 for 2021 and 2020, respectively. The weighted-average remaining life for intellectual property and patents at June 30, 2021 was approximately 2.5 years and 8 years, respectively. For the Year Ending June 30, 2021 $ 276 2022 261 2023 165 2024 69 2025 57 Thereafter 124 Total $ 952 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jun. 30, 2021 | |
Accrued Expenses | |
Accrued Expenses | 11. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, June 30, 2021 2020 Rent and real estate taxes – related party (see Note 19) $ 295 $ 295 Interest – related party (see Note 19) 406 410 Salaries and benefits 1,667 231 Professional fees 497 2 Other accrued expenses 136 167 Total accrued expenses $ 3,001 $ 1,105 |
Notes Payable - Warrant Exchang
Notes Payable - Warrant Exchange | 12 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 12. Notes Payable – Warrant Exchange As part of the Warrant Amendment and Exchange Agreement dated February 20, 2020 (see Note 15 – Stockholders’ Equity for additional information), the Company issued promissory notes in the aggregate principal amount of $3,300,000. The notes did not bear interest and were payable in full on the earlier to occur of (i) August 20, 2020, or (ii) the completion of an underwritten offering of securities by the Company resulting in gross proceeds of at least $10 million. In addition, the Company was required to make payments upon any and all cash exercises of the noteholders’ warrants on a dollar for dollar basis for all amounts paid pursuant to such warrant exercises. At June 30, 2020, the notes payable were repaid. There was no activity during 2021. |
Notes Payable _ PPP Loan
Notes Payable – PPP Loan | 12 Months Ended |
Jun. 30, 2021 | |
Notes Payable – PPP Loan [Abstract] | |
Notes Payable – PPP Loan | 13. Notes Payable – PPP Loan On April 16, 2020, the Company received $600,000 related to its filing under the Paycheck Protection Program and Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Company elected to treat the SBA Loans as debt under ASC 470. On July 21, 2021, iBio was granted forgiveness in repaying the loan. In accordance with ASC 405-20-40, “ Liabilities - Extinguishments of Liabilities – Derecognition ”, the Company will derecognize the liability in the first quarter of 2022. |
Finance Lease Obligation
Finance Lease Obligation | 12 Months Ended |
Jun. 30, 2021 | |
Finance Lease Obligation [Member] | |
Finance Lease Obligation | 14. Finance Lease Obligation As discussed above, iBio CDMO is leasing its facility in Bryan, Texas as well as certain equipment from the Second Eastern Affiliate under the 34-year Sublease (the ‘Sublease”). iBio CDMO began operations at the facility on December 22, 2015 pursuant to agreements between iBio CDMO and the Second Eastern Affiliate granting iBio CDMO temporary rights to access the facility. These temporary agreements were superseded by the Sublease Agreement, dated January 13, 2016, between iBio CDMO and the Second Eastern Affiliate. The 34-year term of the Sublease expires in 2050 but may be extended by iBio CDMO for a ten-year period, so long as iBio CDMO is not in default under the Sublease. Under the Sublease, iBio CDMO is required to pay base rent at an annual rate of $2,100,000, paid in equal quarterly installments on the first day of each February, May, August and November. The base rent is subject to increase annually in accordance with increases in the Consumer Price Index (“CPI”). The base rent under the Second Eastern Affiliate’s ground lease for the property is subject to adjustment, based on an appraisal of the property, in 2030 and upon any extension of the ground lease. The base rent under the Sublease will be increased by any increase in the base rent under the ground lease as a result of such adjustments. iBio CDMO is also responsible for all costs and expenses in connection with the ownership, management, operation, replacement, maintenance and repair of the property under the Sublease. The Company incurred rent expense of $189,000 and $150,000 in 2021 and 2020, respectively, related to the increase in the CPI. In addition to the base rent, iBio CDMO is required to pay, for each calendar year during the term, a portion of the total gross sales for products manufactured or processed at the facility, equal to 7% of the first $5,000,000 of gross sales, 6% of gross sales between $5,000,001 and $25,000,000, 5% of gross sales between $25,000,001 and $50,000,000, 4% of gross sales between $50,000,001 and $100,000,000, and 3% of gross sales between $100,000,001 and $500,000,000. However, if for any calendar year period from January 1, 2018 through December 31, 2019, iBio CDMO’s applicable gross sales are less than $5,000,000, or for any calendar year period from and after January 1, 2020, its applicable gross sales are less than $10,000,000, then iBio CDMO is required to pay the amount that would have been payable if it had achieved such minimum gross sales and shall pay no less than the applicable percentage for the minimum gross sales for each subsequent calendar year. As the Company adopted ASC 842 effective July 1, 2019, the minimum percentage rent is included in the finance lease obligation. Accrued expenses at June 30, 2021 and 2020 due the Second Eastern Affiliate amounted to $701,000 and $705,000, respectively. General and administrative expenses related to the Second Eastern Affiliate, including rent related to the increases in CPI, percentage rent discussed above and real estate taxes, were approximately $744,000 and $701,000 in 2021 and 2020, respectively. Interest expense related to the Second Eastern Affiliate was approximately $2,447,000 and $2,466,000 in 2021 and 2020, respectively. The following tables present the components of lease expense and supplemental balance sheet information related to the finance lease obligation (in thousands): Years ended June 30, 2021 2020 Finance lease cost: Amortization of right-of-use assets $ 1,651 $ 1,661 Interest on lease liabilities 2,447 2,446 Operating lease cost 200 150 Total lease cost $ 4,298 $ 4,257 Other information: Cash paid for amounts included in the measurement lease liabilities: Operating cash flows from operating lease $ 200 $ 150 Financing cash flows from finance lease obligation $ 331 $ 66 Years Ended June 30, 2021 2020 Finance lease right-of-use assets $ 26,111 $ 27,616 Finance lease obligation - current portion $ 367 $ 301 Finance lease obligation - non-current portion $ 31,755 $ 32,007 Weighted average remaining lease term - finance lease years years Weighted average discount rate - finance lease obligation % % Future minimum payments under the capitalized lease obligations are due as follows: Fiscal period ending on June 30: Principal Interest Total 2021 $ 367 $ 2,429 $ 2,796 2022 392 2,404 2,796 2023 410 2,374 2,784 2024 406 2,344 2,750 2025 438 2,312 2,750 Thereafter 30,109 35,204 65,313 Total minimum lease payments 32,122 $ 47,067 $ 79,189 Less: current portion (367) Long-term portion of minimum lease obligations $ 31,755 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2021 | |
Stockholders’ Equity [Member] | |
Stockholders’ Equity | 15. Stockholders’ Equity Preferred Stock The Company’s Board of Directors is authorized to issue, at any time, without further stockholder approval, up to 1 million shares of preferred stock. The Board of Directors has the authority to fix and determine the voting rights, rights of redemption and other rights and preferences of preferred stock. iBio CMO Preferred Tracking Stock On February 23, 2017, the Company entered into an exchange agreement with the Eastern Affiliate pursuant to which the Company acquired substantially all of the interest in iBio CDMO held by the Eastern Affiliate and issued one share of a newly created iBio CMO Preferred Tracking Stock (the “Preferred Tracking Stock”), in exchange for 29,990,000 units of limited liability company interests of iBio CDMO held by the Eastern Affiliate at an original issue price of $13 million. After giving effect to the transaction, the Company owns 99.99% and the Eastern Affiliate owns 0.01% of iBio CDMO. On February 23, 2017, the Board of Directors of the Company created the Preferred Tracking Stock out of the Company’s 1 million authorized shares of preferred stock. Terms of the Preferred Tracking Stock include the following: 1. The Preferred Tracking Stock accrues dividends at the rate of 2% per annum on the original issue price. Accrued dividends are cumulative and are payable if and when declared by the Board of Directors, upon an exchange of the shares of Preferred Tracking Stock and upon a liquidation, winding up or deemed liquidation (such as a merger) of the Company. As of June 30, 2021, no dividends have been declared. Accrued dividends total approximately $1,131,000 and $871,000 at June 30, 2021 and 2020, respectively. 2. The holders of Preferred Tracking Stock, voting separately as a class, are entitled to approve by the affirmative vote of a majority of the shares of Preferred Tracking Stock outstanding any amendment, alteration or repeal of any of the provisions of, or any other change to, the Certificate of Incorporation of the Company or the Certificate of Designation that adversely affects the rights, powers or privileges of the Preferred Tracking Stock, any increase in the number of authorized shares of Preferred Tracking Stock, the issuance or sale of any additional shares of Preferred Tracking Stock or any securities convertible into or exercisable or exchangeable for Preferred Tracking Stock, the creation or issuance of any shares of any additional class or series of capital stock unless the same ranks junior to the Preferred Tracking Stock, or the reclassification or alteration of any existing security of the Company that is junior to or pari passu with the Preferred Tracking Stock, if such reclassification or alteration would render such other security senior to the Preferred Tracking Stock. 3. Except as required by applicable law, the holders of Preferred Tracking Stock have no other voting rights. 4. No dividend may be declared or paid or set aside for payment or other distribution declared or made upon the Company’s common stock and no common stock may be redeemed, purchased or otherwise acquired for any consideration by the Company unless all accrued dividends on all outstanding shares of Preferred Tracking Stock are paid in full. At any time, at our election or the election of the Eastern Affiliate, the outstanding share of iBio CMO Preferred Tracking Stock may be exchanged for 29,990,000 units of limited liability company interests of iBio CDMO, subject to potential adjustment. Following such exchange, again subject to any adjustment, iBio would own a 70% interest in iBio CDMO and the Eastern Affiliate would own a 30% interest. Common Stock The number of authorized shares of the Company’s common stock is 275 million. In addition, on December 9, 2020, the stockholders of the Company approved the Company’s 2020 Omnibus Incentive Plan (the “2020 Plan”) and as of the filing date of this Report, the Company had reserved 32,000,000 shares of common stock for issuance pursuant to the grant of new awards under the 2020 Plan. Series A Convertible Preferred Stock (“Series A Preferred”) On June 20, 2018, the Board of Directors of the Company created the Series A Preferred, par value $0.001 per share, out of the Company’s 1 million authorized shares of preferred stock. On June 26, 2018, the Company issued 6,300 shares of Series A Preferred as part of a public offering. In Fiscal 2019, 2,223 shares of Series A Preferred were converted into 2,470,000 shares of common stock. In Fiscal 2020, the remaining 3,987 shares of Series A Preferred were converted into 5,887,997 shares of common stock. At both June 30, 2021 and 2020, there were no shares of Series A Preferred outstanding. Terms of the Series A Preferred include the following: 1. Each share of Series A Preferred was convertible into an amount of shares of common stock determined by dividing the stated value of $1,000 by the conversion price in effect at such time. The original conversion price of $0.90 was adjusted to $0.20 upon the closing of the Company's public offering on October 29, 2019. See the section below entitled "Public Offering - October 29, 2019" for further information. 2. Holders were entitled to dividends on shares of Series A Preferred equal (on an as-if-converted-to-common stock basis, without regards to conversion limitations) to and in the same form as dividends actually paid on shares of the common stock, when, as and if such dividends were paid on shares of common stock. No other dividends were declared for Series A Preferred. 3. If at any time the Company granted, issued or sold any common stock equivalents or rights to purchase stock, warrants, securities or other property pro rata to the holders of any class of common stock, then the holder(s) of Series A Preferred would be entitled to acquire, upon the terms applicable to such purchase rights, the aggregate purchase rights which the holder could have acquired if the holder had held the number of shares of common stock acquirable upon the complete conversion of such holder’s Series A Preferred (as defined). Series B Convertible Preferred Stock (“Series B Preferred”) On June 20, 2018, the Board of Directors of the Company created the Series B Preferred, par value $0.001 per share, out of the Company’s 1 million authorized shares of preferred stock. On June 26, 2018, the Company issued 5,785 shares of Series B Preferred as part of a public offering. At June 30, 2020, there were 5,785 shares of Series B Preferred outstanding. In August 2020, all of the shares of Series B Preferred were converted into 28,925,000 shares of common stock. Terms of the Series B Preferred include the following: 1. Each share of Series B Preferred was convertible into an amount of shares of common stock determined by dividing the stated value of $1,000 by the conversion price in effect at such time. The original conversion price of $0.90 was adjusted to $0.20 upon the closing of the Company's public offering on October 29, 2019. See the section below entitled "Public Offering - October 29, 2019” for further information. The number of shares of common stock to be received was limited by the beneficial ownership limitation as defined in the certificate of designation. Subject to limited exceptions, a holder of Series B Preferred would not have the right to exercise any portion of its Series B Preferred if such holder, together with its affiliates, would beneficially own over 48% of the number of shares of common stock outstanding immediately after giving effect to such exercise. 2. Holders were entitled to dividends on shares of Series B Preferred equal (on an as-if-converted-to-common stock basis, without regards to conversion limitations) to and in the same form as dividends actually paid on shares of the common stock, when, as and if such dividends were paid on shares of common stock. No other dividends were paid or accrued on the shares of Series B Preferred. 3. If at any time the Company granted, issued or sold any common stock equivalents or rights to purchase stock, warrants, securities or other property pro rata to the holders of any class of common stock, then the holder(s) of Series B Preferred would be entitled to acquire, upon the terms applicable to such purchase rights, the aggregate purchase rights which the holder could have acquired if the holder had held the number of shares of common stock acquirable upon the complete conversion of such holder’s Series B Preferred (as defined). Series C Convertible Preferred Stock (“Series C Preferred”) On October 28, 2019, the Board of Directors of the Company created the Series C Preferred, par value $0.001 per share, out of the Company’s 1 million authorized shares of preferred stock. On October 29, 2019, the Company issued 4,510 shares of Series C Preferred as part of a public offering. See the section below entitled "Public Offering - October 29, 2019" for further information. From October 29, 2019 through June 30, 2020, all of the shares of Series C Preferred were converted into 22,550,000 shares of the Company's common stock. At both June 30, 2021 and 2020, there were no shares of Series C Preferred outstanding. Terms of the Series C Preferred included the following: 1. Each share of Series C Preferred was convertible into an amount of shares of common stock determined by dividing the stated value of $1,000 by the conversion price of $0.20, subject to adjustment. The number of shares of common stock to be received was limited by the beneficial ownership limitation as defined in the certificate of designation. Subject to limited exceptions, a holder of Series C Preferred would not have the right to exercise any portion of its Series C Preferred if such holder, together with its affiliates, would beneficially own over 4.99% (or, upon election by a holder prior to the issuance of any Series C Preferred Shares, 9.99%) of the number of shares of our common stock outstanding immediately after giving effect to such exercise; provided, however, that upon prior notice to us, such holder may increase such limitation, provided that in no event will the limitation exceed 9.99% and any such increase would not be effective until the 61st day after such notice was delivered to the Company . 2. Holders were entitled to dividends on shares of Series C Preferred equal (on an as-if-converted-to-common stock basis, without regards to conversion limitations) to and in the same form as dividends actually paid on shares of the common stock, when, as and if such dividends are paid on shares of common stock. No other dividends were paid or accrued on the shares of Series C Preferred. Recent issuances of common stock include the following: Public Offering – October 29, 2019 On October 29, 2019, the Company closed on an underwritten public offering with total gross proceeds of $5.0 million before deducting underwriting discounts, commissions and other offering expenses payable by the Company. The securities offered by the Company consisted of (i) 2,450,000 shares (the “Shares”) of the Company’s common stock, (ii) 4,510 shares of the Company’s newly designated Series C Preferred, (iii) 25,000,000 Series A Common Stock Purchase Warrants (“Series A Warrants”) to purchase shares of the Company’s common stock and (iv) 25,000,000 Series B Common Stock Purchase Warrants (“Series B Warrants”) to purchase shares of the Company’s common stock. Each share of common stock was sold together with two warrants, one Series A Warrant with an expiry date on the second anniversary of the original issuance date to purchase one share of common stock and one Series B Warrant with an expiry date on the seventh anniversary of the original issuance date, to purchase one share of common stock. In addition, each of Series C Preferred Share was sold together with Series A Warrants to purchase one share of common stock for each share of common stock issuable upon conversion of the Series C Preferred Share and Series B Warrants to purchase one share of common stock for each share of common stock issuable upon conversion of the Series C Preferred Share. Each share of common stock and accompanying Warrants was sold at a combined public offering price of $0.20 and each Series C Preferred Share and accompanying Warrants was sold at a combined public offering price of $1,000. The Shares, Series C Preferred Shares and Warrants were issued pursuant to an underwriting agreement, dated October 25, 2019. The net proceeds to the Company from the sale of the Shares, Series C Preferred Shares, and Warrants was approximately $4.52 million, after deducting underwriting discounts and commissions and other offering expenses payable by the Company. Due to the terms of the June 26, 2018 underwritten public offering, any remaining outstanding Series A Preferred and Series B Preferred were amended to convert at the same rate of the Series C Preferred ($0.20 per share). As a result of the reduction of the conversion rates of Series A Preferred and Series B Preferred, the Company recognized deemed dividends totaling $21,560,000. No Series A Preferred or Series B Preferred remain outstanding. Lincoln Park March 2020 Purchase Agreement On March 19, 2020, the Company entered into the Lincoln Park March 2020 Purchase Agreement with Lincoln Park pursuant to which the Company has the right to sell to Lincoln Park up to an aggregate of $50,000,000 in shares of the Company’s common stock over the 36-month term of the Lincoln Park March 2020 Purchase Agreement, subject to certain limitations and conditions set forth in the Lincoln Park March 2020 Purchase Agreement. Concurrently with the execution of the Lincoln Park March 2020 Purchase Agreement, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with Lincoln Park pursuant to which the Company agreed, among other things, to file a prospectus supplement pursuant to Rule 424(b) to register for sale under the Securities Act of 1933, as amended, the shares of common stock that may be issued and sold to Lincoln Park from time to time under the Lincoln Park March 2020 Purchase Agreement. The offer and sale of shares of common stock under the Lincoln Park March 2020 Purchase Agreement was made under the Company’s previously filed Registration Statement on Form S-3 which was declared effective on March 19, 2020. The prospectus supplement was filed on March 20, 2020. The Lincoln Park March 2020 Purchase Agreement provided that, from time to time on any trading day the Company selects, the Company had the right, in its sole discretion, subject to the conditions and limitations in the Lincoln Park March 2020 Purchase Agreement, to direct Lincoln Park to purchase up to 1,000,000 shares of common stock (each such purchase, a “Regular Purchase”) over the 36-month term of the Purchase Agreement. The purchase price of shares of common stock pursuant to the Lincoln Park March 2020 Purchase Agreement was based on the prevailing market price at the time of sale as set forth in the Lincoln Park March 2020 Purchase Agreement. There were no trading volume requirements or restrictions under the Lincoln Park March 2020 Purchase Agreement. Lincoln Park’s obligation under each Regular Purchase did not exceed $5,000,000. There was no upper limit on the price per share that Lincoln Park must pay for common stock under the Lincoln Park March 2020 Purchase Agreement, but in no event were shares be sold to Lincoln Park on a day the Company’s closing price was less than the floor price of $0.20, which was subject to adjustment for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction and, effective upon the consummation of any such reorganization, recapitalization, non-cash dividend, stock split or other similar transaction, the Floor Price (the “Floor Price”) was the lower of (i) the adjusted price and (ii) $0.20. Both the amount and frequency of the Regular Purchases could have been increased upon the mutual agreement of the Company and Lincoln Park. The Company controlled the timing and amount of any sales of shares of common stock to Lincoln Park. The Company could have, in its sole discretion, directed Lincoln Park to purchase additional amounts as accelerated purchases or additional accelerated purchases if on the date of a Regular Purchase the closing sale price of the common stock was not below the Floor Price as set forth in the Lincoln Park March 2020 Purchase Agreement. The Company and Lincoln Park could have mutually agreed to increase the amount of common stock sold to Lincoln Park on any accelerated purchase date or additional accelerated purchase date. There were no restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Lincoln Park March 2020 Purchase Agreement or Registration Rights Agreement other than a prohibition on entering into any “Variable Rate Transaction,” as defined in the Lincoln Park March 2020 Purchase Agreement. The net proceeds under the Lincoln Park March 2020 Purchase Agreement to iBio depended on the frequency and prices at which iBio sold shares of common stock to Lincoln Park. Actual sales of shares of common stock to Lincoln Park under the Lincoln Park March 2020 Purchase Agreement and the amount of such net proceeds depended on a variety of factors determined by the Company from time to time, including (among others) market conditions, the trading price of the common stock and determinations by the Company as to other available and appropriate sources of funding for the Company. The Company used the net proceeds of sales under the Lincoln Park March 2020 Purchase Agreement for working capital and general corporate purposes. As consideration for Lincoln Park’s commitments under the Lincoln Park March 2020 Purchase Agreement, we issued to Lincoln Park 815,827 shares of common stock. From March 19, 2020 to June 30, 2020, Lincoln Park was issued 16,800,000 shares of common stock for proceeds totaling approximately $18.4 million. For the period from July 1, 2020 to July 27, 2020, Lincoln Park was issued 2.67 million shares of common stock for proceeds totaling $6.79 million. No further sales of shares of the Company’s common stock will be made under the Lincoln Park March 2020 Purchase Agreement since the Company terminated the Lincoln Park March 2020 Purchase Agreement effective July 27, 2020. The Company terminated the Lincoln Park March 2020 Purchase Agreement on July 24, 2020, without fee, penalty or cost, effective July 27, 2020. Lincoln Park May 2020 Purchase Agreement On May 13, 2020, the Company entered into the Lincoln Park May 2020 Purchase Agreement, pursuant to which the Company agreed to sell to Lincoln Park and Lincoln Park agreed to purchase 1,000,000 shares of the Company’s common stock at a price of $1.09 per share for an aggregate purchase price of $1,090,000, pursuant to the Company’s effective shelf registration statement on Form S-3 (Registration No. 333-236735), filed with the Securities and Exchange Commission ("SEC") in accordance with the provisions of the Securities Act of 1933, as amended, and declared effective on March 19, 2020, and the prospectus supplement thereto dated May 14, 2020. Equity Distribution Agreement On June 17, 2020, as amended on July 29, 2020, the Company entered into an equity distribution agreement with UBS as sales agent pursuant to which the Company could sell from time to time shares of its common stock through UBS, for the sale of up to $72,000,000 of shares of the Company's common stock. Sales of shares of common stock made pursuant to the agreement were made pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333-236735) filed with the SEC in accordance with the provisions of the Securities Act of 1933, as amended, and declared effective on March 19, 2020, and the prospectus supplement thereto dated May 14, 2020. Sales of the shares were made by means of ordinary brokers’ transactions at prevailing market prices at the time of sale, or as otherwise agreed with UBS. UBS used its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations to sell the Company’s common stock from time to time, based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company paid a commission rate of up to 3.0% of the gross sales price per share sold and had agreed to reimburse UBS for the reasonable fees and disbursements of its counsel, in connection with entering into this agreement, in an amount not to exceed $50,000, in addition to certain ongoing fees and disbursements of its counsel. The agreement contained customary representations, warranties and agreements and other obligations of the parties and termination provisions. The Company had also agreed pursuant to the agreement to provide UBS with customary indemnification and contribution rights. From June 17, 2020 to June 30, 2021, approximately 17.4 million shares of common stock were issued pursuant to the terms of the equity distribution agreement with UBS for gross proceeds totaling approximately $37.8 million. The Company incurred costs of approximately $1.27 million. In addition, the Company sold 2.4 million shares of common stock for net proceeds of approximately $5.55 million at the end of June 2020. The settlement dates of these sales were on July 1, 2020 and July 2, 2021. As such, the Company recorded a subscription receivable for such amount. The proceeds from the subscription receivable were collected on July 1, 2020 and July 2, 2020. For the period from July 1, 2020 to November 25, 2020, the termination date of the offering, approximately 10.4 million shares of common stock were issued for net proceeds totaling approximately $26.7 million. The Company is using the net proceeds of this offering for operating costs, including working capital and other general corporate purposes. Cantor Fitzgerald Transactions On November 25, 2020, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. ("Cantor Fitzgerald") to sell shares of common stock, from time to time, through an “at the market offering” program having an aggregate offering price of up to $100,000,000 through which Cantor Fitzgerald would act as sales agent (the “Sales Agent”). The issuance and sale, if any, of common stock by the Company under the Sales Agreement was subject to the effectiveness of our registration statement on Form S-3 (File No. 333-250973) (the “Registration Statement”), filed with the Securities and Exchange Commission on November 25, 2020. The Registration Statement was declared effective by the Securities and Exchange Commission on December 7, 2020. On December 8, 2020, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cantor Fitzgerald as underwriter, pursuant to which the Company (i) agreed to issue and sell in a public offering (the “Offering”) 29,661,017 shares of common stock to Cantor Fitzgerald and (ii) granted Cantor Fitzgerald an option for 30 days to purchase up to an additional 4,449,152 shares of common stock that may be sold upon the exercise of such option by Cantor Fitzgerald. On December 10, 2020, this offering was closed and the Company issued approximately 29.66 million shares of common stock for gross proceeds totaling approximately $35.2 million. The Company incurred costs of approximately $2.9 million. On January 11, 2021, the Company issued an additional 4,240,828 shares of common stock to satisfy the underwriter’s option exercise. The Company received net proceeds of approximately $4.6 million. On February 24, 2021, Cantor Fitzgerald sold as sales agent pursuant to the Sales Agreement 113,200 shares of common stock. The Company received net proceeds of approximately $238,000. On May 7, 2021, Cantor Fitzgerald sold as sales agent pursuant to the Sales Agreement 1,716,800 shares of common stock. The Company received net proceeds of approximately $2.995 million. Eastern – Share Purchase Agreements On January 13, 2016, the Company entered into a share purchase agreement with Eastern pursuant to which Eastern purchased 350,000 shares of the Company's common stock and the Company received proceeds of $2,177,000. In addition, Eastern exercised warrants it had previously acquired to purchase 178,400 shares of the Company's common stock. The Company received proceeds of approximately $945,000 from the exercise of the warrants. On January 13, 2016, the Company entered into a separate share purchase agreement with Eastern pursuant to which Eastern agreed to purchase 650,000 shares of the Company's common stock at a price of $6.22 per share, subject to the approval of the Company's stockholders. The Company's stockholders approved the issuance of the 650,000 shares to Eastern at the Company's annual meeting on April 7, 2016. On April 13, 2016, the Company issued the 650,000 shares and received proceeds of $4,043,000. These shares were subject to a three-year standstill agreement (the “Standstill Agreement”) which restricted additional acquisitions of the Company's equity by Eastern and its controlled affiliates to limit its beneficial ownership of the Company's outstanding shares of common stock to a maximum of 38% (the “Eastern Beneficial Ownership Limitation”), absent the approval by a majority of the Company's Board of Directors. On November 27, 2017, the Company's Board of Directors authorized the Company’s Chief Executive Officer to invite Eastern to purchase shares in the November 2017 public offering with Aegis Capital Corp., provided that such purchase did not result in Eastern being the beneficial owner of more than 40% of the aggregate number of shares of the Company’s outstanding common stock rather than the limit of 38% set forth in the Standstill Agreement. On June 26, 2018, in connection with a public offering with A.G.P/Alliance Global Partners, the Company entered into an amendment (the “Amendment”) to the share purchase agreement for 650,000 shares, dated January 13, 2016 (the “Purchase Agreement”), with Eastern. Pursuant to the Purchase Agreement, Eastern was subject to the Standstill Agreement (amended to 40%) and the Eastern Beneficial Ownership Limitation therein. The Amendment increased the Eastern Beneficial Ownership Limitation to 48% and extended the restrictions under the Standstill Agreement until June 26, 2020. In accordance with the terms of the Standstill Agreement, as amended, the Company’s Board of Directors duly authorized the Company’s Chief Executive Officer to offer Eastern to purchase shares in the public offering with Alliance, provided that, when taken together with all other equity securities of the Company beneficially owned by Eastern and its controlled affiliates following consummation of the public offering with Alliance, Eastern and its controlled affiliates would not beneficially own more than 48% of the aggregate number of shares of common stock outstanding as of the closing of the public offering with Alliance, including all shares of common stock issuable upon conversion of all outstanding shares of Series A Preferred and Series B Preferred, and provided, further, that Eastern agreed to extend the standstill restrictions for two (2) additional years beginning with the date of Eastern’s or its controlled affiliate’s purchase of securities in the public offering with Alliance. The restrictions under the Standstill Agreement were not extended beyond June 26, 2020. On February 23, 2017, the Company entered into an exchange agreement with the Eastern Affiliate pursuant to which the Company acquired substantially all of the interest in iBio CDMO held by the Eastern Affiliate and issued one share of a newly created iBio CMO Preferred Tracking Stock, in exchange for 29,990,000 units of limited liability company interests of iBio CDMO held by the Eastern Affiliate at an original issue price of $13 million. After giving effect to the transactions contemplated in the Exchange Agreement, the Company owns 99.99% of iBio CDMO and the Eastern Affiliate owns 0.01% of iBio CDMO. At any time, at the Company’s election or the election of the Eastern Affiliate, the outstanding share of iBio CMO Preferred Tracking Stock may be exchanged for 29,990,000 units of limited liability company interests of iBio CDMO. Following such exchange, the Company would own a 70% interest in iBio CDMO and the Eastern Affiliate would own a 30% interest. Warrants As discussed above, the Company issued 25,000,000 Series A Warrants and 25,000,000 Series B Warrants as part of its October 29, 2019 public offering. The Series A Warrants were exercisable at $0.22 per share, had a term of two years and were set to expire on October 29, 2021. The Series B Warrants were exercisable at $0.22 per share, had a term of seven years and were set to expire on October 29, 2026. On February 20, 2020, the Company entered into a warrant amendment and exchange agreement (the “Exchange Agreement”) with certain holders (the “Holders”) of the Company’s Series A Warrants (the “Original Series A Warrants”) and Series B Warrants (the “Original Series B Warrants”). Pursuant to the Exchange Agreement, the Holders agreed to exchange their Series A Warrants and Series B Warrants for (i) an aggregate of 14,999,998 shares of newly-issued Common Stock and (ii) promissory notes in the aggregate principal amount of $3,300,000 (see Note 12 – Notes Payable – Warrant Exchange). The Holders further agreed to amendments to the remaining, unexchanged Series A Warrants and Series B Warrants as described below (as amended, the “New Series A Warrants” and “New Series B Warrants,” respectively, and collectively, the “New Warrants”, and together with the Original Series A Warrants and Original Series B Warrants, the “Warrants”). Following the Exchange Agreement, there were an aggregate of New Warrants to purchase 9,595,002 shares of Common Stock. Based on the terms of the Exchange Agreement, the Company recognized deemed dividends on common stock totaling $6,600,000. From the date of the October 29, 2019 public offering through June 30, 2021, the Company issued 29.1 million shares of common stock for the exercise of various Warrants and received proceeds of $6.4 million. In addition, the Company issued 5.9 million shares of common stock for the cashless exercise of Warrants in which the “assumed proceeds” totaling $1.3 million were used to reduce the Company’s balances owed for the notes described under “Note 12 - Notes Payable – Warrant Exchange”. Costs related to the Warrant Exchange totaled approximately $313,000 and were offset against additional paid-in capital. As of June 30, 2021 and 2020, there were no Warrants outstanding. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 12 Months Ended |
Jun. 30, 2021 | |
Earnings (Loss) Per Common Share [Abstract] | |
Earnings (Loss) Per Common Share | 16. Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing the net income (loss) allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For purposes of calculating diluted earnings per common share, the denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method. The following table summarizes the components of the earnings (loss) per common share calculation (in thousands, except per share amounts): Years ended June 30, 2021 2020 Basic and diluted numerator: Net loss attributable to iBio, Inc. $ (23,207) $ (16,439) Deemed dividends – down round of Series A Preferred and Series B Preferred — (21,560) Preferred stock dividends – iBio CMO Preferred Tracking Stock (260) (261) Net loss available to iBio, Inc. stockholders $ (23,467) $ (38,260) Basic and diluted denominator: Weighted-average common shares outstanding 195,620 62,795 Per share amount $ (0.12) $ (0.61) In 2021 and 2020, the Company incurred net losses which cannot be diluted; therefore, basic and diluted loss per common share is the same. June 30, 2021 2020 (in thousands) Stock options 8,542 3,476 Series A Preferred — — Series B Preferred — 28,925 Restricted stock units 674 41 Shares excluded from the calculation of diluted loss per share 9,216 32,442 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2021 | |
Share-Based Compensation [Member] | |
Share-Based Compensation | 17. Share-Based Compensation The following table summarizes the components of share-based compensation expense in the Consolidated Statements of Operations (in thousands): Years Ended June 30, 2021 2020 Research and development $ 185 $ 55 General and administrative 1,401 333 Total $ 1,586 $ 388 Stock Options 2008 Omnibus Equity Incentive Plan (the "2008 Plan") On August 12, 2008, the Company adopted the iBioPharma 2008 Omnibus Equity Incentive Plan for employees, officers, directors and external service providers. The 2008 Plan provided that the Company may grant options to purchase stock and/or make awards of restricted stock. Stock options granted under the 2008 Plan may be either incentive stock options (as defined by Section 422 of the Internal Revenue Code of 1986, as amended) or non-qualified stock options at the discretion of the Board of Directors. Vesting of service awards occurred ratably on the anniversary of the grant date over the service period, generally three or five years, as determined at the time of grant. Vesting of performance awards occurred when the performance criteria had been satisfied. The Company used historical data to estimate forfeiture rates. The 2008 Plan had a term of ten (10) years and, as a result, the 2008 Plan expired by its terms on August 12, 2018. iBio, Inc. 2018 Omnibus Equity Incentive Plan (the "2018 Plan") On December 18, 2018, the Company's stockholders, upon recommendation of the Board of Directors on November 9, 2018, approved the 2018 Plan. On March 5, 2020 at the Company's 2019 Annual Meeting of Stockholders, the Company's stockholders approved an amendment to the 2018 Plan to increase the number of shares of common stock authorized for issuance thereunder from 3.5 million shares to 6.5 million shares and to incorporate changes to include restricted stock units and performance-based awards as grant types issuable under the 2018 Plan. The total number of shares of common stock reserved under the 2018 Plan is 6.5 million. Stock options granted under the 2018 Plan may be either incentive stock options (as defined by Section 422 of the Internal Revenue Code of 1986, as amended), non-qualified stock options, or restricted stock and determined at the discretion of the Board of Directors. Vesting of service awards will be determined by the Board of Directors and stated in the award agreements. In general, vesting will occur ratably on the anniversary of the grant date over the service period, generally three or five years, as determined at the time of grant. Vesting of performance awards will occur when the performance criteria has been satisfied. The Company uses historical data to estimate forfeiture rates. The 2018 Plan has a term of ten (10) years and expires by its terms on November 9, 2028. iBio, Inc. 2020 Omnibus Equity Incentive Plan (the “2020 Plan”) On December 9, 2020, the Company's stockholders approved the 2020 Plan as a successor to the 2018 Plan. The total number of shares of common stock reserved under the 2020 Plan is 32 million shares of common stock for issuance pursuant to the grant of new awards under the 2020 Plan. The 2020 Plan allows for the award of stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, cash-based awards, and dividend equivalent rights. The value of all awards awarded under the 2020 Plan and all other cash compensation paid by the Company to any non-employee director in any calendar year may not exceed $500,000; provided, however, that such amount shall be $750,000 for the calendar year in which the applicable non-employee director is initially elected or appointed to the Board of Directors and $1,500,000 for any non-executive chair of our Board of Directors should one be appointed. Notwithstanding the foregoing, the independent members of the Board of Directors may make exceptions to such limits in extraordinary circumstances. The term of the 2020 Plan will expire on the tenth anniversary of the date the Plan is approved by the stockholders. In addition, on December 18, 2018, the Company's stockholders, upon recommendation of the Board of Directors, also approved an amendment to the Company's 2008 Plan to allow the Company to permit a one-time option exchange program under which the Company would offer eligible employees and non-employee directors the opportunity to exchange certain outstanding options on a four-for-three basis for new stock options exercisable at a lower price under the 2018 Plan (the "Option Exchange"). On January 22, 2019, the Company filed with the Securities and Exchange Commission a Tender Offer Statement on Schedule TO defining the terms and conditions of the Option Exchange, whereby the Company was offering eligible employees and non-employee directors ("Eligible Option Holders") the opportunity to exchange for new options covering a lesser number of shares of the Company's common stock ("Replacement Options"), at a ratio of four-for-three (the "Exchange Ratio"), any options issued by the Company prior to January 22, 2019 that were outstanding under its 2008 Plan that had an exercise price greater than the closing price per share of iBio's common stock on the NYSE American on the grant date of the Replacement Options ("Eligible Exchange Options"), so that for each four shares of common stock subject to an Eligible Exchange Option, the option holder would receive a Replacement Option to purchase three shares under the 2018 Plan. On February 20, 2019, the completion date of the Option Exchange (the "Replacement Option Grant Date"), the Company canceled the options accepted for exchange and granted 874,310 Replacement Options in exchange for 1,165,750 options issued under the 2008 Plan. The Replacement Options: · have a per-share exercise price of $0.93, which was equal to the closing price per share of the Company's common stock on the Replacement Option Grant Date; · have a five-year term beginning on February 20, 2019 and vested one year later on February 20, 2020. Generally, the Underwater Options had been scheduled to vest over four years following the recipient's employment start date or the date of grant. As of November 19, 2018, approximately 94% of the shares covered by the Underwater Options already were vested. All other terms and conditions of the new stock options are generally be consistent with the terms and conditions of iBio's standard time-vesting stock option grants; · are of the same type of options as the surrendered options. Eligible Option Holders holding nonqualified stock options received Replacement Options in the form of nonqualified stock options and Eligible Option Holders holding incentive stock options received Replacement Options in the form of incentive stock options; and · have the terms and be subject to the conditions as provided for in the 2018 Plan and option award agreement. Issuances of stock options during 2021 were as follows: · On October 14, 2020, the Company granted three new members of its Board of Directors stock option agreements under the 2018 Plan whereby each director has the option to purchase up to 100,000 shares of the Company's common stock at an exercise price of $2.05 per share. The options vest over a period of three years and expire on the tenth anniversary of the grant date; · Effective December 1, 2020, the Company granted an officer a stock option agreement under the 2018 Plan whereby the officer has the option to purchase 465,000 shares of the Company's common stock at an exercise price of $1.45 per share. The option expires on the tenth anniversary of the grant date and vests as follows: (1) 25% of the option granted will vest after one year of employment with the Company; and (2) after one year of employment with the Company, 6.25% of the option granted will vest for each additional three (3) months of employment; · On January 15, 2021, the Company granted two consultants stock option agreements for each to purchase 15,000 shares of the Company's common stock at an exercise price of $1.47 per share. The options expire on the tenth anniversary of the grant date and vest over a one-year period; · Effective January 18, 2021, the Company granted an officer and an employee stock option agreements whereby the officer and employee have the option to purchase an aggregate of 600,000 shares of the Company's common stock at an exercise price of $1.47 per share. The options expire on the tenth anniversary of the grant date and vest as follows: (1) 25% of the options granted will vest after one year of employment with the Company; and (2) after one year of employment with the Company, 6.25% of the options granted will vest for each additional three (3) months of employment; · Effective March 4, 2021, the Company granted an officer a stock option agreement whereby the officer has the option to purchase 350,000 shares of the Company's common stock at an exercise price of $1.43 per share. The option expires on the tenth anniversary of the grant date and vest as follows: (1) 25% of the option granted will vest after one year of employment with the Company; and (2) after one year of employment with the Company, 6.25% of the option granted will vest for each additional three (3) months of employment; · On April 30, 2021, the Company granted an officer a stock option agreement whereby the officer has the option to purchase 3,000,000 shares of the Company's common stock at a price of $1.37 per share. The option expires on the tenth anniversary of the grant date and vest as follows: (1) 25% of the option granted will vest after one year of employment with the Company; and (2) after one year of employment with the Company, 6.25% of the option granted will vest for each additional three (3) months of employment; · In May 2021, the Company granted stock option agreements to various employees, to purchase an aggregate of 270,000 shares of the Company's common stock at exercise prices of $1.29 to $1.65 per share. The options expire on the tenth anniversary of the grant date and vest as follows: (1) 25% of the options granted will vest after one year of employment with the Company; and (2) after one year of employment with the Company, 6.25% of the options granted will vest for each additional three (3) months of employment; · In June 2021, the Company granted stock option agreements to a new member of its Board of Directors and one employee, to purchase an aggregate of 225,000 shares of the Company's common stock at exercise prices of $1.41 to $1.57 per share. The options expire on the tenth anniversary of the grant date and vest as follows: (1) 25% of the options granted will vest after one year; and (2) after one year, 6.25% of the options granted will vest for each additional three (3) months. Issuances of stock options during Fiscal 2020 were as follows: · On March 27, 2020, the Company issued options to acquire 908,300 shares of common stock to various members of management and employees. The exercise price is $1.15 per share. The options vest over a four-year period and expire in ten years; · On April 21, 2020, the Company issued to Thomas Isett (“Isett”), the Company’s Chief Executive Officer (effective March 2020) and Chairman of the Company, options to acquire 975,000 shares of the Company’s common stock at an exercise price of $0.8953 per share. The options vest over a three-year period and expire in ten years; · On June 1, 2020, the Company issued options to acquire 100,000 shares of common stock to a member of management. The exercise price is $1.66 per share. The options vest over a four-year period and expire in ten years; and · On June 20, 2020, the Company issued to Robert Kay, the Company’s former Chief Executive Officer (resigned March 2020), options to acquire 400,000 shares of the Company’s common stock at an exercise price of $1.47 per share. The options vest monthly over a two-year period and expire in ten years. The following table summarizes all stock option activity during the years ended June 30, 2021 and 2020: Weighted- Weighted- average average Remaining Aggregate Stock Exercise Contractual Intrinsic Value Options Price Term (in years) (in thousands) Outstanding as of July 1, 2019 1,346,519 $ 1.45 6.1 $ — Granted 2,383,300 1.11 — — Exercised (139,392) 0.93 — — Forfeited/expired (114,654) 3.32 — — Outstanding as of June 30, 2020 3,475,773 $ 1.18 8.2 $ 4,042 As of June 30, 2020, vested and expected to vest 3,424,064 $ 1.18 8.3 $ 3,987 Exercisable as of June 30, 2020 983,442 $ 1.40 4.6 $ 1,221 Outstanding as of June 30, 2020 3,475,773 $ 1.18 8.2 $ 4,042 Granted 5,240,000 1.44 — — Exercised (53,687) 1.02 — — Forfeited/expired (119,933) 2.45 — — Outstanding as of June 30, 2021 8,542,153 $ 1.31 8.8 $ 1,995 As of June 30, 2021, vested and expected to vest 8,520,349 $ 1.31 8.8 $ 1,988 Exercisable as of June 30, 2021 1,933,460 $ 1.11 6.4 $ 890 The following table summarizes information about options outstanding and exercisable at June 30, 2021: Options Outstanding and Exercisable Weighted- Weighted- Average Average Number Remaining Life Exercise Number Outstanding In Years Price Exercisable Exercise prices: $0.90 - $1.37 5,832,319 $ 1.18 1,561,957 $1.41 - $2.12 2,700,000 1.56 361,669 $2.53 - $3.80 500 2.53 500 $7.30 - $10.95 9,334 8.59 9,334 8,542,153 $ 1.31 1,933,460 The total fair value of stock options that vested during 2021 and 2020 was approximately $911,000 and $433,000, respectively. The total cash received for stock options that were exercised during 2021 and 2020 was approximately $54,000 and $130,000, respectively. The total intrinsic value of stock options that were exercised during 2021 and 2020 was approximately $165,000 and $102,000, respectively. As of June 30, 2021, there was approximately $7,316,000 of total unrecognized compensation cost related to non-vested stock options that the Company expects to recognize over a weighted-average period of 3.4 years. The weighted-average grant date fair value of stock options granted during 2021 and 2020 was $1.25 and $0.97 per share, respectively. The Company estimated the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: 2021 2020 Weighted average risk-free interest rate 0.39 - 1.02 % 0.60 % Dividend yield 0 % 0 % Volatility 119.46 - 126.55 % 97.5 % Expected term (in years) The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company’s closing stock price of $1.51 as of June 30, 2021 and $2.22 as of June 30, 2020, which would have been received by the option holders had all option holders exercised their options as of that date. Restricted Stock Units (“RSUs”): On March 27, 2020, the Company issued RSU’s to acquire 41,150 shares of common stock to various employees at a market value of $1.15 per share. The RSU’s vest over a four-year period. The grant-date fair value of the RSU’s totaled approximately $47,000. Effective December 1, 2020, the Company issued RSUs to acquire 309,000 shares of common stock to an officer at a market value of $1.45 per share. The RSUs vest in even increments on the first three anniversaries of the grant date. The grant-date fair value of the RSUs totaled approximately $448,000. Effective January 18, 2021, the Company issued RSUs to acquire 65,000 shares of common stock to an employee at a market value of $1.47 per share. The RSUs vest in even increments on the first three anniversaries of the grant date. The grant-date fair value of the RSUs totaled approximately $96,000. Effective March 4, 2021, the Company issued RSUs to acquire 232,000 shares of common stock to an officer at a market value of $1.43 per share. The RSUs vest in even increments on the first three anniversaries of the grant date. The grant-date fair value of the RSUs totaled approximately $332,000. On April 30, 2021, the Company entered into a new employment agreement with an officer. The new employment agreement provides that the Compensation Committee will establish certain performance criteria and thereafter the officer will receive a grant of 5,000,000 performance RSUs, which will also vest subject to achievement of pre-defined performance criteria to be established by the Compensation Committee. On May 4, 2021, the Company issued RSU’s to acquire 40,000 shares of common stock to an employee at a market value of $1.29 per share. The RSU’s vest over a four-year period. The grant-date fair value of the RSUs totaled approximately $52,000. As of June 30, 2021, there was approximately $816,000 of total unrecognized compensation cost related to non-vested RSUs that the Company expects to recognize over a weighted-average period of 2.6 years. |
Gain on Settlement
Gain on Settlement | 12 Months Ended |
Jun. 30, 2021 | |
Gain on Settlement [Abstract] | |
Gain on Settlement | 18. Gain on Settlement Fraunhofer Settlement On May 4, 2021, iBio, Inc. (the “Company”) and Fraunhofer USA, Inc. (“FhUSA”) entered into a Confidential Settlement Agreement and Mutual Release (the “Settlement Agreement”) to settle all claims and counterclaims in the litigation captioned iBio, Inc. v. Fraunhofer USA, Inc. (Case No. 10256-VCF) in Delaware Chancery Court (the “Lawsuit”). The Settlement Agreement, among other things, resolves the Company’s claims to ownership of certain plant-based technology developed by FhUSA from 2003 through 2014, and sets forth the terms of a license of intellectual property. The Lawsuit was commenced against FhUSA by the Company in March 2015 in the Court of Chancery of the State of Delaware and is described in more detail in the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2020. The Settlement Agreement is not an admission of liability or fault of the parties. The terms of the Settlement Agreement provide for cash payments to the Company of $28,000,000 as follows: (i) $16,000,000 to be paid no later than May 14, 2021 (which is expected to be paid 100% to cover legal fees and expenses); (ii) two payments of $5,100,000 payable by March 31, 2022 and 2023 and (iii) as additional consideration for a license agreement, two payments of $900,000 due on March 1, 2022 and 2023. The license provides for a nonexclusive, nontransferable, worldwide, fully paid-up license to all intellectual property rights in and to certain plant-based technology developed by FhUSA from 2003 through 2014 that were the subject of the Lawsuit. After payment of the fees and expenses of its attorneys and others retained by the Company, including the litigation funding company, the Company’s estimated aggregate net cash recovery as a result of the Settlement Agreement will be approximately $10,200,000. As of June 30, 2021, the Company held receivables related to the settlement in the amount of $10,200,000. This amount was recorded in the consolidated statement of operations and comprehensive loss as settlement income in 2021. The Company will recognize the $1.8 million of license revenue when it determines the collection of the license fees are reasonably assured in accordance with ASU 2014-09 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. Related Party Transactions Agreements with Eastern Capital Limited and its Affiliates. As more fully discussed in Note 15 – Stockholders’ Equity, the Company entered into two share purchase agreements with Eastern and the Standstill Agreement. Concurrently with the execution of the Purchase Agreements, iBio entered into a contract manufacturing joint venture with the Eastern Affiliate to develop and manufacture plant-made pharmaceuticals through iBio CDMO. The Eastern Affiliate contributed $15 million in cash to iBio CDMO, for a 30% interest in iBio CDMO. iBio retained a 70% equity interest in iBio CDMO. As the majority equity holder, iBio has the right to appoint a majority of the members of the Board of Managers that manages the iBio CDMO joint venture. Specified material actions by the joint venture require the consent of iBio and the Eastern Affiliate. iBio contributed to the capital of iBio CDMO a royalty bearing license, which grants iBio CDMO a non-exclusive license to use the iBio’s proprietary technologies for research purposes and an exclusive U.S. license for manufacturing purposes. iBio retains all other rights in its intellectual property, including the right for itself to commercialize products based on its proprietary technologies or to grant licenses to others to do so. In connection with the joint venture, the Second Eastern Affiliate, which controls the subject property as sublandlord, granted iBio CDMO the Sublease of a Class A life sciences building in Bryan, Texas, located on land owned by the Texas A&M system, designed and equipped for plant-made manufacture of biopharmaceuticals. The terms of the Sublease are described in Note 14 – Finance Lease Obligation. The Standstill Agreement took effect upon the issuance of the shares to Eastern pursuant to a share purchase agreement for the acquisition of 650,000 shares of common stock. The Standstill Agreement had been amended twice so that Eastern and its controlled affiliates are limited to its beneficial ownership of the Company’s outstanding shares of common stock to a maximum of 48%, absent approval by a majority of the Company’s Board of Directors. Eastern agreed to extend the standstill restrictions for two (2) additional years beginning with the date of Eastern’s or its controlled affiliate’s purchase of securities in the public offering with Alliance. See Note 15 - Stockholders' Equity for further information. On February 23, 2017, the Company entered into an exchange agreement with the Eastern Affiliate pursuant to which the Company acquired substantially all of the interest in iBio CDMO held by the Eastern Affiliate and issued one share of the Preferred Tracking Stock in exchange for 29,990,000 units of limited liability company interests of iBio CDMO held by the Eastern Affiliate at an original issue price of $13 million. After giving effect to the transactions in the Exchange Agreement, the Company owns 99.99% of iBio CDMO and the Eastern Affiliate owns 0.01% of iBio CDMO. At any time, at the Company's election or the election of the Eastern Affiliate, the outstanding share of iBio CMO Preferred Tracking Stock may be exchanged for 29,990,000 units of limited liability company interests of iBio CDMO. Following such exchange, the Company would own a 70% interest in iBio CDMO and the Eastern Affiliate would own a 30% interest. Director Consulting Agreement i.e. Advising, LLC (“IEA”) was retained by the Company as a strategy and management consultant pursuant to a Consulting Agreement, dated as of February 22, 2019 (the “Consulting Agreement”), with services provided pursuant to statements of work entered into between the Company and Consultant from time to time. Mr. Isett was the Managing Director and sole owner of IEA. Effective as of May 1, 2019, the Company entered into a Statement of Work (the "May 1, 2019 SOW") pursuant to the Consulting Agreement, which provided for an engagement to be conducted on a retainer basis with Mr. Isett as the primary engagement resource, at a rate of $40,000 per month, and on a time and materials basis for all other engagement resources provided by IEA, billable at the rate of $85 to $450 per hour. IEA and the Company entered into an additional Statement of Work on December 1, 2019 (the "December 1, 2019 SOW"), which provided that Consultant would be entitled to a bonus of 3% to 4.5% of the transaction value if the Company or any of its assets were sold during the term of the Statement of Work. Consultant and the Company agreed to terminate the Consulting Agreement and both the May 1, 2019 SOW and December 1, 2019 SOW on March 10, 2020, when Mr. Isett became the Company's Chief Executive Officer. Consulting expenses totaled approximately $0 and $425,000 in 2021 and 2020, respectively. At June 30, 2021 and 2020, the Company owed the Consultant $0 and $0, respectively. KBI Consulting On April 1, 2020, the Company entered into a consulting agreement with KBI Consulting for business support services provided by Mr. Isett's wife. Per the consulting agreement the business support services were billed at $5,800 per month. Consulting expenses totaled approximately $52,000 and $17,000 in 2021 and 2020, respectively. At June 30, 2021 and 2020, the Company owed the Consultant $0 and $0, respectively. The Company terminated its agreement with KBI consulting effective March 31, 2021, at which time Mr. Isett’s wife became an employee of the Company with a salary consistent with her consultant rate. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 20. Income Taxes The components of net loss consist of the following (in thousands): For the Years Ended June 30, 2021 2020 United States $ (23,200) $ (16,429) Brazil (13) (15) Total $ (23,213) $ (16,444) The components of the provision (benefit) for income taxes consist of the following (in thousands): For the Years Ended June 30, 2021 2020 Current – Federal, state and foreign Deferred – Federal $ (55) $ (1,560) Deferred – State — (428) Deferred – Foreign — — Total (55) (1,988) Change in valuation allowance 55 1,988 Income tax expense $ — $ — The Company has deferred income taxes due to income tax credits, net operating loss carryforwards, and the effect of temporary differences between the carrying values of certain assets and liabilities for financial reporting and income tax purposes. The components of the Company’s deferred tax assets and liabilities are as follows (in thousands): As of June 30, 2021 2020 Deferred tax assets (liabilities): Net operating loss $ 24,693 $ 25,179 Share-based compensation 353 93 Research and development tax credits 1,737 1,568 Basis in iBio CDMO 984 973 Intangible assets (91) (173) Vacation accrual and other 38 18 Valuation allowance (27,714) (27,658) Total $ — $ — The Company has a valuation allowance against the full amount of its net deferred tax assets due to the uncertainty of realization of the deferred tax assets due to the operating loss history of the Company. The Company currently provides a valuation allowance against deferred taxes when it is more likely than not that some portion, or all of its deferred tax assets will not be realized. The valuation allowance could be reduced or eliminated based on future earnings and future estimates of taxable income. Federal net operating losses of approximately $5.5 million were used by the Former Parent prior to June 30, 2008 and are not available to the Company. The Former Parent allocated the use of the Federal net operating losses available for use on its consolidated Federal tax return on a pro rata basis based on all of the available net operating losses from all the entities included in its control group. U.S. federal net operating losses of approximately $117.5 million are available to the Company as of June 30, 2021, of which $63.9 million will expire at various dates through 2039 and $53.6 million with no expiration date. These carryforwards could be subject to certain limitations in the event there is a change in control of the Company pursuant to Internal Revenue Code Section 382, though the Company has not performed a study to determine if the loss carryforwards are subject to these Section 382 limitations. The Company has a research and development credit carryforward of approximately $1.7 million at June 30, 2021. A reconciliation of the statutory tax rate to the effective tax rate is as follows: Years Ended June 30, 2021 2020 Statutory federal income tax rate 21 % 21 % State (net of federal benefit) — % 6 % Research and development tax credit — % — % Cancelled and expired non-qualifying stock options — % (14) % Change in valuation allowance (21) % (13) % Effective income tax rate — % — % The Company has not been audited in connection with income taxes. iBio files U.S. Federal and state income tax returns subject to varying statutes of limitations. The 2017 through 2020 tax returns generally remain open to examination by U.S. Federal authorities and by state tax authorities. In addition, the 2015 through 2020 Brazilian federal tax returns remain open to examination by Brazil’s federal tax authorities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 21. Commitments and Contingencies COVID-19 As a result of the pandemic, the Company has at times experienced reduced capacity to provide CDMO services as a result of instituting social distancing at work procedures in our Texas facility, restricting access to essential workers, as well as taking other precautions. The Company also experienced a full three-day operational shutdown in April 2020 for extensive facility cleaning following the discovery that an employee had contracted COVID-19, and successfully resumed operations on a reduced capacity basis. The Company has ascertained that certain risks associated with further COVID-19 developments may adversely impact its operations and liquidity, and its business and share price may also be affected by the COVID-19 pandemic. However, the Company does not anticipate any significant threat to its operations at this point in time. Due to the general unknown nature surrounding the crisis, the Company cannot reasonably estimate the potential for any future impacts on its operations or liquidity. The outbreak and spread of COVID-19 and continued progress in various countries around the world, including the United States, has led authorities around the globe to take various extraordinary measures to stem the spread of the disease, such as emergency travel and transportation restrictions, school closures, quarantines and social distancing measures. The outbreak of COVID-19 has had an adverse effect on global markets and may continue to affect the economy in the United States and globally, especially if new strains of SARS-CoV2 emerge. Agreements Lease – Bryan, Texas As discussed above, iBio CDMO is leasing its facility in Bryan, Texas from the Second Eastern Affiliate under the Sublease. See Note 14 – Finance Lease Obligation for more details of the Sublease. Planet Biotechnologies On August 27, 2020, the Company entered into an exclusive worldwide license agreement with Planet Biotechnology Inc. (“Planet”) for the development of Planet’s COVID-19 therapeutic candidate, ACE2-Fc. The Company made a one-time up-front payment of $150,000 on September 11, 2020. After reviewing our internal strategy, the Company decided to terminate the partnership with Planet for the development of the recombinant ACE2-Fc protein as treatment for COVID-19 and other coronavirus diseases. As part of the original agreement, the Company will not have anything due to Planet at the time of termination. See Note 10 – Intangible Assets with regards to the impairment of intangibles related to termination of the agreement. |
Employee 401(K) Plan
Employee 401(K) Plan | 12 Months Ended |
Jun. 30, 2021 | |
Employee 401(K) Plan [Abstract] | |
Employee 401(K) Plan | 22 . Employee 401(K) Plan Commencing January 1, 2018, the Company established the iBio, Inc. 401(K) Plan (the “Plan”). Eligible employees of the Company may participate in the Plan, whereby they may elect to make elective deferral contributions pursuant to a salary deduction agreement and receive matching contributions upon meeting age and length-of-service requirements. The Company will make a 100% matching contribution that is not in excess of 5% of an eligible employee’s compensation. In addition, the Company may make qualified non-elective contributions at its discretion. Employer contributions made to the Plan totaled approximately $121,000 and $97,000 in 2021 and 2020, respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 23. Segment Reporting In accordance with FASB ASC 280, “ Segment Reporting ,” the Company discloses financial and descriptive information about its reportable segments. The Company operates in two segments, (i) Biopharmaceuticals, our biologics development and licensing activities, conducted within iBio, Inc. and (ii) Bioprocessing, our CDMO segment, conducted within iBio CDMO. These segments are components of the Company about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Please note that certain totals may not sum due to rounding. Biopharmaceuticals Bioprocessing Year Ended June 30, 2021 (in thousands) (iBio, Inc.) (iBio CDMO) Eliminations Total Revenues - external customers $ 1,098 1,274 $ — $ 2,371 Revenues - intersegment 1,017 1,307 (2,324) — Cost of goods sold 425 1,037 — 1,462 Gross profit 1,690 1,543 (2,324) 909 Research and development 2,960 8,370 (1,341) 9,989 General and administrative 13,429 9,585 (983) 22,031 Operating loss (14,699) (16,412) — (31,111) Interest expense — (2,454) — (2,454) Settlement income 10,200 — — 10,200 Interest and royalty income 151 1 — 152 Consolidated net loss (4,349) (18,864) — (23,213) Total assets 175,272 35,721 (64,025) 146,968 Finance lease ROU assets — 26,111 — 26,111 Fixed assets, net of accumulated depreciation — 8,628 — 8,628 Intangible assets, net of accumulated amortization 952 — — 952 Amortization of finance lease ROU assets — 1,651 — 1,651 Depreciation of fixed assets — 472 — 472 Amortization of intangible assets 291 — — 291 Biopharmaceuticals Bioprocessing Year Ended June 30, 2020 (in thousands) (iBio, Inc.) (iBio CDMO) Eliminations Total Revenues - external customers $ 1,546 $ 92 $ — $ 1,638 Revenues - intersegment 793 1,665 (2,458) — Cost of goods sold 640 63 — 703 Gross profit 1,699 1,694 (2,458) 935 Research and development 492 4,779 (1,698) 3,573 General and administrative 5,355 6,770 (760) 11,365 Operating loss (4,148) (9,855) — (14,003) Interest expense — (2,466) — (2,466) Interest and royalty income 24 1 — 25 Consolidated net loss (4,124) (12,320) — (16,444) Total assets 103,667 31,868 (41,346) 94,189 Finance lease ROU assets — 27,616 — 27,616 Fixed assets, net of accumulated depreciation — 3,657 — 3,657 Intangible assets, net of accumulated amortization 1,144 — — 1,144 Amortization of finance lease ROU assets — 1,661 — 1,661 Depreciation of fixed assets 1 281 — 282 Amortization of intangible assets 298 — — 298 |
Notices of Delisting or Failure
Notices of Delisting or Failure to Satisfy a Continued Listing Rule or Standard | 12 Months Ended |
Jun. 30, 2021 | |
Notices of Delisting or Failure to Satisfy a Continued Listing Rule or Standard | |
Notices of Delisting or Failure to Satisfy a Continued Listing Rule or Standard | 24 . Notices of Delisting or Failure to Satisfy a Continued Listing Rule or Standard On October 16, 2019, the Company received notification from the NYSE American (the “Exchange”) that the Company is not in compliance with Section 1003(a)(ii) of the NYSE American Company Guide (the “Guide”), which applies if a listed company has stockholders’ equity of less than $4,000,000 and has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years, and Section 1003(a)(iii) of the Guide, which applies if a listed company has stockholders’ equity of less than $6,000,000 and has reported losses from continuing operations and/or net losses in its five most recent fiscal years. On December 9, 2019, the Company received a further notice from the Exchange that the Company currently is below the Exchange’s continued listing standards set forth in Section 1003(a)(i) of the Guide, which applies if a listed company has stockholders’ equity of less than $2,000,000 and has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years. The December 9, 2019 notification from the Exchange also stated that the Exchange has determined that the Company’s securities have been selling for a low price per share for a substantial period of time and pursuant to Section 1003(f)(v) of the Guide, the Company’s continued listing on the Exchange is predicated on the Company effecting a reverse stock split or otherwise demonstrating sustained improvement in its share price within a reasonable period of time, which the Exchange has determined to be no later than June 9, 2020. The Exchange notified us on June 9, 2020, that we had regained compliance with this section of the Exchange’s listing standards. On January 10, 2020, the Company received notice from the Exchange that NYSE Regulation has accepted the Company’s November 15, 2019 plan to regain compliance with the Exchange’s continued listing standards set forth in Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Guide and has granted a plan period through December 9, 2020, subject to periodic review by the Exchange, including quarterly monitoring, to regain compliance with the initiatives outlined in the plan. The Exchange notified the Company on October 1, 2020, that it had regained compliance with all of the Exchange continued listing standards set forth in Part 10 of the Guide. Specifically, the notification stated that the Company had resolved the continued listing deficiency with respect to Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Guide by meeting the requirements of the $50 million market capitalization exemption in Section 1003(a) of the Guide. The NYSE American notifications did not affect the Company’s business operations or its reporting obligations under the Securities and Exchange Commission regulations and rules and did not conflict with or cause an event of default under any of the Company’s material agreements. In addition, the Company expects revenues related to its CDMO core services offering and potential commercialization of its technologies and the potential development and eventual commercialization of proprietary pipeline products. The Company cannot be certain it will succeed in these activities and may never generate revenues that are significant or large enough to achieve profitability. As of June 30, 2021, the Company's stockholders' equity balance is $108.6 million. In order to maintain its listing with NYSE American, the Company must remain in compliance with the continued listing standards as set forth in Section 1003(a)(iii) of the Company Guide, which applies if a listed company has stockholders’ equity of less than $6,000,000 and has sustained losses from continuing operations and/or net losses in its five most recent fiscal years. Based on the June 30, 2021, stockholders’ equity balance, the Company is above the Exchange compliance requirement with Section 1003(a)(iii). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events On August 23, 2021, we entered into a series of agreements with RubrYc Theraputics, Inc. (“RubrYc”) described in more detail below Collaboration and License Agreement: The Company entered into a collaboration and licensing agreement (the “RTX-003 License Agreement”) with RubrYc to further develop RubrYc’s immune-oncology antibodies in its RTX-003 campaign. Under the terms of the agreement, the Company will be solely r esponsible for worldwide research and development activities for development of the RTX-003 antibodies for use in pharmaceutical products in all fields . Contingent upon receipt by RubrYc of funding of its Series A-2 preferred stock offering (see below), during the term of the RTX-003 License Agreement, RubrYc granted the Company an exclusive worldwide sublicensable royalty-bearing license under the patents controlled by RubrYc that cover the RTX-003 antibodies. The commercial license exclusively permits the Company to research, develop, make, have made, manufacture, use, distribute, sell, offer for sale, import, and export antibodies in RubrYc’s RTX-003. U nder the terms and conditions of the RTX-003 License Agreement, the Company agreed to use commercially reasonable efforts to develop and commercialize RTX-003 antibodies. If the Company fails to achieve certain timing milestones for starting GMP manufacturing and dosing human patients under an IND, it could be required to make a payment to RubrYc on the date the milestone is missed and on each anniversary of such date until the milestone is achieved, provided that the milestone was missed due to its failure to exercise commercially reasonable efforts. iBio Development Milestones · Successful 1 st run GMP manufacture first licensed product · 1 st patient dosed under a licensed product Under the terms of the RTX-003 License Agreement, RubrYc is eligible to receive from us up to an aggregate of $15 million in clinical development and regulatory milestone payments for RTX-003 upon achievement of the following four clinical milestones: · 5 th patient dosed in a Phase I clinical study; · 5 th patient dosed in a Phase II clinical study; · 4 th patient dosed in a Phase III clinical study (payable in cash or our stock, at our discretion) and · First commercial sale (payable in cash or our stock, at our discretion). RubrYc will also be entitled to receive royalties in the mid-single digits on net sales of RTX-003 antibodies, subject to adjustment under certain circumstances. Royalties are payable on a country-by-country basis until the latest to occur of: (i) the last-to-expire of specified patent rights in such country; (ii) expiration of marketing or regulatory exclusivity in such country; or (iii) ten (10) years after the first commercial sale of a product in such country, provided that no biosimilar product has been approved in such country. If either the Company or RubrYc materially breaches the RTX-003 License Agreement and does not cure such breach within 60 days (or 30 days in the event of non-payment), the non-breaching party may terminate the RTX-003 License Agreement in its entirety. Either party may also terminate the RTX-003 License Agreement, effective immediately upon written notice, if the other party files for bankruptcy, is dissolved or has a receiver appointed for substantially all of its property. RubrYc may terminate the RTX-003 License Agreement if the Company or its sublicensees challenges the validity or enforceability of any of RubrYc’s Licensed Patents subject to certain exceptions. The Company may terminate the RTX-003 License Agreement in its entirety for any or no reason upon ninety (90) days’ written notice to RubrYc. In addition, if RubrYc is unable to complete a financing with proceeds of a certain agreed upon amount by a set time defined in the RTX-003 License Agreement, the Company may terminate the RTX-003 License Agreement upon written notice to RubrYc within thirty (30) days of the end of such period. Effective upon such termination, among other things, RubrYc shall assign to us exclusive ownership of the RTX-003, including all relevant intellectual property rights. Collaboration, Option and License Agreement: The Company entered into an agreement with RubrYc to collaborate for up to five years to discover and develop novel antibody therapeutics using RubrYc’s artificial intelligence discovery platform. Antibody targets for the collaboration may be agreed upon pursuant to written collaboration plans approved by a joint steering committee comprised of two representatives of each party. In addition, RubrYc has granted the Company an exclusive option to obtain a worldwide sublicensable commercial license with respect to each of the lead product candidates resulting from such collaboration programs (the “Selected Compounds”). The Company has agreed to pay RubrYc for each Selected Compound as it achieves various milestones in addition to royalties if the Selected Compounds are commercialized. The Company has agreed to pay RubrYc for each Selected Compound as it achieves various milestones in addition to royalties it would owe if it were commercialized. Under the terms and conditions of the Collaboration Agreement, in the event the option is exercised by the Company, it has various diligence obligations including that it will use commercially reasonable efforts to (i) develop Selected Compounds for use in pharmaceutical products (the “Collaboration Products”); and (ii) commercialize the Collaboration Products. The Company is also required to meet a series of development milestones for each Collaboration Product. Failure to achieve the milestones will result in a payment to RubrYc on the date the milestone is missed and on each anniversary of such date until the milestone is achieved, provided that the milestone was missed due to its failure to exercise commercially reasonable efforts. iBio Development Milestones · Successful 1 st run GMP manufacture of the first Collaboration Product · Initiate IND enabling studies for such Collaboration Product · 1 st patient dosed under such Collaboration Product Under the terms of the Collaboration Agreement, RubrYc is eligible to receive from us up to an aggregate of $15 million in clinical development and regulatory milestone payments for each Collaboration Product that achieves the following: · 5 th patient dosed in a Phase I clinical study; · 5 th patient dosed in a Phase II clinical study; · 4 th patient dosed in a Phase III clinical study (payable in cash or our stock, at our discretion) and · First commercial sale (payable in cash or our stock, at our discretion). RubrYc will also be entitled to receive tiered royalties ranging from low- to mid-single digits on net sales of Collaboration Products, subject to adjustment under certain circumstances. Royalties are payable on a country-by-country and collaboration product-by-collaboration product basis until the latest to occur of: (i) the last-to-expire of specified patent rights in such country; (ii) expiration of marketing or regulatory exclusivity in such country; or (iii) ten (10) years after the first commercial sale of a product in such country, provided that no biosimilar product has been approved in such country. If either the Company or RubrYc materially breaches the Collaboration Agreement and does not cure such breach within 60 days (or 30 days in the event of non-payment), the non-breaching party may terminate the Agreement in its entirety. Either party may also terminate the Collaboration Agreement, effective immediately upon written notice, if the other party files for bankruptcy, is dissolved or has a receiver appointed for substantially all of its property. RubrYc may terminate the Collaboration Agreement if the Company, its affiliates or its sublicensees challenges the validity or enforceability of any of RubrYc’s patents covering any of the licensed compounds or products. The Company may terminate the Collaboration Agreement in its entirety, or with respect to a program, collaboration or Selected Compound for any or no reason upon ninety (90) days’ written notice to RubrYc. In addition, if RubrYc is unable to complete a financing with proceeds of a certain agreed upon amount by a set time defined in the Collaboration Agreement, the Company may terminate the Collaboration Agreement upon written notice to RubrYc within thirty (30) days of the end of such period. Effective upon such termination, among other things, RubrYc shall assign to the Company exclusive ownership of the Collaboration Hit Candidates (as defined in the Collaboration Agreement) that are in the then-current (un-terminated) discovery collaboration plans, including all relevant intellectual property rights. Stock Purchase agreement: In connection with the entry into the Collaboration Agreement and RTX-003 License Agreement, the Company also entered into a Stock Purchase Agreement (“Stock Purchase Agreement”) with RubrYc whereby we purchased 1,909,563 shares of RubrYc’s Series A-2 preferred stock “Series A-2 Preferred”) for $5,000,000 and agreed to acquire an additional 954,782 shares of RubrYc’s Series A-2 Preferred for $2,500,000 in the event certain conditions set forth in the Stock Purchase Agreement are satisfied as of December 1, 2021. In connection with the Stock Purchase Agreement, the Company entered into the RubrYc Therapeutics, Inc. Second Amended and Restated Investors’ Rights Agreement (the “Investors’ Rights Agreement”), RubrYc Therapeutics, Inc. Second Amended and Restated Voting Agreement (the “Voting Agreement”) and the RubrYc Therapeutics, Inc. Second Amended and Restated Right of First Refusal and Co-Sale Agreement (the “Right of First Refusal and Co-Sale Agreement”). The rights, preferences and privileges of the RubrYc Series A-2 Preferred Stock (“Series A-2 Preferred”) are set forth in the Third Amended and Restated Certificate of Incorporation of RubrYc Therapeutics, Inc. (the “Amended RubrYc COI”), and include a preferential eight percent (8%) dividend, senior rights on liquidation, the right to elect a Series A-2 Preferred director for as long as the Company holds at least 1,500,000 shares of RubrYc stock, the right to vote on an as-converted basis, certain anti-dilution and other protective provisions, the right to convert the Series A-2 Preferred into shares of RubrYc common stock at the Company’s option, and mandatory conversion of the Series A-2 Preferred into shares of RubrYc common stock upon (a) the closing of a firm-commitment underwritten public offering to the public pursuant to an effective registration statement under the Securities Act of 1933, as amended, for shares of RubrYc common stock at a per share price of at least five (5) times the Series A-2 Original Issue Price (as defined in the Amended RubrYc COI) and resulting in at least $30,000,000 of gross proceeds to RubrYc or (b) such other date, time or event, specified by vote or written consent of the majority of the aggregate voting power, on an as-converted basis, of the RubrYc Series A preferred stock (“Series A Preferred” and together with the Series A-2 Preferred, the “Senior Preferred Stock”) and Series A-2 Preferred. The Right of First Refusal and Co-Sale Agreement gives RubrYc the right of first refusal on stock sales by key holders, generally defined as founders, and a second right of first refusal and a co-sale right to specified other investors, including certain holders of Senior Preferred Stock and the Company. The Investors’ Rights Agreement provides the holders of Senior Preferred Stock with, among things: (i) demand registration rights, under specified circumstances; (ii) piggyback registration rights in the event of a company registered offering; (iii) lock-up and market-standoff obligations following a registered underwritten public offering; (iv) preemptive rights on company offered securities; and (v) additional protective covenants that require the approval at least two of the three directors elected by the holders of the Senior Preferred Stock . Pursuant to the Voting Agreement, certain RubrYc stockholders are contractually obligated to, among other things, vote for and maintain the authorized number of directors at five members, one of which the Company has the contractual right to elect subject to the conditions set forth above. San Diego Lease On September 11, 2021, iBio entered into a lease with SAN DIEGO INSPIRE 4, LLC for approximately 11,383 square feet of lab and office space at 11750 Sorrento Valley Road in San Diego, CA. The lease will commence upon completion of the build out of the facility estimated to be in January 2022. The lease is for seven years and four months. The lease is triple net with Base Rent starting at $4.50 per month per square foot escalating approximately 3.0 percent per year during the course of the lease. iBio will use the facility primarily for R&D associated with its biologic product portfolio. Termination of Planet Biotechnology License Agreement On August 27, 2020, the Company entered into an exclusive worldwide license agreement with Planet Biotechnology Inc. (“Planet”) for the development of Planet’s COVID-19 therapeutic candidate, ACE2-F. The Company made a one-time up-front payment of $150,000 on September 11, 2020. In the first quarter of 2022, the Company decided to terminate the partnership with Planet for the development of the recombinant ACE2-Fc protein as treatment for COVID-19 and other coronavirus diseases. As a result of the contract termination, the Company recorded an impairment of the intangible asset related to the license (refer to Note 10 – Intangible Assets). The Company will not owe any future payments to Planet Biotechnology as a result of the termination. Issuances of stock options during Fiscal 2022 were as follows: · On July 12, 2021, the Company granted a stock option agreement to an employee to purchase 25,000 shares of the Company's common stock at an exercise price of $1.35 per share. The option vests over a period of three years and expire on the tenth anniversary of the grant date. · On July 19, 2021, the Company granted a stock option agreement to an employee to purchase 25,000 shares of the Company's common stock at an exercise price of $1.41 per share. The option vests over a period of three years and expire on the tenth anniversary of the grant date. · On August 23, 2021, the Company granted a stock option agreement to a new member of its Board of Directors to purchase 100,000 shares of the Company's common stock at an exercise price of $1.26 per share. The option vests over a period of three years and expire on the tenth anniversary of the grant date. · On August 23, 2021, the Company granted stock option agreements to various employees to purchase 3,937,191 shares of the Company's common stock at an exercise price of $1.26 per share. The options vest over a period of three years and expire on the tenth anniversary of the grant date. · On September 23, 2021, the Board of Directors approved the award of a cash bonus to Mr. Isett of $509,000 and a grant of an option to purchase two million (2,000,000) shares of our common stock with an exercise price of $1.17, which vest in equal monthly installments over a 36-month period following the grant date , subject to the conditions of the iBio, Inc. 2020 Omnibus Incentive Plan, as amended. Issuances of restricted stock units during Fiscal 2022 were as follows: · On August 23, 2021, the Company issued RSUs to acquire 105,723 shares of common stock for various employees at a market value of $1.26 per share. The RSUs vest over a four-year period. The grant-date fair value of the RSU’s totaled approximately $133,000. |
Disclosure of Prior Period Fina
Disclosure of Prior Period Financial Statement Immaterial Errors | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of Prior Period Financial Statement Immaterial Errors [Abstract] | |
Disclosure of Prior Period Financial Statement Immaterial Errors | 26. Disclosure of Prior Period Financial Statement Immaterial Errors Operating Expense Reclassifications The Company reclassified certain expenses on its Condensed Consolidated Statement of Operations effective for the third quarter of fiscal 2021. These changes in classification align the Company’s external presentation of operating-related expenses with the way that the Company's chief operating decision maker (CODM) assesses spend and resource allocation decisions around the Company’s operations as well as provide users of the financial statements with more information including separately stating cost of goods sold and classifying costs on the Statement of Operations according to their primary function (e.g., Research and development). The Company has reclassified these expenses for the prior periods presented to provide comparable historical financial information. The Company intends to use this new presentation of operating-related expenses going forward. The Company assessed the materiality of this error in accordance with SAB No. 99 “Materiality” and Accounting Standards Codification 250 Accounting Changes and Error Corrections and determined that this was an immaterial error. The reclassifications did not have any impact to consolidated operating income (loss), net income (loss), cash flows or earnings per share. The following tables illustrate the reclassifications and financial impact on the various line items impacted on the Condensed Consolidated Statement of Operations and Segment Reporting, as follows: Statement of Operations Reclassifications Year Ended (In thousands) June 30, 2020 Operating expense: As Reported Adjustment As Revised % Change Cost of goods sold $ — $ 703 $ 703 % Research and development 3,213 360 3,573 % General and administrative 12,428 (1,063) 11,365 (9) % Total operating expenses $ 15,641 $ 15,641 Segment Reporting Reclassifications As Reported: For the Year Ended June 30, 2020 (in thousands) iBio, Inc. iBio CDMO Eliminations Total Cost of goods sold $ — $ — $ — $ — Research and development 1,106 3,805 (1,698) 3,213 General and administrative 5,381 7,807 (760) 12,428 As Revised: For the Year Ended June 30, 2020 (in thousands) iBio, Inc. iBio CDMO Eliminations Total Cost of goods sold $ 640 $ 63 $ — $ 703 Research and development 491 4,780 (1,698) 3,573 General and administrative 5,356 6,769 (760) 11,365 Share Issuance The Company revised previously issued condensed consolidated financial statements as of March 31, 2020 and for the three- and nine-month periods ended March 31, 2021 for an error related to the omission of a share issuance completed during the period. A summary of revisions to our previously reported financial statements presented herein for comparative purposes is included below: Revised Consolidated Balance Sheets June 30, 2020 (In thousands) As Reported Adjustment As Revised Subscription receivable $ — $ 2,190 $ 2,190 Total current assets 61,748 2,190 63,938 Total Assets 94,189 2,190 96,379 APIC 206,931 2,190 209,121 Total equity 56,607 2,190 58,797 Total liabilities and equity 94,189 2,190 96,379 Revised Consolidated Statement of Operations Year Ended June 30, 2020 Loss per common share attributable to iBio, Inc. stockholders – basic and diluted $ (0.61) 0.00 (0.61) Weighted-average common shares outstanding – basic and diluted (000’s) 62,795 96 62,891 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include liquidity assertions, the valuation of intellectual property, legal and contractual contingencies and share-based compensation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates. |
Accounts Receivable | Accounts Receivable Accounts receivable are reported at their outstanding unpaid principal balances net of allowances for uncollectible accounts. The Company provides for allowances for uncollectible receivables based on management’s estimate of uncollectible amounts considering age, collection history, and any other factors considered appropriate. The Company writes off accounts receivable against the allowance for doubtful accounts when a balance is determined to be uncollectible. At June 30, 2021 and 2020, the Company determined that an allowance for doubtful accounts was not needed. |
Revenue Recognition | Revenue Recognition The Company accounts for its revenue recognition under Accounting Standards Update (“ASU”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” (“ASU 2014-09”) and other associated standards. Under this new standard, the Company recognizes revenue when a customer obtains control of promised services or goods in an amount that reflects the consideration to which the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The Company’s contract revenue consists primarily of amounts earned under contracts with third-party customers and reimbursed expenses under such contracts. The Company analyzes its agreements to determine whether the elements can be separated and accounted for individually or as a single unit of accounting. Allocation of revenue to individual elements that qualify for separate accounting is based on the separate selling prices determined for each component, and total contract consideration is then allocated pro rata across the components of the arrangement. If separate selling prices are not available, the Company will use its best estimate of such selling prices, consistent with the overall pricing strategy and after consideration of relevant market factors. In general, the Company applies the following steps when recognizing revenue from contracts with customers: (i) identify the contract, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when a performance obligation is satisfied. The nature of the Company’s contracts with customers generally fall within the three key elements of the Company’s business plan: CDMO Facility Activities; Product Candidate Pipeline, and Facility Design and Build-out / Technology Transfer services. Recognition of revenue is driven by satisfaction of the performance obligations using one of two methods: revenue is either recognized over time or at a point in time. Contracts containing multiple performance obligations classify those performance obligations into separate units of accounting either as standalone or combined units of accounting. For those performance obligations treated as a standalone unit of accounting, revenue is generally recognized based on the method appropriate for each standalone unit. For those performance obligations treated as a combined unit of accounting, revenue is generally recognized as the performance obligations are satisfied, which generally occurs when control of the goods or services have been transferred to the customer or client or once the client or customer is able to direct the use of those goods and / or services as well as obtaining substantially all of its benefits. As such, revenue for a combined unit of accounting is generally recognized based on the method appropriate for the last delivered item but due to the specific nature of certain project and contract items, management may determine an alternative revenue recognition method as appropriate, such as a contract whereby one deliverable in the arrangement clearly comprises the overwhelming majority of the value of the overall combined unit of accounting. Under this circumstance, management may determine revenue recognition for the combined unit of accounting based on the revenue recognition guidance otherwise applicable to the predominant deliverable. If a loss on a contract is anticipated, such loss is recognized in its entirety when the loss becomes evident. When the current estimates of the amount of consideration that is expected to be received in exchange for transferring promised goods or services to the customer indicates a loss will be incurred, a provision for the entire loss on the contract is made. At June 30, 2021 and 2020, the Company had no contract loss provisions. The Company generates (or may generate in the future) contract revenue under the following types of contracts: Fixed-Fee Under a fixed-fee contract, the Company charges a fixed agreed upon amount for a deliverable. Fixed-fee contracts have fixed deliverables upon completion of the project. Typically, the Company recognizes revenue for fixed-fee contracts after projects are completed, delivery is made and title transfers to the customer, and collection is reasonably assured. Revenue can be recognized either 1) over time or 2) at a point in time and is summarized below (in thousands). June 30, June 30, 2021 2020 Revenue recognized at a point in time $ 2,371 $ 1,491 Revenue recognized over time — 147 Total revenue $ 2,371 $ 1,638 Time and Materials Under a time and materials contract, the Company charges customers an hourly rate plus reimbursement for other project specific costs. The Company recognizes revenue for time and material contracts based on the number of hours devoted to the project multiplied by the customer’s billing rate plus other project specific costs incurred. |
Contract Assets | Contract Assets A contract asset is an entity's right to payment for goods and services already transferred to a customer if that right to payment is conditional on something other than the passage of time. Generally, an entity will recognize a contract asset when it has fulfilled a contract obligation but must perform other obligations before being entitled to payment. Contract assets consist primarily of the cost of project contract work performed by third parties whereby the Company expects to recognize any related revenue at a later date, upon satisfaction of the contract obligations. At both June 30, 2021 and 2020, contract assets were $0. |
Contract Liabilities | Contract Liabilities A contract liability is an entity’s obligation to transfer goods or services to a customer at the earlier of (1) when the customer prepays consideration or (2) the time that the customer’s consideration is due for goods and services the entity will yet provide. Generally, an entity will recognize a contract liability when it receives a prepayment. Contract liabilities consist primarily of consideration received, usually in the form of payment, on project work to be performed whereby the Company expects to recognize any related revenue at a later date, upon satisfaction of the contract obligations. At June 30, 2021 and 2020, contract liabilities were $423,000 and $1,810,000, respectively. The Company recognized revenue of $1,087,000 in 2021 that was included in the contract liabilities balance as of June 30, 2020. |
Leases | Leases Effective July 1, 2019, the Company adopted ASU 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”) (“ASC 842”) and other associated standards using the modified retrospective approach for all leases entered into before the effective date. The new standard establishes a right-of-use (“ROU”) model requiring a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months and classified as either an operating or finance lease. The adoption of ASC 842 had a significant effect on the Company’s balance sheet, resulting in an increase in non-current assets and both current and non-current liabilities. The adoption of ASC 842 had no impact on retained earnings as the assets recognized under the sublease and the associated lease obligation were accounted for as a capital lease under Topic 840. The Company did not have any operating leases, therefore there was no change in accounting treatment required. For comparability purposes, the Company will continue to comply with prior disclosure requirements in accordance with the then existing lease guidance under Topic 840 as prior periods have not been restated. As the Company elected to adopt ASC 842 at the beginning of the period of adoption, the Company recorded the ROU and finance lease obligation as follows: 1. ROU measured at the carrying amount of the leased assets under Topic 840. 2. Finance lease liability measured at the carrying amount of the capital lease obligation under Topic 840 at the beginning of the period of adoption. The Company elected the package of practical expedients as permitted under the transition guidance, which allowed it: (1) to carry forward the historical lease classification; (2) not to reassess whether expired or existing contracts are or contain leases; and, (3) not to reassess the treatment of initial direct costs for existing leases. In accordance with ASC 842, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease including whether the contract involves the use of a distinct identified asset, whether the Company obtains the right to substantially all the economic benefit from the use of the asset, and whether the Company has the right to direct the use of the asset. Leases with a term greater than one year are recognized on the balance sheet as ROU assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less under practical expedient in paragraph ASC 842-20-25-2. For contracts with lease and non-lease components, the Company has elected not to allocate the contract consideration and to account for the lease and non-lease components as a single lease component. The lease liability and the corresponding ROU assets were recorded based on the present value of lease payments over the expected remaining lease term. The implicit rate within our capital lease was determinable and, therefore, used at the adoption date of ASC 842 to determine the present value of lease payments under the finance lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not exercise the option. For periods prior to the adoption of ASC 842, the Company recorded interest expense based on the amortization of the capital lease obligation. The expense recognition for finance leases under Topic 842 is substantially consistent with prior guidance for capital leases. As a result, there are no significant differences in our results of operations presented. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents at June 30, 2021 consisted of money fund accounts. The Company did not have any cash equivalents at June 30, 2020. |
Investments in Debt Securities | Investments in Debt Securities Debt investments are classified as available-for-sale. Changes in fair value are recorded in other comprehensive income (loss). Fair value is calculated based on publicly available market information. Discounts and/or premiums paid when the debt securities are acquired are amortized to interest income over the terms of the debt securities. |
Work in Process | Work in Process Work in process consists primarily of the cost of labor and other overhead incurred on contracts that have not been completed. Work in process amounted to $27,000 and $798,000 as of June 30, 2021 and 2020, respectively. |
Research and Development | Research and Development The Company accounts for research and development costs in accordance with the FASB ASC 730‑10, “ Research and Development ” (“ASC 730‑10”). Under ASC 730‑10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. |
Right-of-Use Assets | Right-of-Use Assets Assets held under the terms of finance (capital) leases are amortized on a straight-line basis over the terms of the leases or the economic lives of the assets. Obligations for future lease payments under finance (capital) leases are shown within liabilities and are analyzed between amounts falling due within and after one year. See Note 8 - Finance Lease ROU’s and Note 14 - Finance Lease Obligation for additional information. |
Fixed Assets | Fixed Assets Fixed assets are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from three to fifteen years. |
Intangible Assets | Intangible Assets The Company accounts for intangible assets at their historical cost and records amortization utilizing the straight-line method based upon their estimated useful lives. Patents are amortized over a period of 10 years and other intellectual property is amortized over a period from 16 to 23 years. The Company reviews the carrying value of its intangible assets for impairment whenever events or changes in business circumstances indicate the carrying amount of such assets may not be fully recoverable. Evaluating for impairment requires judgment, and recoverability is assessed by comparing the projected undiscounted net cash flows of the assets over the remaining useful life to the carrying amount. Impairments, if any, are based on the excess of the carrying amount over the fair value of the assets. |
Foreign Currency | Foreign Currency The Company accounts for foreign currency translation pursuant to FASB ASC 830, “ Foreign Currency Matters .” The functional currency of iBio Brazil is the Brazilian Real. Under FASB ASC 830, all assets and liabilities are translated into United States dollars using the current exchange rate at the end of each fiscal period. Revenues and expenses are translated using the average exchange rates prevailing throughout the respective periods. All transaction gains and losses from the measurement of monetary balance sheet items denominated in Reals are reflected in the statement of operations as appropriate. Translation adjustments are included in accumulated other comprehensive loss. For both 2021 and 2020, any translation adjustments were considered immaterial and did not have a significant impact on the Company's consolidated financial statements. |
Share-based Compensation | Share-based Compensation The Company recognizes the cost of all share-based payment transactions at fair value. Compensation cost, measured by the fair value of the equity instruments issued, adjusted for estimated forfeitures, is recognized in the financial statements as the respective awards are earned over the performance period. The Company uses historical data to estimate forfeiture rates. The impact that share-based payment awards will have on the Company’s results of operations is a function of the number of shares awarded, the trading price of the Company’s stock at the date of grant or modification, the vesting schedule and forfeitures. Furthermore, the application of the Black-Scholes option pricing model employs weighted-average assumptions for expected volatility of the Company’s stock, expected term until exercise of the options, the risk-free interest rate, and dividends, if any, to determine fair value. Expected volatility is based on historical volatility of the Company’s common stock; the expected term until exercise represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns; and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company has not paid any dividends since its inception and does not anticipate paying any dividends for the foreseeable future, so the dividend yield is assumed to be zero. In addition, the Company estimates forfeitures at each reporting period rather than electing to record the impact of such forfeitures as they occur. See Note 17 – Share-Based Compensation for additional information. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations. Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions as of June 30, 2021 and 2020. Interest and penalties, if any, related to unrecognized tax benefits would be recognized as income tax expense. The Company does not have any accrued interest or penalties associated with unrecognized tax benefits, nor was any significant interest expense recognized during 2021 and 2020. |
Concentrations of Credit Risk | Concentrations of Credit Risk Cash The Company maintains principally all cash balances in one financial institution which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. The exposure to the Company is solely dependent upon daily bank balances and the strength of the financial institution. The Company has not incurred any losses on these accounts. At June 30, 2021 and 2020, amounts in excess of insured limits were approximately $27,013,000 and $54,680,000, respectively. Revenue During Fiscal 2021, the Company generated 99% of its revenue from four customers, each of whom individually accounted for more than 10% of revenue. During Fiscal 2020, the Company generated 77% of its revenue from one customer, no other customer accounted for more than 10% of revenue. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Revenue recognition | and is summarized below (in thousands). June 30, June 30, 2021 2020 Revenue recognized at a point in time $ 2,371 $ 1,491 Revenue recognized over time — 147 Total revenue $ 2,371 $ 1,638 |
Investments in Debt Securities
Investments in Debt Securities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Investments in Debt Securities [Abstract] | |
Schedule of components of investments in debt securities | Investments in debt securities consist of AA and A rated corporate bonds bearing interest at rates from 0.23% to 4.25% with maturities from September 2021 to June 2023. The components of investments in debt securities at June 30, 2021 are as follows (in thousands): Adjusted cost $ 19,603 Gross unrealized losses (33) Fair value $ 19,570 |
Schedule of fair value of available-for-sale debt securities, by contractual maturity | The fair value of available-for-sale debt securities, by contractual maturity, as of June 30, 2021, was as follows (in thousands): Fiscal year ending on June 30: Fair Value 2022 $ 2023 $ |
Finance Lease ROU_s (Tables)
Finance Lease ROU’s (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Finance Lease ROU's [Abstract] | |
Summary of the gross carrying value and accumulated amortization of finance lease ROU | The following table summarizes by category the gross carrying value and accumulated amortization of finance lease ROU (in thousands): June 30, June 30, 2021 2020 ROU - Facility $ 25,907 $ 25,761 ROU - Equipment 7,728 7,728 33,635 33,489 Accumulated amortization (7,524) (5,873) Net finance lease ROU $ 26,111 $ 27,616 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Fixed Assets [Abstract] | |
Schedule of gross carrying value and accumulated depreciation of fixed assets | The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands): June 30, June 30, 2021 2020 Facility improvements $ 1,517 $ 1,465 Machinery and equipment 4,255 1,760 Office equipment and software 714 398 Construction in progress 3,367 787 9,853 4,410 Accumulated depreciation (1,225) (753) Net fixed assets $ 8,628 $ 3,657 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Intangible Assets [Abstract] | |
Schedule of Category the gross carrying value and accumulated amortization of intangible assets | The following table summarizes by category the gross carrying value and accumulated amortization of intangible assets (in thousands): June 30, June 30, 2021 2020 Intellectual property – gross carrying value $ 3,100 $ 3,100 Patents and licenses – gross carrying value 2,720 2,628 5,820 5,728 Intellectual property – accumulated amortization (2,711) (2,555) Patents and licenses – accumulated amortization (2,157) (2,029) (4,868) (4,584) Net intangible assets $ 952 $ 1,144 |
Schedule of Estimated annual amortization expenses for next five years and thereafter | The estimated annual amortization expense for the next five years and thereafter is as follows (in thousands): For the Year Ending June 30, 2021 $ 276 2022 261 2023 165 2024 69 2025 57 Thereafter 124 Total $ 952 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Accrued Expenses | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): June 30, June 30, 2021 2020 Rent and real estate taxes – related party (see Note 19) $ 295 $ 295 Interest – related party (see Note 19) 406 410 Salaries and benefits 1,667 231 Professional fees 497 2 Other accrued expenses 136 167 Total accrued expenses $ 3,001 $ 1,105 |
Finance Lease Obligation (Table
Finance Lease Obligation (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Finance Lease Obligation [Member] | |
Schedule of components of lease expense and supplemental balance sheet information related to the finance lease obligation | The following tables present the components of lease expense and supplemental balance sheet information related to the finance lease obligation (in thousands): Years ended June 30, 2021 2020 Finance lease cost: Amortization of right-of-use assets $ 1,651 $ 1,661 Interest on lease liabilities 2,447 2,446 Operating lease cost 200 150 Total lease cost $ 4,298 $ 4,257 Other information: Cash paid for amounts included in the measurement lease liabilities: Operating cash flows from operating lease $ 200 $ 150 Financing cash flows from finance lease obligation $ 331 $ 66 Years Ended June 30, 2021 2020 Finance lease right-of-use assets $ 26,111 $ 27,616 Finance lease obligation - current portion $ 367 $ 301 Finance lease obligation - non-current portion $ 31,755 $ 32,007 Weighted average remaining lease term - finance lease years years Weighted average discount rate - finance lease obligation % % |
Future Minimum Payments Under the Finance Lease Obligation | Future minimum payments under the capitalized lease obligations are due as follows: Fiscal period ending on June 30: Principal Interest Total 2021 $ 367 $ 2,429 $ 2,796 2022 392 2,404 2,796 2023 410 2,374 2,784 2024 406 2,344 2,750 2025 438 2,312 2,750 Thereafter 30,109 35,204 65,313 Total minimum lease payments 32,122 $ 47,067 $ 79,189 Less: current portion (367) Long-term portion of minimum lease obligations $ 31,755 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Earnings (Loss) Per Common Share [Abstract] | |
Schedule of Earnings (loss) Per Share, Basic and Diluted | The following table summarizes the components of the earnings (loss) per common share calculation (in thousands, except per share amounts): Years ended June 30, 2021 2020 Basic and diluted numerator: Net loss attributable to iBio, Inc. $ (23,207) $ (16,439) Deemed dividends – down round of Series A Preferred and Series B Preferred — (21,560) Preferred stock dividends – iBio CMO Preferred Tracking Stock (260) (261) Net loss available to iBio, Inc. stockholders $ (23,467) $ (38,260) Basic and diluted denominator: Weighted-average common shares outstanding 195,620 62,795 Per share amount $ (0.12) $ (0.61) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | As of June 30, 2021, and 2020, shares issuable which could potentially dilute future earnings included were as follows. June 30, 2021 2020 (in thousands) Stock options 8,542 3,476 Series A Preferred — — Series B Preferred — 28,925 Restricted stock units 674 41 Shares excluded from the calculation of diluted loss per share 9,216 32,442 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Share-Based Compensation [Member] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the components of share-based compensation expense in the Consolidated Statements of Operations (in thousands): Years Ended June 30, 2021 2020 Research and development $ 185 $ 55 General and administrative 1,401 333 Total $ 1,586 $ 388 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes all stock option activity during the years ended June 30, 2021 and 2020: Weighted- Weighted- average average Remaining Aggregate Stock Exercise Contractual Intrinsic Value Options Price Term (in years) (in thousands) Outstanding as of July 1, 2019 1,346,519 $ 1.45 6.1 $ — Granted 2,383,300 1.11 — — Exercised (139,392) 0.93 — — Forfeited/expired (114,654) 3.32 — — Outstanding as of June 30, 2020 3,475,773 $ 1.18 8.2 $ 4,042 As of June 30, 2020, vested and expected to vest 3,424,064 $ 1.18 8.3 $ 3,987 Exercisable as of June 30, 2020 983,442 $ 1.40 4.6 $ 1,221 Outstanding as of June 30, 2020 3,475,773 $ 1.18 8.2 $ 4,042 Granted 5,240,000 1.44 — — Exercised (53,687) 1.02 — — Forfeited/expired (119,933) 2.45 — — Outstanding as of June 30, 2021 8,542,153 $ 1.31 8.8 $ 1,995 As of June 30, 2021, vested and expected to vest 8,520,349 $ 1.31 8.8 $ 1,988 Exercisable as of June 30, 2021 1,933,460 $ 1.11 6.4 $ 890 |
Schedule of Stock options outstanding and exercisable | The following table summarizes information about options outstanding and exercisable at June 30, 2021: Options Outstanding and Exercisable Weighted- Weighted- Average Average Number Remaining Life Exercise Number Outstanding In Years Price Exercisable Exercise prices: $0.90 - $1.37 5,832,319 $ 1.18 1,561,957 $1.41 - $2.12 2,700,000 1.56 361,669 $2.53 - $3.80 500 2.53 500 $7.30 - $10.95 9,334 8.59 9,334 8,542,153 $ 1.31 1,933,460 |
Schedule of Fair value of options granted using the Black-Scholes option pricing model | The Company estimated the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: 2021 2020 Weighted average risk-free interest rate 0.39 - 1.02 % 0.60 % Dividend yield 0 % 0 % Volatility 119.46 - 126.55 % 97.5 % Expected term (in years) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income Taxes [Abstract] | |
Schedule of Comprehensive Income (Loss) | The components of net loss consist of the following (in thousands): For the Years Ended June 30, 2021 2020 United States $ (23,200) $ (16,429) Brazil (13) (15) Total $ (23,213) $ (16,444) |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes consist of the following (in thousands): For the Years Ended June 30, 2021 2020 Current – Federal, state and foreign Deferred – Federal $ (55) $ (1,560) Deferred – State — (428) Deferred – Foreign — — Total (55) (1,988) Change in valuation allowance 55 1,988 Income tax expense $ — $ — |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities are as follows (in thousands): As of June 30, 2021 2020 Deferred tax assets (liabilities): Net operating loss $ 24,693 $ 25,179 Share-based compensation 353 93 Research and development tax credits 1,737 1,568 Basis in iBio CDMO 984 973 Intangible assets (91) (173) Vacation accrual and other 38 18 Valuation allowance (27,714) (27,658) Total $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory tax rate to the effective tax rate is as follows: Years Ended June 30, 2021 2020 Statutory federal income tax rate 21 % 21 % State (net of federal benefit) — % 6 % Research and development tax credit — % — % Cancelled and expired non-qualifying stock options — % (14) % Change in valuation allowance (21) % (13) % Effective income tax rate — % — % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Biopharmaceuticals Bioprocessing Year Ended June 30, 2021 (in thousands) (iBio, Inc.) (iBio CDMO) Eliminations Total Revenues - external customers $ 1,098 1,274 $ — $ 2,371 Revenues - intersegment 1,017 1,307 (2,324) — Cost of goods sold 425 1,037 — 1,462 Gross profit 1,690 1,543 (2,324) 909 Research and development 2,960 8,370 (1,341) 9,989 General and administrative 13,429 9,585 (983) 22,031 Operating loss (14,699) (16,412) — (31,111) Interest expense — (2,454) — (2,454) Settlement income 10,200 — — 10,200 Interest and royalty income 151 1 — 152 Consolidated net loss (4,349) (18,864) — (23,213) Total assets 175,272 35,721 (64,025) 146,968 Finance lease ROU assets — 26,111 — 26,111 Fixed assets, net of accumulated depreciation — 8,628 — 8,628 Intangible assets, net of accumulated amortization 952 — — 952 Amortization of finance lease ROU assets — 1,651 — 1,651 Depreciation of fixed assets — 472 — 472 Amortization of intangible assets 291 — — 291 Biopharmaceuticals Bioprocessing Year Ended June 30, 2020 (in thousands) (iBio, Inc.) (iBio CDMO) Eliminations Total Revenues - external customers $ 1,546 $ 92 $ — $ 1,638 Revenues - intersegment 793 1,665 (2,458) — Cost of goods sold 640 63 — 703 Gross profit 1,699 1,694 (2,458) 935 Research and development 492 4,779 (1,698) 3,573 General and administrative 5,355 6,770 (760) 11,365 Operating loss (4,148) (9,855) — (14,003) Interest expense — (2,466) — (2,466) Interest and royalty income 24 1 — 25 Consolidated net loss (4,124) (12,320) — (16,444) Total assets 103,667 31,868 (41,346) 94,189 Finance lease ROU assets — 27,616 — 27,616 Fixed assets, net of accumulated depreciation — 3,657 — 3,657 Intangible assets, net of accumulated amortization 1,144 — — 1,144 Amortization of finance lease ROU assets — 1,661 — 1,661 Depreciation of fixed assets 1 281 — 282 Amortization of intangible assets 298 — — 298 |
Disclosure of Prior Period Fi_2
Disclosure of Prior Period Financial Statement Immaterial Errors (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of Prior Period Financial Statement Immaterial Errors [Abstract] | |
Schedule of Reclassifications and Error Corrections | The reclassifications did not have any impact to consolidated operating income (loss), net income (loss), cash flows or earnings per share. The following tables illustrate the reclassifications and financial impact on the various line items impacted on the Condensed Consolidated Statement of Operations and Segment Reporting, as follows: Statement of Operations Reclassifications Year Ended (In thousands) June 30, 2020 Operating expense: As Reported Adjustment As Revised % Change Cost of goods sold $ — $ 703 $ 703 % Research and development 3,213 360 3,573 % General and administrative 12,428 (1,063) 11,365 (9) % Total operating expenses $ 15,641 $ 15,641 Segment Reporting Reclassifications As Reported: For the Year Ended June 30, 2020 (in thousands) iBio, Inc. iBio CDMO Eliminations Total Cost of goods sold $ — $ — $ — $ — Research and development 1,106 3,805 (1,698) 3,213 General and administrative 5,381 7,807 (760) 12,428 As Revised: For the Year Ended June 30, 2020 (in thousands) iBio, Inc. iBio CDMO Eliminations Total Cost of goods sold $ 640 $ 63 $ — $ 703 Research and development 491 4,780 (1,698) 3,573 General and administrative 5,356 6,769 (760) 11,365 The Company revised previously issued condensed consolidated financial statements as of March 31, 2020 and for the three- and nine-month periods ended March 31, 2021 for an error related to the omission of a share issuance completed during the period. A summary of revisions to our previously reported financial statements presented herein for comparative purposes is included below: Revised Consolidated Balance Sheets June 30, 2020 (In thousands) As Reported Adjustment As Revised Subscription receivable $ — $ 2,190 $ 2,190 Total current assets 61,748 2,190 63,938 Total Assets 94,189 2,190 96,379 APIC 206,931 2,190 209,121 Total equity 56,607 2,190 58,797 Total liabilities and equity 94,189 2,190 96,379 Revised Consolidated Statement of Operations Year Ended June 30, 2020 Loss per common share attributable to iBio, Inc. stockholders – basic and diluted $ (0.61) 0.00 (0.61) Weighted-average common shares outstanding – basic and diluted (000’s) 62,795 96 62,891 |
Nature of Business (Narrative)
Nature of Business (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2021segmentitem | |
Nature of Business [Abstract] | |
Number of operating segments | segment | 2 |
Number of lines of business | item | 3 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) $ in Millions | Jun. 30, 2021USD ($) |
Basis of Presentation [Abstract] | |
Cash and cash equivalents and marketable securities | $ 97 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Jun. 30, 2021USD ($)customeritem | Jun. 30, 2020USD ($)customer | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of lines of business | item | 3 | |
Reserve for loss on contract | $ 0 | $ 0 |
Contract assets | 0 | 0 |
Contract liabilities (or deferred revenue) | 423,000 | 1,810,000 |
Revenue recognized included in contract liabilities | $ 1,087,000 | 1,087,000 |
Lease, Practical Expedients, Package [true false] | true | |
Work in progress | $ 27,000 | $ 798,000 |
Dividend rate | 0.00% | 0.00% |
Amount in excess of insured limit | $ 27,013,000 | $ 54,680,000 |
Number of major customers | customer | 4 | 1 |
One Customer [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 77.00% | |
Four Customers [Member] | Revenue [Member] | Customer Concentration Risk [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 99.00% | |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Fixed assets, useful life | 3 years | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Fixed assets, useful life | 15 years | |
Patents and Licenses [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible asset, useful life | 10 years | |
Intellectual Property [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible asset, useful life | 16 years | |
Intellectual Property [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible asset, useful life | 23 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Revenue recognition) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 2,371 | $ 1,638 |
Transferred at Point in Time [Member] | ||
Revenues | $ 2,371 | 1,491 |
Transferred over Time [Member] | ||
Revenues | $ 147 |
Convertible Promissory Note R_2
Convertible Promissory Note Receivable (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | $ 140,000 | $ 15,000 | |
Convertible Promissory Note Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount invested | $ 1,500,000 | ||
Interest rate | 5.00% | ||
Interest income | 56,000 | ||
Note balance and accrued interest | $ 1,556,000 |
Investments in Debt Securitie_2
Investments in Debt Securities (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Amortization of premiums on debt securities | $ 216,000 |
Minimum [Member] | |
Debt securities, interest rate | 0.23% |
Debt securities, maturity date | Sep. 1, 2021 |
Maximum [Member] | |
Debt securities, interest rate | 4.25% |
Debt securities, maturity date | Jun. 1, 2023 |
Investments in Debt Securitie_3
Investments in Debt Securities (Components of Investments in Debt Securities) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Investments in Debt Securities [Abstract] | |
Adjusted cost | $ 19,603 |
Gross unrealized losses | (33) |
Fair value | $ 19,570 |
Investments in Debt Securitie_4
Investments in Debt Securities (Debt Securities, Contractual Maturity) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] | |
2022 | $ 11,430 |
2023 | 8,140 |
Fair value | $ 19,570 |
Finance Lease ROU's (Narrative)
Finance Lease ROU's (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Finance Lease ROU's [Abstract] | ||
Amortization of finance lease ROU assets | $ 1,651,000 | $ 1,661,000 |
Finance Lease ROU_s (Summary of
Finance Lease ROU’s (Summary of Finance Lease ROU) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Finance Lease, Right Of Use Asset, Disclosure [Line Items] | ||
ROU, gross | $ 33,635 | $ 33,489 |
Accumulated amortization | (7,524) | (5,873) |
Net finance lease ROU | 26,111 | 27,616 |
Facility [Member] | ||
Finance Lease, Right Of Use Asset, Disclosure [Line Items] | ||
ROU, gross | 25,907 | 25,761 |
Equipment [Member] | ||
Finance Lease, Right Of Use Asset, Disclosure [Line Items] | ||
ROU, gross | $ 7,728 | $ 7,728 |
Fixed Assets (Narrative) (Detai
Fixed Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fixed Assets [Abstract] | ||
Depreciation expense | $ 472,000 | $ 282,000 |
Fixed Assets (Carrying Value an
Fixed Assets (Carrying Value and Accumulated Depreciation) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Gross fixed assets | $ 9,853 | $ 4,410 |
Accumulated depreciation | (1,225) | (753) |
Net fixed assets | 8,628 | 3,657 |
Facility improvements [Member] | ||
Gross fixed assets | 1,517 | 1,465 |
Medical equipment [Member] | ||
Gross fixed assets | 4,255 | 1,760 |
Office equipment and software [Member] | ||
Gross fixed assets | 714 | 398 |
Construction in progress [Member] | ||
Gross fixed assets | $ 3,367 | $ 787 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 291,000 | $ 298,000 |
Patents and Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 10 years | |
Weighted average remaining life | 8 years | |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining life | 2 years 6 months | |
License [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of intangible assets | $ 143,000 | $ 0 |
Maximum [Member] | Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 23 years | |
Minimum [Member] | Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 16 years |
Intangible Assets (Carrying Val
Intangible Assets (Carrying Value and Accumulated Amortization) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, gross carrying value | $ 5,820 | $ 5,728 |
Finite-Lived Intangible Assets, accumulated amortization | (4,868) | (4,584) |
Net intangible assets | 952 | 1,144 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, gross carrying value | 3,100 | 3,100 |
Finite-Lived Intangible Assets, accumulated amortization | (2,711) | (2,555) |
Patents and Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, gross carrying value | 2,720 | 2,628 |
Finite-Lived Intangible Assets, accumulated amortization | $ (2,157) | $ (2,029) |
Intangible Assets (Estimated An
Intangible Assets (Estimated Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Intangible Assets [Abstract] | ||
2021 | $ 276 | |
2022 | 261 | |
2023 | 165 | |
2024 | 69 | |
2025 | 57 | |
Thereafter | 124 | |
Total | $ 952 | $ 1,144 |
Accrued Expenses (Summary of Ac
Accrued Expenses (Summary of Accrued Expenses) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Accrued Expenses | ||
Rent and real estate taxes – related party (see Note 19) | $ 295 | $ 295 |
Interest – related party (see Note 19) | 406 | 410 |
Salaries and benefits | 1,667 | 231 |
Professional fees | 497 | 2 |
Other accrued expenses | 136 | 167 |
Total accrued expenses | $ 3,001 | $ 1,105 |
Notes Payable Warrant Exchange
Notes Payable Warrant Exchange (Narrative) (Details) - USD ($) | Jun. 30, 2021 | Aug. 20, 2020 | Jun. 30, 2020 | Feb. 20, 2020 |
Notes payable | $ 0 | $ 339,000 | ||
Warrant Exchange [Member] | ||||
Notes payable | $ 3,300,000 | |||
Gross proceeds threshold of underwritten offering of securities for notes payable | $ 10,000,000 |
Notes Payable PPP Loan (Narrati
Notes Payable PPP Loan (Narrative) (Details) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 | Apr. 16, 2020 |
Notes Payable | |||
Notes payable | $ 0 | $ 339,000 | |
PPP Loan Cares Act [Member] | |||
Notes Payable | |||
Notes payable | $ 600,000 |
Finance Lease Obligation (Narra
Finance Lease Obligation (Narrative) (Details) - USD ($) | 12 Months Ended | 18 Months Ended | 24 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2019 | |
Rent expense | $ 189,000 | $ 150,000 | ||
Second Eastern Affiliate [Member] | First $5,000,000 of Gross Sales [Member] | ||||
Payment in addition to base rent, percentage of gross sales | 7.00% | |||
Payment in addition to base rent, gross sales threshold amount | $ 5,000,000 | |||
Second Eastern Affiliate [Member] | Gross Sales Between $5,000,001 and $25,000,000 [Member] | ||||
Payment in addition to base rent, percentage of gross sales | 6.00% | |||
Second Eastern Affiliate [Member] | Gross Sales Between $25,000,001 and $50,000,000 [Member] | ||||
Payment in addition to base rent, percentage of gross sales | 5.00% | |||
Second Eastern Affiliate [Member] | Gross sales Between $50,000,001 and $100,000,000 [Member] | ||||
Payment in addition to base rent, percentage of gross sales | 4.00% | |||
Second Eastern Affiliate [Member] | Gross Sales Between $100,000,001 and $500,000,000 [Member] | ||||
Payment in addition to base rent, percentage of gross sales | 3.00% | |||
Second Eastern Affiliate [Member] | Gross Sales Less than $5,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | $ 5,000,000 | |||
Second Eastern Affiliate [Member] | Gross Sales Less than $10,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | $ 10,000,000 | |||
Second Eastern Affiliate [Member] | Maximum [Member] | Gross Sales Between $5,000,001 and $25,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | $ 25,000,000 | |||
Second Eastern Affiliate [Member] | Maximum [Member] | Gross Sales Between $25,000,001 and $50,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | 50,000,000 | |||
Second Eastern Affiliate [Member] | Maximum [Member] | Gross sales Between $50,000,001 and $100,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | 100,000,000 | |||
Second Eastern Affiliate [Member] | Maximum [Member] | Gross Sales Between $100,000,001 and $500,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | 500,000,000 | |||
Second Eastern Affiliate [Member] | Minimum [Member] | Gross Sales Between $5,000,001 and $25,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | 5,000,001 | |||
Second Eastern Affiliate [Member] | Minimum [Member] | Gross Sales Between $25,000,001 and $50,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | 25,000,001 | |||
Second Eastern Affiliate [Member] | Minimum [Member] | Gross sales Between $50,000,001 and $100,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | 50,000,001 | |||
Second Eastern Affiliate [Member] | Minimum [Member] | Gross Sales Between $100,000,001 and $500,000,000 [Member] | ||||
Payment in addition to base rent, gross sales threshold amount | $ 100,000,001 | |||
iBio CDMO LLC [Member] | ||||
Sub lease expiration term | 34 years | |||
Renewal term | 10 years | 10 years | ||
Annual base rent | $ 2,100,000 |
Finance Lease Obligation (Due T
Finance Lease Obligation (Due To Second Eastern Affiliate) (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Accrued expenses | $ 0 | $ 6,000 |
General and administrative expenses | 744,000 | 701,000 |
Interest expense | 2,447,000 | 2,466,000 |
Second Eastern Affiliate [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued expenses | $ 701,000 | $ 705,000 |
Finance Lease Obligation (Finan
Finance Lease Obligation (Finance Lease Cost and Other Information) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 1,651,000 | $ 1,661,000 |
Interest on lease liabilities | 2,447,000 | 2,446,000 |
Operating lease cost | 200,000 | 150,000 |
Total lease cost | 4,298,000 | 4,257,000 |
Cash paid for amounts included in the measurement lease liabilities: | ||
Operating cash flows from operating lease | 200,000 | 150,000 |
Financing cash flows from finance lease obligation | 331,000 | 66,000 |
Finance lease right-of-use assets | 26,111,000 | 27,616,000 |
Finance lease obligations - current portion | 367,000 | 301,000 |
Finance lease obligation - non-current portion | $ 31,755,000 | $ 32,007,000 |
Weighted average remaining lease term - finance lease | 28 years 6 months 29 days | 29 years 8 months 5 days |
Weighted average discount rate - Finance lease obligation | 7.606% | 7.608% |
Finance Lease Obligation (Futur
Finance Lease Obligation (Future Minimum Payments Under the Capitalized Lease Obligations) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
2021 | $ 2,796 | |
2022 | 2,796 | |
2023 | 2,784 | |
2024 | 2,750 | |
2025 | 2,750 | |
Thereafter | 65,313 | |
Total minimum lease payments | 79,189 | |
Less: current portion | (367) | $ (301) |
Finance lease obligation - net of current portion | 31,755 | $ 32,007 |
Principal [Member] | ||
2021 | 367 | |
2022 | 392 | |
2023 | 410 | |
2024 | 406 | |
2025 | 438 | |
Thereafter | 30,109 | |
Total minimum lease payments | 32,122 | |
Less: current portion | (367) | |
Finance lease obligation - net of current portion | 31,755 | |
Interest [Member] | ||
2021 | 2,429 | |
2022 | 2,404 | |
2023 | 2,374 | |
2024 | 2,344 | |
2025 | 2,312 | |
Thereafter | 35,204 | |
Total minimum lease payments | $ 47,067 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Oct. 29, 2020 | Jun. 30, 2020 | Jun. 20, 2020 | Jun. 17, 2020 | May 13, 2020 | Mar. 19, 2020 | Oct. 29, 2019 | Oct. 28, 2019 | Jun. 26, 2018 | Nov. 27, 2017 | Feb. 23, 2017 | Apr. 13, 2016 | Apr. 07, 2016 | Jan. 13, 2016 | Aug. 31, 2020 | Jul. 27, 2020 | Jun. 30, 2020 | Oct. 13, 2020 | Nov. 25, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 19, 2020 | Jun. 30, 2019 | Feb. 20, 2020 | Jun. 20, 2018 |
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Warrant exchange and deemed dividend | $ (3,300,000) | |||||||||||||||||||||||||||
Deemed dividends on common stock recognized | $ 21,560,000 | |||||||||||||||||||||||||||
Warrants to purchase shares of Common Stock | 14,999,998 | 9,595,002 | ||||||||||||||||||||||||||
Exercise of warrants (in shares) | 6,600,000 | 29,100,000 | ||||||||||||||||||||||||||
Proceeds from exercise of warrants | $ 6,400,000 | $ 6,330,000 | ||||||||||||||||||||||||||
Shares of common stock issued for the cashless exercise of Warrants | 5,900,000 | |||||||||||||||||||||||||||
Cashless exercise of warrants reducing balance owed for notes payable – warrant exchange | $ 1,300,000 | |||||||||||||||||||||||||||
Costs related to the warrant exchange offset against additional paid-in capital | $ 313,000 | |||||||||||||||||||||||||||
Warrants outstanding | 0 | 0 | ||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||
Number of common stock issued upon conversion | 5,887,997 | 2,470,000 | ||||||||||||||||||||||||||
Proceeds from sale of shares, gross | $ 18,400,000 | $ 5,000,000 | ||||||||||||||||||||||||||
Cost related to issuance of shares | $ 4,713,000 | $ 2,170,000 | ||||||||||||||||||||||||||
Warrants, exercise price per share | $ 1.47 | $ 0.20 | $ 0.20 | |||||||||||||||||||||||||
Common Stock, Shares Authorized | 275,000,000 | 275,000,000 | 275,000,000 | 275,000,000 | 275,000,000 | 275,000,000 | ||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 6,400,000 | $ 6,330,000 | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Warrants Exercised | 6,600,000 | 29,100,000 | ||||||||||||||||||||||||||
UBS Securities, LLC ("UBS") [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued | 10,400,000 | 17,400,000 | ||||||||||||||||||||||||||
Proceeds from sale of shares, gross | $ 37,800,000 | |||||||||||||||||||||||||||
Cost related to issuance of shares | $ 1,270,000 | |||||||||||||||||||||||||||
Commission rate | 3.00% | |||||||||||||||||||||||||||
Series A Common Stock Purchase Warrants [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued | 25,000,000 | 3,300,000 | ||||||||||||||||||||||||||
Warrants, exercise price per share | $ 0.22 | |||||||||||||||||||||||||||
Number of stocks sold | 1 | |||||||||||||||||||||||||||
Number of stock issued on each unit of stock sold | 1 | |||||||||||||||||||||||||||
Term of the warrants | 2 years | |||||||||||||||||||||||||||
Series B Common Stock Purchase Warrants [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued | 25,000,000 | |||||||||||||||||||||||||||
Warrants, exercise price per share | $ 0.22 | |||||||||||||||||||||||||||
Number of stocks sold | 1 | |||||||||||||||||||||||||||
Number of stock issued on each unit of stock sold | 1 | |||||||||||||||||||||||||||
Term of the warrants | 7 years | |||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Number of stocks sold | 2 | |||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Warrant exchange and deemed dividend | $ 15,000 | |||||||||||||||||||||||||||
Warrant exchange and deemed dividend (in shares) | 15,000,000 | |||||||||||||||||||||||||||
Exercise of warrants (in shares) | 35,000,000 | |||||||||||||||||||||||||||
Number of shares issued | 2,450,000 | |||||||||||||||||||||||||||
Warrants, exercise price per share | $ 0.20 | $ 0.20 | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Warrants Exercised | 35,000,000 | |||||||||||||||||||||||||||
Common Stock [Member] | UBS Securities, LLC ("UBS") [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued | 2,400,000 | |||||||||||||||||||||||||||
Proceeds from sale of shares, net of issuance cost | $ 5,550,000 | |||||||||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||||||||||||
Preferred Stock, shares authorized | 1,000,000 | |||||||||||||||||||||||||||
Number of preferred stock converted | 3,987 | 2,223 | ||||||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Convertible preferred stock, conversion price | $ 0.20 | $ 0.90 | ||||||||||||||||||||||||||
Convertible preferred stock, value used to get to conversion price | $ 1,000 | |||||||||||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||||||||||||
Preferred Stock, shares authorized | 1,000,000 | |||||||||||||||||||||||||||
Number of new shares issued | $ 5,785 | |||||||||||||||||||||||||||
Number of common stock issued upon conversion | 28,925,000 | |||||||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | 5,785 | 5,785 | 5,785 | 5,785 | ||||||||||||||||||||||||
Convertible preferred stock, conversion price | $ 0.20 | $ 0.90 | ||||||||||||||||||||||||||
Convertible preferred stock, value used to get to conversion price | $ 1,000 | |||||||||||||||||||||||||||
Maximum common stock percentage threshold for the right to exercise Preferred stock | 48.00% | |||||||||||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||||||||||||
Preferred Stock, shares authorized | 1,000,000 | |||||||||||||||||||||||||||
Number of new shares issued | $ 4,510 | |||||||||||||||||||||||||||
Number of common stock issued upon conversion | 22,550,000 | |||||||||||||||||||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Convertible preferred stock, conversion price | $ 0.20 | |||||||||||||||||||||||||||
Convertible preferred stock, value used to get to conversion price | $ 1,000 | |||||||||||||||||||||||||||
Maximum common stock percentage threshold for the right to exercise Preferred stock | 4.99% | |||||||||||||||||||||||||||
Maximum ownership through conversion with prior notice | 9.99% | |||||||||||||||||||||||||||
Number of shares issued | 4,510 | |||||||||||||||||||||||||||
Series C Preferred Shares, and Warrants [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Warrants, exercise price per share | $ 1,000 | $ 1,000 | ||||||||||||||||||||||||||
iBio CMO Preferred Tracking Stock [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 2.00% | |||||||||||||||||||||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | |||||||||||||||||||||||||||
Dividends Payable | $ 871,000 | $ 871,000 | $ 871,000 | $ 1,131,000 | $ 1,131,000 | $ 871,000 | ||||||||||||||||||||||
Omnibus Incentive (the 2020) Plan [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Shares available for grant under the plan | 32,000,000 | 32,000,000 | ||||||||||||||||||||||||||
Underwritten Public Offering [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Number of new shares issued | $ 6,300 | |||||||||||||||||||||||||||
Underwritten Public Offering [Member] | Series C Preferred Shares, and Warrants [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Proceeds from sale of shares, net of issuance cost | $ 4,520,000 | |||||||||||||||||||||||||||
Common Stock Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Aggregate value of shares offered for sale | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||||||||||
Number of shares issued | 815,827 | 2,670,000 | 16,800,000 | |||||||||||||||||||||||||
Proceeds from sale of shares, gross | $ 6,790,000 | |||||||||||||||||||||||||||
Proceeds from sale of shares, net of issuance cost | $ 1,090,000 | $ 18,400,000 | ||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 1.09 | |||||||||||||||||||||||||||
Sale of stock, agreement period | 36 months | |||||||||||||||||||||||||||
Maximum obligation under each Regular Purchase | $ 5,000,000 | $ 5,000,000 | ||||||||||||||||||||||||||
Floor price | $ 0.20 | $ 0.20 | ||||||||||||||||||||||||||
Common Stock Purchase Agreement [Member] | Eastern Affiliate [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Exercise of warrants (in shares) | 178,400 | |||||||||||||||||||||||||||
Proceeds from exercise of warrants | $ 945,000 | |||||||||||||||||||||||||||
Number of shares agreed to be issued, maximum | 650,000 | 650,000 | ||||||||||||||||||||||||||
Number of shares issued | 650,000 | 350,000 | ||||||||||||||||||||||||||
Proceeds from sale of shares, gross | $ 2,177,000 | |||||||||||||||||||||||||||
Proceeds from sale of shares, net of issuance cost | $ 4,043,000 | |||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 6.22 | |||||||||||||||||||||||||||
Sale of stock, agreement period | 3 years | |||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 38.00% | 38.00% | ||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 945,000 | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, Warrants Exercised | 178,400 | |||||||||||||||||||||||||||
Amended Stock Purchase Agreement [Member] | Eastern Affiliate [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Sale of stock, agreement period | 2 years | |||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage Threshold to purchase shares | 40.00% | |||||||||||||||||||||||||||
At-The-Market Offering [Member] | Common Stock [Member] | UBS Securities, LLC ("UBS") [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued | 10,400,000 | |||||||||||||||||||||||||||
Proceeds from sale of shares, net of issuance cost | $ 26,700,000 | |||||||||||||||||||||||||||
Exchange Agreement [Member] | iBio CMO Preferred Tracking Stock [Member] | Bioprocessing (iBio CDMO) [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | |||||||||||||||||||||||||||
Number of LLC interest units exchanged for each share of preferred tracking stock | 29,990,000 | |||||||||||||||||||||||||||
Proceeds from sale of shares, net of issuance cost | $ 13,000,000 | |||||||||||||||||||||||||||
Exchange Agreement [Member] | iBio CMO Preferred Tracking Stock [Member] | After Preferred Tracking Stock Exchanged for Units of Limited Liability Company Interests [Member] | Bioprocessing (iBio CDMO) [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.99% | |||||||||||||||||||||||||||
Exchange Agreement [Member] | Eastern Affiliate [Member] | iBio CMO Preferred Tracking Stock [Member] | Bioprocessing (iBio CDMO) [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | 70.00% | ||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | 30.00% | |||||||||||||||||||||||||
Exchange Agreement [Member] | Eastern Affiliate [Member] | iBio CMO Preferred Tracking Stock [Member] | After Preferred Tracking Stock Exchanged for Units of Limited Liability Company Interests [Member] | Bioprocessing (iBio CDMO) [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.01% | |||||||||||||||||||||||||||
Maximum [Member] | UBS Securities, LLC ("UBS") [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Reimbursement of fees and disbursements | $ 50,000 | |||||||||||||||||||||||||||
Maximum [Member] | Common Stock Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Number of shares agreed to be issued, maximum | 1,000,000 | 1,000,000 | ||||||||||||||||||||||||||
Maximum [Member] | Common Stock Purchase Agreement [Member] | Eastern Affiliate [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage Threshold to purchase shares | 40.00% | |||||||||||||||||||||||||||
Maximum [Member] | Amended Stock Purchase Agreement [Member] | Eastern Affiliate [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage Threshold to purchase shares | 48.00% | |||||||||||||||||||||||||||
Maximum [Member] | At-The-Market Offering [Member] | UBS Securities, LLC ("UBS") [Member] | ||||||||||||||||||||||||||||
Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||
Aggregate value of shares offered for sale | $ 72,000,000 |
Stockholders' Equity (Cantor Fi
Stockholders' Equity (Cantor Fitzgerald Underwriting) (Narrative) (Details) - USD ($) | Mar. 07, 2021 | Feb. 24, 2021 | Jan. 11, 2021 | Dec. 10, 2020 | Dec. 08, 2020 | Jun. 30, 2020 | Oct. 29, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Nov. 25, 2020 |
Proceeds from sale of shares, gross | $ 18,400,000 | $ 5,000,000 | ||||||||
Cost related to issuance of shares | $ 4,713,000 | $ 2,170,000 | ||||||||
Sales Agreement [Member] | Cantor Fitzgerald [Member] | ||||||||||
Aggregate value of shares offered for sale | $ 100,000,000 | |||||||||
Underwritten Public Offering [Member] | Cantor Fitzgerald [Member] | ||||||||||
Number of shares agreed to be issued, maximum | 29,661,017 | |||||||||
Proceeds from sale of shares, net of issuance cost | $ 2,995,000 | $ 238,000 | $ 4,600,000 | |||||||
Number of shares issued | 1,716,800 | 113,200 | 4,240,828 | 29,660,000 | ||||||
Proceeds from sale of shares, gross | $ 35,200,000 | |||||||||
Cost related to issuance of shares | $ 2,900,000 | |||||||||
Over-Allotment Option [Member] | Cantor Fitzgerald [Member] | ||||||||||
Number of shares agreed to be issued, maximum | 4,449,152 |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Components of the Earnings (Loss) per Common Share ) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Basic and diluted numerator: | ||
Net loss attributable to iBio, Inc. stockholders | $ (23,207) | $ (16,439) |
Deemed dividends – down round of Series A Preferred and Series B Preferred | (21,560) | |
Preferred stock dividends – iBio CMO Preferred Tracking Stock | (260) | (261) |
Net loss available to iBio, Inc. stockholders | $ (23,467) | $ (38,260) |
Basic and diluted denominator: | ||
Weighted-average common shares outstanding | 195,620 | 62,795 |
Per share amount | $ (0.12) | $ (0.61) |
Earnings (Loss) Per Common Sh_4
Earnings (Loss) Per Common Share (Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Loss Per Common Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,216 | 32,442 |
Stock Options [Member] | ||
Earnings Loss Per Common Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,542 | 3,476 |
Restricted Stock Units [Member] | ||
Earnings Loss Per Common Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 674 | 41 |
Series B Preferred | ||
Earnings Loss Per Common Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 28,925 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) | May 04, 2021USD ($)$ / sharesshares | Apr. 30, 2021$ / sharesshares | Mar. 04, 2021USD ($)$ / sharesshares | Jan. 18, 2021USD ($)$ / sharesshares | Jan. 15, 2021$ / sharesshares | Dec. 09, 2020USD ($)shares | Dec. 01, 2020USD ($)$ / sharesshares | Oct. 14, 2020$ / sharesshares | Jun. 20, 2020$ / sharesshares | Jun. 01, 2020$ / sharesshares | Apr. 21, 2020$ / sharesshares | Mar. 27, 2020USD ($)$ / sharesshares | Feb. 20, 2019$ / sharesshares | Jan. 22, 2019 | Dec. 18, 2018shares | Nov. 19, 2018 | Aug. 12, 2008 | Jun. 30, 2021USD ($)$ / sharesshares | May 31, 2021$ / sharesshares | Mar. 31, 2020$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 05, 2020shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock based payment awards issued | shares | 400,000 | ||||||||||||||||||||||
Share based award, vesting period | 2 years | ||||||||||||||||||||||
Share based payment plan term | 10 years | ||||||||||||||||||||||
Compensation cost, not recognized | $ | $ 7,316,000 | $ 7,316,000 | |||||||||||||||||||||
Compensation cost recognition period | 3 years 4 months 24 days | ||||||||||||||||||||||
Number of options granted | shares | 5,240,000 | 2,383,300 | |||||||||||||||||||||
Weighted-average exercise price per share | $ 1.44 | ||||||||||||||||||||||
Share based award options, Grant date fair value (in dollars per share) | $ 1.25 | $ 0.97 | |||||||||||||||||||||
Award vested in period, fair value | $ | $ 911,000 | $ 433,000 | |||||||||||||||||||||
Proceeds from exercise of stock option | $ | $ 54,000 | $ 130,000 | |||||||||||||||||||||
Closing stock price | $ 1.51 | $ 1.51 | $ 2.22 | ||||||||||||||||||||
Share based payment award, stock options, intrinsic value | $ | $ 165,000 | $ 102,000 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.47 | $ 0.20 | $ 0.20 | ||||||||||||||||||||
Restricted Stock Units [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock based payment awards issued | shares | 40,000 | ||||||||||||||||||||||
Share-based award, market value per share | $ 1.29 | ||||||||||||||||||||||
Share based award, vesting period | 4 years | ||||||||||||||||||||||
Share based payment award, Grant-date fair value | $ | $ 52,000 | ||||||||||||||||||||||
Compensation cost recognition period | 2 years 7 months 6 days | ||||||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 816,000 | $ 816,000 | |||||||||||||||||||||
Restricted Stock Units [Member] | Officer [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock based payment awards issued | shares | 232,000 | 309,000 | |||||||||||||||||||||
Share-based award, market value per share | $ 1.43 | $ 1.45 | |||||||||||||||||||||
Share based award, vesting period | 3 years | 3 years | |||||||||||||||||||||
Share based payment award, Grant-date fair value | $ | $ 332,000 | $ 448,000 | |||||||||||||||||||||
Restricted Stock Units [Member] | Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock based payment awards issued | shares | 65,000 | 41,150 | |||||||||||||||||||||
Share-based award, market value per share | $ 1.47 | $ 1.15 | |||||||||||||||||||||
Share based award, vesting period | 3 years | 4 years | |||||||||||||||||||||
Share based payment award, Grant-date fair value | $ | $ 96,000 | $ 47,000 | |||||||||||||||||||||
Performance Shares [Member] | Officer [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of stock based payment awards issued | shares | 5,000,000 | ||||||||||||||||||||||
2008 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based payment award expiration date | Aug. 12, 2018 | ||||||||||||||||||||||
Share based payment plan term | 10 years | ||||||||||||||||||||||
Share based payment award, stock options exchange ratio | 3 | 4 | |||||||||||||||||||||
Share based payment award, stock options, exchanged in period | shares | 1,165,750 | ||||||||||||||||||||||
2008 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 3 years | ||||||||||||||||||||||
2008 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Maximum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 5 years | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Weighted-average exercise price per share | $ 0.93 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, number of shares authorized (in Shares) | shares | 3,500,000 | 6,500,000 | |||||||||||||||||||||
Share based award, vesting period | 1 year | ||||||||||||||||||||||
Share based payment award expiration date | Nov. 9, 2028 | ||||||||||||||||||||||
Share based payment plan term | 5 years | 10 years | |||||||||||||||||||||
Share based payment award, stock options exchange ratio | 3 | 4 | |||||||||||||||||||||
Share based payment award, stock options, exchanged in period | shares | 874,310 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 3 years | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Maximum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 5 years | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Officer [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based payment plan term | 10 years | 10 years | 10 years | 10 years | |||||||||||||||||||
Number of options granted | shares | 3,000,000 | 350,000 | 600,000 | 465,000 | |||||||||||||||||||
Weighted-average exercise price per share | $ 1.37 | $ 1.43 | $ 1.47 | $ 1.45 | |||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Board Of Directors and Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based payment plan term | 10 years | ||||||||||||||||||||||
Number of options granted | shares | 225,000 | ||||||||||||||||||||||
Stock options vesting percentage | 25.00% | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Board Of Directors and Employees [Member] | Minimum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Weighted-average exercise price per share | $ 1.41 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Board Of Directors and Employees [Member] | Maximum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Weighted-average exercise price per share | $ 1.57 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Directors [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 3 years | ||||||||||||||||||||||
Share based payment plan term | 10 years | ||||||||||||||||||||||
Number of options granted | shares | 100,000 | ||||||||||||||||||||||
Weighted-average exercise price per share | $ 2.05 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Consultants [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 1 year | ||||||||||||||||||||||
Share based payment plan term | 10 years | ||||||||||||||||||||||
Number of options granted | shares | 15,000 | ||||||||||||||||||||||
Weighted-average exercise price per share | $ 1.47 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 4 years | ||||||||||||||||||||||
Share based payment plan term | 10 years | 10 years | |||||||||||||||||||||
Number of options granted | shares | 270,000 | 908,300 | |||||||||||||||||||||
Weighted-average exercise price per share | $ 1.15 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Employees [Member] | Minimum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Weighted-average exercise price per share | $ 1.29 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Employees [Member] | Maximum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Weighted-average exercise price per share | $ 1.65 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 3 years | ||||||||||||||||||||||
Share based payment plan term | 10 years | ||||||||||||||||||||||
Number of options granted | shares | 975,000 | ||||||||||||||||||||||
Weighted-average exercise price per share | $ 0.8953 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Management [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 4 years | ||||||||||||||||||||||
Share based payment plan term | 10 years | ||||||||||||||||||||||
Number of options granted | shares | 100,000 | ||||||||||||||||||||||
Weighted-average exercise price per share | $ 1.66 | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | One Year of Employment [Member] | Officer [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Stock options vesting percentage | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | One Year of Employment [Member] | Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Stock options vesting percentage | 25.00% | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Each Additional three Months of Employment [Member] | Officer [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Stock options vesting percentage | 6.25% | 6.25% | 6.25% | 6.25% | |||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Each Additional three Months of Employment [Member] | Board Of Directors and Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Stock options vesting percentage | 6.25% | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Stock Options [Member] | Each Additional three Months of Employment [Member] | Employees [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Stock options vesting percentage | 6.25% | ||||||||||||||||||||||
2018 Omnibus Equity Incentive Plan [Member] | Underwater Options [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, vesting period | 4 years | ||||||||||||||||||||||
Stock options vesting percentage | 94.00% | ||||||||||||||||||||||
2020 Omnibus Equity Incentive Plan [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award, number of shares authorized (in Shares) | shares | 32,000,000 | ||||||||||||||||||||||
Share based payment plan term | 10 years | ||||||||||||||||||||||
2020 Omnibus Equity Incentive Plan [Member] | Directors [Member] | Maximum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award authorized amount of award rewarded | $ | $ 500,000 | ||||||||||||||||||||||
2020 Omnibus Equity Incentive Plan [Member] | Initially Elected or Appointed to the Board of Directors [Member] | Directors [Member] | Maximum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award authorized amount of award rewarded | $ | 750,000 | ||||||||||||||||||||||
2020 Omnibus Equity Incentive Plan [Member] | Appointed. Notwithstanding the Foregoing [Member] | Board of Directors Chairman [Member] | Maximum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based award authorized amount of award rewarded | $ | $ 1,500,000 |
Share-Based Compensation (Share
Share-Based Compensation (Share Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||
Allocated Share-based Compensation Expense | $ 1,586 | $ 388 |
Research and development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||
Allocated Share-based Compensation Expense | 185 | 55 |
General and administrative Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ||
Allocated Share-based Compensation Expense | $ 1,401 | $ 333 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 20, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-Based Compensation [Member] | ||||
Stock Options, Outstanding at beginning of the period | 3,475,773 | 1,346,519 | ||
Stock Options, Granted | 5,240,000 | 2,383,300 | ||
Stock Options, Exercised | (53,687) | (139,392) | ||
Stock Options, Forfeited/expired | (119,933) | (114,654) | ||
Stock Options, Outstanding at end of the period | 8,542,153 | 3,475,773 | 1,346,519 | |
Stock Options, Vested and, as of June 30, 2021, expected to vest | 8,520,349 | 3,424,064 | ||
Stock Options, Exercisable as of June 30, 2020 | 1,933,460 | 983,442 | ||
Weighted-average Exercise Price, Outstanding at beginning of the period | $ 1.18 | $ 1.45 | ||
Weighted-average exercise price per share | $ 1.44 | |||
Weighted-average Exercise Price, Issued | 1.02 | 1.11 | ||
Weighted-average Exercise Price, Exercised | $ 0.93 | |||
Weighted-average Exercise Price, Forfeited/expired | $ 2.45 | 3.32 | ||
Weighted-average Exercise Price, Outstanding at end of the period | 1.31 | 1.18 | $ 1.45 | |
Weighted-average Exercise Price, Vested and, as of June 30, 2021, expected to vest | 1.31 | 1.18 | ||
Weighted-average Exercise Price, Exercisable as of June 30, 2021 | $ 1.11 | $ 1.40 | ||
Weighted-average Remaining Contractual Term (in years), Outstanding | 8 years 9 months 18 days | 8 years 2 months 12 days | 6 years 1 month 6 days | |
Weighted-average Remaining Contractual Term (in years), Vested and, as of March 31, 2020, expected to vest | 8 years 9 months 18 days | 8 years 3 months 18 days | ||
Weighted-average Remaining Contractual Term (in years), Exercisable as of March 31, 2020 | 6 years 4 months 24 days | 4 years 7 months 6 days | ||
Aggregate Intrinsic Value ,Outstanding | $ 1,995 | $ 4,042 | $ 0 | |
Aggregate Intrinsic Value, Vested and, as of June 30, 2021, expected to vest | 1,988 | 3,987 | ||
Aggregate Intrinsic Value, Exercisable as of June 30, 2021 | $ 890 | $ 1,221 | ||
Share based award, vesting period | 2 years | |||
Share based payment plan term | 10 years |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Outstanding and Exercisable) (Details) | 12 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number Outstanding | shares | 8,542,153 |
Weighted-Average Remaining Life In Years | 8 years 9 months 18 days |
Weighted-Average Exercise Price | $ 1.31 |
Number Exercisable | shares | 1,933,460 |
$0.90 - $1.37 [Member] | |
Exercise price, lower limit | $ 0.90 |
Exercise price, upper limit | $ 1.37 |
Number Outstanding | shares | 5,832,319 |
Weighted-Average Remaining Life In Years | 8 years 6 months |
Weighted-Average Exercise Price | $ 1.18 |
Number Exercisable | shares | 1,561,957 |
$1.41 - $2.12 [Member] | |
Exercise price, lower limit | $ 1.41 |
Exercise price, upper limit | $ 2.12 |
Number Outstanding | shares | 2,700,000 |
Weighted-Average Remaining Life In Years | 9 years 6 months |
Weighted-Average Exercise Price | $ 1.56 |
Number Exercisable | shares | 361,669 |
$2.53 - $3.80 [Member] | |
Exercise price, lower limit | $ 2.53 |
Exercise price, upper limit | $ 3.80 |
Number Outstanding | shares | 500 |
Weighted-Average Remaining Life In Years | 6 years 8 months 12 days |
Weighted-Average Exercise Price | $ 2.53 |
Number Exercisable | shares | 500 |
$7.30 - $10.95 [Member] | |
Exercise price, lower limit | $ 7.30 |
Exercise price, upper limit | $ 10.95 |
Number Outstanding | shares | 9,334 |
Weighted-Average Remaining Life In Years | 10 months 24 days |
Weighted-Average Exercise Price | $ 8.59 |
Number Exercisable | shares | 9,334 |
Share-Based Compensation (Fair
Share-Based Compensation (Fair Value of Options Granted) (Details) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Dividend yield | 0.00% | 0.00% |
Volatility, Minimum | 97.50% | |
Expected term (in years) | 6 years | 9 years |
Minimum [Member] | ||
Weighted average risk-free interest rate | 0.60% |
Gain on Settlement (Narrative)
Gain on Settlement (Narrative) (Details) - USD ($) | May 04, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2023 | Mar. 01, 2023 | Mar. 31, 2022 | Mar. 01, 2022 |
Settlement receivable - current portion | $ 5,100,000 | ||||||
Settlement receivable - noncurrent portion | 5,100,000 | ||||||
Settlement income | 10,200,000 | ||||||
Revenues | 2,371,000 | $ 1,638,000 | |||||
iBio, Inc. v. Fraunhofer USA, Inc. [Member] | Settled Litigation [Member] | |||||||
Percentage of legal fees expected to be received | 100.00% | ||||||
Estimated net cash recovery | $ 10,200,000 | ||||||
Settlement income | 10,200,000 | ||||||
iBio, Inc. v. Fraunhofer USA, Inc. [Member] | Settled Litigation [Member] | License and Maintenance [Member] | |||||||
Revenues | $ 1,800,000 | ||||||
iBio, Inc. v. Fraunhofer USA, Inc. [Member] | Settled Litigation [Member] | Scenario, Plan [Member] | |||||||
Cash payments receivables related to litigation settlement | 28,000,000 | ||||||
iBio, Inc. v. Fraunhofer USA, Inc. [Member] | Settled Litigation [Member] | Scenario Plan Expected Legal Fees [Member] | |||||||
Cash payments receivables related to litigation settlement | $ 16,000,000 | ||||||
iBio, Inc. v. Fraunhofer USA, Inc. [Member] | Settled Litigation [Member] | Scenario Plan Expected Payment One [Member] | |||||||
Cash payments receivables related to litigation settlement | $ 900,000 | ||||||
iBio, Inc. v. Fraunhofer USA, Inc. [Member] | Settled Litigation [Member] | Scenario Plan Expected Payment One [Member] | License and Maintenance [Member] | |||||||
Settlement receivable - current portion | $ 5,100,000 | ||||||
iBio, Inc. v. Fraunhofer USA, Inc. [Member] | Settled Litigation [Member] | Scenario Plan Expected Payment Two [Member] | |||||||
Cash payments receivables related to litigation settlement | $ 900,000 | ||||||
iBio, Inc. v. Fraunhofer USA, Inc. [Member] | Settled Litigation [Member] | Scenario Plan Expected Payment Two [Member] | License and Maintenance [Member] | |||||||
Settlement receivable - noncurrent portion | $ 5,100,000 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | Apr. 01, 2020 | May 01, 2019 | Feb. 23, 2017 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 01, 2019 |
Related Party Transaction [Line Items] | ||||||
Business support services amount per month | $ 0 | $ 97,000 | ||||
Amount due to related party | 701,000 | 705,000 | ||||
KBI Consulting Service [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Business support services amount per month | $ 5,800 | |||||
Professional Fees | 52,000 | 17,000 | ||||
Amount due to related party | 0 | 0 | ||||
Advising, Limited Liability Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Due from (to) Related Party | 0 | 0 | ||||
Consulting Fees Per Month | $ 40,000 | |||||
Professional Fees | $ 0 | $ 425,000 | ||||
Minimum [Member] | Advising, Limited Liability Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consulting Rate Per Hour | 85 | |||||
Percentage of bonus | 3.00% | |||||
Maximum [Member] | Advising, Limited Liability Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consulting Rate Per Hour | $ 450 | |||||
Percentage of bonus | 4.50% | |||||
Eastern Capital Limited And Its Affiliates [Member] | Standstill Agreements [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 650,000 | |||||
Directors [Member] | Standstill Agreements [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 48.00% | |||||
iBio CDMO LLC [Member] | Eastern Capital Limited And Its Affiliates [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Due from (to) Related Party | $ 15,000,000 | |||||
Exchange Agreement [Member] | Bioprocessing (iBio CDMO) [Member] | iBio CMO Preferred Tracking Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of LLC interest units exchanged for each share of preferred tracking stock | 29,990,000 | |||||
Proceeds from sale of shares, net of issuance cost | $ 13,000,000 | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | |||||
Exchange Agreement [Member] | Bioprocessing (iBio CDMO) [Member] | Eastern Affiliate [Member] | iBio CMO Preferred Tracking Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 70.00% | |||||
Exchange Agreement [Member] | After Preferred Tracking Stock Exchanged for Units of Limited Liability Company Interests [Member] | Bioprocessing (iBio CDMO) [Member] | iBio CMO Preferred Tracking Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.99% | |||||
Exchange Agreement [Member] | After Preferred Tracking Stock Exchanged for Units of Limited Liability Company Interests [Member] | Bioprocessing (iBio CDMO) [Member] | Eastern Affiliate [Member] | iBio CMO Preferred Tracking Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.01% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2008 |
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | $ 117.5 | $ 5.5 |
Operating loss carryforwards, not subject to expiration | 53.6 | |
Operating loss carryforwards, subject to expiration | 63.9 | |
Research and Development Tax Credit Carryforward [Member] | ||
Income Taxes [Line Items] | ||
Tax credit carryforward | $ 1.7 |
Income Taxes (components of Net
Income Taxes (components of Net Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated net loss | $ (23,213) | $ (16,444) |
United States [Member] | ||
Consolidated net loss | (23,200) | (16,429) |
BRAZIL (Member] | ||
Consolidated net loss | $ (13) | $ (15) |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes [Abstract] | ||
Current – Federal, state and foreign | $ 0 | $ 0 |
Deferred – Federal | (55) | (1,560) |
Deferred – State | 0 | (428) |
Deferred – Foreign | 0 | 0 |
Total | (55) | (1,988) |
Change in valuation allowance | 55 | 1,988 |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net operating loss | $ 24,693 | $ 25,179 |
Share-based compensation | 353 | 93 |
Research and development tax credits | 1,737 | 1,568 |
Basis in iBio CDMO | 984 | 973 |
Intangible assets | (91) | (173) |
Vacation accrual and other | 38 | 18 |
Valuation allowance | (27,714) | (27,658) |
Total | $ 0 | $ 0 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes [Abstract] | ||
Statutory federal income tax rate | 21.00% | 21.00% |
State (net of federal benefit) | 0.00% | 6.00% |
Research and development tax credit | 0.00% | 0.00% |
Cancelled and expired non-qualifying stock options | 0.00% | (14.00%) |
Change in valuation allowance | (21.00%) | (13.00%) |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | Sep. 11, 2020USD ($) |
Planet Biotechnologies [Member] | |
Commitments and Contingencies [Line Items] | |
One-time up-front payment | $ 150,000 |
Employee 401(K) Plan (Narrative
Employee 401(K) Plan (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Employee 401(K) Plan [Abstract] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 121,000 | $ 97,000 |
Segment Reporting (Segments Rep
Segment Reporting (Segments Reporting) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenues – external customers | $ 2,371,000 | $ 1,638,000 |
Cost of goods sold | 1,462,000 | 703,000 |
Gross profit | 909,000 | 935,000 |
Research and Development Expense | 9,989,000 | 3,573,000 |
General and administrative | 22,031,000 | 11,365,000 |
Operating loss | (31,111,000) | (14,003,000) |
Interest expense | (2,454,000) | (2,466,000) |
Settlement income | 10,200,000 | |
Interest and other income | 152,000 | 25,000 |
Consolidated net loss | (23,213,000) | (16,444,000) |
Total assets | 146,968,000 | 94,189,000 |
Finance lease ROU assets | 26,111,000 | 27,616,000 |
Fixed assets, net of accumulated depreciation | 8,628,000 | 3,657,000 |
Intangible assets, net of accumulated amortization | 952,000 | 1,144,000 |
Amortization of finance lease ROU assets | 1,651,000 | 1,661,000 |
Depreciation of fixed assets | 472,000 | 282,000 |
Amortization of intangible assets | 291,000 | 298,000 |
Operating Segments [Member] | Biopharmaceuticals (iBio, Inc.) [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues – external customers | 1,098,000 | 1,546,000 |
Revenues – intersegment | 1,017,000 | 793,000 |
Cost of goods sold | 425,000 | 640,000 |
Gross profit | 1,690,000 | 1,699,000 |
Research and Development Expense | 2,960,000 | 492,000 |
General and administrative | 13,429,000 | 5,355,000 |
Operating loss | (14,699,000) | (4,148,000) |
Interest expense | 0 | |
Settlement income | 10,200,000 | |
Interest and other income | 151,000 | 24,000 |
Consolidated net loss | (4,349,000) | (4,124,000) |
Total assets | 175,272,000 | 103,667,000 |
Fixed assets, net of accumulated depreciation | 0 | |
Intangible assets, net of accumulated amortization | 952,000 | 1,144,000 |
Amortization of finance lease ROU assets | 0 | |
Depreciation of fixed assets | 0 | 1,000 |
Amortization of intangible assets | 291,000 | 298,000 |
Operating Segments [Member] | Bioprocessing (iBio CDMO) [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues – external customers | 1,274,000 | 92,000 |
Revenues – intersegment | 1,307,000 | 1,665,000 |
Cost of goods sold | 1,037,000 | 63,000 |
Gross profit | 1,543,000 | 1,694,000 |
Research and Development Expense | 8,370,000 | 4,779,000 |
General and administrative | 9,585,000 | 6,770,000 |
Operating loss | (16,412,000) | (9,855,000) |
Interest expense | (2,454,000) | (2,466,000) |
Interest and other income | 1,000 | 1,000 |
Consolidated net loss | (18,864,000) | (12,320,000) |
Total assets | 35,721,000 | 31,868,000 |
Finance lease ROU assets | 26,111,000 | 27,616,000 |
Fixed assets, net of accumulated depreciation | 8,628,000 | 3,657,000 |
Intangible assets, net of accumulated amortization | 0 | |
Amortization of finance lease ROU assets | 1,651,000 | 1,661,000 |
Depreciation of fixed assets | 472,000 | 281,000 |
Amortization of intangible assets | 0 | |
Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues – intersegment | (2,324,000) | (2,458,000) |
Gross profit | (2,324,000) | (2,458,000) |
Research and Development Expense | (1,341,000) | (1,698,000) |
General and administrative | (983,000) | (760,000) |
Operating loss | 0 | |
Interest expense | 0 | |
Total assets | (64,025,000) | $ (41,346,000) |
Fixed assets, net of accumulated depreciation | 0 | |
Intangible assets, net of accumulated amortization | 0 | |
Amortization of finance lease ROU assets | 0 | |
Depreciation of fixed assets | 0 | |
Amortization of intangible assets | $ 0 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Notices of Delisting or Failu_2
Notices of Delisting or Failure to Satisfy a Continued Listing Rule or Standard (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Notices of Delisting or Failure to Satisfy a Continued Listing Rule or Standard | |||
Total equity | $ 108,568 | $ 56,607 | $ 2,457 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Sep. 23, 2021USD ($)$ / sharesshares | Sep. 11, 2021ft²$ / ft² | Aug. 23, 2021USD ($)$ / sharesshares | Jul. 19, 2021$ / sharesshares | Jul. 12, 2021$ / sharesshares | May 04, 2021USD ($)$ / shares | Jan. 18, 2021USD ($)$ / shares | Sep. 11, 2020USD ($) | Jun. 20, 2020 | Mar. 27, 2020USD ($)$ / shares | Jun. 30, 2021$ / sharesshares | Jun. 30, 2020shares |
Subsequent Event [Line Items] | ||||||||||||
Number of options granted | shares | 5,240,000 | 2,383,300 | ||||||||||
Weighted-average exercise price per share | $ / shares | $ 1.44 | |||||||||||
Vesting period | 2 years | |||||||||||
Share based payment plan term | 10 years | |||||||||||
Planet Biotechnologies [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
One-time up-front payment | $ 150,000 | |||||||||||
Subsequent Event [Member] | RubrYc Theraputics, Inc. [Member] | Event of Non-Payment [Member] | Novel Antibody Therapeutics [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Collaboration and license agreement, period to cure breach of contract | 30 days | |||||||||||
Subsequent Event [Member] | RubrYc Theraputics, Inc. [Member] | Clinical Development and Regulatory Milestone Payments [Member] | Immune-Oncology Antibodies (RTX-003) [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Milestone payments | $ 15,000,000 | |||||||||||
Subsequent Event [Member] | RubrYc Theraputics, Inc. [Member] | Clinical Development and Regulatory Milestone Payments [Member] | Novel Antibody Therapeutics [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Milestone payments | $ 15,000,000 | |||||||||||
Subsequent Event [Member] | SAN DIEGO INSPIRE 4, LLC [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Area of lab and office | ft² | 11,383 | |||||||||||
Operating lease, term of contract | 7 years | |||||||||||
operating lease, base rent rate per month | $ / ft² | 4.50 | |||||||||||
Annual percentage increase in base rent | 3.00% | |||||||||||
Subsequent Event [Member] | Collaboration, Option and License Agreement [Member] | RubrYc Theraputics, Inc. [Member] | Immune-Oncology Antibodies (RTX-003) [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Collaboration and license agreement, royalty payment term | 10 years | |||||||||||
Collaboration and license agreement, period to cure breach of contract | 60 days | |||||||||||
Collaboration and license agreement, notice duration to terminate contract | 90 days | |||||||||||
Subsequent Event [Member] | Collaboration, Option and License Agreement [Member] | RubrYc Theraputics, Inc. [Member] | Novel Antibody Therapeutics [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Collaboration and license agreement, royalty payment term | 10 years | |||||||||||
Collaboration and license agreement, period to cure breach of contract | 60 days | |||||||||||
Collaboration and license agreement, agreement term | 5 years | |||||||||||
Collaboration and license agreement, notice duration to terminate contract | 90 days | |||||||||||
Subsequent Event [Member] | Collaboration, Option and License Agreement [Member] | RubrYc Theraputics, Inc. [Member] | Event of Non-Payment [Member] | Immune-Oncology Antibodies (RTX-003) [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Collaboration and license agreement, period to cure breach of contract | 30 days | |||||||||||
Subsequent Event [Member] | Collaboration, Option and License Agreement [Member] | RubrYc Theraputics, Inc. [Member] | Event of Non-Payment [Member] | Novel Antibody Therapeutics [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Collaboration and license agreement, period to cure breach of contract | 30 days | |||||||||||
Subsequent Event [Member] | Collaboration, Option and License Agreement [Member] | RubrYc Theraputics, Inc. [Member] | Financing Requirement not Met [Member] | Immune-Oncology Antibodies (RTX-003) [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Collaboration and license agreement, notice duration to terminate contract | 30 days | |||||||||||
Subsequent Event [Member] | Series A-2 Preferred Stock [Member] | Stock Purchase Agreement [Member] | RubrYc Theraputics, Inc. [Member] | Immune-Oncology Antibodies (RTX-003) [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock purchase agreement, number of shares purchased | shares | 1,909,563 | |||||||||||
Stock purchase agreement, value of shares purchased | $ 5,000,000 | |||||||||||
Stock purchase agreement, number of shares to be purchased | shares | 954,782 | |||||||||||
Stock purchase agreement, value of shares to be purchased | $ 2,500,000 | |||||||||||
Preferential dividend rate percentage | 8.00% | |||||||||||
Minimum required shares to be eligible for preferential dividend rate | shares | 1,500,000 | |||||||||||
Proceeds from conversion of preferred stock to common stock | $ 30,000,000 | |||||||||||
Stock Options [Member] | Subsequent Event [Member] | Chief Executive Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of options granted | shares | 2,000,000 | |||||||||||
Weighted-average exercise price per share | $ / shares | $ 1.17 | |||||||||||
Vesting period | 36 months | |||||||||||
Officer's compensation, bonus | $ 509,000 | |||||||||||
Stock Options [Member] | Subsequent Event [Member] | Directors [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of options granted | shares | 100,000 | |||||||||||
Weighted-average exercise price per share | $ / shares | $ 1.26 | |||||||||||
Vesting period | 3 years | |||||||||||
Share based payment plan term | 10 years | |||||||||||
Stock Options [Member] | Subsequent Event [Member] | Employees [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of options granted | shares | 3,937,191 | 25,000 | 25,000 | |||||||||
Weighted-average exercise price per share | $ / shares | $ 1.26 | $ 1.41 | $ 1.35 | |||||||||
Vesting period | 3 years | 3 years | 3 years | |||||||||
Share based payment plan term | 10 years | 10 years | 10 years | |||||||||
Restricted Stock Units [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Vesting period | 4 years | |||||||||||
Share-based award, market value per share | $ / shares | $ 1.29 | |||||||||||
Share based payment award, Grant-date fair value | $ 52,000 | |||||||||||
Restricted Stock Units [Member] | Employees [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Vesting period | 3 years | 4 years | ||||||||||
Share-based award, market value per share | $ / shares | $ 1.47 | $ 1.15 | ||||||||||
Share based payment award, Grant-date fair value | $ 96,000 | $ 47,000 | ||||||||||
Restricted Stock Units [Member] | Subsequent Event [Member] | Employees [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Vesting period | 4 years | |||||||||||
Share-based award, Number of awards issued | shares | 105,723 | |||||||||||
Share-based award, market value per share | $ / shares | $ 1.26 | |||||||||||
Share based payment award, Grant-date fair value | $ 133,000 |
Disclosure of Prior Period Fi_3
Disclosure of Prior Period Financial Statement Immaterial Errors (Summary of Reclassifications) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expense: | ||
Cost of goods sold | $ 1,462,000 | $ 703,000 |
Research and Development | 9,989,000 | 3,573,000 |
General and administrative | 22,031,000 | 11,365,000 |
Total operating expenses | 32,020,000 | 14,938,000 |
Eliminations [Member] | ||
Operating expense: | ||
Research and Development | (1,341,000) | (1,698,000) |
General and administrative | (983,000) | (760,000) |
Biopharmaceuticals (iBio, Inc.) [Member] | Operating Segments [Member] | ||
Operating expense: | ||
Cost of goods sold | 425,000 | 640,000 |
Research and Development | 2,960,000 | 492,000 |
General and administrative | 13,429,000 | 5,355,000 |
Bioprocessing (iBio CDMO) [Member] | Operating Segments [Member] | ||
Operating expense: | ||
Cost of goods sold | 1,037,000 | 63,000 |
Research and Development | 8,370,000 | 4,779,000 |
General and administrative | $ 9,585,000 | 6,770,000 |
Statement of Operations Reclassifications [Member] | ||
Operating expense: | ||
Cost of goods sold | 703,000 | |
Research and Development | 3,573,000 | |
General and administrative | 11,365,000 | |
Total operating expenses | $ 15,641,000 | |
Cost of goods sold, % change | 100.00% | |
Research and Development, % change | 11.00% | |
General and administrative, % change | (9.00%) | |
Statement of Operations Reclassifications [Member] | As Reported [Member] | ||
Operating expense: | ||
Research and Development | $ 3,213,000 | |
General and administrative | 12,428,000 | |
Total operating expenses | 15,641,000 | |
Statement of Operations Reclassifications [Member] | Reclassification, Adjustment [Member] | ||
Operating expense: | ||
Cost of goods sold | 703,000 | |
Research and Development | 360,000 | |
General and administrative | (1,063,000) | |
Segment Reporting Reclassifications [Member] | ||
Operating expense: | ||
Cost of goods sold | 703,000 | |
Research and Development | 3,573,000 | |
General and administrative | 11,365,000 | |
Segment Reporting Reclassifications [Member] | Eliminations [Member] | ||
Operating expense: | ||
Research and Development | (1,698,000) | |
General and administrative | (760,000) | |
Segment Reporting Reclassifications [Member] | Biopharmaceuticals (iBio, Inc.) [Member] | Operating Segments [Member] | ||
Operating expense: | ||
Cost of goods sold | 640,000 | |
Research and Development | 491,000 | |
General and administrative | 5,356,000 | |
Segment Reporting Reclassifications [Member] | Bioprocessing (iBio CDMO) [Member] | Operating Segments [Member] | ||
Operating expense: | ||
Cost of goods sold | 63,000 | |
Research and Development | 4,780,000 | |
General and administrative | 6,769,000 | |
Segment Reporting Reclassifications [Member] | As Reported [Member] | ||
Operating expense: | ||
Research and Development | 3,213,000 | |
General and administrative | 12,428,000 | |
Segment Reporting Reclassifications [Member] | As Reported [Member] | Eliminations [Member] | ||
Operating expense: | ||
Research and Development | (1,698,000) | |
General and administrative | (760,000) | |
Segment Reporting Reclassifications [Member] | As Reported [Member] | Biopharmaceuticals (iBio, Inc.) [Member] | Operating Segments [Member] | ||
Operating expense: | ||
Research and Development | 1,106,000 | |
General and administrative | 5,381,000 | |
Segment Reporting Reclassifications [Member] | As Reported [Member] | Bioprocessing (iBio CDMO) [Member] | Operating Segments [Member] | ||
Operating expense: | ||
Research and Development | 3,805,000 | |
General and administrative | $ 7,807,000 |
Disclosure of Prior Period Fi_4
Disclosure of Prior Period Financial Statement Immaterial Errors (Share Issuance) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revised Consolidated Balance Sheets [Abstract] | |||
Subscription receivable | $ 5,549 | ||
Total current assets | $ 104,597 | 61,748 | |
Total assets | 146,968 | 94,189 | |
Total equity | 108,568 | 56,607 | $ 2,457 |
Total liabilities and stockholders’ equity | $ 146,968 | $ 94,189 | |
Revised Consolidated Statement of Operations [Abstract] | |||
Loss per common share attributable to iBio, Inc. stockholders - basic and diluted | $ (0.12) | $ (0.61) | |
Weighted-average common shares outstanding - basic and diluted | 195,620 | 62,795 | |
Related to the Omission of a Share Issuance [Member] | |||
Revised Consolidated Balance Sheets [Abstract] | |||
Subscription receivable | $ 2,190 | ||
Total current assets | 63,938 | ||
Total assets | 96,379 | ||
APIC | 209,121 | ||
Total equity | 58,797 | ||
Total liabilities and stockholders’ equity | $ 96,379 | ||
Revised Consolidated Statement of Operations [Abstract] | |||
Loss per common share attributable to iBio, Inc. stockholders - basic and diluted | $ (0.61) | ||
Weighted-average common shares outstanding - basic and diluted | 62,891 | ||
As Reported [Member] | Related to the Omission of a Share Issuance [Member] | |||
Revised Consolidated Balance Sheets [Abstract] | |||
Total current assets | $ 61,748 | ||
Total assets | 94,189 | ||
APIC | 206,931 | ||
Total equity | 56,607 | ||
Total liabilities and stockholders’ equity | $ 94,189 | ||
Revised Consolidated Statement of Operations [Abstract] | |||
Loss per common share attributable to iBio, Inc. stockholders - basic and diluted | $ (0.61) | ||
Weighted-average common shares outstanding - basic and diluted | 62,795 | ||
Error Correction, Adjustment [Member] | Related to the Omission of a Share Issuance [Member] | |||
Revised Consolidated Balance Sheets [Abstract] | |||
Subscription receivable | $ 2,190 | ||
Total current assets | 2,190 | ||
Total assets | 2,190 | ||
APIC | 2,190 | ||
Total equity | 2,190 | ||
Total liabilities and stockholders’ equity | $ 2,190 | ||
Revised Consolidated Statement of Operations [Abstract] | |||
Loss per common share attributable to iBio, Inc. stockholders - basic and diluted | $ 0 | ||
Weighted-average common shares outstanding - basic and diluted | 96 |