iBio (IBIO) 10-K/A24 Sep 242024 FY Annual report (amended)Financial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2024	Sep. 19, 2024	Dec. 31, 2023
Document And Entity Information
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act File Number	001-35023
Entity Registrant Name	iBio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2797813
Entity Address, Address Line One	11750 Sorrento Valley Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	302
Local Phone Number	355-0650
Title of 12(b) Security	Common Stock
Trading Symbol	IBIO
Security Exchange Name	NYSEAMER
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,637,895
Entity Central Index Key	0001420720
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 4,431,006
Auditor Name	GRASSI & Co., CPAs, P.C.
Auditor Firm ID	606
Auditor Location	Jericho, New York
Amendment Description	iBio, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) to amend its Annual Report on Form 10-K for the year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on September 20, 2024 (the “Original 10-K”).

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 14,210,000	$ 4,301,000
Restricted cash		3,025,000
Subscription receivable		204,000
Promissory note receivable and accrued interest	713,000
Prepaid expenses and other current assets	749,000	664,000
Current assets held for sale (see Note 3 - Discontinued Operations)		18,065,000
Total Current Assets	15,672,000	26,259,000
Restricted cash	215,000	253,000
Promissory note receivable	1,081,000	1,706,000
Finance lease right-of-use assets, net of accumulated amortization	339,000	610,000
Operating lease right-of-use asset	2,401,000	2,722,000
Fixed assets, net of accumulated depreciation	3,632,000	4,219,000
Intangible assets, net of accumulated amortization	5,368,000	5,388,000
Security deposits	26,000	50,000
Total Assets	28,734,000	41,207,000
Current liabilities:
Accounts payable	358,000	1,849,000
Accrued expenses	2,028,000	4,561,000
Finance lease obligations - current portion	299,000	272,000
Operating lease obligation - current portion	436,000	389,000
Equipment financing payable - current portion	178,000	160,000
Term promissory note - current portion	218,000
Insurance premium financing payable	123,000
Term note payable - net of deferred financing costs		12,937,000
Contract liabilities	200,000	0
Current liabilities related to assets held for sale		1,941,000
Total Current Liabilities	3,840,000	22,109,000
Finance lease obligations - net of current portion	53,000	351,000
Operating lease obligation - net of current portion	2,688,000	3,125,000
Equipment financing payable - net of current portion	63,000	241,000
Term promissory note - net of current portion	766,000
Total Liabilities	7,410,000	25,826,000
Stockholders' Equity
Series 2022 Convertible Preferred Stock - $0.001 par value; 1,000,000 shares authorized at June 30, 2024 and June 30, 2023; 0 shares issued and outstanding as of June 30, 2024 and June 30, 2023, respectively	0	0
Common Stock - $0.001 par value; 275,000,000 shares authorized at June 30, 2024 and June 30, 2023; 8,623,676 and 1,015,505 shares issued and outstanding as of June 30, 2024 and June 30, 2023, respectively	9,000	1,000
Additional paid-in capital	335,162,000	304,320,000
Accumulated deficit	(313,847,000)	(288,940,000)
Total Stockholders' Equity	21,324,000	15,381,000
Total Liabilities and Stockholders' Equity	$ 28,734,000	$ 41,207,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Jun. 30, 2023
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	275,000,000	275,000,000
Common stock, shares issued (in shares)	8,623,676	1,015,505
Common stock, shares outstanding (in shares)	8,623,676	1,015,505

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Consolidated Statements of Operations and Comprehensive Loss
Revenues	$ 225,000	$ 0
Operating expenses:
Research and development	5,185,000	10,327,000
General and administrative	11,674,000	19,016,000
Total operating expenses	16,859,000	29,343,000
Operating loss	(16,634,000)	(29,343,000)
Other income (expense):
Interest expense	(172,000)	(83,000)
Interest income	363,000	213,000
Loss on sales of debt securities		(98,000)
Gain on sale of intellectual property	1,000,000
Total other income	1,191,000	32,000
Net loss from continuing operations	(15,443,000)	(29,311,000)
Loss from discontinued operations	(9,464,000)	(35,699,000)
Net loss	(24,907,000)	(65,010,000)
Comprehensive loss:
Consolidated net loss	(24,907,000)	(65,010,000)
Other comprehensive loss - unrealized loss on debt securities		180,000
Other comprehensive income - foreign currency adjustment		33,000
Comprehensive loss	$ (24,907,000)	$ (64,797,000)
Per share amount - continuing operations (Basic)	$ (4.03)	$ (47.88)
Per share amount - continuing operations (Diluted)	(4.03)	(47.88)
Per share amount - discontinued operations (Basic)	(2.47)	(58.31)
Per share amount - discontinued operations (Diluted)	(2.47)	(58.31)
Loss per common share attributable to iBio, Inc. stockholders - basic - total	(6.50)	(106.19)
Loss per common share attributable to iBio, Inc. stockholders - diluted - total	$ (6.50)	$ (106.19)
Weighted-average common shares outstanding (Basic)	3,831	612
Weighted-average common shares outstanding (Diluted)	3,831	612

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Equity, beginning balance at Jun. 30, 2022		$ 1	$ 287,627	$ (213)	$ (223,930)	$ 63,485
Equity, beginning balance (shares) at Jun. 30, 2022	1	437
Capital raises			11,691			11,691
Capital raises (shares)		563
Asset acquisition			650			650
Asset acquisition (shares)		5
Payments for fractional shares resulting from reverse stock split			(39)			(39)
Vesting of RSUs (shares)		10
Conversion of preferred stock to common stock (shares)	(1)
Share-based compensation			4,391			4,391
Foreign currency translation adjustment				33		33
Reclassification adjustment for loss on available-for-sale debt securities recognized in net income				21		21
Unrealized gain on available-for-sale debt securities				$ 159		159
Net loss					(65,010)	(65,010)
Equity, ending balance at Jun. 30, 2023		$ 1	304,320		(288,940)	15,381
Equity, ending balance (shares) at Jun. 30, 2023		1,015
Capital raises		$ 8	25,120			25,128
Capital raises (shares)		7,568
Payments for fractional shares resulting from reverse stock split			(7)			(7)
Payments for fractional shares resulting from reverse stock split (shares)		(1)
Vesting of RSUs (shares)		42
Share-based compensation			2,038			2,038
Warrant issued to satisfy term note payable			3,691			3,691
Net loss					(24,907)	(24,907)
Equity, ending balance at Jun. 30, 2024		$ 9	$ 335,162		$ (313,847)	$ 21,324
Equity, ending balance (shares) at Jun. 30, 2024		8,624

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical)	Nov. 29, 2023 shares	Oct. 07, 2022 shares
Stock, Class of Stock [Table]
Pre-split shares required for one post-split share of common stock		25
Common Stock
Stock, Class of Stock [Table]
Reverse stock split, shares received per share tendered	0.05	0.04
Pre-split shares required for one post-split share of common stock	20	25

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Consolidated net loss	$ (24,907,000)	$ (65,010,000)
Adjustments to reconcile consolidated net loss to net cash used in operating activities:
Share-based compensation	2,038,000	4,391,000
Amortization of intangible assets	20,000	126,000
Amortization of finance lease right-of-use assets	271,000	224,000
Amortization of operating lease right-of-use assets	321,000	356,000
Depreciation of fixed assets	638,000	674,000
Loss/(gain) on sale of fixed assets	4,909,000	(773,000)
Gain on extinguishment of debt	(808,000)
Accrued interest receivable on promissory note receivable	(88,000)	(75,000)
Amortization of premiums on debt securities	0	67,000
Loss on sale of debt securities		98,000
Amortization of deferred financing costs	120,000	242,000
Inventory reserve		4,915,000
Fixed asset impairments	3,100,000	17,900,000
Gain on sale of intangible assets	(1,000,000)
Impairment of intangible assets	0	565,000
Gain on disposition of finance lease ROU assets		(5,000)
Changes in operating assets and liabilities:
Accounts receivable - trade		1,000,000
Settlement receivable		5,100,000
Inventory		(1,015,000)
Prepaid expenses and other current assets	214,000	885,000
Prepaid expenses - noncurrent		74,000
Security deposit	24,000	(21,000)
Accounts payable	(1,491,000)	(625,000)
Accrued expenses	(1,199,000)	145,000
Accrued expenses - noncurrent	(527,000)	527,000
Operating lease obligations	(389,000)	(101,000)
Contract liabilities	200,000	(100,000)
Net cash used in operating activities	(18,554,000)	(30,436,000)
Cash flows from investing activities:
Redemption of debt securities		4,100,000
Sale of debt securities		6,739,000
Sale proceeds for intangible assets	1,000,000
Purchases of fixed assets	(210,000)	(5,738,000)
Sales proceeds for fixed assets	116,000	2,600,000
Payment for RubrYc asset acquisition		(692,000)
Net cash provided by investing activities	906,000	7,009,000
Cash flows from financing activities:
Proceeds from sales of common stock	25,523,000	11,487,000
Payments made for costs to acquire capital	(88,000)
Payments for fractional shares after reverse stock split	(7,000)	(39,000)
Subscription receivable	204,000
Proceeds from equipment financing loan		500,000
Payment of equipment financing loan	(160,000)	(99,000)
Proceeds from term promissory note	895,000
Payment of term promissory note	(88,000)
Payment of term note payable	(1,513,000)	(9,318,000)
Payments made for costs to attain term note		(22,000)
Payment of finance lease obligation	(272,000)	(208,000)
Net cash provided by financing activities	24,494,000	2,301,000
Effect of exchange rate changes		33,000
Net increase (decrease) in cash, cash equivalents and restricted cash	6,846,000	(21,093,000)
Cash, cash equivalents and restricted cash - beginning	7,579,000	28,672,000
Cash, cash equivalents and restricted cash - end	14,425,000	7,579,000
Schedule of non-cash activities:
Subscription receivable		204,000
Costs to raise capital paid directly from gross proceeds	1,467,000	636,000
Insurance premium financing	669,000
Costs to raise capital included in accrued expenses	308,000
Reserves related to term promissory note included in prepaid expenses	109,000
Costs related to term promissory note paid directly from gross proceeds	68,000
Cost accrued to amend term note payable		125,000
Fixed assets included in accounts payable in prior period, paid in current period		1,769,000
Increase in finance lease ROU assets for new leases		814,000
Increase in finance lease obligation for new leases		814,000
RubrYc asset acquisition by issuance of common stock		650,000
Issuance of warrant for term note payable obligation	4,499,000
Unrealized loss (gain) on available-for-sale debt securities		(159,000)
Supplemental cash flow information:
Cash paid during the period for interest	$ 749,000	$ 687,000

Nature of Business

Nature of Business	12 Months Ended
Nature of Business	Jun. 30, 2024
Nature of Business
Nature of Business	1. Nature of Business iBio, Inc. (the “Company” of “iBio”) is a preclinical stage biotechnology company that leverages the power of Artificial Intelligence (AI) for the development of precision antibodies. Our proprietary technology stack is designed to minimize downstream development risks by employing AI-guided epitope-steering and monoclonal antibody (mAb) optimization. In September 2022, iBio has focused on utilizing AI and machine learning (ML) to discover and design antibodies against hard-to-drug targets upon the acquisition of substantially all of the assets of RubrYc Therapeutics, Inc. ("RubrYc") was consummated. This acquisition commenced the Company’s transition to an AI-enabled biotech company and the closing of the sale of the Contract Development and Manufacturing Organization (CDMO) facility in Texas concluded its transition. These strategic decisions enable the Company to solely focus resources on the development of AI-powered precision antibodies. The Company’s current therapeutics being developed are all in preclinical development and it has not completed any clinical trials for any vaccine or therapeutic protein product candidate produced using iBio technology and there is a risk that it will be unsuccessful in developing or commercializing any product candidates. One of the key features of iBio’s technology stack is the patented epitope-steering AI-engine. This advanced technology allows us to target specific regions of proteins with unprecedented precision enabling the creation of antibodies highly specific to therapeutically relevant regions within large target proteins, potentially improving their efficacy and safety profile. Another integral part of iBio’s technology stack is the machine learning (ML) based antibody-optimizing StableHu™ technology. When coupled with our mammalian display technology, StableHu has been shown to accelerate the Lead Optimization process and potentially reduces downstream risks, making the overall development process faster, more efficient and cost-effective. iBio also developed the EngageTx™ platform, which provides an optimized next-generation CD3 T-cell engager antibody panel. This panel is characterized by a wide spectrum of potencies, Non-Human Primate (NHP) cross-reactivity, enhanced humanness of the antibodies, and a maintained tumor cell killing capacity, all while reducing cytokine release. These attributes are meticulously designed to fine-tune the efficacy, safety, and tolerability of our antibody products. By incorporating EngageTx into iBio’s own development initiatives, the Company’s internal pre-clinical pipeline reaps the benefits of the same cutting-edge technology extended to our potential partners. iBio’s technology stack also includes ShieldTx™, an antibody masking technology enabling the creation of conditionally activated antibodies. These masks keep antibodies inactive until they reach diseased tissue, where the masks are removed, and the antibodies are activated. This mechanism is thought to broaden the therapeutic window, potentially making improving efficacy and safety of treatments more effective and safer. Conditionally activated antibodies are also believed to enable the use of drug combinations that are otherwise considered too toxic, and they open the door to pursuing targets which, due to their expression in multiple tissues, would otherwise raise safety concerns. iBio’s scientific team, comprised of experienced AI/ML scientists and biopharmaceutical scientists, located side-by-side in our San Diego laboratory, possess the skills and capabilities to rapidly advance antibodies in house from concept to in vivo proof-of-concept (POC). This multidisciplinary expertise allows the Company to quickly translate scientific discoveries into potential therapeutic applications. Artificial Intelligence in Antibody Discovery and Development iBio is leveraging its AI-powered technology stack to enhance the success rate of identifying antibodies for challenging target proteins, expedite the process of antibody optimization, improve developability, and engineer finely calibrated bi-specifics. By continually refining the Company’s AI algorithms, incorporating new data sources, and developing robust experimental validation processes, iBio is paving the way for groundbreaking advancements in antibody design and drug discovery. Pre-Clinical Pipeline iBio is currently in the process of building and advancing its preclinical pipeline by leveraging its technology stack focused on hard-to-drug targets and molecules offering differentiation in both obesity and cardiometabolic disease space, as well as immune-oncology. As the Company continues to leverage its technology stack and develop its existing immune-oncology pre-clinical pipeline, the Company also is seeking strategic partners with the capabilities to more rapidly advance these programs towards the clinic. iBio also continues to assess its options rights to license three of the four assets under the AstralBio collaboration to add obesity and cardiometabolic programs into its pre-clinical pipeline. Under this strategic collaboration with AstraBio, it affords iBio the opportunity to expand the Company’s pipeline and build a presence in the cardiometabolic disease space. Digital Infrastructure iBio is a firm believer in the transformative power of digital technologies, including robotics, automation, AI, ML, and cloud computing. These technologies are integral to operationalizing our strategy, accelerating our learning curve, and executing at scale. As such, the Company has made substantial investments in these areas. iBio’s aspiration is to digitize its operations to the greatest extent possible, harnessing the potential of digital technology to maximize our impact on human health. As the Company continues to grow, it remains committed to further investing in our digital infrastructure to support its ambitious goals. Strategic Alliances, Collaborations, and Joint Ventures iBio has formed collaborations and strategic alliances to gain access to funding, capabilities, technical resources and intellectual property to further its development efforts, commercialize its technology and to generate revenues, including through the use of our patented epitope-steering AI-engine and our EngageTX platform.

Basis of Presentation

Basis of Presentation	12 Months Ended
Basis of Presentation	Jun. 30, 2024
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of iBio Inc. and its subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Going Concern In accordance with ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) The Company generated negative cash flows from operations of approximately $18.6 million for the twelve months ended June 30, 2024. Historically, the Company’s liquidity needs have been met by the sale of sale of convertible notes payable, common shares, and the issuance of common shares through the exercise of warrants. As of June 30, 2024, iBio had total current assets of approximately $15.7M, of which approximately $14.2 was cash and cash equivalents. The Company incurred net losses of approximately $24.9 million during the twelve months ending June 30, 2024. As of June 30, 2024, we have an operating capital deficit of $18.6 million which compares to the $30.4 million operating capital deficit we maintained as of June 30, 2023. 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 to obtain additional financing to fund its operations after the current cash resources are exhausted raise substantial doubt about the Company's ability to continue as a going concern. Management’s current financing and business plans have not mitigated such substantial doubt about the Company’s ability to continue as a going concern for at least 12 months from the date of filing this Annual Report on Form 10-K for the year ended June 30, 2024. In an effort to mitigate the substantial doubt about continuing as a going concern and increase cash reserves, the Company consummated the sale of its 130,000 square foot current Good Manufacturing Practice (cGMP) facility located in Bryan, Texas (the “Facility”) satisfying all outstanding amounts under the Term Loan (see Note 3 – Discontinued Operations for more information), raised funds through equity offerings or other financing alternatives, reduced its workforce, entered into a collaboration agreement to discover and develop novel antibodies for obesity and other cardiometabolic diseases and sold certain intellectual property rights. Potential options being considered to further increase liquidity, focusing product development on a select number of product candidates, the sale or out-licensing of certain product candidates, raising money from the capital markets, grant revenue or collaborations, or a combination thereof. However, the Company anticipates that its expenses will increase as it continues its research and development activities and conducts clinical trials. During the first quarter of fiscal year 2024, the Company completed at-the-market offerings and sold 170,989 shares of common stock, par value $0.001 per share (the “Common Stock”) for which it received approximately $1.7 million. The Company also sold 181,141 shares of Common Stock under its purchase agreement entered into on August 4, 2023 (the “Purchase Agreement”), with Lincoln Park Capital Fund, LLC (“Lincoln Park”) and received approximately $1.2 million in proceeds. During the second quarter ended December 31, 2023, the Company sold an additional 21,457 shares to Lincoln Park under the Purchase Agreement for approximately $0.1 million. On December 7, 2023, the Company closed a public offering (the “2023 Offering”) pursuant to which it sold in the 2023 Offering, (i) 600,000 shares (the “Shares”) of the Company’s Common Stock, (ii) 1,650,000 pre-funded warrants (the “2023 Pre-Funded Warrants”) exercisable for an aggregate of 1,650,000 shares of Common Stock, (iii) 2,250,000 Series C common warrants (the “Series C Common Warrants”) exercisable for an aggregate of 2,250,000 shares of Common Stock, and (iv) 2,250,000 Series D common warrants (the “Series D Common Warrants,” and together with the Series C Common Warrants, the “Common Warrants”) exercisable for an aggregate of 2,250,000 shares of Common Stock. A.G.P./Alliance Global Partners(“A.G.P.”) acted as lead placement agent, and Brookline Capital Markets, a division of Arcadia Securities, LLC (“Brookline”), acted as co-placement agent (A.G.P. and Brookline are referred to herein, collectively, as the “Placement Agents”) for the 2023 Offering. The Company received approximately $4.5 million in gross proceeds from the 2023 Offering, including the exercise of all 2023 Pre-Funded Warrants and prior to deducting placement agent fees and other estimated offering expenses payable by the Company and excluding the net proceeds, if any, from the exercise of the Common Warrants. (See Note16 – Stockholders’ Equity for more information.) On February 25, 2024, the Company entered into an asset purchase agreement (the “PD-1 Purchase Agreement”) with Otsuka Pharmaceutical Co., Ltd. (“Otsuka”) pursuant to which the Company sold and assigned to Otsuka, and Otsuka purchased and assumed, all intellectual property rights directly related to the Company’s early-stage programmed cell death protein 1 (“PD-1” ) (the “PD-1 Assets”) developed or held for development in consideration of $1,000,000 paid at closing. The PD-1 Purchase Agreement also provides for a potential contingent payment of $2,500,000 upon the achievement of specified developmental milestones and a second potential contingent payment of $50,000,000 upon the achievement of specified milestones following commercialization. The sale of the PD-1 Assets closed on February 25, 2024. On March 26, 2024, the Company entered into a securities purchase agreement (the “2024 Securities Purchase Agreement”) with several institutional investors and an accredited investor (the “Purchasers”) for the issuance and sale in a private placement (the “Private Placement”) of the following securities for gross proceeds of approximately $15.1 million: (i) 2,701,315 shares of Common Stock, (ii) pre-funded warrants (the “2024 Pre-Funded Warrants”) to purchase up to 2,585,963 shares of the Company’s Common Stock at an exercise price of $0.0001 per share, and(iii) Series E Common Stock purchase warrants (the “Series E Warrants”) to purchase up to 5,287,278 shares of the Company’s Common Stock at an exercise price of $2.64 per share. The Series E Warrants are exercisable at any time after the six-month anniversary of their issuance (the “Initial Exercise Date”) at an exercise price of $2.64 per share and have a term of exercise equal to five years from the date of issuance. The combined purchase price for one share of common stock and the accompanying Series E Warrant was $2.85 and the purchase price for one 2024 Pre-Funded Warrant and the accompanying Series E Warrant was $2.849. Chardan Capital Markets, LLC (“Chardan”) served as the exclusive placement agent in connection with the Private Placement and was paid (i) a cash fee equal to 6.0% of the aggregate gross proceeds of the Private Placement (reduced to 4.0% with respect to certain investors), and (ii) up to $50,000 for legal fees and other out-of-pocket expenses. The Private Placement closed on April 1, 2024. The Company received net proceeds of approximately $14.1 million from the Private Placement, after deducting estimated offering expenses payable by the Company, including placement agent fees and expenses. During fiscal year 2024, 1,650,000 of the 2023 Pre-Funded Warrants, 1,178,500 Series C Common Warrants and 1,053,500 Series D Common Warrants were exercised for proceeds of $4,464,000. In August 2024, 1,000 Series C Common Warrants and 1,000 Series D Common Warrants were exercised for proceeds of $4,000. The Company’s cash, cash equivalents and restricted cash of approximately $14.4 million as of June 30, 2024, is anticipated to be sufficient to support operations into the first quarter of fiscal year 2026, unless the Company reduces its burn rate further or raises additional capital. Regardless of whether the Company is able to reduce its burn rate or sell or out-license certain assets or parts of the business, the Company will need to raise additional capital in order to fully execute its longer-term business plans. It is the Company’s goal to implement one or more potential options described above to allow the Company to have a cash runway for at least 12 months from the date of the filing of this Annual Report. However, there can be no assurance that the Company will be successful in implementing any of the options that it is evaluating. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. Reverse Stock Split On September 22, 2022, the Company's Board approved the implementation of a reverse stock split at a ratio of one-for-twenty five ( 1 Following the 2023 Annual Meeting, the Company’s Board approved a reverse stock split at a ratio of one-for-20 ( 1

Discontinued Operations

Discontinued Operations	12 Months Ended
Discontinued Operations	Jun. 30, 2024
Discontinued Operations
Discontinued Operations	3. Discontinued Operations On November 3, 2022, the Company announced it is seeking to divest its contract development and manufacturing organization (iBio CDMO) in order to complete its transformation into an antibody discovery and development company. In conjunction with the divestment, the Company commenced a workforce reduction of approximately 60% of the current Company staffing levels (a reduction of approximately 69 positions). The Company substantially completed the employee reduction by January 2, 2023. Through the process of seeking to divest its contract development and manufacturing organization, on February 10, 2023, the Company entered into an Auction Sale Agreement (the “Auction Sale Agreement”) with Holland Industrial Group, together with Federal Equipment Company and Capital Recovery Group LLC (collectively, the “Auctioneers”) for the sale at public auction of equipment and other tangible personal property (the “Equipment”) located at the Facility. The Auctioneers guaranteed an amount of gross proceeds from the sale of the equipment of $2.1 million, which was paid to the Company on February 17, 2023. The auction, which commenced on March 24, 2023 and concluded on March 30, 2023, resulted in total proceeds of approximately $2.9 million. In accordance with the Auction Sale Agreement, the Company received 80% of the excess proceeds, after Holland Industrial Group’s $0.2 million fee. Total proceeds received in fiscal year 2023 were approximately $2.6 million. On May 17, 2024, iBio CDMO entered into a purchase and sale agreement, dated as of May 17, 2024 (the “2024 Purchase and Sale Agreement”) with The Board of Regents of the Texas A&M University System (“The Board of Regents”) pursuant to which iBio CDMO agreed to terminate the Ground Lease Agreement, related to the Land and to sell to The Board of Regents the Property. Additionally, on May 17, 2024, iBio CDMO, the Company and Woodforest entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) which provided that iBio CDMO would pay to Woodforest the proceeds of the sale of the Property under the 2024 Purchase and Sale Agreement when received, determine in consultation with Woodforest the remaining balance due under the Credit Agreement (the “Indebtedness Deficiency Amount”) and thereafter the Company issued to Woodforest a pre-funded warrant (“Pre-Funded Warrant”). (See Note 14 – Debt for more information.) On May 31, 2024, in accordance with the terms of the Settlement Agreement in consideration of the payment in full of all Obligations (as such term is defined under the Credit Agreement (a) iBio CDMO paid to Woodforest (i) $8,500,000 , which it received from the sale of the Property under the 2024 Purchase and Sale Agreement, and (ii) approximately $915,000 from restricted cash which had previously been held by Woodforest, and (b) the Company issued a Pre-Funded Warrant to purchase 1,560,570 shares of its common stock to Woodforest. The Pre-Funded Warrant expires upon full exercise thereof and is exercisable at a nominal exercise price equal to $0.0001 per share Pursuant to the Settlement Agreement, the Credit Agreement, the Guaranty dated November 1, 2021 and the other Loan Documents (as defined in the Credit Agreement) were terminated and Woodforest released the Company and iBio CDMO from any and all claims, debts, liabilities or causes of action it may have against them prior to May 31, 2024, and the Company and iBio CDMO released Woodforest and its related parties from any and all claims, debts, liabilities or causes of action it may have against them prior to May 31, 2024. The Company incurred pre-tax charges of approximately $1.9 million in fiscal year 2023 for the employee reduction which consisted of severance obligations, continuation of salaries and benefits over a 60-day transitional period during which impacted employees remained employed but were not expected to provide active service, and other customary employee benefit payments in connection with an employee reduction. The Company further recorded a charge in discontinued operations for approximately $35.7 million in fiscal year 2023, of which approximately $17.9 million was the result of a fixed asset impairment charge (see Note 11 – Fixed Assets for more information), approximately $4.9 million to write down inventory to its net realizable value, approximately $7.5 million of personnel costs including severance, approximately $0.9 million of interest related to the term note payable, and the balance related to operational costs related to winding down the CDMO business. During fiscal year 2024, the Company recorded an additional fixed asset impairment charge of $3.1 million, a loss on the sale of the Facility of approximately $4.8 million and a gain on the extinguishment of debt of approximately $0.8 million in discontinued operations. (See Note 5 – Financial Instruments, Note 11 – Fixed Assets and Note 14 – Debt for more information.) The results of iBio CDMO's operations are reported as discontinued operations for the years ended June 30, 2024 and 2023. In addition, those assets and liabilities associated with the discontinued operations of the CDMO that the Company intended to sell are classified as “held for sale” on the consolidated balance sheets as of June 30, 2024 and 2023. The Company has chosen not to segregate the cash flows of iBio CDMO in the consolidated statements of cash flows. Supplemental disclosures related to discontinued operations for the statements of cash flows have been provided below. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements refers to the Company's continuing operations. The following table presents a reconciliation of the major financial lines constituting the results of operations for discontinued operations to the loss from discontinued operations presented separately in the consolidated statements of operations (in thousands): Years Ended June 30, 2024 2023 Revenues $ — $ 391 Cost of goods sold — 52 Gross profit — 339 Operating expenses: Research and development — 6,344 General and administrative 1,207 6,751 Fixed asset impairments 3,100 17,900 Loss (gain) on sale of fixed assets 4,816 (773) Inventory reserve — 4,915 Total operating expenses 9,123 35,137 Other income (expenses): Interest expense - term note payable (1,149) (900) Gain on extinguishment of debt 808 — Other — (1) Total other expenses (341) (901) Loss from discontinued operations $ (9,464) $ (35,699) The following table presents net carrying values related to the major classes of assets that were classified as held for sale at June 30, 2024 and 2023 (in thousands): June 30, June 30, 2024 2023 Current assets: Operating lease right-of-use assets $ - $ 1,941 Property and equipment, net - 16,124 Total current assets $ - $ 18,065 Current liabilities: Operating lease obligation $ - $ 1,941 Total current liabilities $ - $ 1,941 The following table presents the supplemental disclosures related to discontinued operations for the cash flows (in thousands): Years Ended June 30, 2024 2023 Depreciation expense $ — $ 273 Amortization of finance lease right-of-use assets — 20 Purchase of fixed assets — 1,542 Fixed asset impairments 3,100 17,900 Loss on sale of fixed assets 4,817 — Gain on extinguishment of debt (808) — Payments of term note payable (1,513) — Inventory reserve — 4,915 Sales proceeds of fixed assets 50 2,600 Payment of finance lease obligation — 17 Investing non-cash transactions: Fixed assets included in accounts payable in prior period, paid in current period — 1,542 Supplemental cash flow information: Cash paid during the period for interest 577 603

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	4. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include liquidity assertions, the valuation of intellectual property and fixed assets held for sale, the incremental borrowing rate utilized in the finance and operating lease calculations, legal and contractual contingencies, the valuation of the pre-funded warrants issued to related to the extinguishment of the Term Loan, 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 its estimate of uncollectible amounts considering age, collection history, and any other factors considered appropriate. Management’s policy is to write off accounts receivable against the allowance for credit losses when a balance is determined to be uncollectible. At June 30, 2024 and 2023, the Company determined that an allowance for credit losses was not needed. The Company had accounts receivable of $1 million at June 30, 2022. Subscription Receivable The Company accounts for any subscription receivable as a current asset. Subscription receivables represent funds related to the sale of Common Stock in which the funds have not yet been delivered to the Company. The funds are generally held in escrow on behalf of the Company and are delivered within a few days. Revenue Recognition The Company accounts for its revenue recognition under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. A contract with a customer exists only when: (i) the parties to the contract have approved it and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the distinct goods or services to be transferred (“performance obligations”), (iii) the Company can determine the transaction price for the goods or services to be transferred, (iv) the contract has commercial substance and (v) it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. The Company recognizes revenue when it satisfies its performance obligations by transferring control of a promised good or service to the customer. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The Company analyzes its contracts to determine whether the elements can be separately identifiable and accounted for individually or as a bundle of goods or services. Allocation of revenue to individual elements that qualify for performance obligations 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. 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, 2024 and 2023, the Company had no credit loss provisions. The Company generates 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. Revenue reported in discontinued operation was recognized at a point in time for all periods presented. Collaborations/Partnerships The Company may enter into research and discovery collaborations with third parties that involve a joint operating activity, typically a research and/or development effort, where both parties are active participants in the activity and are exposed to the significant risks and rewards of the activity. The Company’s rights and obligations under its collaboration agreements vary and typically include milestone payments, contingent upon the occurrence of certain future events linked to the success of the asset in development, as well as expense reimbursements from or payments to the collaboration partner. The Company considers the nature and contractual terms of agreements and assesses whether an agreement involves a joint operating activity pursuant to which the Company is an active participant and is exposed to significant risks and rewards dependent on the commercial success of the activity as described under ASC 808, Collaborative Arrangements Revenue from Contracts with Customers Collaborative revenues generated typically include payment to the Company related to one or more of the following: non-refundable upfront license fees, development and commercial milestones, and partial or complete reimbursement of research and development costs. For the years ended June 30, 2024, revenue in the amount of $225,000 was recognized from research activities performed and a non-refundable upfront license fee for which performance obligations were satisfied. No revenue was recognized for the year ended June 30, 2023. 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, 2024 and 2023, contract assets 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, 2024, 2023 and 2022, contract liabilities were $200,000, $0 and $100,000, respectively. The Company recognized revenue of $0 in 2024 that was included in the contract liabilities balance as of June 30, 2023 and $100,000 in 2023 that was included in the contract liabilities balance as of June 30, 2022 and was reported in discontinued operations. Leases The Company accounts for leases under the guidance of ASC 842, . The standard established 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 noncurrent assets and both current and noncurrent liabilities. 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 are recorded based on the present value of lease payments over the expected remaining lease term. The implicit rate within the Company’s existing finance (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. The implicit rate within the Company’s operating lease was not determinable and, therefore, the Company used the incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of the Company’s incremental borrowing rate requires judgement. The Company will determine the incremental borrowing rate for each new lease using its estimated borrowing rate. 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 the Company will not exercise the option. Cash, Cash Equivalents and Restricted Cash 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, 2024 and 2023 consisted of money market accounts. Restricted cash at June 30, 2024 consists of a letter of credit obtained related to the San Diego operating lease (see Note 16 – Operating Lease Obligations) and a Company purchasing card. The Company’s bank requires an additional 5% collateral held above the actual letters of credit issued for the San Diego lease and Company purchasing card. Restricted cash was $215,000 and $253,000 June 30, 2024 and 2023, respectively. The following table summarizes the components of total cash, cash equivalents and restricted cash in the consolidated statements of cash flows (in thousands): June 30, June 30, 2024 2023 Cash and equivalents $ 14,210 $ 4,301 Collateral held for letter of credit - term note payable — 3,025 Collateral held for letter of credit - San Diego lease 198 198 Collateral held for Company purchasing card 17 55 Total cash, cash equivalents and restricted cash $ 14,425 $ 7,579 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 was 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. The Company held no investments in debt securities at June 30, 2024 and 2023. Inventory Inventory is stated at the lower of cost or net realizable value on the first-in, first-out basis. The Company held no inventory Research and Development The Company accounts for research and development costs in accordance with the Financial Accounting Standards Board (“FASB”) ASC 730-10, “ Research and Development 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 9 - Finance Lease ROU Assets and Note 15 - Finance Lease Obligations 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 thirty-nine years. The Company monitors fixed assets for impairment indicators throughout the year. When necessary, charges for impairments of long-lived assets are recorded for the amount by which the fair value is less than the carrying value of these assets. Changes in the Company’s business strategy or adverse changes in market conditions could impact impairment analyses and require the recognition of an impairment charge. 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. See Note 11 – Fixed Assets for additional information. Intangible Assets Identifiable intangible assets are comprised of definite life intangible assets and indefinite life intangible assets. The Company accounts for definite life intangible assets at either their historical cost or allocated purchase price at asset acquisition and records amortization utilizing the straight-line method based upon their estimated useful lives. Intellectual property is amortized over 20 years. The Company reviews the carrying value of its definite life intangible assets for impairment whenever events or changes in business circumstances indicate the carrying amount of such assets may not be fully recoverable. The carrying value is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss is measured as the amount by which the carrying amount exceeds it fair value. For indefinite life intangible assets, the Company performs an impairment test annually and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company determines the fair value of the asset annually or when triggering events are present, based on discounted cash flows and records an impairment loss if book value exceeds fair value. Evaluating for impairment requires judgment, including the estimation of future cash flows, future growth rates and profitability and the expected life over which cash flows will occur. Changes in the Company’s business strategy or adverse changes in market conditions could impact impairment analyses and require the recognition of an impairment charge. 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. See Note 12 – Intangible Assets for additional information. 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 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 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 Concentrations of Credit Risk Cash The Company maintains principally all cash balances in two financial institutions 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, 2024 and 2023, amounts in excess of insured limits were approximately $664,000 and $6,900,000, respectively. Revenue During the fiscal year ended June 30, 2024, the Company reported revenue of $225,000 in continuing operations from two research collaborators and $0 of its revenue from discontinued operations. During the fiscal year ended June 30, 2023, the Company reported no revenue from continuing operations and generated $391,000 of its revenue reported in discontinued operations from four customers. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“ASC”). The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of ASC Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the ASC with the SEC’s regulations. The ASU has an unusual effective date and transition requirements since it is contingent on future SEC rule setting. If the SEC fails to enact required changes by June 30, 2027, this ASU is not effective for any entities. Early adoption is not permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective beginning with the Company’s 2024 fiscal year annual reporting period, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. This ASU applies to all entities subject to income taxes. This ASU will be effective for public companies for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this standard will have on its 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.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	12 Months Ended
Financial Instruments and Fair Value Measurement	Jun. 30, 2024
Financial Instruments and Fair Value Measurement
Financial Instruments and Fair Value Measurement	5. Financial Instruments and Fair Value Measurement The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and term note payable in the Company’s consolidated balance sheets approximated their fair values as of June 30, 2024 and 2023 due to their short-term nature. The carrying value of the promissory note receivable, term promissory note, equipment financing payable, insurance financing payable and finance lease obligations approximated fair value as of June 30, 2024 and 2023 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: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. • Level 3 – Inputs that are unobservable (for example, cash flow modeling inputs based on assumptions). The Company initially marketed the CDMO business and during the second quarter of fiscal year 2023, changed its strategy to selling the stand-alone CDMO assets. These assets were assessed for impairment and the analysis resulted in the expected future cash flows from the sale of the Facility and equipment falling below its current carrying value. The Company utilized a market approach, using independent third-party appraisals, including comparable assets, in addition to bids received from prospective buyers, to estimate the fair value of the Facility and equipment. In the second quarter of fiscal year 2023, impairment charges were recorded in discontinued operations under general and administrative expense of $6.3 million and $11.3 million for the Facility and equipment, respectively, reducing their estimated fair values to $16.35 million and $2.1 million, respectively. In the first quarter of fiscal year 2024, the Company entered into an agreement for the building for $17.25 million, and an additional impairment of $0.3 million was recorded in the fourth quarter of fiscal year 2023 to reflect the agreed upon sales price less estimated costs to sell. The carrying amount of the CDMO fixed assets after impairment on June 30, 2023 was $16.1 million. On November 7, 2023, the Company received written notice from Majestic Realty of its election to terminate the Purchase and Sale Agreement, dated as of September 15, 2023, between Majestic Realty and iBio CDMO LLC, pursuant to which iBio CDMO had agreed to sell to Majestic Realty the Property. Upon receiving the termination notice, the Company reassessed the CDMO fixed assets for impairment which included obtaining appraisal values as of November 9, 2023. The Company utilized a market approach, including comparable assets, in addition to bids received from prospective buyers, to estimate the fair value of the Facility and concluded that fair value of the assets approximated their carrying value and no further impairment was required at that time. The CDMO Equipment was sold during the third quarter of fiscal year 2023. During the second quarter of fiscal year 2024, the Company made the decision to auction the Facility. The Company utilized a market approach, including comparable assets, to estimate the fair value of the Facility. An additional $3.1 million fixed asset impairment was recorded the second quarter of Fiscal 2024 in discontinued operations to write down the carrying value of the Facility to fair value. During the third quarter of fiscal year 2024, the Company utilized a market approach, using an independent third-party appraisal, including comparable assets, in addition the Company considered previous bids from prospective buyers and the nearing maturity date of the term note and concluded that fair value of the assets approximated their carrying value and no further impairment was required. During the fourth quarter of fiscal year 2024, the Company entered the 2024 Purchase and Sale Agreement with The Board of Regents pursuant to which iBio CDMO agreed to terminate the Ground Lease Agreement, related to the Land and to sell to The Board of Regents the Property for $8,500,000. The transaction closed on May 31, 2024 and, in accordance with ASC 360-10-40-5, Property, Plant, and Equipment

Significant Transactions

Significant Transactions	12 Months Ended
Significant Transactions	Jun. 30, 2024
Significant Transactions
Significant Transactions	6. Significant Transactions Affiliates of Eastern Capital Limited On November 1, 2021, the Company and its subsidiary, iBio CDMO LLC (“iBio CDMO”, and collectively with the Company, the “Purchaser”) entered into a series of agreements (the “Transaction”) with College Station Investors LLC (“College Station”), and Bryan Capital Investors LLC (“Bryan Capital” and, collectively with College Station, “Seller”), each affiliates of Eastern Capital Limited (“Eastern,” a former significant stockholder of the Company) whereby in exchange for a certain cash payment and a warrant the Company: (i) acquired both the Facility where iBio CDMO at that time and currently conducts business and also the rights as the tenant in the Facility’s ground lease; (ii) acquired all of the equity owned by one of the affiliates of Eastern in the Company and iBio CDMO; and (iii) otherwise terminated all agreements between the Company and the affiliates of Eastern. The Facility is a life sciences building located on land owned by the Board of Regents of the Texas A&M University System (“Texas A&M”) and is designed and equipped for the manufacture of plant-made biopharmaceuticals. iBio CDMO had held a sublease for the Facility through 2050, subject to extension until 2060 (the “Sublease”) until the consummation of the sale of the Facility. The Purchase and Sale Agreement On November 1, 2021, the Purchaser entered into a purchase and sale agreement (the “PSA”) with the Seller pursuant to which: (i) the Seller sold to Purchaser all of its rights, title and interest as the tenant in the Ground Lease Agreement (the “Ground Lease Agreement”) that it entered into with Texas A&M (the “Landlord’’) related to the land at which the Facility is located together with all improvements pertaining thereto (the “Ground Lease Property”), which previously had been the subject of the Sublease; (ii) the Seller sold to Purchaser all of its rights, title and interest to any tangible personal property owned by Seller and located on the Ground Lease Property including the Facility; (iii) the Seller sold to Purchaser all of its rights, title and interest to all licensed, permits and authorization for use of the Ground Lease Property; and (iv) College Station and iBio CDMO terminated the Sublease. The total purchase price for the Ground Lease Property, the termination of the Sublease and other agreements among the parties, and the equity described below is $28,750,000, which was paid $28,000,000 in cash and by the issuance to Seller of warrants (the “Warrant”) described below. As part of the transaction, iBio CDMO became the tenant under the Ground Lease Agreement for the Ground Lease Property until 2060 upon exercise of available extensions. The base rent payable under the Ground Lease Agreement, which was $151,450 for the prior year, is 6.5% of the Fair Market Value (as defined in the Ground Lease Agreement) of the land. The Ground Lease Agreement includes various covenants, indemnities, defaults, termination rights, and other provisions customary for lease transactions of this nature. As discussed above, iBio CDMO is being accounted for as a discontinued operation. In fiscal year 2024, the assets acquired were sold and the asset lease was terminated. These assets were classified as assets held for sale on the June 30, 2023 consolidated balance sheet. The Credit Agreement In connection with the PSA, iBio CDMO entered into a Credit Agreement, dated November 1, 2021, with Woodforest pursuant to which Woodforest provided iBio CDMO a $22,375,000 secured term loan to purchase the Facility, which Term Loan is evidenced by a term note. The term loan was advanced in full on the closing date. See Note 14 – Debt for further information of the Term Loan. The Warrant As part of the consideration for the purchase and sale of the rights set forth above, the Company issued to Bryan Capital a Warrant to purchase 2,579 shares of the Common Stock at an exercise price of $665 per share. The Warrant expires on October 10, 2026, is exercisable immediately, provides for a cashless exercise at any time and automatic cashless exercise on the expiration date if on such date the exercise price of the Warrant exceeds its fair market value as determined in accordance with the terms of the Warrant and adjustments in the case of stock dividends and stock splits. Of the total shares that can be exercised under the Warrant, 579 of such shares were valued at $217,255 to reflect the final payment of rent due under the Sublease. The Warrant, as shown on the consolidated statements of equity, was recorded in additional paid-in capital with the corresponding activity included in the basis of the purchase price allocation of the Ground Lease Property acquired. See Note 17 – Stockholders’ Equity for additional information. RubrYc On August 23, 2021, the Company entered into a series of agreements with RubrYc Therapeutics, 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 is solely responsible for worldwide research and development activities for development of the RTX-003 antibodies for use in pharmaceutical products in all fields . Collaboration, Option and License Agreement The Company entered into an agreement with RubrYc (the “Collaboration, Option and License Agreement”) to collaborate for up to five years to discover and develop novel antibody therapeutics using RubrYc’s artificial intelligence discovery platform. The Company agreed to pay RubrYc for each Selected Compound as it achieves various milestones in addition to royalties if the Selected Compounds are commercialized. RubrYc was also 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 Stock Purchase Agreement In connection with the entry into the Collaboration, Option and License Agreement and RTX-003 License Agreement, the Company also entered into a Stock Purchase Agreement (“Stock Purchase Agreement”) with RubrYc whereby the Company purchased a total of 2,864,345 shares of RubrYc’s Series A-2 preferred stock (“Series A-2 Preferred”) for $7,500,000. The Company accounted for the agreements as an asset purchase and allocated the purchase price of $7,500,000 as follows: Preferred stock $ 1,760,000 Intangible assets 4,300,000 Prepaid expenses 1,440,000 $ 7,500,000 On September 16, 2022, the Company entered an asset purchase agreement with RubrYc (the “Asset Purchase Agreement”) pursuant to which it acquired substantially all of the assets of RubrYc. The Company issued 5,117 shares of the Common Stock to RubrYc with an approximate market value of $1,000,000 (the “Closing Shares”). Pursuant to the Asset Purchase Agreement, the shares are subject to an initial lockup period and the estimated fair value was calculated as $650,000. The Company also agreed to make potential additional payments of up to $5,000,000 upon the achievement of specified developmental milestones on or before the fifth anniversary of the closing date, payable in cash or shares of the Common Stock, at the Company’s option. In addition, the Company had advanced RubrYc $484,000 to support their operation costs during the negotiation period and incurred transaction costs totaling $208,000, which were also capitalized as part of the assets acquired. The assets acquired include the patented AI drug discovery platform, all rights with no future milestone payments or royalty obligations, to IBIO-101, in addition to CCR8, EGFRvIII, MUC16, CD3 and one additional immuno-oncology candidate plus a PD-1 agonist. The Asset Purchase Agreement contained representations, warranties and covenants of RubrYc and the Company. The acquisition closed on September 19, 2022 after receipt of approval of the NYSE American. Subsequently after the Company acquired substantially all of the assets of RubrYc in September 2022, RubrYc ceased its operations and dismissed bankruptcy proceedings in June 2023. The Company recorded an impairment of the investment in the amount of $1,760,000 during the year ended June 30, 2022 which was recorded in the consolidated statement of operations and comprehensive loss under general and administrative expense. The Company also recorded an impairment of current and non-current prepaid expense of $288,000 and $864,000, respectively, during the year ended June 30, 2022. The amount was recorded in the consolidated statement of operations and comprehensive loss under research and development expense. The Company accounted for the agreements as an asset purchase and allocated the purchase price of approximately $1,342,000 as follows: Intangible assets $ 1,228,000 Fixed assets 114,000 $ 1,342,000 In addition, the Company assumed three equipment leases that were accounted for as finance leases totaling approximately $814,000. See Note 9 – Finance Lease ROU Assets and Note 15 – Finance Lease Obligations. Former CEO Departure Effective December 1, 2022, the Company and Mr. Thomas F. Isett, the former Chief Executive Officer (the “CEO) and former Chairman of the Board of Directors (the “Board”), agreed for Mr. Isett to resign as a member of the Board and relinquish his duties, rights and obligations as the CEO of the Company. Separation Agreement and General Release In connection with Mr. Isett’s resignation, the Company entered into a separation agreement and general release with Mr. Isett effective December 1, 2022 (the “Agreement”). Pursuant to the Agreement, Mr. Isett resigned as CEO of the Company effective December 1, 2022, and will remain an employee of the Company until December 31, 2022, on which date his employment with the Company will automatically terminate. Following Mr. Isett’s termination of employment with the Company, pursuant to the Agreement, Mr. Isett will receive the severance benefits set forth in his employment agreement, as previously disclosed by the Company, including (i) an amount equal to his current base salary in equal bi-monthly installments for twenty-four twenty-four eighteen eighteen

Promissory Note Receivable

Promissory Note Receivable	12 Months Ended
Promissory Note Receivable	Jun. 30, 2024
Promissory Note Receivable
Promissory Note Receivable	7. Promissory Note Receivable On June 19, 2023, the Company issued a promissory note (the “Note”) with Safi Biosolutions, Inc. (“Safi”) in the principal amount of $1,500,000, which was issued in exchange for the convertible promissory note (the “Convertible Note”) issued by the Company to Safi on October 1, 2020. The Note has a maturity date of two (2) years from the date of issuance and can be extended by the mutual consent of the Company and Safi for two (2) additional one (1) year terms upon the payment of all accrued interest accrued through the date of such extension. In addition, the outstanding balance under the Note, or portions thereof, is due within a specified number of days after the receipt by Safi in a closing of specified financing milestones as more detailed in the Note. The Note will bear interest at the rate of 5% per annum and will increase to 7% for the first one (1) year extension and 9% for the second one (1) year extension. Upon the issuance of the Note, the Convertible Note, which bore interest at the rate of 5% per annum and had a maturity date of October 1, 2023, was voided. For the fiscal years ended June 30, 2024 and 2023, interest income amounted to $88,000 and $75,000, respectively. As of June 30, 2024 and 2023, the Note balance and accrued interest totaled $1,794,000 and $1,706,000, respectively. On August 29, 2024, the Company received a payment from Safi of approximately $713,000 for all interest owed and approximately $419,000 for a partial payment on the outstanding principal. At June 30, 2024, $713,000 was reported in current assets with the remaining $1,081,000 reported in noncurrent assets.

Investments in Debt Securities

Investments in Debt Securities	12 Months Ended
Investments in Debt Securities	Jun. 30, 2024
Investments in Debt Securities
Investments in Debt Securities	8. Investments in Debt Securities The Company did not hold any investments in debt securities at June 30, 2024. Amortization of premiums paid on the debt securities amounted to $0 and $67,000 for the years ended June 30, 2024 and 2023, respectively. Realized losses on available-for-sale debt securities are as follows (in thousands): Years Ended June 30, 2024 2023 Proceeds from sale of debt securities $ — $ 6,739 Cost of debt securities — 6,837 Realized loss on sale of debt securities $ — $ (98)

Finance Lease ROU Assets

Finance Lease ROU Assets	12 Months Ended
Finance Lease ROU Assets	Jun. 30, 2024
Finance Lease ROU Assets
Finance Lease ROU Assets	9. Finance Lease ROU Assets The Company assumed three equipment leases as part of the RubrYc asset acquisition (see Note 6 – Significant Transactions). In addition, the Company leased a mobile office trailer which was classified as part of assets held for sale prior to its termination. The lease for the mobile office trailer was terminated in December 2022. See Note 15 – Finance Lease Obligations for more details of the terms of the leases. The following table summarizes by category the gross carrying value and accumulated amortization of finance lease ROU (in thousands): June 30, June 30, 2024 2023 ROU - Equipment $ 814 $ 814 Accumulated amortization (475) (204) Net finance lease ROU assets $ 339 $ 610 Amortization expense of finance lease ROU assets was approximately $271,000 and $204,000 for the years ended June 30, 2024 and 2023, respectively.

Operating Lease ROU Assets

Operating Lease ROU Assets	12 Months Ended
Operating Lease ROU Assets	Jun. 30, 2024
Operating Lease ROU Assets
Operating Lease ROU Assets	10. Operating Lease ROU Assets San Diego, California On September 10, 2021, the Company entered into a lease for approximately 11,383 square feet of space in San Diego, California. Based on the terms of the lease payments, the Company recorded an operating lease ROU asset of $3,603,000. The net carrying amount of this ROU operating lease asset was $2,401,000 and $2,722,000 at June 30, 2024 and 2023, respectively. Bryan, Texas On November 1, 2021, iBio CDMO acquired the Facility and became the tenant under the Ground Lease Agreement upon which the Facility is located. Based on the terms of the lease payments, the Company recorded an operating lease ROU asset of $1,967,000. This lease was terminated on May 31, 2024. The net amount of this ROU operating lease asset is included in assets held for sale. See Note 16 - Operating Lease Obligations for additional information.

Fixed Assets

Fixed Assets	12 Months Ended
Fixed Assets	Jun. 30, 2024
Fixed Assets
Fixed Assets	11. Fixed Assets The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands): June 30, June 30, 2024 2023 Building and improvements $ 695 $ 695 Machinery and equipment 3,545 3,521 Office equipment and software 403 403 4,643 4,619 Accumulated depreciation (1,011) (400) Net fixed assets $ 3,632 $ 4,219 Depreciation expense was approximately $638,000 and $400,000 for the years ended June 30, 2024 and 2023, respectively. Fixed assets held for sale at June 30, 2024 and 2023 in the amount of $0 and $16,124,000, respectively, are included in assets held for sale. No depreciation expense related to held-for-sale assets was recorded for the year ended June 30, 2024. The depreciation expense related to held-for-sale assets for the year ended June 30, 2023 is classified as part of loss from discontinued operations. The Company re-evaluated its business strategy and reviewed its product portfolio during fiscal year 2023 which resulted in an impairment charge of approximately $17.9 million to the assets held for sale. An additional $3.1 million fixed asset impairment charge related to the assets held for sale was recorded in the second quarter of fiscal year 2024. See Note 5 – Financial Instruments and Fair Value Measurement for more information.

Intangible Assets

Intangible Assets	12 Months Ended
Intangible Assets	Jun. 30, 2024
Intangible Assets
Intangible Assets	12. Intangible Assets On August 23, 2021, the Company entered into a series of agreements with RubrYc described in more detail above (see Note 6 – Significant Transactions) whereby in exchange for a $7.5 million investment in RubrYc, the Company acquired a worldwide exclusive license to certain antibodies that RubrYc develops under what it calls its RTX-003 campaign, which are promising immuno-oncology antibodies that bind to the CD25 protein without interfering with the IL-2 signaling pathway thereby potentially depleting T regulatory (Treg) cells while enhancing T effector (Teff) cells and encouraging the immune system to attack cancer cells. The Company accounted for this license as an indefinite-lived intangible asset until the completion or abandonment of the associated research and development efforts. In addition, the Company also received preferred shares and an option for future collaboration licenses. On September 16, 2022, the Company entered into an Asset Purchase Agreement with RubrYc described in more detail above (see Note 6 – Significant Transactions) pursuant to which it acquired substantially all of the assets of RubrYc. The assets acquired include the patented AI drug discovery platform, all rights with no future milestone payments or royalty obligations, to IBIO-101, in addition to CCR8, EGFRvIII, MUC16, CD3, and one additional immuno-oncology candidate. In January 2014, the Company entered into a license agreement with the University of Pittsburgh whereby the Company 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 and February 2022. The license agreement provided 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 had 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 an Investigational 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 and on February 8, 2022, was further extended to December 31, 2023. In addition, the amounts of the annual license maintenance fee and payment upon completion of various regulatory milestones were amended. On February 14, 2023, the Company provided notification to the University of Pittsburgh terminating the license agreement. Pursuant to the termination of the license agreement with the University of Pittsburgh, the Company’s financial obligations for the management of the patents under the license agreement ceased on August 14, 2023, and transitioned back to the University of Pittsburgh and the Medical University of South Carolina. As a result of the termination of the license agreement, the Company recorded a full impairment of the related intangible asset associated with IBIO-100 in the amount of $25,000 in fiscal year 2023. The Company re-evaluated its business strategy and reviewed its product portfolio during fiscal year 2023. After such review, the Company identified intellectual property, patent and licenses that would no longer be utilized and therefore were fully impaired. Accordingly, the Company recorded an impairment charge during fiscal year 2023 in general and administrative expenses of approximately $565,000. No impairments were recorded in fiscal year 2024. The following table summarizes by category the gross carrying value and accumulated amortization of intangible assets (in thousands): June 30, June 30 2023 Amortization Additions Impairments 2024 Intellectual property – gross carrying value $ 400 $ — $ — $ — $ 400 Intellectual property – accumulated amortization (15) (20) — — (35) Total definite lived intangible assets 385 $ (20) — $ — 365 Intellectual property – indefinite lived 5,003 — — — 5,003 Total net intangibles $ 5,388 $ — $ 5,368 Amortization expense was approximately $20,000 and $126,000 for the years ended June 30, 2024 and 2023, respectively. The weighted-average remaining life for intellectual property and patents on June 30, 2024 was approximately 18.3 years. The estimated annual amortization expense for the next five years and thereafter is as follows (in thousands): For the Year Ended June 30, 2025 $ 20 2026 20 2027 20 2028 20 2029 20 Thereafter 265 Total $ 365

Accrued Expenses

Accrued Expenses	12 Months Ended
Accrued Expenses	Jun. 30, 2024
Accrued Expenses
Accrued Expenses	13. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, June 30, 2024 2023 Personnel related costs $ 1,568 $ 3,879 Real estate taxes — 268 Interest and fees related to term note payable — 183 Professional fees — 31 Other accrued expenses 460 200 Total accrued expenses $ 2,028 $ 4,561

Debt

Debt	12 Months Ended
Debt	Jun. 30, 2024
Debt
Debt	14. Debt The Credit Agreement In connection with the PSA, iBio CDMO entered into a Credit Agreement, dated November 1, 2021, with Woodforest pursuant to which Woodforest provided iBio CDMO a $22,375,000 Term Loan to purchase the Facility, which Term Loan is evidenced by a term note (the “Term Note”) (for a complete description of the Transaction please see Note 6 – Significant Transactions). The Term Loan was advanced in full on the closing date. The Term Loan bore interest at a rate of 3.25%, with higher interest rates upon an event of default, which interest was payable monthly beginning November 5, 2021. Principal on the Term Loan was originally payable on November 1, 2023, subject to early termination upon events of default. The Term Loan provided that it may be prepaid by iBio CDMO at any time and provides for mandatory prepayment upon certain circumstances. On October 11, 2022, iBio CDMO and Woodforest amended the Credit Agreement to: (i) include a payment of $5.5 million of the outstanding principal balance owed under the Credit Agreement on the date of the amendment, (ii) include a payment of $5.1 million of the outstanding principal balance owed under the Credit Agreement within two (2) business days upon our receipt of such amount owed to us by Fraunhofer as part of our legal settlement with them (the “Fraunhofer Settlement Funds”) (see Note 20 – Fraunhofer Settlement for more information), (iii) include principal payments of $250,000 per month In January 2023, the Company’s unrestricted cash decreased below the required $7.5 million, which created an event of default under the Credit Agreement and Guaranty as a result of not complying with the Liquidity Covenant. As a result, on February 9, 2023, iBio CDMO and Woodforest entered into a second amendment to the Credit Agreement (the “Second Amendment”), which amendment, among other things, added a milestone that had to be met by a specified date, the failure of which would be an event of default. In addition, on February 9, 2023, the Company, as guarantor, entered into a second amendment to the Guaranty, which amendment, among other things, allowed the Company to account for the Fraunhofer Settlement Funds in determining whether the Company is in compliance with the Liquidity Covenant until a specified period dependent upon the occurrence of a specific milestone in the Credit Agreement. On February 20, 2023, iBio CDMO entered into a third amendment to the Credit Agreement (the “Third Amendment”), which removed the added milestone specified in the Second Amendment, the failure of which would be an event of default. In addition, the Guaranty was amended to allow the Company until February 28, 2023, to account for the Fraunhofer Settlement Funds in determining whether the Company is in compliance with the Liquidity Covenant without being dependent upon a specified milestone. In addition, the Company agreed that each time it consummates an at-the-market issuance of Equity Interests (as defined within the Credit Agreement), no later than five (5) days following such issuance of Equity Interests, it will (i) pay to Woodforest in immediately available cash funds, without setoff or counterclaim of any kind, forty percent (40%) of the Net Proceeds (as defined within the Credit Agreement) received by the Company for such issuance of Equity Interests; provided, any such payment would cease upon payment obligations in full and (ii) provide Woodforest with a detailed accounting of each such issuance of Equity Interests. On March 24, 2023, iBio CDMO and Woodforest entered into a fourth amendment to the Credit Agreement (the “Fourth Amendment”), which within the Fourth Amendment Woodforest agreed to (i) reduce the percentage of any payment to Woodforest the Company is required to make from the proceeds of sales of its common stock under its at-the-market facility from 40% to 20%, (ii) reduce the percentage of any payment to Woodforest the Company is required to make from the proceeds of sales of its equipment from 40% to 20%, and (iii) allowed the Company to retain $2 million of the $5.1 million that the Company received from the Fraunhofer Settlement Funds, with the remaining $3 million being held in a Company account at Woodforest. In addition, the Company is obligated to (y) deliver to Woodforest an executed copy of a purchase agreement (the “Woodforest Purchase Agreement”) for the sale of the Facility, no later than April 14, 2023, and (z) pay to Woodforest a fee in the amount of $75,000 on the earlier of the date of the closing of the Woodforest Purchase Agreement, or the Maturity Date (as defined in the Credit Agreement). In addition, on March 24, 2023, the Company, as guarantor, entered into a fourth amendment to the Guaranty, which reduced the Liquidity Covenant from $7.5 million to $1 million. On May 10, 2023, iBio CDMO and Woodforest entered into a fifth amendment to the Credit Agreement (the “Fifth Amendment”), which within the Fifth Amendment Woodforest agreed to: (i) waive our obligation to deliver to Woodforest an executed copy of a Woodforest Purchase Agreement for the sale of the Facility no later than April 14, 2023 and, (ii) release $500,000 of the $3 million being held in a Company account at Woodforest when the outstanding principal amount is reduced to $10 million and for each additional $2.5 million reduction of the outstanding principal amount, an additional $750,000 will be released from the Company account at Woodforest. In addition, starting on the effective date of the Fifth Amendment, the interest on the Term Loan increased to 5.25%, and the Term Loan shall further accrue interest, payable in-kind and added to the balance of the outstanding principal amount at a fixed rate per annum equal to (a) 1.00%, if the Facility is sold on or before June 30, 2023, (b) 2.00% if the Facility is sold after June 2023, but on or before September 30, 2023, or (c) 3.00%, if the Facility is sold after September 30, 2023, or not sold prior to the maturity date. The Company also agreed to pay Woodforest a fee in the amount of (x) $75,000 if the Facility is sold on or before June 30, 2023, (y) $100,000 if the Facility is sold after June 2023, but on or before September 30, 2023, or (x) $125,000, if the Facility is sold after September 30, 2023, or not sold prior to the maturity date. On September 18, 2023, iBio CDMO and Woodforest entered into a sixth amendment to the Credit Agreement (the “Sixth Amendment”), pursuant to which Woodforest agreed to modify the Maturity Date to the earlier of December 31, 2023, or the acceleration of maturity of the Term Loan pursuant to the Credit Agreement, provided that (i) iBio CDMO shall deliver an executed copy of a Woodforest Purchase Agreement (as defined in the Credit Agreement) for the sale of the Facility within one On October 4, 2023, iBio CDMO and Woodforest entered into the seventh amendment to the Credit Agreement (the “Seventh Amendment”), which amendment among other things, permits the Company, in each case, so long as no Potential Default or Default exists (as such terms are defined in the Credit Agreement) to make the following withdrawals from the Reserve Funds Deposit Account (as defined in the Credit Agreement): (i) up to $1,000,000 on October 4, 2023 so long as iBio CDMO maintains a minimum balance of $2,000,000 until October 16, 2023, (ii) up to an additional $750,000 after October 16, 2023 so long as iBio CDMO maintains a minimum balance of $1,250,000 until November 13, 2023, and (iii) up to an additional $250,000 after November 13, 2023 so long as iBio CDMO maintains a minimum balance of $1,000,000 until Payment in Full (as defined in the Credit Agreement). On the earlier of (a) the closing of the Woodforest Purchase Agreement, or (b) the Maturity Date (as defined in the Credit Agreement), the Company will pay Woodforest $20,000. In addition, on October 4, 2023, the Company, as guarantor, entered into the Fifth Amendment to the Guaranty, which amendment reduces the liquidity covenant that requires the Company to maintain a specified amount in unrestricted cash to $0. Subsequent to executing the Seventh Amendment, the Company withdrew $2,000,000 of the restricted funds. On December 22, 2023, iBio CDMO and Woodforest entered into the Eighth Amendment (the “Eighth Amendment”) to the Credit Agreement, which amended the Credit Agreement to: (i) set the Maturity Date of the Term Loan to the earlier of (a) March 29, 2024, or (b) the acceleration of maturity of the Term Loan in accordance with the Credit Agreement; (ii) reduce the interest rate from 5.25% to 4.5% and increase the payment in kind from 3% to 4.5%; and (iii) permit the Company, so long as no Potential Default or Default (as such terms are defined in the Credit Agreement) exists to make a withdrawal from the Reserve Funds Deposit Account (as defined in the Credit Agreement) so long as the Company maintains a minimum balance of $900,000 until Payment in Full (as defined in the Credit Agreement). The Eighth Amendment provided that the Company will use its best efforts to consummate and close a sale of the Collateral (as defined in the Credit Agreement) on or before the Maturity Date. The amendment also increased the fees payable by Borrower to Woodforest by $10,000. Accordingly, per the amendment, on the earlier of (a) the closing of the sale of the Collateral, or (b) the Maturity Date, the Borrower will pay Woodforest a fee in the amount of $155,000. Subsequent to executing the Eighth Amendment, the Company withdrew an additional $150,000 of the restricted funds. The amount held in the restricted bank account was approximately $900,000 as of February 9, 2024. On March 28, 2024, iBio CDMO and Woodforest entered into the Ninth Amendment (the “Ninth Amendment”) to the Credit Agreement, which amended the Credit Agreement to: (i) set the Maturity Date of the term loan to the earlier of (a) May 15, 2024, or (b) the acceleration of maturity of the term loan in accordance with the Credit Agreement. On May 14, 2024, iBio CDMO and Woodforest entered into the Tenth Amendment (the “Tenth Amendment”) to the Credit Agreement, which amended the Credit Agreement to: (i) set the maturity date of the term loan to the earlier of (a) May 31, 2024, or (b) the acceleration of maturity of the term loan in accordance with the Credit Agreement. On May 17, 2024, iBio CDMO, the Company and Woodforest also entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) which provided that iBio CDMO would pay to Woodforest the proceeds of the sale of the Property under the Purchase and Sale Agreement when received, determine in consultation with Woodforest the remaining balance due under the Credit Agreement (the “Indebtedness Deficiency Amount”) and thereafter the Company issued to Woodforest upon receipt of NYSE American LLC approval a pre-funded warrant (“Pre-Funded Warrant”) that expires upon full exercise thereof and is exercisable at a nominal exercise price equal to $0.0001 per share for 1,560,570 shares of the Company’s common stock which equals the $4,499,124.88 Indebtedness Deficiency Amount divided by $2.883 (the greater of the book value or the market value of the Company’s common stock at the time the Settlement Agreement is executed). Pursuant to the Settlement Agreement, upon the closing of the sale of the Property under the Purchase and Sale Agreement, Woodforest would purchase the Pre-Funded Warrant in satisfaction of the Indebtedness Deficiency Amount, Woodforest would release the Company and iBio CDMO from any and all claims, debts, liabilities or causes of action it may have against them prior to such date, and the Company and iBio CDMO will release Woodforest and its related parties from any and all claims, debts, liabilities or causes of action it may have against them prior to such date. On May 31, 2024, in accordance with the terms of the Settlement Agreement entered into on May 17, 2024 with Woodforest in consideration of the payment in full of all Obligations (as such term is defined under the Credit Agreement (a) iBio CDMO paid to Woodforest (i) $8,500,000 , which it received from the sale of the Property under the 2024 Purchase and Sale Agreement, and (ii) approximately $915,000 from restricted cash which had previously been held by Woodforest, and (b) the Company issued a Pre-Funded Warrant to purchase 1,560,570 shares of its common stock to Woodforest. The Pre-Funded Warrant expires upon full exercise thereof and is exercisable at a nominal exercise price equal to $0.0001 per share Pursuant to the Settlement Agreement, the Credit Agreement, the Guaranty dated November 1, 2021 and the other Loan Documents (as defined in the Credit Agreement) were terminated and Woodforest released the Company and iBio CDMO from any and all claims, debts, liabilities or causes of action it may have against them prior to May 31, 2024, and the Company and iBio CDMO released Woodforest and its related parties from any and all claims, debts, liabilities or causes of action it may have against them prior to May 31, 2024. At June 30, 2024, the balance of the Term Note was $0. At June 30, 2023, the balance of the Term Loan was $12,937,000 which consisted of the Term Note of $13,057,000, net of approximately $120,000 of deferred finance costs. Equipment Financing On October 12, 2022, the Company entered into an equipment financing master lease agreement and a lease supplement whereby $500,000 was borrowed over 36 months at an imputed interest rate of 10.62% and securitized by certain assets purchased for the San Diego research site. The financing is payable in monthly installments of $16,230 through October 2025. At June 30, 2024 and 2023, the balance owed under the financing was $241,000 and $401,000, respectively. Interest incurred under the financing for the years ended June 30, 2024 and 2023 totaled approximately $35,000 and $31,000, respectively. Future minimum payments under the finance lease obligation are due as follows (in thousands): Fiscal period ending on June 30: Principal Interest Total 2025 $ 178 $ 17 $ 195 2026 63 1 64 Total minimum equipment financing payments 241 $ 18 $ 259 Less: current portion (178) Long-term portion of minimum equipment financing obligation $ 63 Credit and Security Agreement On January 16, 2024, the Company entered into a credit and security agreement (the “Credit and Security Agreement”) with Loeb Term Solutions LLC, an Illinois limited liability company (“Lender”), for a term loan or equipment line of credit loan (the “Loan”) pursuant to which the Company issued to Lender a term promissory note in the principal amount of $1,071,572 (the “2024 Term Note”) bearing interest at the Prime Rate, as quoted in the Wall Street Journal plus 8.5% (the “Effective Rate”), for proceeds of $1,027,455 after payment of $42,863 to Lender as an origination fee, $1,173 for appraisal costs, and $75 for bank wire fees. The 2024 Term Note provides for monthly payments of principal and interest based on a four-year amortization period, with a balloon payment of all principal, accrued interest and any other amounts due on the two year anniversary of the 2024 Term Note. The Credit and Security Agreement granted to Lender a security interest in substantially all of the Company’s assets other than any intellectual property related to any of the Company’s filed patents (the “Loeb Collateral”) to secure the Company’s obligations under the 2024 Term Note. The 2024 Term Note is subject to a prepayment fee of: 4% of the principal amount being prepaid if the 2024 Term Note is prepaid during the first 12 months from its issuance, and 3% of the principal amount being prepaid if the 2024 Term Note is prepaid during the second 12 months from its issuance date. The Credit and Security Agreement provides that the Company may request that Lender make further loan advances to the Company subject to certain conditions, including that the Company is not otherwise in default under the Credit and Security Agreement and its obligations and liabilities to Lender do not exceed a borrowing base equal to the lesser of: (a) eighty percent (80.0%) of the forced liquidation value of the Company’s Eligible Equipment as determined by Lender in its sole reasonable discretion, or (b) a monthly dollar amount. The Credit and Security Agreement defines “Eligible Equipment” as equipment that (a) is owned by the Company free of any title defect or any lien or interest of any person except the lien in favor of the Lender; (b) is located at locations permitted by the Credit and Security Agreement; (c) in the Lender’s reasonable opinion, is not obsolete, unsalable, damaged or unfit for further use; (d) is appraised by an appraiser satisfactory to the Lender; (e) complies with any representation or warranty with respect to equipment contained in the Credit and Security Agreement; and (f) is otherwise acceptable to the Lender in its reasonable discretion. The Company’s obligations to Lender under the 2024 Term Note and Credit Security Agreement are further secured by an validity guarantee, dated January 16, 2024 (the “Validity Guarantee”), executed by Dr. Martin Brenner and Felipe Duran in their individual capacity (the “Indemnitors’) for the benefit of Lender. The Validity Guarantee provides that the Indemnitors will indemnify the Lender from any loss or damage, including any actual, consequential or incidental loss or damage, suffered by Lender as a result of, or arising out of, among other things, any willful or intentional misrepresentation or gross negligence by the Company in connection with the Loan and any acts of fraud, conversion, misappropriation or misapplication of funds or proceeds of any Loeb Collateral by the Company or the Indemnitors. The Credit and Security Agreement contains customary events of default. If an event of default occurs, the 2024 Term Note provides that regardless of whether the Lender elects to accelerate the maturity of the 2024 Term Note, the entire principal remaining unpaid hereunder shall thereafter bear interest at the rate equal to the Effective Rate plus 6% per annum. The financing is payable in monthly installments of $30,710 through December 2025 and a balloon payment of $652,060 in January 2026. At June 30, 2024, the balance owed under the financing was $984,000. Interest incurred under the financing for the year ended June 30, 2024 totaled approximately $66,000. Future minimum payments under the term promissory note obligation are due as follows (in thousands): Fiscal period ending on June 30: Principal Interest Total 2025 $ 218 $ 151 $ 369 2026 766 70 836 Total minimum term promissory note payments 984 $ 221 $ 1,205 Less: current portion (218) Long-term portion of minimum term promissory note obligation $ 766 Insurance Premium Financing On October 30, 2023, the Company entered into an insurance premium financing agreement with FIRST Insurance Funding, a division of Lake Forest Bank & Trust Company, N.A., whereby approximately $597,000 was borrowed over ten months at an imputed interest rate of 8.5%. The financing is payable in monthly installments of $62,095 through August 2024. At June 30, 2024, the balance owed under the financing was approximately $123,000. Interest incurred under the financing for the year ended June 30, 2024, totaled approximately $25,000, respectively. Future minimum payments under the insurance premium financing obligation are as follows (in thousands): Fiscal period ending on June 30: Principal Interest Total 2025 $ 123 $ 1 $ 124

Finance Lease Obligations

Finance Lease Obligations	12 Months Ended
Finance Lease Obligations	Jun. 30, 2024
Finance Lease Obligations
Finance Lease Obligations	15. Finance Lease Obligations Equipment As discussed above, the Company assumed three equipment leases that were accounted for as finance leases totaling $814,000 as part of the RubrYc Asset Purchase Agreement. The monthly rental for the three leases is approximately $14,000 per month and all three expire on August 1, 2025. Mobile Office Trailer Commencing April 1, 2021, the Company leased a mobile office trailer that was located at the Facility in Bryan, Texas, at a monthly rental of $3,819 through March 31, 2024. In December 2022, the Company terminated the lease and returned the mobile office trailer. Expenses related to the lease prior to its termination are included in discontinued operations. 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, 2024 2023 Finance lease cost: Amortization of ROU assets $ 271 $ 204 Interest on lease liabilities 48 49 Total lease cost $ 319 $ 253 Other information: Cash paid for amounts included in the measurement lease liabilities: Financing cash flows from finance lease obligations $ 272 $ 191 June 30, 2024 2023 Finance lease ROU assets $ 339 $ 610 Finance lease obligation - current portion $ 299 $ 272 Finance lease obligation - noncurrent portion $ 53 $ 351 Weighted-average remaining lease term - finance lease 1.17 years 2.17 years Weighted-average discount rate - finance lease obligation 9.500 % 9.500 % Future minimum payments under the capitalized lease obligations are due as follows: Fiscal year ending on June 30: Principal Interest Total 2025 $ 299 $ 20 $ 319 2026 53 1 54 Total minimum lease payments 352 $ 21 $ 373 Less: current portion (299) Long-term portion of minimum lease obligations $ 53

Operating Lease Obligations

Operating Lease Obligations	12 Months Ended
Operating Lease Obligations	Jun. 30, 2024
Operating Lease Obligations
Operating Lease Obligations	16. Operating Lease Obligations Texas Ground Lease As discussed above, as part of the Transaction, iBio CDMO became the tenant under the Ground Lease Agreement for the Ground Lease Property until 2060 upon exercise of available extensions. The Ground Lease was terminated on May 31, 2024. (See Note 3 – Discontinued Operations for more information.) The annual base rent payable under the Ground Lease Agreement was $151,450 which approximated 6.5% of the Fair Market Value (as defined in the Ground Lease Agreement) of the land. San Diego On September 10, 2021, the Company entered into a lease for 11,383 square feet of space in San Diego, California. Terms of the lease include the following: ● The length of term of the lease is 88 months from the lease commencement date (as defined). ● The lease commencement date is September 1 6 , 2022. ● The monthly rent for the first year of the lease is $51,223 and increases approximately 3% per year. ● The lease provides for a base rent abatement for months two through five in the first year of the lease. ● The landlord is providing a tenant improvement allowance of $81,860 to be used for improvements as specified in the lease. ● The Company is responsible for other expenses such as electric, janitorial, etc. ● The Company opened an irrevocable letter of credit in the amount of $188,844 in favor of the landlord. The letter of credit expires on October 8, 2024 and renews annually as required. As discussed above, the lease provides for scheduled increases in base rent and scheduled rent abatements. Rent expense is charged to operations using the straight-line method over the term of the lease which results in rent expense being charged to operations at inception of the lease in excess of required lease payments. This excess (formerly classified as deferred rent) is shown as a reduction of the operating lease right-of-use asset in the accompanying balance sheet. Rent expense for the San Diego facility commenced in fiscal year 2022, when the Company began making improvements to the facility. The following tables present the components of lease expense and supplemental balance sheet information related to the operating lease obligation (in thousands): Years Ended June 30, 2024 2023 Operating lease cost: $ 563 $ 563 Total lease cost $ 563 $ 563 Other information: Cash paid for amounts included in the measurement lease liability: Operating cash flows from operating lease $ 563 $ 563 Operating cash flows from operating lease obligation $ 631 $ 307 June 30, June 30, 2024 2023 Operating lease ROU assets $ 2,401 $ 2,722 Operating lease obligations - current portion $ 436 $ 389 Operating lease obligations - noncurrent portion $ 2,688 $ 3,125 Weighted average remaining lease term - operating leases 5.50 years 6.50 years Weighted average discount rate - operating lease obligations 7.25 % 7.25 % Future minimum payments under the operating lease obligation are due as follows (in thousands): Fiscal year ending on June 30: Principal Imputed Interest Total 2025 $ 436 $ 212 $ 648 2026 490 179 669 2027 546 142 688 2028 609 100 709 2029 677 54 731 Thereafter 366 8 374 Total minimum lease payments 3,124 $ 695 $ 3,819 Less: current portion (436) Long-term portion of minimum lease obligation $ 2,688

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Jun. 30, 2024
Stockholders' Equity
Stockholders' Equity	17. 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. Series 2022 Convertible Preferred Stock (“Series 2022 Preferred”) On May 9, 2022, the Board of Directors of the Company created the Series 2022 Preferred, par value $0.001 per share, out of the Company’s 1 million authorized shares of preferred stock. Each share of Series 2022 Preferred was convertible at a ratio of one-for-one ( 1 :1) shares of the Common Stock on a pre-split basis. The Company issued 1,000 shares of Series 2022 Preferred and received proceeds of $270 on May 10, 2022. Pursuant to the terms of the preferred stock, the Company’s Board converted the Preferred Stock to 40 shares of Common Stock on July 19, 2022. Common Stock The number of authorized shares of the Company’s common stock is 275 million. Reverse Stock Split On June 30, 2022, the Company held a special meeting of its stockholders at which the stockholders approved a proposal to affect an amendment to the Company's certificate of incorporation, as amended, to implement a reverse stock split at a ratio of one-for-twenty-five ( 1 1 On November 27, 2023, the stockholders of the Company, approved a proposal at the Company’s 2023 Annual Meeting to amend the Company’s Certificate of Incorporation to effect a reverse stock split of the Company’s Common Stock, at a ratio between 1-for-5 to 1-for-20, with the ratio within such range to be determined at the discretion of the Company’s Board, without reducing the authorized number of shares of Common Stock. Following the 2023 Annual Meeting, the Board approved a final split ratio of one-for-20 ( 1 1 Issuances of Common Stock for the years ended June 30, 2024 and 2023 include the following: Cantor Fitzgerald Underwriting On November 25, 2020, the Company entered into a Controlled Equity Offering SM 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. In the fiscal year ended June 30, 2024, Cantor Fitzgerald sold as sales agent pursuant to the Sales Agreement 170,989 shares of Common Stock. The Company received net proceeds of approximately $1.7 million. In the fiscal year ended June 30, 2023, Cantor Fitzgerald sold as sales agent pursuant to the Sales Agreement 289,144 shares of Common Stock. The Company received net proceeds of approximately $6.4 million during the fiscal year ended June 30, 2023 and held a subscription receivable for $204,000 at June 30, 2023 for proceeds received on July 6, 2023. RubrYc Transaction On September 19, 2022, the Company issued 5,117 shares valued at approximately $1,000,000 to RubrYc as part of the payment for purchasing the assets of RubrYc. Wainwright Underwriting On December 6, 2022, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”). Pursuant to the Underwriting Agreement, the Company agreed to sell to Wainwright, in a firm commitment underwritten offering (the “Offering”) (i) 76,538 shares of the Company’s Common Stock, (ii) pre-funded warrants (the “2022 Pre-Funded Warrants”) to purchase up to 91,730 shares of Common Stock, (iii) Series A Common Stock purchase warrants (the “Series A Warrants”) to purchase up to 168,267 shares of Common Stock and (iv) Series B Common Stock purchase warrants (the “Series B Warrants” and together with the Series A Warrants, the “2022 Warrants”) to purchase up to 168,267 shares of Common Stock. The offering closed on December 9, 2022. Wainwright acted as the sole book-running manager for the Offering. The Company paid Wainwright an underwriting discount equal to 7.0% of the gross proceeds of the offering, and reimbursed Wainwright for the legal fees and certain expenses. Pursuant to the Underwriting Agreement, the Company granted Wainwright a 30-day The Company also agreed to issue to Wainwright, as the representative of the underwriters, warrants (the “Representative’s Warrants”) to purchase a number of shares of Common Stock equal to 6.0% of the aggregate number of shares of Common Stock and 2022 Pre-Funded Warrants being offered in the offering. Wainwright received warrants to purchase up to 10,094 shares of Common Stock. The Company received net proceeds of approximately $2,864,000 after deducting underwriting discounts, commissions and other issuance costs. Lincoln Park Stock Purchase Agreement As discussed above, on August 4, 2023, the Company entered into a Purchase Agreement, with Lincoln Park, pursuant to which, under the terms and subject to the satisfaction of specified conditions set forth therein, the Company Beginning on the Commencement Date and for a period of up to 24 months thereafter, under the terms and subject to the conditions of the Purchase Agreement, from time to time, at the Company’s discretion, it had the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park was obligated to purchase, up to $10 million of shares of Common Stock, subject to certain limitations set forth in the Purchase Agreement. Specifically, from time to time from and after the Commencement Date, the Company could, at its discretion, on any single business day on which the closing price of the common stock on the NYSE American is equal to or greater than $3.00, by written notice delivered to Lincoln Park, direct Lincoln Park to purchase up to 5,000 shares of Common Stock on such business day, at a purchase price per share that will be determined and fixed in accordance with the Purchase Agreement at the time the Company delivers such written notice to Lincoln Park (each, a “Regular Purchase”); provided, however, that the maximum number of shares the Company may sell to Lincoln Park in a Regular Purchase may be increased to up to (i) 7,500 shares, if the closing sale price of the Common Stock on the NYSE American on the applicable purchase date is not below $20.00, and (ii) 10,000 shares, if the closing sale price of the Common Stock on the applicable purchase date is not below $40.00; provided, however, that Lincoln Park’s maximum purchase commitment in any single Regular Purchase may not exceed $500,000. The foregoing share amounts and per share prices will be adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring after the date of the Purchase Agreement with respect to the Common Stock. The purchase price per share of Common Stock sold in each such Regular Purchase, if any, will be based on market prices of the Common Stock immediately preceding the time of sale, calculated as set forth in the Purchase Agreement. In addition, provided that the Company had directed Lincoln Park to purchase the maximum amount of shares that it is then able to sell to Lincoln Park in a Regular Purchase on a particular business day on which the closing price of the common stock on the NYSE American is equal to or greater than $4.00, then in addition to such Regular Purchase, the Company may, in its sole discretion, also direct Lincoln Park to purchase additional shares of Common Stock in an “accelerated purchase,” and one or more “additional accelerated purchases” on the business day immediately following the purchase date for such Regular Purchase, as provided in the Purchase Agreement. The purchase price per share of Common Stock sold to Lincoln Park in each accelerated purchase and additional accelerated purchase, if any, will be based on market prices of the Common Stock at the time of sale on the applicable purchase date for such accelerated purchase and such additional accelerated purchase(s), as applicable, The Company controlled the timing and amount of any sales of Common Stock to Lincoln Park pursuant to the Purchase Agreement. Lincoln Park had no right to require the Company to sell any shares of Common Stock to Lincoln Park, but Lincoln Park was obligated to make purchases as the Company directs, subject to certain conditions. As consideration for Lincoln Park’s commitment to purchase shares of Common Stock at the Company’s direction pursuant to the Purchase Agreement, the Company issued 10,573 shares of Common Stock to Lincoln Park as commitment shares (the “Initial Commitment Shares”) and agreed to issue 10,573 additional shares of Common Stock to Lincoln Park as commitment shares (the “Additional Commitment Shares” and, collectively with the Initial Commitment Shares, the “Commitment Shares”) at such time as the Company had received an aggregate of $5,000,000 in cash proceeds from Lincoln Park from sales of Common Stock to Lincoln Park, if any, that it elects, in its sole discretion, to make from time to time from and after the Commencement Date, pursuant to the Purchase Agreement. During fiscal year 2024, the Company sold 202,595 shares of Common Stock under the Purchase Agreement and received approximately $1.3 million in proceeds. No shares remain available for sale under the Purchase Agreement at June 30, 2024. Securities Purchase Agreement On December 5, 2023, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain Purchasers identified on the signature pages of the Securities Purchase Agreement, pursuant to which the Company agreed to issue and sell, in the 2023 Offering, (i) 600,000 Shares of the Company’s Common Stock, (ii) 1,650,000 2023 Pre-Funded Warrants exercisable for an aggregate of 1,650,000 shares of Common Stock, (iii) 2,250,000 Series C Common Warrants exercisable for an aggregate of 2,250,000 shares of Common Stock, and (iv) 2,250,000 Series D Common Warrants exercisable for an aggregate of 2,250,000 shares of Common Stock. The 2023 Offering closed on December 7, 2023. The combined purchase price of each share of Common Stock and the accompanying Common Warrants was $2.00 (the “Offering Price”). The Company agreed to pay the Placement Agents an aggregate cash fee equal to 5.5% of the gross proceeds received by the Company from the sale of the securities in the 2023 Offering. Pursuant to the placement agency agreement, dated December 5, 2023, entered into by and between the Company and the Placement Agents (the “Placement Agency Agreement”), the Company also agreed to reimburse the Placement Agents for their accountable offering-related legal expenses in an amount up to $75,000 and pay a non-accountable expense allowance of up to $15,000. The Company received net proceeds of approximately $4 million in the 2023 Offering after deducting commissions and other issuance costs. Approximately $369,000 of issuance costs are reported in accrued expenses in the consolidated balance sheet at June 30, 2024. Securities Purchase Agreement and Warrants On March 26, 2024, the Company entered into the 2024 Securities Purchase Agreement with the Securities Purchasers for the issuance and sale in the Private Placement of the following securities for gross proceeds of approximately $15.1 million: (i) 2,701,315 shares of the Common Stock, (ii) 2024 Pre-Funded Warrants to purchase up to 2,585,963 shares of the Company’s Common Stock at an exercise price of $0.0001 per share, and (iii) Series E Common Stock purchase warrants to purchase up to 5,287,278 shares of the Company’s Common Stock at an exercise price of $2.64 per share. The Series E Warrants are exercisable at any time after the six-month anniversary of their issuance at an exercise price of $2.64 per share and have a term of exercise equal to five years from the date of issuance. The combined purchase price for one share of common stock and the accompanying Series E Warrant was $2.85 and the purchase price for one pre-funded warrant and the accompanying Series E Warrant was $2.849. A holder of the 2024 Pre-Funded Warrants and the Series E Warrants may not exercise any portion of such holder’s 2024 Pre-Funded Warrants or the Series E Warrants to the extent that the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the Company’s outstanding shares of Common Stock immediately after exercise, except that upon at least 61 days’ prior notice from the holder to the Company, the holder may increase the beneficial ownership limitation to up to 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise. The 2024 Pre-Funded Warrants are exercisable at any time after their original issuance, subject to the beneficial ownership limitation (as described above) and will not expire until exercised in full. The exercise price and number of shares of Common Stock issuable upon exercise of the 2024 Pre-Funded Warrants and Series E Warrants are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common Stock and the exercise price. If at the time of exercise on a date that is after the Initial Exercise Date, there is no effective registration statement or the prospectus contained therein is not available for the issuance of shares of Common Stock to the holders of the Series E Warrants, the Series E Warrants may be exercised, in whole or in part, at such time by means of a “cashless exercise.” If at the time of exercise on a date that is after the 60th day anniversary of the Initial Exercise Date, there is no effective registration statement or the prospectus contained therein is not available for the issuance of shares of Common Stock to the holders of 2024 Pre-Funded Warrants, the 2024 Pre-Funded Warrants may also be exercised, in whole or in part, at such time by means of a “cashless exercise.” Pursuant to the 2024 Securities Purchase Agreement, the Company has agreed to prepare and file a registration statement with the Securities and Exchange Commission (the “SEC”) registering the resale of the shares of Common Stock issued to the Securities Purchasers in the Private Placement and the shares underlying the 2024 Pre-Funded Warrants and the Series E Warrants no later than 60 days after the date of the 2024 Securities Purchase Agreement (the “Filing Date”), to use its commercially reasonable efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event not more than 75 days following the date of the 2024 Securities Purchase Agreement (or 90 days following the date of the 2024 Securities Purchase Agreement in the event of a “full review” by the SEC) (the “Effectiveness Date”), and to keep such registration statement effective at all times for a one year period after the closing date provided that the Company will have the right to suspend the registration statement for a period of fifteen (15) days during such one year period without being in breach. In the event that the resale registration statement is not (i) filed by the Filing Date or (ii) declared effective by the SEC by the Effectiveness Date, then, in addition to any other rights the Securities Purchasers may have under the 2024 Securities Purchase Agreement or under applicable law, on the Filing Date or the Effectiveness Date for a maximum of six months (each such date being referred to herein as an “Event Date”) and on each monthly anniversary of such Event Date (if the resale registration statement shall not have been filed or declared effective by the applicable Event Date) until the resale registration statement is filed or declared effective, the Company shall pay to each Securities Purchaser an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 1.0% multiplied by the aggregate subscription amount paid by such Securities Purchaser pursuant to the 2024 Securities Purchase Agreement for each security not registered, which amount shall be capped at 6%. The registration statement was filed with the SEC on April 16, 2024 and declared effective by the SEC on April 24, 2024. The Private Placement closed on April 1, 2024 at which time the Company received net proceeds of approximately $14.1 million, which was reported as a subscription receivable on the March 31, 2024 condensed consolidated balance sheet, from the Private Placement, after deducting estimated offering expenses payable by the Company, including placement agent fees and expenses. The Company intends to use the net proceeds received from the Private Placement primarily for general corporate purposes, including for research and development and working capital. Chardan served as the exclusive placement agent in connection with the Private Placement and was paid (i) a cash fee equal to 6.0% of the aggregate gross proceeds of the Private Placement (reduced to 4.0% with respect to certain investors), and (ii) up to $50,000 for legal fees and other out-of-pocket expenses. Pursuant to the terms of the 2024 Securities Purchase Agreement, the Company is prohibited from entering into any agreement to issue or announcing the issuance or proposed issuance of any shares of Common Stock or securities convertible or exercisable into Common Stock for a period commencing on March 26, 2024, and expiring 60 days from the Effective Date (as defined in the 2024 Securities Purchase Agreement). Furthermore, the Company is also prohibited from entering into any agreement to issue Common Stock or Common Stock Equivalents (as defined in the 2024 Securities Purchase Agreement) involving a Variable Rate Transaction (as defined in the 2024 Securities Purchase Agreement), subject to certain exceptions, for a period commencing on March 26, 2024 and expiring one year from such Effective Date (as defined in the 2024 Securities Purchase Agreement); provided that sixty (60) days after the Effective Date entering into an at-the-market facility shall not be deemed a Variable Rate Transaction. Vesting of Restricted Stock Units “RSUs” RSUs for 42,054 of Common Stock vested during the year ended June 30, 2024. RSUs for 10,878 of Common Stock vested during the year ended June 30, 2023. Exercise of Stock Options No Warrants Bryan Capital The Company issued to Bryan Capital a Warrant to purchase 2,579 shares of the Common Stock of the Company at an exercise price of $665 per share. The Warrant expires October 10, 2026, is exercisable immediately, provides for a cashless exercise at any time and automatic cashless exercise on the expiration date if on such date the exercise price of the Warrant exceeds its fair market value as determined in accordance with the terms of the Warrant and adjustments in the case of stock dividends and stock splits. Wainwright As discussed above, the Company issued various warrants with the following terms: 1. 2022 Pre-Funded Warrants – Immediately exercisable at an exercise price of $0.001 per share. All of the 2022 Pre-Funded Warrants were exercised in December 2022. 2. Class A Warrants – Immediately exercisable at an exercise price of $20.80 per share for a term of five years . 3. Class B Warrants – Immediately exercisable at an exercise price of $20.80 per share for a term of two years . 4. Representative Warrants – Immediately exercisable at an exercise price of $26.00 per share for a term of five years . No 2022 Warrants were exercised during the year ended June 30, 2024. During the year ended June 30, 2023, 17,064 Class A Warrants and 89,059 Class B Warrants were exercised. The total proceeds from Class A and B Warrants exercised during the year ended June 30, 2023 was $2,207,000. On August 4, 2023, the Company agreed to amend the exercise price with certain holders of the Series A Warrants and Series B Warrants that were acquired from the Company in the underwritten public offering that was completed in December 2022. Under the amended warrants, the Company agreed to amend existing Series A Warrants to purchase up to 173,795 shares of common stock and existing Series B Warrants to purchase up to 102,900 shares of common stock that were previously issued in December 2022 to the certain investors in the public offering, with exercise prices of $20.80 per share (the “Existing Warrants”), to lower the exercise price of the Existing Warrants to $10.00 per share. A.G.P./Alliance Global Partners On December 7, 2023, the Company, completed the 2023 Offering of (i) 600,000 shares Common Stock, (ii) 1,650,000 Pre-Funded Warrants exercisable for an aggregate of 1,650,000 shares of Common Stock, (iii) 2,250,000 Series C Common Warrants exercisable for an aggregate of 2,250,000 shares of Common Stock, and (iv) 2,250,000 Series D Common Warrants exercisable for an aggregate of 2,250,000 shares of Common Stock exercisable for an aggregate of 2,250,000 shares of Common Stock. The terms of the 2023 Pre-Funded Warrants, Series C Common Warrants and Series D Common Warrants were described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 6, 2023, which description is incorporated by reference herein. Each share of Common Stock and 2023 Pre-Funded Warrants, as applicable, was sold together with one Series C Common Warrant to purchase one share of Common Stock and one Series D Common Warrant to purchase one share of Common Stock. The combined purchase price of each share of Common Stock and the accompanying Common Warrants was the Offering Price and the combined purchase price of each 2023 Pre-Funded Warrant and the accompanying Common Warrants was $1.9999, which is equal to the combined purchase price per share of Common Stock and accompanying Common Warrants, minus the exercise price of each Pre-Funded Warrant of $0.0001. The Series C Common Warrants and the Series D Common Warrants have an exercise price of $2.00 per share During fiscal year 2024, 1,650,000 of 2023 Pre-Funded Warrants were exercised. In addition, 1,178,500 Series C Common Warrants and 1,053,500 Series D Common Warrants were exercised for proceeds of $4,464,000. In August 2024, 1,000 Series C Common Warrants and 1,000 Series D Common Warrants were exercised for proceeds of $4,000.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	12 Months Ended
Earnings (Loss) Per Common Share	Jun. 30, 2024
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share	18. 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, 2024 2023 Basic and diluted numerator: Net loss from continuing operations $ (15,443) $ (29,311) Net loss from discontinued operations $ (9,464) $ (35,699) Net loss - total $ (24,907) $ (65,010) Basic and diluted denominator: Weighted-average common shares outstanding 3,831 612 Per share amount - continuing operations $ (4.03) $ (47.88) Per share amount - discontinued operations $ (2.47) $ (58.31) Per share amount - total $ (6.50) $ (106.19) In fiscal years 2024 and 2023, the Company incurred net losses which cannot be diluted; therefore, basic and diluted loss per common share is the same. As of June 30, 2024 and 2023, shares issuable which could potentially dilute future earnings included were as follows: June 30, 2024 2023 (in thousands) Stock options 912 14 Restricted stock units 37 12 Warrants 12,127 293 Shares excluded from the calculation of diluted loss per share 13,076 319

Share-Based Compensation

Share-Based Compensation	12 Months Ended
Share-Based Compensation	Jun. 30, 2024
Share-Based Compensation
Share-Based Compensation	19. 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, 2024 2023 Research and development $ 234 $ 149 General and administrative 1,741 2,714 Total $ 1,975 $ 2,863 In addition, share-based compensation expense included in loss from discontinued operations totaled approximately $62,000 and $1,528,000 for the years ended June 30, 2024 and 2023, respectively. Stock Options iBio, Inc. 2023 Omnibus Equity Incentive Plan (the “2023 Plan”) On December 9, 2023, the Company adopted the 2023 Plan for employees, officers, directors and external service providers which is the successor to the 2020 Omnibus Equity Incentive Plan (the “2020 Plan”) and once approved became effective on January 1, 2024. The maximum number of shares of Common Stock reserved and available for issuance under the 2023 Plan is 1,200,000 shares (the “Limit”). In addition, such Limit shall automatically increase on January 1 of each calendar year commencing on January 1, 2025 and ending on (and including) January 1, 2033, by a number of shares of Common Stock equal to five percent (5%) of the total number of shares of Common Stock outstanding on December 31 of the preceding calendar year; provided, however, that the Board may act prior to January 1 of a given calendar year to provide that the increase for such year will be a lesser number of shares of Common Stock, provided further that the Limit, as in effect at any time, shall be adjusted as a result of any reorganization, recapitalization, reclassification, stock dividend, extraordinary cash dividend, stock split, reverse stock split or other similar change in the Company’s capital stock. The 2023 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 2023 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 and $1,500,000 for any non-executive chair of the Company’s Board should one be appointed. Notwithstanding the foregoing, the independent members of the Board may make exceptions to such limits in extraordinary circumstances. The term of the 2023 Plan will expire on the tenth anniversary of the date the Plan is approved by the stockholders. Vesting of service awards are determined by the Board and stated in the award agreements. In general, vesting occurs ratably on the anniversary of the grant date over the service period, generally three Under the 2023 Plan, 29,700 common shares have been issued pursuant to past grants, 921,200 common shares are reserved for past grants, and the remaining 249,100 common are available for future grants as of June 30, 2024. iBio, Inc. 2020 Omnibus Equity Incentive Plan (the “2020 Plan”) On December 9, 2020, the Company adopted the 2020 Plan for employees, officers, directors and external service providers. The total number of shares of Common Stock reserved under the 2020 Plan is 64,000 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. Vesting of service awards is determined by the Board of Directors and stated in the award agreements. In general, vesting occurs ratably on the anniversary of the grant date over the service period, generally three Under the 2020 Plan, 23,219 common shares have been issued pursuant to past grants, 27,032 common shares are reserved for past grants, and the remaining 13,749 common shares will no longer be available for future grants as of June 30, 2024. Issuances of stock options during the year ended June 30, 2024 were as follows: During the first quarter of fiscal year 2024, the Company granted stock option agreements to various employees to purchase 23,650 shares of the Common Stock at an exercise price of $7.00 per share. During the fourth quarter of fiscal year 2024, the Company granted stock option agreements to various employees to purchase 83,300 shares of the Common Stock at exercise prices between $1.72 and $2.41 per share, which included a grant of 35,800 stock options at an exercise price of $1.72 per share to Felipe Duran, the Company’s Chief Financial Officer. All of the above noted awards vest 25% after one year and then in equal quarterly installments over a 36-month period and expire on the tenth anniversary of the grant date. During the fourth quarter of fiscal year 2024, the Board approved stock option agreements to various employees to purchase 402,300 shares of the Common Stock at an exercise price of $1.88 per share, which included a two separate grants to Dr. Brenner, the Company’s Chief Executive Officer, one of which was 110,000 stock options that vest in equal quarterly installments over three years and a second grant of 147,300 stock options that vest 25% after one year and then in equal quarterly installments over a 36-month period, and a grant to Mr. Duran of 90,000 stock options, which vest in equal quarterly installments over three years. All of the above noted awards expire on the tenth anniversary of the grant date. During the fourth quarter of fiscal year 2024, the Company granted stock option agreements to various consultants to purchase 399,000 shares of the Common Stock at an exercise price of $1.72 per share. The options vest in equal quarterly installments, over a period of 12 months and expire on the fifth anniversary of the grant date. Issuances of stock options during the year ended June 30, 2023 were as follows: During the first quarter of fiscal year 2023, the Company granted stock option agreements to various employees to purchase 15,193 shares of the Common Stock at exercise prices between $135.00 and $190.00 per share. The options vest 25% after one year and then in equal quarterly installments over a 36-month period and expire on the tenth anniversary of the grant date. During the first quarter of fiscal year 2023, the Company granted a stock option agreement to a consultant to purchase 200 shares of the Common Stock at an exercise price of $135.00 per share. The option vests in equal monthly installments, over a period of 12 months, starting after the second month and expire on the tenth anniversary of the grant date. During the third quarter of fiscal year 2023, the Company terminated the consultant’s services. As a result, none of the 200 shares pursuant to the stock option agreement were exercised and as such, all 200 shares were forfeited. The following table summarizes all stock option activity during the years ended June 30, 2024 and 2023: Weighted- Weighted- average average Remaining Aggregate Stock Exercise Contractual Intrinsic Value Options Price Term (in years) (in thousands) Outstanding as of July 1, 2022 30,708 $ 603.43 8.3 $ — Granted 15,375 141.17 — — Exercised — — — — Forfeited/expired (31,465) 479.67 — — Outstanding as of June 30, 2023 14,618 $ 383.62 8.5 $ — As of June 30, 2023, vested and expected to vest 14,616 $ 383.64 8.5 $ — Exercisable as of June 30, 2023 4,790 $ 583.09 7.9 $ — Outstanding as of June 30, 2023 14,618 $ 383.62 8.5 $ — Granted 908,250 1.93 — — Exercised — — — — Forfeited/expired (10,742) 164.15 — — Outstanding as of June 30, 2024 912,126 $ 6.14 7.6 $ 280 As of June 30, 2024, vested and expected to vest 912,126 $ 6.14 7.6 $ 280 Exercisable as of June 30, 2024 6,472 $ 459.08 7.2 $ — The following table summarizes information about options outstanding and exercisable at June 30, 2024: Options Outstanding and Exercisable Weighted- Weighted- Average Average Number Remaining Life Exercise Number Outstanding In Years Price Exercisable Exercise prices: $1.72 - $7.00 902,300 7.6 $ — — $140.00 - $210.00 4,681 8.0 $ 147.83 2,164 $347.00 - $520.50 1,191 7.2 $ 355.66 1,190 $530.00 - $795.00 3,554 6.8 $ 668.89 2,718 $1,025.00 - $1,537.50 400 6.3 $ 1,025.00 400 912,126 7.6 $ 459.08 6,472 The total fair value of stock options that vested during 2024 and 2023 was approximately $1,644,000 and $4,828,000, respectively. No stock options The weighted-average grant date fair value of stock options granted during 2024 and 2023 was $1.90 and $126.05 per share, respectively. The Company estimated the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: 2024 2023 Weighted-average risk-free interest rate 4.44% - 4.83 % 3.21% - 3.61 % Dividend yield 0 % 0 % Volatility 157.77 - 266.94 % 115.52 - 116.93 % Expected term (in years) 5 7 The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company’s closing stock price of $2.11 as of June 30, 2024 and $12.20 as of June 30, 2023, which would have been received by the option holders had all option holders exercised their options as of that date. Restricted Stock Units (“RSUs”): Issuances of RSUs during the year ended June 30, 2024 were as follows: On January 26, 2024, the Company issued RSUs to acquire 78,800 shares of common stock to various employees at a market value of $1.18 per share. The RSUs vest quarterly over a one-year period. The grant date fair value of the RSUs totaled approximately $93,000. Issuances of RSUs during the year ended June 30, 2023 were as follows: On August 29, 2022, the Company issued RSUs to acquire 347 shares of common stock to various employees at a market value of $141.20 per share. The RSUs vest over a four-year period. The grant date fair value of the RSUs totaled approximately $49,000. On November 10, 2022, as previously disclosed in relation to the Employment Agreement with Mr. Isett, the Company’s former CEO, dated April 30, 2021, the Company granted Mr. Isett RSUs to acquire 10,000 shares of Common Stock. The RSUs vest over a three-year period commencing April 30, 2021 provided the vesting is subject to the following performance conditions: (i) submission to the U.S. Food and Drug Administration (FDA) of an Investigational New Drug (IND) application, or alternatively, if the Board approves not to file an IND, (ii) consummation of a disposition of iBio CDMO, LLC, or (iii) out-licensing, with full global rights, any of its investigational product candidates prior to the submission to the FDA an IND application. The grant-date fair value of the RSUs totaled approximately $296,000. The performance conditions were not met and the RSUs did not vest. On November 11, 2022, the Board of the Company granted Mr. Robert Lutz, the Company’s Chief Financial and Business Officer at the time, RSUs to acquire 5,002 shares of the Company’s Common Stock in exchange for Mr. Lutz’s agreement to continue employment with the Company through July 1, 2023. The RSUs vest the earlier of: (i) July 1, 2023, or (ii) the successful achievement of the Company’s 2023 objectives, as defined by the Board. The grant-date fair value of the RSUs totaled approximately $175,100. Mr. Lutz resigned from the Company and was no longer an employee of the Company effective February 10, 2023; accordingly, the RSUs did not vest. On November 11, 2022, the Board of the Company granted Dr. Martin Brenner, the Company’s Chief Scientific Officer, RSUs to acquire 4,767 shares of the Company’s Common Stock in exchange for Dr. Brenner’s agreement to continue employment with the Company through July 1, 2023. The RSUs vest the earlier of: (i) July 1, 2023, or (ii) the successful achievement of the Company’s 2023 objectives, as defined by the Board. The grant-date fair value of the RSUs totaled approximately $167,000. On January 20, 2023, the Board of the Company appointed Dr. Brenner to the position of Interim Chief Executive Officer, effective immediately. Dr. Brenner was granted RSUs to acquire 6,500 shares of the Company’s Common Stock, which RSUs shall vest pro rata over a 12-month period, such vesting to terminate if Dr. Brenner is no longer the Company’s Interim Chief Executive Officer. The grant-date fair value of the RSUs totaled approximately $91,000. Upon appointment of Dr. Brenner to permanent Chief Executive Officer on June 22, 2023, 3,792 of the RSUs terminated and did not vest. On March 31, 2023, the Compensation Committee (the “Committee”) of the Board of the Company approved a special equity award program pursuant to which it awarded to its employees an aggregate of 11,250 RSUs under the Company’s 2020 Omnibus Equity Incentive Plan, as amended (the “Plan”), which awards included a grant of 2,500 and 1,875 restricted stock units to each of Dr. Brenner, and Felipe Duran, the Company’s Interim, Chief Financial Officer, respectively, vesting quarterly over 12 months commencing April 1, 2023. The grant-date fair value of the RSUs totaled approximately $468,000. On June 26, 2023, the Board of the Company granted Dr. Brenner RSUs to acquire 3,791 shares of the Company’s Common Stock, which RSUs shall vest pro rata over a seven-month period. The grant-date fair value of the RSUs totaled approximately $52,000. As of June 30, 2024, there was approximately $35,000 of total unrecognized compensation cost related to non-vested RSUs that the Company expects to recognize over a weighted-average period of 0.6 years.

Fraunhofer Settlement

Fraunhofer Settlement	12 Months Ended
Fraunhofer Settlement	Jun. 30, 2024
Fraunhofer Settlement
Fraunhofer Settlement	20. Fraunhofer 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 “Fraunhofer 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 Fraunhofer 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 Fraunhofer Settlement Agreement is not an admission of liability or fault of the parties. The terms of the Fraunhofer Settlement Agreement provided for cash payments to the Company of $28,000,000 as follows: (i) $16,000,000 paid no later than May 14, 2021 (which was paid 100% to cover legal fees and expenses); (ii) two payments of $5,100,000 paid by March 31, 2022 and 2023 and (iii) as additional consideration for a license agreement, two payments of $900,000 paid by 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 aggregate net cash recovery as a result of the Fraunhofer Settlement Agreement was 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 fiscal year 2021. During the quarter ended March 31, 2022, the Company received the first payment of $5,100,000. On March 17, 2023, the Company received a payment of $5,100,000 from Fraunhofer related to the Fraunhofer Settlement Funds and in accordance with the Fourth Amendment to the Credit Agreement with Woodforest, transferred $3,000,000 to a Company account at Woodforest on March 24, 2023. The Company would recognize the $1.8 million of license revenue when it determines the collection of the license fees was reasonably assured in accordance with ASC 606. On February 9, 2022, the Company received the first $900,000 payment under the license agreement. As such, the Company determined that the collection of the license fees was reasonably assured, and the Company recognized license revenue related to the license fees and recorded a receivable for the second payment in the third quarter of 2022. The second $900,000 payment was received on February 17, 2023.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Jun. 30, 2024
Income Taxes
Income Taxes	21. Income Taxes The components of the provision (benefit) for income taxes consist of the following (in thousands): For the Years Ended June 30, 2024 2023 Current – Federal and state $ — $ — Deferred – Federal (5,193) (12,153) Deferred – State (102) (637) Total (5,295) (12,790) Change in valuation allowance 5,295 12,790 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, 2024 2023 Deferred tax assets (liabilities): Net operating loss $ 49,104 $ 42,951 Share-based compensation 869 883 Capitalized research and development costs 3,408 2,775 Research and development tax credits 1,764 1,764 Investment in equity security 404 395 Property, plant and equipment (830) 121 Intangible assets (138) (42) Operating and finance lease liabilities 797 1,363 Operating and finance lease ROU assets (629) (1,184) Accrued expenses 96 529 Contribution carryforward 5 — Valuation allowance (54,850) (49,555) 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. With a full valuation allowance, any change in the deferred tax asset or liability is fully offset by a corresponding change in the valuation allowance. At June 30, 2024 and 2023, the Company provided a valuation allowance on its net deferred tax assets of $54,850,000 and $49,555,000, respectively. 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 $229.5 million are available to the Company as of June 30, 2024, of which $64 million will expire at various dates through 2039 and $165.5 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 $1.76 million at June 30, 2023. In addition, the Company has net operating loss carry forwards from various states of approximately $46.7 million which expire from 2029 through 2043. A reconciliation of the statutory tax rate to the effective tax rate is as follows: Years Ended June 30, 2024 2023 Statutory federal income tax rate 21 % 21 % State taxes, net of federal benefit 2 % 1 % Expiration and forfeiture of stock options (2) % (2) % Change in valuation allowance (21) % (20) % Effective income tax rate — % — % The Company has not been audited in connection with income taxes. iBio files federal and state income tax returns subject to varying statutes of limitations. The 2020 through 2023 tax returns generally remain open to examination by federal authorities and by state tax authorities. The Company believes it is not subject to any tax audit risk beyond those periods. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense incurred during the years ended June 30, 2024 and 2023. The Inflation Reduction Act of 2022 includes a stock buyback excise tax of 1% on share repurchases, which applies to net stock buybacks after December 31, 2022. The Company does not expect this to have a material impact if and when share repurchases occur.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	22. Commitments and Contingencies CRO Agreement On October 10, 2022, the Company entered into an agreement with a CRO for cell line development and master cell banking to produce IBIO-101 in addition to process development and GMP manufacturing of IBIO-101 drug substance and drug product to support GLP toxicology and Phase 1 clinical studies. During the years ended June 30, 2024 and 2023, the Company incurred costs totaling approximately $200,000 and $1,209,000 , respectively. The Company has no further commitments for additional costs. Inflation Although the Company has not experienced any material adverse effects on its business due to increasing inflation, it has raised operating costs for many businesses and, in the future, could impact demand or pricing of manufacturing services, foreign exchange rates or employee wages. The Company is actively monitoring the effects these disruptions and increasing inflation could have on its operations.

Employee 401(k) Plan

Employee 401(k) Plan	12 Months Ended
Employee 401(k) Plan	Jun. 30, 2024
Employee 401(k) Plan
Employee 401(k) Plan	23. 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 $157,000 and $263,000 for the years ended June 30, 2024 and 2023, respectively. In addition, employer contributions included in loss from discontinued operations totaled approximately $10,000 and $135,000 for the years ended June 30, 2024 and 2023, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events
Subsequent Events	24. Subsequent Events At Market Issuance Sales Agreement On July 3, 2024, the Company, entered into an At Market Issuance Sales Agreement (the “ATM Agreement”) with Chardan Capital Markets, LLC and Craig-Hallum Capital Group LLC (the “Sales Agents”) providing for the sale by the Company of its Common Stock, from time to time, through the Sales Agents, with certain limitations on the amount of Common Stock that may be offered and sold by the Company as set forth in the ATM Agreement (the “Offering”). Offers and sales of shares of Common Stock by the Company, if any, under the ATM Agreement, is subject to the effectiveness of the Company’s shelf registration statement on Form S-3, filed with the SEC on July 3, 2024 which became effective on August 6, 2024. The aggregate market value of the shares of Common Stock eligible for sale under the ATM prospectus supplement included in the Registration Statement is currently $7,350,000, which is based on the limitations of General Instruction I.B.6 of Form S-3. Pursuant to the ATM Agreement, the Company will set the parameters for the sale of shares of Common Stock, including the number of shares of Common Stock to be issued, the time period during which sales are requested to be made, limitation on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. Subject to the terms and conditions of the ATM Agreement, the Sales Agents may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on the NYSE American or on any other existing trading market for the Common Stock. In addition, with the Company’s prior written approval, the Sales Agents may also sell shares by any other method permitted by law, including in privately negotiated transactions. Upon delivery of a placement notice and subject to the terms and conditions of the ATM Agreement, the Sales Agents will use their commercially reasonable efforts, consistent with their respective normal trading and sales practices, applicable state and federal law, rules and regulations, and the rules of the NYSE American, to sell shares of Common Stock from time to time based upon the Company’s instructions. The Company has no obligation to sell any shares of Common Stock under the ATM Agreement and may at any time suspend solicitation and offers under the ATM Agreement. The Sales Agents are not obligated to purchase any shares of Common Stock on a principal basis pursuant to the ATM Agreement. The ATM Agreement provides that the Company will pay the Sales Agents commissions for its services in acting as agent in the sale of shares of Common Stock pursuant to the ATM Agreement. The Sales Agents will be entitled to compensation at a fixed commission rate of up to 3.0% of the gross proceeds from the sale of shares of Common Stock pursuant to the ATM Agreement. The Company has agreed to provide the Sales Agents and certain of their affiliates of the Sales Agents with customary indemnification and contribution rights, including for liabilities under the Securities Act. The Company also agreed to reimburse the Sales Agents for certain specified expenses in connection with entering into the ATM Agreement, including the reasonable and documented out-of-pocket fees and disbursements of counsel to the Sales Agents up to $75,000 plus (i) an additional $5,000 per quarter so long as the ATM Agreement remains in effect and the Sales Agents perform standard quarterly due diligence with the Company, excluding any period during which a Suspension (as defined in the ATM Agreement) is in place pursuant to Section 4 of the ATM Agreement, and (ii) $25,000 in connection with any filing of an additional prospectus supplement which constitutes a Prospectus Supplement (as defined in the ATM Agreement). The ATM Agreement contains customary representations and warranties and conditions to the placements of shares of Common Stock pursuant thereto, obligations to sell shares under the ATM Agreement are subject to satisfaction of certain conditions, including the effectiveness of the Registration Statement and other customary closing conditions. The Offering of shares of Common Stock pursuant to the ATM Agreement will terminate upon the earlier of (i) the sale of all shares of Common Stock subject to the ATM Agreement, or (ii) termination of the ATM Agreement as permitted therein. Issuances of stock options during fiscal year 2025 were as follows: In fiscal year 2025, the Company granted stock option agreements to certain employees to purchase an aggregate of 22,500 shares of Common Stock at exercise prices between $1.81 and $2.21 per share. The options vest 25% after one year and then in equal quarterly installments over a 36-month period and expire on the tenth anniversary of the grant date. Vesting of RSUs during fiscal year 2025 were as follows: During the first quarter of fiscal year 2025, RSUs for 12,210 shares of Common Stock were vested.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (24,907)	$ (65,010)

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include liquidity assertions, the valuation of intellectual property and fixed assets held for sale, the incremental borrowing rate utilized in the finance and operating lease calculations, legal and contractual contingencies, the valuation of the pre-funded warrants issued to related to the extinguishment of the Term Loan, 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 its estimate of uncollectible amounts considering age, collection history, and any other factors considered appropriate. Management’s policy is to write off accounts receivable against the allowance for credit losses when a balance is determined to be uncollectible. At June 30, 2024 and 2023, the Company determined that an allowance for credit losses was not needed. The Company had accounts receivable of $1 million at June 30, 2022.
Subscription Receivable	Subscription Receivable The Company accounts for any subscription receivable as a current asset. Subscription receivables represent funds related to the sale of Common Stock in which the funds have not yet been delivered to the Company. The funds are generally held in escrow on behalf of the Company and are delivered within a few days.
Revenue Recognition	Revenue Recognition The Company accounts for its revenue recognition under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. A contract with a customer exists only when: (i) the parties to the contract have approved it and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the distinct goods or services to be transferred (“performance obligations”), (iii) the Company can determine the transaction price for the goods or services to be transferred, (iv) the contract has commercial substance and (v) it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. The Company recognizes revenue when it satisfies its performance obligations by transferring control of a promised good or service to the customer. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The Company analyzes its contracts to determine whether the elements can be separately identifiable and accounted for individually or as a bundle of goods or services. Allocation of revenue to individual elements that qualify for performance obligations 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. 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, 2024 and 2023, the Company had no credit loss provisions. The Company generates 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. Revenue reported in discontinued operation was recognized at a point in time for all periods presented. Collaborations/Partnerships The Company may enter into research and discovery collaborations with third parties that involve a joint operating activity, typically a research and/or development effort, where both parties are active participants in the activity and are exposed to the significant risks and rewards of the activity. The Company’s rights and obligations under its collaboration agreements vary and typically include milestone payments, contingent upon the occurrence of certain future events linked to the success of the asset in development, as well as expense reimbursements from or payments to the collaboration partner. The Company considers the nature and contractual terms of agreements and assesses whether an agreement involves a joint operating activity pursuant to which the Company is an active participant and is exposed to significant risks and rewards dependent on the commercial success of the activity as described under ASC 808, Collaborative Arrangements Revenue from Contracts with Customers Collaborative revenues generated typically include payment to the Company related to one or more of the following: non-refundable upfront license fees, development and commercial milestones, and partial or complete reimbursement of research and development costs. For the years ended June 30, 2024, revenue in the amount of $225,000 was recognized from research activities performed and a non-refundable upfront license fee for which performance obligations were satisfied. No revenue was recognized for the year ended June 30, 2023.
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, 2024 and 2023, contract assets
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, 2024, 2023 and 2022, contract liabilities were $200,000, $0 and $100,000, respectively. The Company recognized revenue of $0 in 2024 that was included in the contract liabilities balance as of June 30, 2023 and $100,000 in 2023 that was included in the contract liabilities balance as of June 30, 2022 and was reported in discontinued operations.
Leases	Leases The Company accounts for leases under the guidance of ASC 842, . The standard established 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 noncurrent assets and both current and noncurrent liabilities. 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 are recorded based on the present value of lease payments over the expected remaining lease term. The implicit rate within the Company’s existing finance (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. The implicit rate within the Company’s operating lease was not determinable and, therefore, the Company used the incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of the Company’s incremental borrowing rate requires judgement. The Company will determine the incremental borrowing rate for each new lease using its estimated borrowing rate.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash 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, 2024 and 2023 consisted of money market accounts. Restricted cash at June 30, 2024 consists of a letter of credit obtained related to the San Diego operating lease (see Note 16 – Operating Lease Obligations) and a Company purchasing card. The Company’s bank requires an additional 5% collateral held above the actual letters of credit issued for the San Diego lease and Company purchasing card. Restricted cash was $215,000 and $253,000 June 30, 2024 and 2023, respectively. The following table summarizes the components of total cash, cash equivalents and restricted cash in the consolidated statements of cash flows (in thousands): June 30, June 30, 2024 2023 Cash and equivalents $ 14,210 $ 4,301 Collateral held for letter of credit - term note payable — 3,025 Collateral held for letter of credit - San Diego lease 198 198 Collateral held for Company purchasing card 17 55 Total cash, cash equivalents and restricted cash $ 14,425 $ 7,579
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 was 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. The Company held no investments in debt securities at June 30, 2024 and 2023.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value on the first-in, first-out basis. The Company held no inventory
Research and Development	Research and Development The Company accounts for research and development costs in accordance with the Financial Accounting Standards Board (“FASB”) ASC 730-10, “ Research and Development
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 9 - Finance Lease ROU Assets and Note 15 - Finance Lease Obligations 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 thirty-nine years. The Company monitors fixed assets for impairment indicators throughout the year. When necessary, charges for impairments of long-lived assets are recorded for the amount by which the fair value is less than the carrying value of these assets. Changes in the Company’s business strategy or adverse changes in market conditions could impact impairment analyses and require the recognition of an impairment charge. 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. See Note 11 – Fixed Assets for additional information.
Intangible Assets	Intangible Assets Identifiable intangible assets are comprised of definite life intangible assets and indefinite life intangible assets. The Company accounts for definite life intangible assets at either their historical cost or allocated purchase price at asset acquisition and records amortization utilizing the straight-line method based upon their estimated useful lives. Intellectual property is amortized over 20 years. The Company reviews the carrying value of its definite life intangible assets for impairment whenever events or changes in business circumstances indicate the carrying amount of such assets may not be fully recoverable. The carrying value is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss is measured as the amount by which the carrying amount exceeds it fair value. For indefinite life intangible assets, the Company performs an impairment test annually and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company determines the fair value of the asset annually or when triggering events are present, based on discounted cash flows and records an impairment loss if book value exceeds fair value. Evaluating for impairment requires judgment, including the estimation of future cash flows, future growth rates and profitability and the expected life over which cash flows will occur. Changes in the Company’s business strategy or adverse changes in market conditions could impact impairment analyses and require the recognition of an impairment charge. 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. See Note 12 – Intangible Assets for additional information.
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 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
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
Concentrations of Credit Risk	Concentrations of Credit Risk Cash The Company maintains principally all cash balances in two financial institutions 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, 2024 and 2023, amounts in excess of insured limits were approximately $664,000 and $6,900,000, respectively. Revenue During the fiscal year ended June 30, 2024, the Company reported revenue of $225,000 in continuing operations from two research collaborators and $0 of its revenue from discontinued operations. During the fiscal year ended June 30, 2023, the Company reported no revenue from continuing operations and generated $391,000 of its revenue reported in discontinued operations from four customers.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“ASC”). The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of ASC Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the ASC with the SEC’s regulations. The ASU has an unusual effective date and transition requirements since it is contingent on future SEC rule setting. If the SEC fails to enact required changes by June 30, 2027, this ASU is not effective for any entities. Early adoption is not permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective beginning with the Company’s 2024 fiscal year annual reporting period, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”) to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. This ASU applies to all entities subject to income taxes. This ASU will be effective for public companies for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this standard will have on its 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.

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
Discontinued Operations (Tables)	Jun. 30, 2024
Discontinued Operations
Schedule of discontinued operations	The following table presents a reconciliation of the major financial lines constituting the results of operations for discontinued operations to the loss from discontinued operations presented separately in the consolidated statements of operations (in thousands): Years Ended June 30, 2024 2023 Revenues $ — $ 391 Cost of goods sold — 52 Gross profit — 339 Operating expenses: Research and development — 6,344 General and administrative 1,207 6,751 Fixed asset impairments 3,100 17,900 Loss (gain) on sale of fixed assets 4,816 (773) Inventory reserve — 4,915 Total operating expenses 9,123 35,137 Other income (expenses): Interest expense - term note payable (1,149) (900) Gain on extinguishment of debt 808 — Other — (1) Total other expenses (341) (901) Loss from discontinued operations $ (9,464) $ (35,699) The following table presents net carrying values related to the major classes of assets that were classified as held for sale at June 30, 2024 and 2023 (in thousands): June 30, June 30, 2024 2023 Current assets: Operating lease right-of-use assets $ - $ 1,941 Property and equipment, net - 16,124 Total current assets $ - $ 18,065 Current liabilities: Operating lease obligation $ - $ 1,941 Total current liabilities $ - $ 1,941 The following table presents the supplemental disclosures related to discontinued operations for the cash flows (in thousands): Years Ended June 30, 2024 2023 Depreciation expense $ — $ 273 Amortization of finance lease right-of-use assets — 20 Purchase of fixed assets — 1,542 Fixed asset impairments 3,100 17,900 Loss on sale of fixed assets 4,817 — Gain on extinguishment of debt (808) — Payments of term note payable (1,513) — Inventory reserve — 4,915 Sales proceeds of fixed assets 50 2,600 Payment of finance lease obligation — 17 Investing non-cash transactions: Fixed assets included in accounts payable in prior period, paid in current period — 1,542 Supplemental cash flow information: Cash paid during the period for interest 577 603

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2024
Summary of Significant Accounting Policies
Schedule of of total cash, cash equivalents and restricted cash	June 30, June 30, 2024 2023 Cash and equivalents $ 14,210 $ 4,301 Collateral held for letter of credit - term note payable — 3,025 Collateral held for letter of credit - San Diego lease 198 198 Collateral held for Company purchasing card 17 55 Total cash, cash equivalents and restricted cash $ 14,425 $ 7,579

Significant Transactions (Table

Significant Transactions (Tables) - RubrYc Therapeutics	12 Months Ended
Significant Transactions (Tables) - RubrYc Therapeutics	Jun. 30, 2024
Asset Purchase Agreement
Summary of Purchase Price Allocation of Asset Acquisition	Intangible assets $ 1,228,000 Fixed assets 114,000 $ 1,342,000
Stock Purchase Agreement
Summary of Purchase Price Allocation of Asset Acquisition	The Company accounted for the agreements as an asset purchase and allocated the purchase price of $7,500,000 as follows: Preferred stock $ 1,760,000 Intangible assets 4,300,000 Prepaid expenses 1,440,000 $ 7,500,000

Investments in Debt Securities

Investments in Debt Securities (Tables)	12 Months Ended
Investments in Debt Securities (Tables)	Jun. 30, 2024
Investments in Debt Securities
Schedule of realized losses on available-for-sale debt securities	Years Ended June 30, 2024 2023 Proceeds from sale of debt securities $ — $ 6,739 Cost of debt securities — 6,837 Realized loss on sale of debt securities $ — $ (98)

Finance Lease ROU Assets (Table

Finance Lease ROU Assets (Tables)	12 Months Ended
Finance Lease ROU Assets (Tables)	Jun. 30, 2024
Finance Lease ROU Assets
Summary of the gross carrying value and accumulated amortization of finance lease ROU	June 30, June 30, 2024 2023 ROU - Equipment $ 814 $ 814 Accumulated amortization (475) (204) Net finance lease ROU assets $ 339 $ 610

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
Fixed Assets (Tables)	Jun. 30, 2024
Fixed Assets
Schedule of gross carrying value and accumulated depreciation of fixed assets	June 30, June 30, 2024 2023 Building and improvements $ 695 $ 695 Machinery and equipment 3,545 3,521 Office equipment and software 403 403 4,643 4,619 Accumulated depreciation (1,011) (400) Net fixed assets $ 3,632 $ 4,219

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
Intangible Assets (Tables)	Jun. 30, 2024
Intangible Assets
Schedule of Category the gross carrying value and accumulated amortization of intangible assets	June 30, June 30 2023 Amortization Additions Impairments 2024 Intellectual property – gross carrying value $ 400 $ — $ — $ — $ 400 Intellectual property – accumulated amortization (15) (20) — — (35) Total definite lived intangible assets 385 $ (20) — $ — 365 Intellectual property – indefinite lived 5,003 — — — 5,003 Total net intangibles $ 5,388 $ — $ 5,368
Schedule of Estimated annual amortization expenses for next five years and thereafter	For the Year Ended June 30, 2025 $ 20 2026 20 2027 20 2028 20 2029 20 Thereafter 265 Total $ 365

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
Accrued Expenses (Tables)	Jun. 30, 2024
Accrued Expenses
Schedule of Accrued Expenses	June 30, June 30, 2024 2023 Personnel related costs $ 1,568 $ 3,879 Real estate taxes — 268 Interest and fees related to term note payable — 183 Professional fees — 31 Other accrued expenses 460 200 Total accrued expenses $ 2,028 $ 4,561

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Jun. 30, 2024
Term Promissory Note
Schedule of Future Minimum Financing Payments	Fiscal period ending on June 30: Principal Interest Total 2025 $ 218 $ 151 $ 369 2026 766 70 836 Total minimum term promissory note payments 984 $ 221 $ 1,205 Less: current portion (218) Long-term portion of minimum term promissory note obligation $ 766
Equipment Financing Agreement
Schedule of Future Minimum Financing Payments	Fiscal period ending on June 30: Principal Interest Total 2025 $ 178 $ 17 $ 195 2026 63 1 64 Total minimum equipment financing payments 241 $ 18 $ 259 Less: current portion (178) Long-term portion of minimum equipment financing obligation $ 63
Insurance Premium Financing Agreement
Schedule of Future Minimum Financing Payments	Fiscal period ending on June 30: Principal Interest Total 2025 $ 123 $ 1 $ 124

Finance Lease Obligations (Tabl

Finance Lease Obligations (Tables)	12 Months Ended
Finance Lease Obligations (Tables)	Jun. 30, 2024
Finance Lease Obligations
Schedule of components of lease expense and supplemental balance sheet information related to the finance lease obligation	Years Ended June 30, 2024 2023 Finance lease cost: Amortization of ROU assets $ 271 $ 204 Interest on lease liabilities 48 49 Total lease cost $ 319 $ 253 Other information: Cash paid for amounts included in the measurement lease liabilities: Financing cash flows from finance lease obligations $ 272 $ 191 June 30, 2024 2023 Finance lease ROU assets $ 339 $ 610 Finance lease obligation - current portion $ 299 $ 272 Finance lease obligation - noncurrent portion $ 53 $ 351 Weighted-average remaining lease term - finance lease 1.17 years 2.17 years Weighted-average discount rate - finance lease obligation 9.500 % 9.500 %
Future Minimum Payments Under the Finance Lease Obligation	Fiscal year ending on June 30: Principal Interest Total 2025 $ 299 $ 20 $ 319 2026 53 1 54 Total minimum lease payments 352 $ 21 $ 373 Less: current portion (299) Long-term portion of minimum lease obligations $ 53

Operating Lease Obligations (Ta

Operating Lease Obligations (Tables)	12 Months Ended
Operating Lease Obligations (Tables)	Jun. 30, 2024
Operating Lease Obligations
Lease Expense and Supplemental Balance Sheet Information Related to the Operating Lease Obligation	Years Ended June 30, 2024 2023 Operating lease cost: $ 563 $ 563 Total lease cost $ 563 $ 563 Other information: Cash paid for amounts included in the measurement lease liability: Operating cash flows from operating lease $ 563 $ 563 Operating cash flows from operating lease obligation $ 631 $ 307 June 30, June 30, 2024 2023 Operating lease ROU assets $ 2,401 $ 2,722 Operating lease obligations - current portion $ 436 $ 389 Operating lease obligations - noncurrent portion $ 2,688 $ 3,125 Weighted average remaining lease term - operating leases 5.50 years 6.50 years Weighted average discount rate - operating lease obligations 7.25 % 7.25 %
Future Minimum Payments under the Operating Lease Obligation	Fiscal year ending on June 30: Principal Imputed Interest Total 2025 $ 436 $ 212 $ 648 2026 490 179 669 2027 546 142 688 2028 609 100 709 2029 677 54 731 Thereafter 366 8 374 Total minimum lease payments 3,124 $ 695 $ 3,819 Less: current portion (436) Long-term portion of minimum lease obligation $ 2,688

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	12 Months Ended
Earnings (Loss) Per Common Share (Tables)	Jun. 30, 2024
Earnings (Loss) Per Common Share
Schedule of Earnings (loss) Per Share, Basic and Diluted	Years ended June 30, 2024 2023 Basic and diluted numerator: Net loss from continuing operations $ (15,443) $ (29,311) Net loss from discontinued operations $ (9,464) $ (35,699) Net loss - total $ (24,907) $ (65,010) Basic and diluted denominator: Weighted-average common shares outstanding 3,831 612 Per share amount - continuing operations $ (4.03) $ (47.88) Per share amount - discontinued operations $ (2.47) $ (58.31) Per share amount - total $ (6.50) $ (106.19)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	June 30, 2024 2023 (in thousands) Stock options 912 14 Restricted stock units 37 12 Warrants 12,127 293 Shares excluded from the calculation of diluted loss per share 13,076 319

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
Share-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Compensation
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Years Ended June 30, 2024 2023 Research and development $ 234 $ 149 General and administrative 1,741 2,714 Total $ 1,975 $ 2,863
Schedule of Stock Option Activity	Weighted- Weighted- average average Remaining Aggregate Stock Exercise Contractual Intrinsic Value Options Price Term (in years) (in thousands) Outstanding as of July 1, 2022 30,708 $ 603.43 8.3 $ — Granted 15,375 141.17 — — Exercised — — — — Forfeited/expired (31,465) 479.67 — — Outstanding as of June 30, 2023 14,618 $ 383.62 8.5 $ — As of June 30, 2023, vested and expected to vest 14,616 $ 383.64 8.5 $ — Exercisable as of June 30, 2023 4,790 $ 583.09 7.9 $ — Outstanding as of June 30, 2023 14,618 $ 383.62 8.5 $ — Granted 908,250 1.93 — — Exercised — — — — Forfeited/expired (10,742) 164.15 — — Outstanding as of June 30, 2024 912,126 $ 6.14 7.6 $ 280 As of June 30, 2024, vested and expected to vest 912,126 $ 6.14 7.6 $ 280 Exercisable as of June 30, 2024 6,472 $ 459.08 7.2 $ —
Schedule of Stock Options Outstanding and Exercisable	Options Outstanding and Exercisable Weighted- Weighted- Average Average Number Remaining Life Exercise Number Outstanding In Years Price Exercisable Exercise prices: $1.72 - $7.00 902,300 7.6 $ — — $140.00 - $210.00 4,681 8.0 $ 147.83 2,164 $347.00 - $520.50 1,191 7.2 $ 355.66 1,190 $530.00 - $795.00 3,554 6.8 $ 668.89 2,718 $1,025.00 - $1,537.50 400 6.3 $ 1,025.00 400 912,126 7.6 $ 459.08 6,472
Schedule of Fair Value of Options Granted using the Black-Scholes Option Pricing Model	2024 2023 Weighted-average risk-free interest rate 4.44% - 4.83 % 3.21% - 3.61 % Dividend yield 0 % 0 % Volatility 157.77 - 266.94 % 115.52 - 116.93 % Expected term (in years) 5 7

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Taxes
Schedule of Components of Income Tax Expense (Benefit)	For the Years Ended June 30, 2024 2023 Current – Federal and state $ — $ — Deferred – Federal (5,193) (12,153) Deferred – State (102) (637) Total (5,295) (12,790) Change in valuation allowance 5,295 12,790 Income tax expense $ — $ —
Schedule of Deferred Tax Assets and Liabilities	As of June 30, 2024 2023 Deferred tax assets (liabilities): Net operating loss $ 49,104 $ 42,951 Share-based compensation 869 883 Capitalized research and development costs 3,408 2,775 Research and development tax credits 1,764 1,764 Investment in equity security 404 395 Property, plant and equipment (830) 121 Intangible assets (138) (42) Operating and finance lease liabilities 797 1,363 Operating and finance lease ROU assets (629) (1,184) Accrued expenses 96 529 Contribution carryforward 5 — Valuation allowance (54,850) (49,555) Total $ — $ —
Schedule of Effective Income Tax Rate Reconciliation	Years Ended June 30, 2024 2023 Statutory federal income tax rate 21 % 21 % State taxes, net of federal benefit 2 % 1 % Expiration and forfeiture of stock options (2) % (2) % Change in valuation allowance (21) % (20) % Effective income tax rate — % — %

Basis of Presentation (Details)

Basis of Presentation (Details)									1 Months Ended	12 Months Ended
Basis of Presentation (Details)	Mar. 26, 2024 USD ($) $ / shares shares	Feb. 25, 2024 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 07, 2023 USD ($) shares	Nov. 29, 2023 shares	Sep. 30, 2023 USD ($) $ / shares shares	Aug. 04, 2023 USD ($) shares	Oct. 07, 2022 shares	Aug. 31, 2024 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)
Net cash used in operating activities										$ 18,554,000	$ 30,436,000
Total current assets										15,672,000	26,259,000
Cash and cash equivalents										14,210,000	4,301,000
Net losses										24,907,000	65,010,000
Operating capital deficit										18,600,000	30,400,000
Proceeds from offering										$ 25,523,000	$ 11,487,000
Common stock, par value (in dollars per share) \| $ / shares										$ 0.001	$ 0.001
Sale proceeds for intangible assets										$ 1,000,000
Proceeds from exercise of warrants										4,464,000
Total cash, cash equivalents and restricted cash										14,425,000	$ 7,579,000	$ 28,672,000
Restricted cash, current											$ 3,025,000
Pre-split shares required for one post-split share of common stock \| shares								25
Cash and cash equivalents and marketable securities										$ 14,400,000
Subsequent Events
Proceeds from exercise of warrants									$ 4,000
Common Stock
Reverse stock split, shares received per share tendered					0.05			0.04
Pre-split shares required for one post-split share of common stock \| shares					20			25
Pre-Funded Warrants
Number of warrants exercised \| shares										1,650,000
Series C Warrants
Number of warrants exercised \| shares										1,178,500
Series C Warrants \| Subsequent Events
Number of warrants exercised \| shares									1,000
Series D Warrants
Number of warrants exercised \| shares										1,053,500
Series D Warrants \| Subsequent Events
Number of warrants exercised \| shares									1,000
At-The-Market Offerings
Shares issued \| shares						170,989
Proceeds from offering						$ 1,700,000
Common stock, par value (in dollars per share) \| $ / shares						$ 0.001
Lincoln Park Purchase Agreement
Shares issued \| shares			21,457				181,141
Proceeds from offering			$ 100,000				$ 1,200,000
Offering 2023
Shares issued \| shares				600,000
Proceeds from offering				$ 4,500,000
Offering 2023 \| Pre-Funded Warrants
Number of warrants issued \| shares				1,650,000
Warrants, shares of common stock issued upon conversion \| shares				1,650,000
Offering 2023 \| Series C Warrants
Number of warrants issued \| shares				2,250,000
Warrants, shares of common stock issued upon conversion \| shares				2,250,000
Offering 2023 \| Series D Warrants
Number of warrants issued \| shares				2,250,000
Warrants, shares of common stock issued upon conversion \| shares				2,250,000
2024 Securities Purchase Agreement \| Private placement
Shares issued \| shares	2,701,315
Common stock, gross proceeds from issuance	$ 15,100,000
Common stock, net proceeds from issuance	$ 14,100,000
Placement agent fees paid (as percentage)	6%
Reduced placement agent fee percentage	4%
Payment made to placement agent for legal fees and other out of pocket expenses	$ 50,000
2024 Securities Purchase Agreement \| Private placement \| Common Stock
Common stock, net proceeds from issuance				$ 4,000,000
2024 Securities Purchase Agreement \| Private placement \| Pre-Funded Warrants
Warrants, shares of common stock issued upon conversion \| shares	2,585,963
Exercise price per share of warrants \| $ / shares	$ 0.0001
2024 Securities Purchase Agreement \| Private placement \| Series E Warrants
Warrants, shares of common stock issued upon conversion \| shares	5,287,278
Exercise price per share of warrants \| $ / shares	$ 2.64
Warrants, exercisable term	5 years
2024 Securities Purchase Agreement \| Private placement \| Common Shares and Series E Warrants
Combined purchase price per share \| $ / shares	$ 2.85
2024 Securities Purchase Agreement \| Private placement \| Pre-funded and Series E Warrants
Combined purchase price per share \| $ / shares	$ 2.849
PD-1 Purchase Agreement
Sale proceeds for intangible assets		$ 1,000,000
Potential contingent payment		2,500,000
Second potential contingent payment		$ 50,000,000

Discontinued Operations (Detail

Discontinued Operations (Details)					3 Months Ended		12 Months Ended
Discontinued Operations (Details)	May 31, 2024 USD ($) $ / shares shares	Mar. 30, 2023 USD ($)	Feb. 17, 2023 USD ($)	Nov. 03, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from auctioned equipment							$ 116,000	$ 2,600,000
Loss recorded in discontinued operations							9,464,000	35,699,000
Fixed asset impairment charge							3,100,000	17,900,000
Inventory write-down to net realizable value								4,915,000
Gain on extinguishment of debt							808,000
iBio CDMO, LLC \| Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from auctioned equipment							50,000	2,600,000
Percentage of workforce reduction				60%
Number of positions reduced				69
Pre-tax employee reduction expenses								1,900,000
Transition period for terminated employees				60 days
Loss recorded in discontinued operations							9,464,000	35,699,000
Fixed asset impairment charge							3,100,000	17,900,000
Inventory write-down to net realizable value								4,915,000
Personnel and severance costs								7,500,000
Interest charges on term note							1,149,000	900,000
Loss on sale of fixed assets							4,816,000	(773,000)
Gain on extinguishment of debt							808,000
iBio CDMO, LLC \| Discontinued Operations \| Fair Value, Nonrecurring \| Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fixed asset impairment charge								17,900,000
iBio CDMO, LLC \| Discontinued Operations \| Facility \| Fair Value, Nonrecurring \| Level 3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fixed asset impairment charge					$ 3,100,000	$ 300,000		$ 6,300,000
iBio CDMO, LLC \| Discontinued Operations \| 2024 Purchase and Sale Agreement - The Board of Regents
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of fixed assets							4,800,000
Gain on extinguishment of debt							800,000
iBio CDMO, LLC \| Discontinued Operations \| 2024 Purchase and Sale Agreement - The Board of Regents \| Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of fixed assets							$ 4,800,000
iBio CDMO, LLC \| Discontinued Operations \| The Auctioneers \| Auction Sale Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Guaranteed minimum proceeds for auctioned equipment			$ 2,100,000
Net proceeds from auctioned equipment		$ 2,600,000
Final sale price for auctioned equipment		$ 2,900,000
Excess proceeds from auctioned equipment (percentage)		80%
Fees for auctioned equipment		$ 200,000
iBio CDMO, LLC \| Discontinued Operations \| Woodforest National Bank \| Settlement Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property paid to Woodforest to settle debt	$ 8,500,000
Cash payments to settle debt	$ 915,000
iBio CDMO, LLC \| Discontinued Operations \| Woodforest National Bank \| Settlement Agreement \| Pre-Funded Warrants
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Warrants issued to settle debt \| shares	1,560,570
Exercise price per share of warrants \| $ / shares	$ 0.0001

Discontinued Operations - Recon

Discontinued Operations - Reconciliation of Loss from Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Results of operations for discontinued operations
Research and development	$ 5,185	$ 10,327
Fixed asset impairments	3,100	17,900
Inventory reserve		4,915
Gain on extinguishment of debt	808
Loss from discontinued operations	(9,464)	(35,699)
iBio CDMO, LLC \| Discontinued Operations
Results of operations for discontinued operations
Revenues		391
Cost of goods sold		52
Gross profit		339
Research and development		6,344
General and administrative	1,207	6,751
Fixed asset impairments	3,100	17,900
Loss (gain) on sale of fixed assets	4,816	(773)
Inventory reserve		4,915
Total operating expenses	9,123	35,137
Interest expense - term note payable	(1,149)	(900)
Gain on extinguishment of debt	808
Other		(1)
Total other expenses	(341)	(901)
Loss from discontinued operations	$ (9,464)	$ (35,699)

Discontinued Operations - Rec_2

Discontinued Operations - Reconciliation of Assets and Liabilities Held-for-Sale (Details) - iBio CDMO, LLC - Held-for-Sale $ in Thousands	Jun. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating lease right-of-use assets	$ 1,941
Property and equipment, net	16,124
Total current Assets	18,065
Operating lease obligation	1,941
Total current liabilities	$ 1,941

Discontinued Operations - Rec_3

Discontinued Operations - Reconciliation of Cash Flows from Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation expense	$ 638	$ 674
Amortization of finance lease right-of-use assets	271	224
Fixed asset impairments	3,100	17,900
Loss on sale of fixed assets	4,909	(773)
Gain on extinguishment of debt	(808)
Payment of term note payable	(1,513)	(9,318)
Inventory reserve		4,915
Sales proceeds for fixed assets	116	2,600
iBio CDMO, LLC \| Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation expense		273
Amortization of finance lease right-of-use assets		20
Purchase of fixed assets		1,542
Fixed asset impairments	3,100	17,900
Loss on sale of fixed assets	4,817
Gain on extinguishment of debt	(808)
Payment of term note payable	(1,513)
Inventory reserve		4,915
Sales proceeds for fixed assets	50	2,600
Payment of finance lease obligation		17
Investing non-cash transactions:
Fixed assets included in accounts payable in prior period, paid in current period		1,542
Supplemental cash flow information:
Cash paid during the period for interest	$ 577	$ 603

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable			$ 1,000,000
Allowance for credit losses	$ 0	$ 0
Revenues	225,000	0
Contract assets	0	0
Contract liabilities	200,000	0	$ 100,000
Inventory	0	0
Research and development expenses	$ 5,185,000	$ 10,327,000
Dividend rate	0%	0%
Liability for uncertain tax positions	$ 0	$ 0
Cash deposits held in excess of FDIC insured amount	664,000	6,900,000
Continuing Operations
Summary Of Significant Accounting Policies [Line Items]
Revenues	225,000	0
Discontinued Operations
Summary Of Significant Accounting Policies [Line Items]
Revenues	$ 0	391,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Fixed assets, useful life	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Fixed assets, useful life	39 years
Intellectual Property
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life	20 years
Revenues
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized included in contract liabilities	$ 0
Discontinued Operations
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized included in contract liabilities		$ 100,000
Research and development expenses	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Additional collateral held by bank (percentage of credit issued)	5%
Cash and equivalents	$ 14,210,000	$ 4,301,000
Restricted cash	215,000	253,000
Total cash, cash equivalents and restricted cash	14,425,000	7,579,000	$ 28,672,000
Collateral Held For Letter Of Credit - Term Note Payable
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Restricted cash		3,025,000
Collateral Held For Letter Of Credit - San Diego Lease
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Restricted cash	198,000	198,000
Collateral Held For Company Purchasing Card
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Restricted cash	$ 17,000	$ 55,000

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Details) - USD ($)		3 Months Ended		12 Months Ended
	May 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed asset impairment charge				$ 3,100,000	$ 17,900,000
Discontinued Operations \| iBio CDMO, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed asset impairment charge				3,100,000	17,900,000
Loss on sale of fixed assets				4,816,000	(773,000)
Discontinued Operations \| iBio CDMO, LLC \| 2024 Purchase and Sale Agreement - The Board of Regents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on sale of fixed assets				4,800,000
Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, fixed assets held for sale			$ 16,124,000	0	16,124,000		$ 16,350,000
Facility \| Discontinued Operations \| iBio CDMO, LLC \| 2024 Purchase and Sale Agreement - The Board of Regents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of building	$ 8,500,000
Loss on sale of fixed assets				$ 4,800,000
Equipment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value, fixed assets held for sale							$ 2,100,000
Fair Value, Nonrecurring \| Level 1 \| Facility \| Purchase and Sale Agreement - Majestic Realty
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, fixed assets held-for-sale (Quoted prices)						$ 17,250,000
Fair Value, Nonrecurring \| Level 3 \| Discontinued Operations \| iBio CDMO, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed asset impairment charge					17,900,000
Fair Value, Nonrecurring \| Level 3 \| Facility \| Discontinued Operations \| iBio CDMO, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed asset impairment charge		$ 3,100,000	$ 300,000		6,300,000
Fair Value, Nonrecurring \| Level 3 \| Equipment \| Discontinued Operations \| iBio CDMO, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed asset impairment charge					$ 11,300,000

Significant Transactions (Detai

Significant Transactions (Details)					3 Months Ended	12 Months Ended
Significant Transactions (Details)	Jan. 01, 2023 item	Sep. 16, 2022 USD ($) lease shares	Nov. 01, 2021 USD ($) $ / shares shares	Aug. 23, 2021 USD ($) shares	Dec. 31, 2022 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Value of shares purchased in transaction							$ 650,000
General and administrative expenses						$ 11,674,000	$ 19,016,000
RubrYc Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of equipment leases assumed in asset acquisition		3
The Purchase and Sale Agreement \| College Station Investors
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of building			$ 28,000,000
Purchase price for Ground Lease Property			28,750,000
Base rent expense			$ 151,450
Interest rate on lease (percentage of facility's market value)			6.50%
The Credit Agreement \| Woodforest National Bank
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Secured term loan			$ 22,375,000
The Warrant \| Bryan Capital \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants, shares issued \| shares			2,579
Exercise price per share of warrants \| $ / shares			$ 665
Warrants issued and exercisable \| shares			579
Value of exercisable warrants			$ 217,255
Collaboration, Option and License Agreement \| RubrYc Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration and license agreement, agreement term				5 years
Collaboration and license agreement, royalty payment term				10 years
Stock Purchase Agreement \| RubrYc Therapeutics \| Series A-2 Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares purchased in transaction \| shares				2,864,345
Value of shares purchased in transaction				$ 7,500,000
Asset Purchase Agreement \| RubrYc Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Liability for contingent consideration		$ 5,000,000
Cash advances to RubrYc to support operations		484,000
Transaction costs		$ 208,000
Impairment of investment in RubrYc								$ 1,760,000
Impairment of current prepaid expense								288,000
Impairment of noncurrent prepaid expense								$ 864,000
Number of equipment leases assumed in asset acquisition \| lease		3
Finance leases		$ 814,000
Asset Purchase Agreement \| RubrYc Therapeutics \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued per agreement \| shares		5,117
Fair value of shares issued in agreement		$ 1,000,000
Fair value of shares issued and subject to lockup period		$ 650,000
Separation Agreement and General Release \| Dr. Martin Brenner, Chief Executive Officer
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Period of bi-monthly installments of current base salary	24 months
Period of bi-monthly installments of target bonus	24 months
Maximum period for coverage of health insurance	18 months
COBRA subsidy period	18 months
Lump sum payment equal to six time the COBRA subsidy \| item	6
General and administrative expenses					$ 2,130,000
Accrued expenses						$ 500,000

Significant Transactions - Summ

Significant Transactions - Summary of Asset Acquisition (Details) - RubrYc Therapeutics - USD ($)	Sep. 19, 2022	Aug. 23, 2021
Stock Purchase Agreement
Business Acquisition [Line Items]
Purchase price allocated		$ 7,500,000
Stock Purchase Agreement \| Preferred Stock
Business Acquisition [Line Items]
Purchase price allocated		1,760,000
Stock Purchase Agreement \| Intangible Assets
Business Acquisition [Line Items]
Purchase price allocated		4,300,000
Stock Purchase Agreement \| Prepaid Expenses
Business Acquisition [Line Items]
Purchase price allocated		$ 1,440,000
Asset Purchase Agreement
Business Acquisition [Line Items]
Purchase price allocated	$ 1,342,000
Asset Purchase Agreement \| Intangible Assets
Business Acquisition [Line Items]
Purchase price allocated	1,228,000
Asset Purchase Agreement \| Fixed Assets
Business Acquisition [Line Items]
Purchase price allocated	$ 114,000

Promissory Note Receivable (Det

Promissory Note Receivable (Details) - USD ($)			12 Months Ended
Promissory Note Receivable (Details) - USD ($)	Aug. 29, 2024	Jun. 19, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory note receivable, current			$ 713,000
Promissory note receivable, non-current			1,081,000	$ 1,706,000
Interest income			363,000	213,000
Promissory Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory note receivable, net			1,794,000	1,706,000
Safi Biosolutions \| Promissory Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory note receivable, current			713,000
Promissory note receivable, non-current			1,081,000
Promissory note receivable, net		$ 1,500,000
Interest rate		5%
Interest rate for first one year extension		7%
Interest rate for second one year extension		9%
Interest income			$ 88,000	$ 75,000
Safi Biosolutions \| Promissory Note \| Subsequent Events
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest payments on notes receivable	$ 713,000
Payments on notes receivable (amounts applied against principal balance)	$ 419,000

Investments in Debt Securitie_2

Investments in Debt Securities (Details) - USD ($)	12 Months Ended
Investments in Debt Securities (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Investments in Debt Securities
Amortization of premiums on debt securities	$ 0	$ 67,000
Proceeds from sale of debt securities		6,739,000
Cost of debt securities		6,837,000
Realized loss on sale of debt securities		$ (98,000)

Finance Lease ROU Assets (Detai

Finance Lease ROU Assets (Details)	12 Months Ended
Finance Lease ROU Assets (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 16, 2022
Lessee, Lease, Description [Line Items]
Net finance lease ROU assets	$ 339,000	$ 610,000
Amortization expense - ROU assets	271,000	224,000
Continuing Operations
Lessee, Lease, Description [Line Items]
Amortization expense - ROU assets	271,000	204,000
RubrYc Therapeutics
Lessee, Lease, Description [Line Items]
Number of equipment leases assumed in asset acquisition			3
Equipment \| RubrYc Therapeutics
Lessee, Lease, Description [Line Items]
ROU - Equipment	814,000	814,000
Accumulated amortization	(475,000)	(204,000)
Net finance lease ROU assets	$ 339,000	$ 610,000

Operating Lease ROU Assets (Det

Operating Lease ROU Assets (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Nov. 01, 2021	Sep. 10, 2021
Operating lease right-of-use asset	$ 2,401,000	$ 2,722,000
Facilities \| San Diego, California
Operating lease right-of-use asset	$ 2,401,000	$ 2,722,000		$ 3,603,000
Facilities \| Bryan, Texas
Operating lease right-of-use asset			$ 1,967,000

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	3 Months Ended		12 Months Ended
Fixed Assets (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Fixed asset impairment charge			$ 3,100,000	$ 17,900,000
iBio CDMO, LLC \| Discontinued Operations
Property, Plant and Equipment [Line Items]
Fixed asset impairment charge			3,100,000	17,900,000
Facility
Property, Plant and Equipment [Line Items]
Carrying value, fixed assets held for sale		$ 16,124,000	$ 0	16,124,000	$ 16,350,000
Fair Value, Nonrecurring \| Level 3 \| iBio CDMO, LLC \| Discontinued Operations
Property, Plant and Equipment [Line Items]
Fixed asset impairment charge				17,900,000
Fair Value, Nonrecurring \| Level 3 \| Facility \| iBio CDMO, LLC \| Discontinued Operations
Property, Plant and Equipment [Line Items]
Fixed asset impairment charge	$ 3,100,000	$ 300,000		$ 6,300,000

Fixed Assets - Carrying Value a

Fixed Assets - Carrying Value and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Gross fixed assets	$ 4,643,000	$ 4,619,000
Accumulated depreciation	(1,011,000)	(400,000)
Net fixed assets	3,632,000	4,219,000
Depreciation expense - fixed assets	638,000	400,000
Building and Improvements
Property, Plant and Equipment [Line Items]
Gross fixed assets	695,000	695,000
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Gross fixed assets	3,545,000	3,521,000
Office Equipment and Software
Property, Plant and Equipment [Line Items]
Gross fixed assets	$ 403,000	$ 403,000

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)			12 Months Ended
Intangible Assets (Details) - USD ($)	Sep. 19, 2022	Aug. 23, 2021	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets			$ 0	$ 565,000
Amortization of Intangible Assets			20,000	126,000
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets			0	565,000
Amortization of Intangible Assets			$ 20,000	126,000
Intangible assets weighted average remaining life			18 years 3 months 18 days
Stock Purchase Agreement \| RubrYc Therapeutics
Finite-Lived Intangible Assets [Line Items]
Investment in RubrYc		$ 7,500,000
Asset Purchase Agreement \| RubrYc Therapeutics
Finite-Lived Intangible Assets [Line Items]
Investment in RubrYc	$ 1,342,000
Licensing Agreement \| University of Pittsburgh \| Patents and Licenses
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets				$ 25,000

Intangible Assets - Carrying Va

Intangible Assets - Carrying Value and Accumulated Amortization (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets
Finite-lived intangible asset amortization	$ (20,000)	$ (126,000)
Intangible Assets, Net
Intangible assets, net	5,368,000	5,388,000
Amortization of intangible assets	(20,000)	(126,000)
Impairment of intangible assets	0	565,000
Intellectual Property
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	400,000	400,000
Finite-lived intangible assets accumulated amortization	(35,000)	(15,000)
Finite-lived intangible asset amortization	(20,000)	(126,000)
Finite-lived intangible asset additions	0
Finite-lived intangible asset impairment	0
Finite-lived intangible assets, net	365,000	385,000
Intangible Assets, Net
Amortization of intangible assets	(20,000)	(126,000)
Impairment of intangible assets	0	565,000
Patents and Licenses
Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets	5,003,000	$ 5,003,000
Indefinite-lived intangible asset additions	0
Indefinite-lived intangible asset impairment	$ 0

Intangible Assets - Estimated A

Intangible Assets - Estimated Annual Amortization Expense (Details) - Intellectual Property - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
2025	$ 20
2026	20
2027	20
2028	20
2029	20
Thereafter	265
Total	$ 365	$ 385

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Accrued Expenses
Personnel related costs	$ 1,568	$ 3,879
Real estate taxes		268
Interest and fees related to term note payable		183
Professional fees		31
Other accrued expenses	460	200
Total accrued expenses	$ 2,028	$ 4,561

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - USD ($)

1 Months Ended

6 Months Ended

May 31, 2024

May 17, 2024

Dec. 22, 2023

Oct. 16, 2023

Sep. 18, 2023

May 10, 2023

Mar. 28, 2023

Mar. 24, 2023

Feb. 20, 2023

Oct. 11, 2022

Nov. 13, 2023

May 17, 2024

Mar. 31, 2023

Jun. 30, 2024

Feb. 09, 2024

Nov. 14, 2023

Oct. 17, 2023

Oct. 04, 2023

Jun. 30, 2023

Apr. 14, 2023

Nov. 01, 2021

Debt Instrument [Line Items]

Term note payable - net of deferred financing costs

$ 12,937,000

The Credit Agreement | Woodforest National Bank

Debt Instrument [Line Items]

Secured term loan

$ 22,375,000

The Credit Agreement | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Secured term loan

13,057,000

$ 22,375,000

Term note payable - net of deferred financing costs

$ 0

12,937,000

Term loan interest rate

3.25%

Deferred finance costs

$ 120,000

The Credit Agreement | Woodforest National Bank | Term Note | Minimum

Debt Instrument [Line Items]

Liquidity covenant, unrestricted cash balance

$ 10,000,000

First Amended Credit Agreement | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Repayments of outstanding principal on term loan

$ 5,100,000

$ 5,500,000

Principal payments on term loan

$ 250,000

Frequency of accelerated principal repayments

Monthly

Term of accelerated principal repayments

6 months

Amendment fee

22,375

First Amended Credit Agreement | Woodforest National Bank | Term Note | Minimum

Debt Instrument [Line Items]

Liquidity covenant, unrestricted cash balance

7,500,000

Liquidity covenant (minimum unrestricted cash balance if specific milestones are met)

$ 5,000,000

Third Amended Credit Agreement | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Percentage of equity offering proceeds to be used for debt repayment

40%

Percentage of equipment sale proceeds to be used for debt repayment

40%

Third Amended Credit Agreement | Woodforest National Bank | Term Note | Maximum

Debt Instrument [Line Items]

Days following equity offerings to use a portion of net proceeds as debt repayment

5 days

Fourth Amended Credit Agreement | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Amendment fee

$ 75,000,000,000

Percentage of equity offering proceeds to be used for debt repayment

20%

Percentage of equipment sale proceeds to be used for debt repayment

20%

Cash retained from legal settlement

$ 2,000,000

Settlement payment received

5,100,000

Amount held as collateral from legal settlement

3,000,000

Fourth Amended Credit Agreement | Woodforest National Bank | Term Note | Minimum

Debt Instrument [Line Items]

Liquidity covenant, unrestricted cash balance

$ 1,000,000

Fifth Amended Credit Agreement | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Term loan interest rate

5.25%

Reduction in collateral held

$ 500,000

Term loan principal outstanding, amount triggering release of collateral

10,000,000

Principal reduction, milestone amounts triggering release of collateral held

2,500,000

Collateral released once milestone payments made

$ 750,000

Annual interest rate increase (Facility sale prior to June 30, 2023)

Annual interest rate increase (Facility sale after June 30, 2023 and prior to September 30, 2023)

Annual interest rate increase (Facility sale after September 30, 2023)

Fees payable (Facility sale prior to June 30, 2023)

$ 75,000

Fees payable (Facility sale after June 30, 2023 and prior to September 30, 2023)

100,000

Fees payable (Facility sale after September 30, 2023)

$ 125,000

Interest rate payable in-kind

Sixth Amended Credit Agreement | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Amendment fee

$ 20,000

Business days to deliver executed copy of Purchase Agreement for the sale of the Facility

1 day

Seventh Amended Credit Agreement | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Amendment fee

$ 20,000

Collateral withdrawal

$ 2,000,000

Seventh Amended Credit Agreement | Woodforest National Bank | Term Note | Minimum

Debt Instrument [Line Items]

Liquidity covenant, unrestricted cash balance

First Potential Collateral Withdrawal | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Collateral withdrawal

$ 1,000,000

First Potential Collateral Withdrawal | Woodforest National Bank | Term Note | Minimum

Debt Instrument [Line Items]

Collateral withdrawal, liquidity threshold to maintain

$ 2,000,000

Second Potential Collateral Withdrawal | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Collateral withdrawal

$ 750,000

Second Potential Collateral Withdrawal | Woodforest National Bank | Term Note | Minimum

Debt Instrument [Line Items]

Collateral withdrawal, liquidity threshold to maintain

$ 1,250,000

Third Potential Collateral Withdrawal | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Collateral withdrawal

$ 250,000

Third Potential Collateral Withdrawal | Woodforest National Bank | Term Note | Minimum

Debt Instrument [Line Items]

Collateral withdrawal, liquidity threshold to maintain

$ 1,000,000

Eighth Amended Credit Agreement | Woodforest National Bank | Term Note

Debt Instrument [Line Items]

Term loan interest rate

4.50%

Amendment fee

$ 155,000

$ 10,000

$ 155,000

Amount held as collateral from legal settlement

$ 900,000

Collateral withdrawal

$ 150,000

Collateral withdrawal, liquidity threshold to maintain

$ 900,000

Interest rate payable in-kind

4.50%

Settlement Agreement | Woodforest National Bank | iBio CDMO, LLC | Discontinued Operations

Debt Instrument [Line Items]

Proceeds from sale of property paid to Woodforest to settle debt

$ 8,500,000

Cash payments to settle debt

$ 915,000

Settlement Agreement | Woodforest National Bank | Pre-Funded Warrants | iBio CDMO, LLC | Discontinued Operations

Debt Instrument [Line Items]

Warrants issued to settle debt

1,560,570

Exercise price per share of warrants

$ 0.0001

Settlement Agreement | Woodforest National Bank | Term Note | iBio CDMO, LLC | Discontinued Operations

Debt Instrument [Line Items]

Proceeds from sale of property paid to Woodforest to settle debt

$ 8,500,000

Cash payments to settle debt

$ 915,000

Settlement Agreement | Woodforest National Bank | Term Note | Pre-Funded Warrants

Debt Instrument [Line Items]

Warrants issued to settle debt

1,560,570

Fair value of shares issued in agreement

$ 4,499,124.88

Share price of common stock

$ 2.883

Exercise price per share of warrants

$ 0.0001

Debt Instrument [Line Items]

Warrants issued to settle debt

1,560,570

Exercise price per share of warrants

$ 0.0001

Debt - Equipment Financing (Det

Debt - Equipment Financing (Details) - Equipment Financing Agreement - USD ($)		12 Months Ended
	Oct. 12, 2022	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Principal amount borrowed	$ 500,000
Term of debt agreement	36 months
Imputed interest rate	10.62%
Monthly payments on debt	$ 16,230	$ 259,000
Interest expense on debt		$ 35,000	$ 31,000

Debt - Equipment Financing Futu

Debt - Equipment Financing Future Minimum Payments (Details) - USD ($)		12 Months Ended
	Oct. 12, 2022	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Less: current portion		$ (178,000)	$ (160,000)
Long-term portion of minimum equipment financing obligation		63,000	241,000
Equipment Financing Agreement
Debt Instrument [Line Items]
Principal payments		241,000
Interest payments		18,000
Total minimum debt payments	$ 16,230	259,000
Less: current portion		(178,000)
Long-term portion of minimum equipment financing obligation		63,000
Equipment financing payable, net		241,000	$ 401,000
Equipment Financing Agreement \| 2025
Debt Instrument [Line Items]
Principal payments		178,000
Interest payments		17,000
Total minimum debt payments		195,000
Equipment Financing Agreement \| 2026
Debt Instrument [Line Items]
Principal payments		63,000
Interest payments		1,000
Total minimum debt payments		$ 64,000

Debt - Credit and Security Agre

Debt - Credit and Security Agreement (Details) - USD ($)		12 Months Ended
Debt - Credit and Security Agreement (Details) - USD ($)	Jan. 16, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Proceeds from term promissory note		$ 895,000
Credit and Security Agreement \| Loeb Term Solutions \| 2024 Term Note
Debt Instrument [Line Items]
Principal amount borrowed	$ 1,071,572
Proceeds from term promissory note	1,027,455
Origination fee	42,863
Appraisal costs	1,173
Bank wire fees	$ 75
Fee percentage applied to principal prepayments (12 months or less from origination)	4%
Fee percentage applied to principal prepayments (12-24 months from origination)	3%
Percentage of eligible equipment's liquidation value, threshold for additional lending	80%
Monthly payments on debt	$ 30,710	1,205,000
Balloon payment payable (January 2026)	$ 652,060
Interest expense on debt		$ 66,000
Credit and Security Agreement \| Loeb Term Solutions \| 2024 Term Note \| Prime Rate
Debt Instrument [Line Items]
Spread on base interest rate	8.50%
Event of Default \| Loeb Term Solutions \| 2024 Term Note \| Effective Rate
Debt Instrument [Line Items]
Spread on base interest rate	6%

Debt - Credit and Security Ag_2

Debt - Credit and Security Agreement Future Minimum Payments (Details) - USD ($)		12 Months Ended
	Jan. 16, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Less: current portion		$ (218,000)
Long-term portion of minimum term promissory note obligation		766,000
Credit and Security Agreement \| Loeb Term Solutions \| 2024 Term Note
Debt Instrument [Line Items]
Principal payments		984,000
Interest payments		221,000
Total minimum debt payments	$ 30,710	1,205,000
Less: current portion		(218,000)
Long-term portion of minimum term promissory note obligation		766,000
Term promissory note payable, net		984,000
Credit and Security Agreement \| Loeb Term Solutions \| 2024 Term Note \| 2025
Debt Instrument [Line Items]
Principal payments		218,000
Interest payments		151,000
Total minimum debt payments		369,000
Credit and Security Agreement \| Loeb Term Solutions \| 2024 Term Note \| 2026
Debt Instrument [Line Items]
Principal payments		766,000
Interest payments		70,000
Total minimum debt payments		$ 836,000

Debt - Insurance Premium Financ

Debt - Insurance Premium Financing (Details) - USD ($)		12 Months Ended
Debt - Insurance Premium Financing (Details) - USD ($)	Oct. 30, 2023	Jun. 30, 2024
Short-Term Debt [Line Items]
Insurance premium financing payable		$ 123,000
Insurance Premium Financing Agreement \| FIRST Insurance Funding
Short-Term Debt [Line Items]
Principal amount borrowed	$ 597,000
Term of debt agreement	10 months
Imputed interest rate	8.50%
Monthly payments on debt	$ 62,095
Insurance premium financing payable		123,000
Interest expense on debt		25,000
Total minimum debt payments	$ 62,095
Insurance Premium Financing Agreement \| FIRST Insurance Funding \| 2025
Short-Term Debt [Line Items]
Monthly payments on debt		124,000
Principal payments		123,000
Interest payments		1,000
Total minimum debt payments		$ 124,000

Finance Lease Obligations (Deta

Finance Lease Obligations (Details)	Sep. 16, 2022 USD ($) lease	Apr. 01, 2021 USD ($)
Mobile Office Trailer
Lessee, Lease, Description [Line Items]
Monthly lease payments		$ 3,819
RubrYc Therapeutics
Lessee, Lease, Description [Line Items]
Number of equipment leases assumed in asset acquisition	3
Asset Purchase Agreement \| RubrYc Therapeutics
Lessee, Lease, Description [Line Items]
Number of equipment leases assumed in asset acquisition \| lease	3
Finance leases	$ 814,000
Asset Purchase Agreement \| RubrYc Therapeutics \| Equipment
Lessee, Lease, Description [Line Items]
Number of equipment leases assumed in asset acquisition	3
Finance leases	$ 814,000
Monthly lease payments	$ 14,000

Finance Lease Obligations - Fin

Finance Lease Obligations - Finance Lease Cost and Supplemental Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Finance lease cost:
Amortization of ROU assets	$ 271,000	$ 224,000
Other Information:
Financing cash flows from finance lease obligations	272,000	208,000
Finance lease ROU assets	339,000	610,000
Finance lease obligation - current portion	299,000	272,000
Finance lease obligation - non current portion	$ 53,000	$ 351,000
Weighted average remaining lease term - finance lease	1 year 2 months 1 day	2 years 2 months 1 day
Weighted average discount rate - finance lease obligation	9.50%	9.50%
Continuing Operations
Finance lease cost:
Amortization of ROU assets	$ 271,000	$ 204,000
Interest on lease liabilities	48,000	49,000
Total lease cost	319,000	253,000
Other Information:
Financing cash flows from finance lease obligations	$ 272,000	$ 191,000

Finance Lease Obligations - Fut

Finance Lease Obligations - Future Minimum Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Principal payments	$ 352
Interest payments	21
Total minimum lease payments	373
Less: current portion	(299)	$ (272)
Long-term portion of minimum lease obligations	53	$ 351
2025
Lessee, Lease, Description [Line Items]
Principal payments	299
Interest payments	20
Total minimum lease payments	319
2026
Lessee, Lease, Description [Line Items]
Principal payments	53
Interest payments	1
Total minimum lease payments	$ 54

Operating Lease Obligations (De

Operating Lease Obligations (Details) - USD ($)			12 Months Ended
Operating Lease Obligations (Details) - USD ($)	Nov. 01, 2021	Sep. 10, 2021	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Monthly rent expense			$ 563,000	$ 563,000
Facilities \| San Diego, California
Lessee, Lease, Description [Line Items]
Term of lease		88 months
Monthly rent expense		$ 51,223
Annual increase in monthly rent		3%
Base rent abatement period in year one		6 months
Tenant improvement allowance		$ 81,860
Facilities \| San Diego, California \| Letter of Credit
Lessee, Lease, Description [Line Items]
Irrevocable letter of credit		$ 188,844
The Purchase and Sale Agreement \| College Station Investors
Lessee, Lease, Description [Line Items]
Base rent expense	$ 151,450
Interest rate on lease (percentage of facility's market value)	6.50%
The Purchase and Sale Agreement \| College Station Investors \| Bryan, Texas
Lessee, Lease, Description [Line Items]
Interest rate on lease (percentage of facility's market value)	6.50%
The Purchase and Sale Agreement \| College Station Investors \| Facilities \| Bryan, Texas
Lessee, Lease, Description [Line Items]
Base rent expense	$ 151,450

Operating Lease Obligations - O

Operating Lease Obligations - Operating Lease Cost and Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating lease cost:
Operating lease cost	$ 563	$ 563
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash flows from operating lease	563	563
Operating cash flows from operating lease obligation	631	307
Operating lease ROU assets	2,401	2,722
Operating lease obligation - current portion	436	389
Operating lease obligation - net of current portion	$ 2,688	$ 3,125
Weighted average remaining lease term - operating leases	5 years 6 months	6 years 6 months
Weighted average discount rate - operating lease obligations	7.25%	7.25%

Operating Lease Obligations - F

Operating Lease Obligations - Future Minimum Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 648
2026	669
2027	688
2028	709
2029	731
Thereafter	374
Total minimum lease payments	3,819
Less: current portion	(436)	$ (389)
Long-term portion of minimum lease obligation	2,688	$ 3,125
Principal
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	436
2026	490
2027	546
2028	609
2029	677
Thereafter	366
Total minimum lease payments	3,124
Imputed Interest
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	212
2026	179
2027	142
2028	100
2029	54
Thereafter	8
Total minimum lease payments	$ 695

Stockholders' Equity (Details)

1 Months Ended

3 Months Ended

12 Months Ended

24 Months Ended

Apr. 01, 2024 USD ($)

Mar. 26, 2024 USD ($) $ / shares shares

Dec. 07, 2023 USD ($) $ / shares shares

Nov. 29, 2023 shares

Aug. 11, 2023 USD ($) $ / shares shares

Dec. 09, 2022 USD ($) shares

Dec. 06, 2022 shares

Oct. 07, 2022 shares

Sep. 19, 2022 USD ($) shares

May 10, 2022 USD ($) shares

Nov. 01, 2021 $ / shares shares

Aug. 31, 2024 USD ($) shares

Sep. 16, 2024 shares

Jun. 30, 2024 USD ($) $ / shares shares

Jun. 30, 2023 USD ($) $ / shares shares

Jun. 30, 2024 USD ($) $ / shares shares

Aug. 04, 2023 $ / shares shares

Aug. 03, 2023 $ / shares

Jul. 19, 2022 shares

May 09, 2022 $ / shares shares

Nov. 25, 2020 USD ($)

Preferred Stock

Preferred stock, shares authorized

1,000,000

Preferred stock, par value | $ / shares

$ 0.001

Preferred stock, shares issued

Common Stock

Common stock, shares authorized

275,000,000

Reverse Stock Split

Pre-split shares required for one post-split share of common stock

Issuances of Common Stock

Preferred stock, shares issued

Combined price per share of common stock and warrants | $ / shares

$ 2.11

$ 12.20

$ 2.11

Subscription receivable | $

$ 204,000

Warrants

Proceeds from exercise of warrants | $

$ 4,464,000

Combined price per share of common stock and warrants | $ / shares

$ 2.11

$ 12.20

$ 2.11

Subsequent Events

Warrants

Proceeds from exercise of warrants | $

$ 4,000

Restricted Stock Units

Issuances of Common Stock

Shares vested

42,054

10,878

Restricted Stock Units | Subsequent Events

Issuances of Common Stock

Shares vested

12,210

Employee Stock Option

Issuances of Common Stock

Shares exercised

Series 2022 Preferred Stock

Preferred Stock

Preferred stock, shares authorized

1,000,000

Preferred stock, par value | $ / shares

$ 0.001

Preferred stock, conversion ratio

Preferred stock, shares issued

1,000

Preferred stock, proceeds from issuance | $

$ 270

Common shares issued upon conversion of preferred stock

Issuances of Common Stock

Preferred stock, shares issued

1,000

Preferred stock, proceeds from issuance | $

$ 270

Common Stock

Reverse Stock Split

Reverse stock split, shares received per share tendered

0.05

0.04

Pre-split shares required for one post-split share of common stock

Fractional shares issued in reverse stock split

RubrYc Therapeutics | Series A-2 Preferred Stock

Preferred Stock

Preferred stock, shares issued

5,117

Preferred stock, proceeds from issuance | $

$ 1,000,000

Issuances of Common Stock

Preferred stock, shares issued

5,117

Preferred stock, proceeds from issuance | $

$ 1,000,000

Cantor Fitzgerald Underwriting | At-The-Market Offerings | Common Stock

Issuances of Common Stock

Common stock, shares issued

170,989

289,144

Common stock, net proceeds from issuance | $

$ 1,700,000

$ 6,400,000

Subscription receivable | $

$ 204,000

Warrants

Common stock, shares issued

170,989

289,144

Cantor Fitzgerald Underwriting | At-The-Market Offerings | Common Stock | Maximum

Issuances of Common Stock

Aggregate offering price | $

$ 100,000,000

Wainwright Underwriting | At-The-Market Offerings

Issuances of Common Stock

Warrants, proceeds from issuance | $

$ 2,864,000

Agent fee percentage

Wainwright Underwriting | At-The-Market Offerings | Common Stock

Issuances of Common Stock

Common stock, shares issued

76,538

Warrants

Common stock, shares issued

76,538

Wainwright Underwriting | At-The-Market Offerings | Common Stock | Pre-Funded Warrants

Issuances of Common Stock

Warrants, shares issued

91,730

Warrants

Warrants, shares issued

91,730

Wainwright Underwriting | At-The-Market Offerings | Common Stock | Series A warrants

Issuances of Common Stock

Warrants, shares issued

168,267

Warrants

Warrants, shares issued

168,267

Wainwright Underwriting | At-The-Market Offerings | Common Stock | Series B warrants

Issuances of Common Stock

Warrants, shares issued

168,267

Warrants

Warrants, shares issued

168,267

Wainwright Underwriting | H.C. Wainwright & Co. | Underwriters Option | Common Stock

Issuances of Common Stock

Underwriters purchase option period

30 days

Wainwright Underwriting | H.C. Wainwright & Co. | Underwriters Option | Common Stock | Maximum

Issuances of Common Stock

Warrants, shares issued

50,480

Warrants

Warrants, shares issued

50,480

Wainwright Underwriting | H.C. Wainwright & Co. | Underwriters Option | Common Stock | Minimum

Issuances of Common Stock

Common stock, shares issued

25,240

Warrants

Common stock, shares issued

25,240

Wainwright Underwriting | H.C. Wainwright & Co. | Underwriters Option | Common Stock | Representative Warrants

Issuances of Common Stock

Warrants, shares issued

10,094

Additional shares for purchase, percentage of aggregate shares in offerings

Warrants

Warrants, shares issued

10,094

Wainwright Underwriting | H.C. Wainwright & Co. | Underwriters Option | Common Stock | Series A warrants

Issuances of Common Stock

Warrants, shares issued

25,240

Warrants

Warrants, shares issued

25,240

Wainwright Underwriting | H.C. Wainwright & Co. | Underwriters Option | Common Stock | Series B warrants

Issuances of Common Stock

Warrants, shares issued

25,240

Warrants

Warrants, shares issued

25,240

Lincoln Park Stock Purchase Agreement | At-The-Market Offerings | Common Stock

Issuances of Common Stock

Aggregate offering price | $

$ 10,000,000

Common stock, shares issued

202,595

Common stock, gross proceeds from issuance | $

$ 5,000,000

Common stock, net proceeds from issuance | $

$ 1,300,000

Common stock, shares available for future issuance

Term of stock purchase agreement

24 months

Initial commitment shares issued

10,573

Additional commitment shares issued

10,573

Warrants

Common stock, shares issued

202,595

Lincoln Park Stock Purchase Agreement | At-The-Market Offerings | Common Stock | Maximum

Issuances of Common Stock

Aggregate offering price | $

$ 10,000,000

Shares available for purchase when stock price closes between $3 and $20 per share

5,000

Shares available for purchase when stock price closes between $20 and $40 per share

7,500

Shares available for purchase when stock price closes at or above $40 per share

10,000

Fair value of common stock purchased in single transaction | $

$ 500,000

Lincoln Park Stock Purchase Agreement | At-The-Market Offerings | Common Stock | Minimum

Issuances of Common Stock

Stock price permitting the sale of up to 5,000 shares | $ / shares

$ 3

Stock price permitting the sale of up to 7,500 shares | $ / shares

Stock price permitting the sale of up to 10,000 shares | $ / shares

Stock price permitting accelerated purchase clause | $ / shares

$ 4

Number of "additional accelerated purchases" that may be directed

Securities Purchase Agreement | Private placement

Issuances of Common Stock

Common stock, gross proceeds from issuance | $

$ 15,100,000

Common stock, net proceeds from issuance | $

$ 14,100,000

Reduced placement agent fee percentage

Securities Purchase Agreement | Private placement | Pre-Funded Warrants

Issuances of Common Stock

Warrants, shares of common stock issued upon conversion

2,585,963

Warrants, exercise price | $ / shares

$ 0.0001

Warrants

Warrants, exercise price | $ / shares

$ 0.0001

Warrants, shares of common stock issued upon conversion

2,585,963

Securities Purchase Agreement | Private placement | Series E Warrants

Issuances of Common Stock

Warrants, shares of common stock issued upon conversion

5,287,278

Warrants, exercise price | $ / shares

$ 2.64

Warrants, exercisable term

5 years

Warrants

Warrants, exercise price | $ / shares

$ 2.64

Warrants, exercisable term

5 years

Warrants, shares of common stock issued upon conversion

5,287,278

Securities Purchase Agreement | Private placement | Common Stock

Issuances of Common Stock

Common stock, net proceeds from issuance | $

$ 4,000,000

Accrued stock issuance costs | $

$ 369,000

Securities Purchase Agreement | Alliance Global Partners | Private placement

Issuances of Common Stock

Combined price per share of common stock and warrants | $ / shares

$ 2

Reimbursement for legal expenses | $

$ 75,000

Non-accountable expense allowance | $

$ 15,000

Agent fee percentage

5.50%

Warrants

Combined price per share of common stock and warrants | $ / shares

$ 2

Securities Purchase Agreement | Alliance Global Partners | Private placement | Common Stock

Issuances of Common Stock

Common stock, shares issued

600,000

Warrants

Common stock, shares issued

600,000

Securities Purchase Agreement | Alliance Global Partners | Private placement | Common Stock | Pre-Funded Warrants

Issuances of Common Stock

Warrants, shares issued

1,650,000

Warrants, shares of common stock issued upon conversion

1,650,000

Warrants

Warrants, shares issued

1,650,000

Warrants, shares of common stock issued upon conversion

1,650,000

Securities Purchase Agreement | Alliance Global Partners | Private placement | Common Stock | Series C Warrants

Issuances of Common Stock

Warrants, shares issued

2,250,000

Warrants, shares of common stock issued upon conversion

2,250,000

Warrants

Warrants, shares issued

2,250,000

Warrants, shares of common stock issued upon conversion

2,250,000

Securities Purchase Agreement | Alliance Global Partners | Private placement | Common Stock | Series D Warrants

Issuances of Common Stock

Warrants, shares issued

2,250,000

Warrants, shares of common stock issued upon conversion

2,250,000

Warrants

Warrants, shares issued

2,250,000

Warrants, shares of common stock issued upon conversion

2,250,000

Securities Purchase Agreement and Warrants | Private placement

Issuances of Common Stock

Reimbursement for legal expenses | $

$ 50,000

Agent fee percentage

Reduced placement agent fee percentage

Securities Purchase Agreement and Warrants | Private placement | Common Stock

Issuances of Common Stock

Common stock, shares issued

2,701,315

Common stock, gross proceeds from issuance | $

$ 15,100,000

Common stock, net proceeds from issuance | $

$ 14,100,000

Warrants

Common stock, shares issued

2,701,315

Securities Purchase Agreement and Warrants | Private placement | Common Stock | Pre-Funded Warrants

Issuances of Common Stock

Warrants, shares issued

2,585,963

Warrants, exercise price | $ / shares

$ 0.0001

Warrants

Warrants, shares issued

2,585,963

Warrants, exercise price | $ / shares

$ 0.0001

Securities Purchase Agreement and Warrants | Private placement | Common Stock | Series E Warrants

Issuances of Common Stock

Warrants, shares issued

5,287,278

Warrants, exercise price | $ / shares

$ 2.64

Warrants, exercisable term

5 years

Warrants

Warrants, shares issued

5,287,278

Warrants, exercise price | $ / shares

$ 2.64

Warrants, exercisable term

5 years

Securities Purchase Agreement and Warrants | Private placement | Common Stock | Common Shares and Series E Warrants

Issuances of Common Stock

Combined price per share of common stock and warrants | $ / shares

$ 2.85

Warrants

Combined price per share of common stock and warrants | $ / shares

2.85

Securities Purchase Agreement and Warrants | Private placement | Common Stock | Pre-funded and Series E Warrants

Issuances of Common Stock

Combined price per share of common stock and warrants | $ / shares

$ 2.849

Term of 2024 Securities Purchase Agreement

1 year

Failure to file registration statement, delinquency period

6 months

Purchase agreement exclusivity period

60 days

Warrants

Combined price per share of common stock and warrants | $ / shares

$ 2.849

Securities Purchase Agreement and Warrants | Private placement | Common Stock | Pre-funded and Series E Warrants | Maximum

Issuances of Common Stock

Warrant exercise, common stock ownership limitation

4.99%

Warrant exercise, common stock ownership limitation (at the election of the holder)

9.99%

Number of days to file a registration statement

75 days

Number of days to file a registration statement (in the event of a "full review" by SEC)

90 days

Suspension period

15 days

Partial liquidated damages, percent of aggregate security subscriptions

Securities Purchase Agreement and Warrants | Private placement | Common Stock | Pre-funded and Series E Warrants | Minimum

Issuances of Common Stock

Warrant holder's election, period of written notice

61 days

Number of days to file a registration statement

60 days

Partial liquidated damages, percent of aggregate security subscriptions

Warrants | H.C. Wainwright & Co.

Warrants

Proceeds from exercise of warrants | $

$ 2,207,000

Warrants | H.C. Wainwright & Co. | Common Stock | Pre-Funded Warrants

Issuances of Common Stock

Warrants, exercise price | $ / shares

$ 0.001

Warrants

Warrants, exercise price | $ / shares

0.001

Warrants, shares exercised

Warrants | H.C. Wainwright & Co. | Common Stock | Representative Warrants

Issuances of Common Stock

Warrants, exercise price | $ / shares

$ 26

Warrants, exercisable term

5 years

Warrants

Warrants, exercise price | $ / shares

$ 26

Warrants, exercisable term

5 years

Warrants | H.C. Wainwright & Co. | Common Stock | Warrants

Issuances of Common Stock

Warrants, exercise price | $ / shares

$ 10

$ 20.80

Warrants

Warrants, exercise price | $ / shares

$ 10

20.80

Warrants | H.C. Wainwright & Co. | Common Stock | Series A warrants

Issuances of Common Stock

Warrants, shares of common stock issued upon conversion

173,795

Warrants, exercise price | $ / shares

$ 20.80

Warrants, exercisable term

5 years

Warrants

Warrants, exercise price | $ / shares

$ 20.80

Warrants, exercisable term

5 years

Warrants, shares exercised

17,064

Warrants, shares of common stock issued upon conversion

173,795

Warrants | H.C. Wainwright & Co. | Common Stock | Series B warrants

Issuances of Common Stock

Warrants, shares of common stock issued upon conversion

102,900

Warrants, exercise price | $ / shares

$ 20.80

Warrants, exercisable term

2 years

Warrants

Warrants, exercise price | $ / shares

$ 20.80

Warrants, exercisable term

2 years

Warrants, shares exercised

89,059

Warrants, shares of common stock issued upon conversion

102,900

Warrants | Bryan Capital | Common Stock | Warrants

Issuances of Common Stock

Warrants, shares issued

2,579

Warrants, exercise price | $ / shares

$ 665

Warrants

Warrants, shares issued

2,579

Warrants, exercise price | $ / shares

$ 665

Warrants | Alliance Global Partners | Private placement | Common Stock

Issuances of Common Stock

Common stock, shares issued

600,000

Warrants

Common stock, shares issued

600,000

Warrants | Alliance Global Partners | Private placement | Common Stock | Pre-Funded Warrants

Issuances of Common Stock

Warrants, shares issued

1,650,000

Warrants, shares of common stock issued upon conversion

1,650,000

Warrants, exercise price | $ / shares

$ 0.0001

Combined price per share of common stock and warrants | $ / shares

$ 1.9999

Warrants

Warrants, shares issued

1,650,000

Warrants, exercise price | $ / shares

$ 0.0001

Warrants, shares exercised

1,650,000

Warrants, shares of common stock issued upon conversion

1,650,000

Combined price per share of common stock and warrants | $ / shares

$ 1.9999

Warrants | Alliance Global Partners | Private placement | Common Stock | Warrants

Warrants

Proceeds from exercise of warrants | $

$ 4,464,000

Warrants

Proceeds from exercise of warrants | $

$ 4,000

Warrants | Alliance Global Partners | Private placement | Common Stock | Series C Warrants

Issuances of Common Stock

Warrants, shares issued

2,250,000

Warrants, shares of common stock issued upon conversion

2,250,000

Warrants, exercise price | $ / shares

$ 2

Warrants, exercisable term

2 years

Warrants

Warrants, shares issued

2,250,000

Warrants, exercise price | $ / shares

$ 2

Warrants, exercisable term

2 years

Warrants, shares exercised

1,178,500

Warrants, shares of common stock issued upon conversion

2,250,000

Warrants

Warrants, shares exercised

1,000

Warrants | Alliance Global Partners | Private placement | Common Stock | Series D Warrants

Issuances of Common Stock

Warrants, shares issued

2,250,000

Warrants, shares of common stock issued upon conversion

2,250,000

Warrants, exercise price | $ / shares

$ 2

Warrants, exercisable term

5 years

Warrants

Warrants, shares issued

2,250,000

Warrants, exercise price | $ / shares

$ 2

Warrants, exercisable term

5 years

Warrants, shares exercised

1,053,500

Warrants, shares of common stock issued upon conversion

2,250,000

Warrants

Warrants, shares exercised

1,000

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share - Components of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Basic and diluted numerator:
Net loss from continuing operations	$ (15,443)	$ (29,311)
Net loss from discontinued operations	(9,464)	(35,699)
Net loss	$ (24,907)	$ (65,010)
Basic and diluted denominator:
Weighted-average common shares outstanding (Basic)	3,831	612
Weighted-average common shares outstanding (Diluted)	3,831	612
Per share amount - continuing operations (Basic)	$ (4.03)	$ (47.88)
Per share amount - continuing operations (Diluted)	(4.03)	(47.88)
Per share amount - discontinued operations (Basic)	(2.47)	(58.31)
Per share amount - discontinued operations (Diluted)	(2.47)	(58.31)
Per share amount - total (Basic)	(6.50)	(106.19)
Per share amount - total (Diluted)	$ (6.50)	$ (106.19)

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, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Shares excluded from the calculation of diluted loss per share	13,076	319
Employee Stock Option
Class of Stock [Line Items]
Shares excluded from the calculation of diluted loss per share	912	14
Restricted Stock Units
Class of Stock [Line Items]
Shares excluded from the calculation of diluted loss per share	37	12
Warrants
Class of Stock [Line Items]
Shares excluded from the calculation of diluted loss per share	12,127	293

Share-Based Compensation - Shar

Share-Based Compensation - Share Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	$ 1,975,000	$ 2,863,000
Research and Development Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	234,000	149,000
General and Administrative Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	1,741,000	2,714,000
Discontinued Operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	$ 62,000	$ 1,528,000

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options (Details) - Employee Stock Option - USD ($)					3 Months Ended				12 Months Ended		24 Months Ended
	Jun. 30, 2024	Apr. 01, 2024	Dec. 09, 2023	Dec. 09, 2020	Jun. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options granted									908,250	15,375
Weighted-average exercise price									$ 1.93	$ 141.17
Shares exercised									0	0	0
Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options granted					83,300	23,650		15,193
Weighted-average exercise price					$ 1.88	$ 7
Share-based awards issued					402,300
Employees \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average exercise price					$ 1.72			$ 135
Employees \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average exercise price					$ 2.41			$ 190
Employees \| Option Vesting Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options vesting percentage								25%	25%
Vesting period								1 year	1 year
Employees \| Option Vesting Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period								36 months	36 months
Employees \| Dr. Martin Brenner, Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Share-based awards issued	147,300	110,000
Employees \| Dr. Martin Brenner, Chief Executive Officer \| Option Vesting Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options vesting percentage	25%
Vesting period	1 year
Employees \| Dr. Martin Brenner, Chief Executive Officer \| Option Vesting Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	36 months
Employees \| Mr. Felipe Duran, Chief Financial Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					3 years
Number of options granted					35,800
Weighted-average exercise price					$ 1.72
Share-based awards issued					90,000
Non-Employees \| Consultants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					12 months			12 months
Number of options granted								200
Weighted-average exercise price					$ 1.72			$ 135
Share-based awards issued					399,000
Shares exercised							0
Stock options forfeited							$ 200
2020 Omnibus Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued pursuant to past grants									23,219
Shares reserved for past grants	27,032				27,032				27,032		27,032
Shares reserved for future issuance	13,749			64,000	13,749				13,749		13,749
2020 Omnibus Equity Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years
2020 Omnibus Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				5 years
2020 Omnibus Equity Incentive Plan \| Non-Employees \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum annual awards paid to non-employee directors				$ 500,000
Maximum annual awards paid to non-employee directors (newly appointed board member)				750,000
Maximum annual awards paid to non-employee directors (newly appointed board chairman)				$ 1,500,000
2023 Omnibus Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued pursuant to past grants									29,700
Shares reserved for past grants	921,200				921,200				921,200		921,200
Shares reserved for future issuance	249,100				249,100				249,100		249,100
Annual increase in shares available under plan			5%
2023 Omnibus Equity Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
2023 Omnibus Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance			1,200,000
Vesting period			5 years
2023 Omnibus Equity Incentive Plan \| Non-Employees \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum annual awards paid to non-employee directors			$ 500,000
Maximum annual awards paid to non-employee directors (newly appointed board member)			750,000
Maximum annual awards paid to non-employee directors (newly appointed board chairman)			$ 1,500,000

Share-Based Compensation - St_2

Share-Based Compensation - Stock Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			24 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock Options, Outstanding at beginning of the period	14,618	30,708		30,708
Stock Options, Granted	908,250	15,375
Stock Options, Exercised	0	0		0
Stock Options, Forfeited/expired	(10,742)	(31,465)
Stock Options, Outstanding at end of the period	912,126	14,618	30,708	912,126
Stock Options, Vested and expected to vest	912,126	14,616		912,126
Stock Options, Exercisable	6,472	4,790		6,472
Weighted-average Exercise Price, Outstanding at beginning of the period	$ 383.62	$ 603.43		$ 603.43
Weighted-average Exercise Price, Granted	1.93	141.17
Weighted-average Exercise Price, Forfeited/expired	164.15	479.67
Weighted-average Exercise Price, Outstanding at end of the period	6.14	383.62	$ 603.43	6.14
Weighted-average Exercise Price, Vested and expected to vest	6.14	383.64		6.14
Weighted-average Exercise Price, Exercisable	$ 459.08	$ 583.09		$ 459.08
Weighted-average Remaining Contractual Term (in years), Outstanding	7 years 7 months 6 days	8 years 6 months	8 years 3 months 18 days
Weighted-average Remaining Contractual Term (in years), Vested and expected to vest	7 years 7 months 6 days	8 years 6 months
Weighted-average Remaining Contractual Term (in years), Exercisable	7 years 2 months 12 days	7 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 280			$ 280
Aggregate Intrinsic Value, Vested and expected to vest	$ 280			$ 280

Share-Based Compensation - Opti

Share-Based Compensation - Options Outstanding and Exercisable (Details) - USD ($)	12 Months Ended		24 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding	912,126		912,126
Weighted-Average Remaining Life In Years	7 years 7 months 6 days
Weighted-Average Exercise Price	$ 459.08		$ 459.08
Number Exercisable	6,472		6,472
$1.72 - $7.00
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding	902,300		902,300
Weighted-Average Remaining Life In Years	7 years 7 months 6 days
$140.00 - $210.00
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding	4,681		4,681
Weighted-Average Remaining Life In Years	8 years
Weighted-Average Exercise Price	$ 147.83		$ 147.83
Number Exercisable	2,164		2,164
$347.00 - $520.50
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding	1,191		1,191
Weighted-Average Remaining Life In Years	7 years 2 months 12 days
Weighted-Average Exercise Price	$ 355.66		$ 355.66
Number Exercisable	1,190		1,190
$530.00 - $795.00
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding	3,554		3,554
Weighted-Average Remaining Life In Years	6 years 9 months 18 days
Weighted-Average Exercise Price	$ 668.89		$ 668.89
Number Exercisable	2,718		2,718
$1,025.00 - $1,537.50
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding	400		400
Weighted-Average Remaining Life In Years	6 years 3 months 18 days
Weighted-Average Exercise Price	$ 1,025		$ 1,025
Number Exercisable	400		400
Employee Stock Option
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Fair value, options vested in period	$ 1,644,000	$ 4,828,000
Stock options, exercises in period	0	0	0
Unrecognized compensation, non-vested awards	$ 2,223,000		$ 2,223,000
Cost recognition period, non-vested options	2 years 1 month 6 days
Weighted-average grant date fair value, options granted in period	$ 1.90	$ 126.05
Employee Stock Option \| $1.72 - $7.00
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price - Lower range	1.72
Exercise price - Upper range	7
Employee Stock Option \| $140.00 - $210.00
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price - Lower range	140
Exercise price - Upper range	210
Employee Stock Option \| $347.00 - $520.50
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price - Lower range	347
Exercise price - Upper range	520.50
Employee Stock Option \| $530.00 - $795.00
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price - Lower range	530
Exercise price - Upper range	795
Employee Stock Option \| $1,025.00 - $1,537.50
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price - Lower range	1,025
Exercise price - Upper range	$ 1,537.50

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions Used to Determine Fair Value of Options Granted (Details) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0%	0%
Expected term (in years)	5 years	7 years
Company's closing stock price	$ 2.11	$ 12.20
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average risk free interest rate, Minimum	4.44%	3.21%
Volatility, Minimum	157.77%	115.52%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average risk free interest rate, Maximum	4.83%	3.61%
Volatility, Maximum	266.94%	116.93%

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units - USD ($)									12 Months Ended
	Jan. 26, 2024	Jun. 26, 2023	Jun. 22, 2023	Mar. 31, 2023	Jan. 20, 2023	Nov. 11, 2022	Nov. 10, 2022	Aug. 29, 2022	Jun. 30, 2024
Share-Based Compensation
Number of shares issued	78,800
Market value per share	$ 1.18
Vesting period	1 year
Grant date fair value	$ 93,000
Unrecognized compensation, non-vested awards									$ 35,000
Cost recognition period, non-vested options									7 months 6 days
Employees
Share-Based Compensation
Number of shares issued								347
Market value per share								$ 141.20
Vesting period								4 years
Grant date fair value								$ 49,000
Employees \| 2020 Omnibus Equity Incentive Plan
Share-Based Compensation
Number of shares issued				11,250
Vesting period				12 months
Grant date fair value				$ 468,000
Employees \| Mr. Thomas Isett, former Chief Executive Officer
Share-Based Compensation
Number of shares issued							10,000
Vesting period							3 years
Grant date fair value							$ 296,000
Employees \| Mr. Robert Lutz, former Chief Financial and Business Officer
Share-Based Compensation
Number of shares issued						5,002
Grant date fair value						$ 175,100
Employees \| Dr. Martin Brenner, former Chief Scientific Officer
Share-Based Compensation
Number of shares issued						4,767
Grant date fair value						$ 167,000
Employees \| Dr. Martin Brenner, former Interim Chief Executive Officer
Share-Based Compensation
Number of shares issued					6,500
Vesting period					12 months
Grant date fair value					$ 91,000
Number of shares terminated			3,792
Employees \| Dr. Martin Brenner, Chief Executive Officer
Share-Based Compensation
Number of shares issued		3,791
Vesting period		7 months
Grant date fair value		$ 52,000
Employees \| Dr. Martin Brenner, Chief Executive Officer \| 2020 Omnibus Equity Incentive Plan
Share-Based Compensation
Number of shares issued				2,500
Employees \| Mr. Felipe Duran, Chief Financial Officer \| 2020 Omnibus Equity Incentive Plan
Share-Based Compensation
Number of shares issued				1,875

Fraunhofer Settlement (Details)

Fraunhofer Settlement (Details) - USD ($)

12 Months Ended

Mar. 24, 2023

Mar. 17, 2023

Feb. 17, 2023

Mar. 31, 2022

Feb. 09, 2022

May 14, 2021

May 04, 2021

Jun. 30, 2023

Mar. 17, 2023

Feb. 17, 2023

Jun. 30, 2022

Jun. 30, 2021

Gain Contingencies [Line Items]

Amount awarded in legal settlement

$ 5,100,000

iBio, Inc. v. Fraunhofer USA, Inc. | Settled Litigation

Gain Contingencies [Line Items]

Amount awarded in legal settlement

$ 28,000,000

Settlement payment received

$ 900,000

$ 5,100,000

$ 900,000

Settlement receivable

$ 10,200,000

Settlement income

$ 1,800,000

iBio, Inc. v. Fraunhofer USA, Inc. | Settled Litigation | Woodforest National Bank

Gain Contingencies [Line Items]

Settlement payment received

$ 5,100,000

Settlement proceeds transferred for collateral requirement in debt agreement

$ 3,000,000

iBio, Inc. v. Fraunhofer USA, Inc. | Settled Litigation | Legal Expenses Incurred

Gain Contingencies [Line Items]

Settlement payment received

$ 16,000,000

Percentage of settlement payment to cover legal fees

100%

iBio, Inc. v. Fraunhofer USA, Inc. | Settled Litigation | Debt Settlement

Gain Contingencies [Line Items]

Settlement payment received

$ 5,100,000

iBio, Inc. v. Fraunhofer USA, Inc. | Settled Litigation | License Agreement

Gain Contingencies [Line Items]

Settlement payment received

$ 900,000

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Current - Federal and state	$ 0	$ 0
Deferred - Federal	(5,193)	(12,153)
Deferred - State	(102)	(637)
Total	(5,295)	(12,790)
Change in valuation allowance	5,295	12,790
Income tax expense	$ 0	$ 0

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Components of Deferred Tax Assets and Liabilities [Abstract]
Net operating loss	$ 49,104,000	$ 42,951,000
Share-based compensation	869,000	883,000
Capitalized research and development costs	3,408,000	2,775,000
Research and development tax credits	1,764,000	1,764,000
Investment in equity security	404,000	395,000
Property, plant and equipment	(830,000)
Property, plant and equipment		121,000
Intangible assets	(138,000)	(42,000)
Operating and finance lease liabilities	797,000	1,363,000
Operating and finance lease ROU assets	(629,000)	(1,184,000)
Accrued expenses	96,000	529,000
Contribution carryforward	5,000	0
Valuation allowance	(54,850,000)	(49,555,000)
Total	$ 0	$ 0

Income Taxes - Tax Credit Carry

Income Taxes - Tax Credit Carryforwards (Details) - USD ($)	12 Months Ended	24 Months Ended
Income Taxes - Tax Credit Carryforwards (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2008
Income Taxes
Deferred tax assets valuation allowance	$ 54,850,000	$ 54,850,000	$ 49,555,000
Federal net operating loss carryforwards	229,500,000	229,500,000		$ 5,500,000
Federal net operating loss carryforwards, subject to expiration	64,000,000	64,000,000
Federal net operating loss carryforwards, not subject to expiration	165,500,000	165,500,000
Research and development tax credit carryforward	1,764,000	1,764,000	$ 1,764,000
State and local net operating loss carryforwards	46,700,000	46,700,000
Unrecognized tax benefits, accrued interest and penalties	$ 0	0
Unrecognized tax benefits, penalties and interest expense		$ 0
Stock buyback excise tax on share repurchases	1%

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Statutory federal income tax rate	21%	21%
State taxes, net of federal benefit	2%	1%
Expiration and forfeiture of stock options	2%	2%
Change in valuation allowance	21%	20%
Effective income tax rate	0%	0%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
CRO Agreement
Other Commitments [Line Items]
Costs incurred	$ 200,000	$ 1,209,000

Employee 401(k) Plan (Details)

Employee 401(k) Plan (Details) - iBio 401(k) Plan - USD ($)	12 Months Ended
Employee 401(k) Plan (Details) - iBio 401(k) Plan - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	100%
Employer matching contribution, percent of employees gross pay	5%
Employer contribution expense	$ 157,000	$ 263,000
Loss from Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Employer contribution expense	$ 10,000	$ 135,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)				3 Months Ended				12 Months Ended
Subsequent Events (Details) - USD ($)	Jul. 03, 2024	Jan. 26, 2024	Aug. 29, 2022	Sep. 16, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Option
Subsequent Event [Line Items]
Number of options granted								908,250	15,375
Weighted-average exercise price								$ 1.93	$ 141.17
Employee Stock Option \| Employees
Subsequent Event [Line Items]
Number of options granted					83,300	23,650	15,193
Weighted-average exercise price					$ 1.88	$ 7
Employee Stock Option \| Employees \| Minimum
Subsequent Event [Line Items]
Weighted-average exercise price					1.72		$ 135
Employee Stock Option \| Employees \| Maximum
Subsequent Event [Line Items]
Weighted-average exercise price					$ 2.41		$ 190
Employee Stock Option \| Employees \| Option Vesting Arrangement, Tranche One
Subsequent Event [Line Items]
Stock options vesting percentage							25%	25%
Vesting period							1 year	1 year
Employee Stock Option \| Employees \| Option Vesting Arrangement, Tranche Two
Subsequent Event [Line Items]
Vesting period							36 months	36 months
Restricted Stock Units
Subsequent Event [Line Items]
Vesting period		1 year
Shares vested								42,054	10,878
Restricted Stock Units \| Employees
Subsequent Event [Line Items]
Vesting period			4 years
Subsequent Events \| Employee Stock Option \| Employees
Subsequent Event [Line Items]
Number of options granted				22,500
Subsequent Events \| Employee Stock Option \| Employees \| Minimum
Subsequent Event [Line Items]
Weighted-average exercise price				$ 1.81
Subsequent Events \| Employee Stock Option \| Employees \| Maximum
Subsequent Event [Line Items]
Weighted-average exercise price				$ 2.21
Subsequent Events \| Employee Stock Option \| Employees \| Option Vesting Arrangement, Tranche One
Subsequent Event [Line Items]
Stock options vesting percentage				25%
Vesting period				1 year
Subsequent Events \| Employee Stock Option \| Employees \| Option Vesting Arrangement, Tranche Two
Subsequent Event [Line Items]
Vesting period				36 months
Subsequent Events \| Restricted Stock Units
Subsequent Event [Line Items]
Shares vested				12,210
Subsequent Events \| At Market Issuance Sales Agreement \| At-The-Market Offerings \| Common Stock \| Maximum
Subsequent Event [Line Items]
Aggregate offering price	$ 7,350,000
Subsequent Events \| At Market Issuance Sales Agreement \| Chardan Capital & Craig-Hallum Capital \| At-The-Market Offerings \| Common Stock
Subsequent Event [Line Items]
Agent fee percentage	3%
Quarterly expense allowance	$ 5,000
Prospectus supplement filing fees	25,000
Subsequent Events \| At Market Issuance Sales Agreement \| Chardan Capital & Craig-Hallum Capital \| At-The-Market Offerings \| Common Stock \| Maximum
Subsequent Event [Line Items]
Out-of-pocket expense reimbursements	$ 75,000