iBio (IBIO) 17 May 212021 Q3 Earnings call transcript

[Starts Abruptly] iBio Fiscal 2021 Third Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session and instructions will follow at that time. [Operator Instructions] I would now like to hand the call over to, Stephen Kilmer, Investor Relations. Please go ahead.

you. Thank everyone. afternoon, Good

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there by that factors those can events actions, or on to applicable of other forward-looking a statements they and speak differ intended. factors estimated be iBio are Except statements Although any forward-looking no as can those results required only identify information, to by publicly from iBio revise could or be from important materially events as to law. or as laws, statements, actions, otherwise, of that cause has the securities guaranteed. statement differ anticipated, attempted may update forward-looking forward-looking result other as actual future events, which results required undertakes new obligation to date in or No or whether than cause described made

call today the Rob call Officer. With representing Chairman over Tom. Tom On Chief and Lutz, that now Mr. are company's Officer, turn and Financial iBio's and the the to Chief I'll Executive the Business Isett, said, company

Steve. morning, Thanks, Great. And everyone. good

providing begin So, context some our quick quarter please me fiscal let to third by results.

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In had XX, million in of liquidity, equivalents as of debt terms cash, XXXX. and iBio March $XXX.X instruments cash

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you, Rob. Thank

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thank And questions happy So, we're to concluding you. highlights, take with have. you Operator? our that might any

[Operator Instructions].

Our from first Cantor comes Fitzgerald. question with

COVID-XX is vaccine. The the on first one

I generation how the to thinking results survey regarding effective. the long-term first to emerging you ask but mutating So, And topic, epidemiologists that wanted the may recently be virus I know is extent this longer vaccines an with then no boosters. about need still third-party posted saw for and from a vaccines you're the

heard you've as you wondering amongst about if talk well. this conversations your I'm your So, thoughts what on and could

also some this remarkable. XXX of at surprising been really is few should before it the the these not started the but in situation, variant first and our improve but expected, I and variants, cases, in is then even Knowing this how looking disease think to have coronaviruses transmissibility, severity evolution only British pathway work not is. expected came respects, a mutating on as we take, in number been to we've others, instances they're in of several The of out.

we we variants, remarks, as reasons access talked big, it durability the that big around think is and noted to in a at vaccines looking I introductory looked the So, for maybe months. I this only here it's globally for question. at issue the vaccine. it their a a six believe it I in like of And preprint week some interest, Moderna respects, put last durability that out with looks matter was about

when and it natural COVID-XX some months. to up infection better, give neutralizing you four about to So, COVID only but of then infection, to titers suggests that antibody data seems the compared natural was

a – needs, and the the of there's rest that there, manufacturing for data of the suggest presumably particular that – this other development boosters administration. the platform to see in of as speed seen in comes longer-term the to conserved around less And So, your well more we mutate we're expect vaccine we've last convey words, in we our coverage indicated because stay good to preclinical alternative fall, can for to protein that variants the some up other some in enough that the that at, we've to to nucleocapsid of of durability and immunity. prospectively thing to and question taken and one again, believe could again, studies, decision it the out likely looking with are addition of when antigen, because scaling routes

well. scope. could to nasal, potentially that certainly, reason greater there's intra convey some is of delivery believe also So within an immunity as intra-nasal durability And

out questions of the there. we control these potentially some uncertainty So, of that could a future prospectively, think lot and out are of as still there's durability as there long to pandemic, that, the we especially contribute

need? to just And oncology, what your going building that thinking you potentially And about have be in site how indications bring hires developing back of most you're Diego, about might remarks, of San some be in-house it talk candidates? drug operational? how could the prepared to this when how of terms target with decide or In starting it versus become for through when you're considering your the you might just selection out then many what's on unmet discovery could the you roughly criteria based areas and that on for you're partners? might appropriate capabilities Is forward

here. the at platform which discovery the we're just would speed One, the a team, In evaluating on convey itself, upfront see that way of certain method because about of two of terms thinking things discovery. we're play the in we the size

scale And to or development scale we're may in more technologies program. we've terms so, should discovery discovery we're effects. system, about a a we to process area quickly think driving can thinking we spaces, out that the up that of that the we're of for based monoclonal location have Texas the group past them in in Glycaneering area And that and method cancer able at then as that communicated a that killing the development, get of particular, way, the that we antibody in Diego important hits then ADCC platform plant are thinking it. how aglycosylating or which we and greater of think which give San in into any about translatable in platform the in our targets about we the plant-based able, the degree monoclonal using cell XX then, be and using fairly would directly so into envision And scientists be run would antibodies,

for That targeting. a some business, fast for a provide those company presents contract a just areas ultimately biosimilar, then follower to whereby a a interested then for way and part advantages gives innovator that therapeutic itself there purposes, the that institution the to all and for able molecule being opportunity the molecules, develop ability address followers, profile design and agreement. so, need that the for if that or IP purposes CDMO us perhaps the novelty And have we've on the supply of so and for that FastPharming us of something think of glycosylation correct, we ourselves or it fast got, that – the an or systems and the areas in we out as through, research both we with to over the get question well, chance convert produce basis our unmet cancer here where take do of – are to to answer a may said, desire develop our opportunity in get we're will that can is medical significant

four of of them, some synergy. app to we provides terms in We're glycosylation we units, bit the FastPharming now, as seems specific for tumors to here particular be follow in the us we controls in sort more the go, developing see its particular, of can But but we as solid with likely and business little the creation areas. in oncology the that field spending and portfolio, be going we killer have the a right to Glycaneering offer. antibodies So, time in think the platform, monoclonal of for

talk you've returning you work of terms about how you service, trends light your And or highlight team business customers your of announced then, menu expanding today? CDMO of to might customers the you could some with in the potential the of some utilize to On in plan seen to that pandemic? the

client developer we entity. target contract terms in we to setting, biopharmaceutical suppliers our stage target a have manufacturing clinical in for Because trial very base, developer preclinical biologics difficult midstream In stage. or of early those, need to a it's the usually, to switch

generally that's if turn line, some matters We work to stage they capacity, impact. part, will, you speed return us wait for and to early out in of led because not base, platform have to there. our large say to can available client our in oftentimes, to necessarily that, also that multinational CDMOs because, relative observed developers So, significant that at a the the we've of are

there mean as of a the in everything does it business. couple announced think in that And services. product seeing within so we the to kind those your of portfolio have the So, groups terms second line extensions terms, of with around of what move question we development planned services I we're today, along

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the offered characterization only produce who we And molecules. development FastPharming with that's to the the capability us to their previously, into use clients get that So, to were service service working had where of we those molecule.

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comes question next Pisano from Our Jim [ph].

have I several questions.

asking are Stocktwits them of done. these in that forum Some people XXX has the things. tox were aimed help to

Some tentative from does and tox hear the people were the like XXX also and XXX asking – on I we'd that cover XXX? – to you, guess

The LicKM tox by XXX regulators' driven in was primarily the molecule. immunostimulator the results interest seeing on with

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for we're by that vaccine of our a again, So once not we until the know is course, Needless say, we're that. having FDA. meetings. we future to step. this prospects about encouraged have to take won't prospectively candidates optimistic Jim, conversation the But that and with But,

and still Petrizzo correct like out Another one, we're catching it you have lobbyist one. is small there. in But the section, if looks Steptoe that

with defense the Steptoe And Group. year. strength with government. has strength Petrizzo of us of Petrizzo a the have had lot areas. of We've side last Services helped notable gotten Group the help the and Health some Human

working Petrizzo we're at this correct, the So, point. indeed, with that's Group

changed. company investors is now. and the a – to where funding the and looks affordable of probably at retail get the trying like I to yours, But long-lasting know looking numerous is have that some appears for one strains to are stage, work you The that. is be early question that topic find hotspot will they're the for effects. CEPI for on would against that similar vaccines and situation's you're It of idea the think company number

I So, assume, course, applied CEPI that of for has iBio funding.

I think fair to this, don't to that which it's leave stone intend is unturned. say we any

had that how the hindsight, I guess we I As understandable undaunted into entities, make to and get had much then how summer, than biopharmaceutical had that Infectious all in ultimately even remained many back from other but now, was gotten I like an field in earlier the just very degree, other throughout March, out. mentioned a BARDA, weeks decades, Institute, Operation think had OWS included many, even in a we years, not to Warp understood Speed, submissions we who for it's XX I've we many suppose, companies we obviously a more. before maybe made CDMO, not had rolling of invited in to when this rather IDRI, and if did and submission that process thanks calls, fully many move moved what meant this them in been of making with Research being and we connection the those developer Disease quickly the

We're space. vaccines. the this with contribution make in And a that can of offering, we've the so, design continuing meantime, demonstrate strengthen here that continued to in we to platform our our the

are we're out aware all of these so, opportunities And of funding that there.

we which the new operate. to been globally back categories are modalities are Others non-dilutive and But and forthcoming. in areas Some and tapered looking degree. we across a for all significant have support

us that what's might plan vaccine that you a CEPI on of well there see in into at funding, Phase for hope what Looks I no to be I the sees If least in lead XXX? XXX. nucleocapsid while, like the with most race. is

because continues, the provide think differentiated you're pan something variants ability response. months variants, not then order that's – there's be vaccines, the that and be may COVAX for and Jim, looks in towards If the if of of And well, and non-dilutive Can funding, indicates the an that's may well, as again, well Brazil, organization be, going our with pandemic more have it we're if didn't and the coverage the too, solutions. that I months spike-only more providing variant once and just raging out understanding on how case, will Health that more whatever respects, into some the then watching right? this the cost at very a are contribution don't also generally. in Phase enough clinical that existing a can't are I coronavirus And think have themes almost place, the I on with looks view, we we're in we six that pretty the immune of and to clinical that recruit going our on speak that to that to I to we've of turns the how way, one then a be the a important. now government vaccine, we more just if the to much But that patients that there. go to this at we in on Phase here on kind on understand the like, I'm here of is get I product and look to potential CEPI, impact back the at looking really the we believe India, I what need seven product relating trial with Phase to or think would if a right? here that at viable and in out then Moderna, this make the it we it's think so provide question. have would our seeing But it it, kind how along III prospectively Pfizer likes particular take for hitting right big too to be to think that vaccines based So, competition, access it's a Organization, a here, of down capacity should medical unmet their that P.X If and I eight tough to World calls we as protein money we'll think durability, needs before own or and relevance, a get we also we're we we're trial. point not we, at or that opportunity. to and the and study, on in have commercial versus in for own, us much the a going and AstraZeneca/J&J, happy too, looking for III data indeed pandemic we in and our selected of their role candidate, can durable terms difficult about unfolds fund having there, of funding – only durability got based but nucleocapsid point. to But hitting spend be and

of move can this pandemic. towards effects least ongoing that end, investors. to a our a successful, some we'll saying, If in prospective indeed be were think, long important market think of and ways, the mitigating bring to I lucky. differentiated decision make of and we way we to make in intend best can try at an the maybe on contribution of we then some behalf So, here forward product the But it's commercially we patients that

dare have to into a timetable rough you that do go If area? you or

kind that creating regards – pull together this we've of difference, the better As And always, discussed and that up we're – that. we if really go a durability, big forward going the the the then three to to want see again, need access looks, all to have. has and wind the make to then we and it once science faster a can with we go. variants data differentiated what also, offering And to drive results we'll can the with

we'll we've doing here the So, been update way. promise as to along

How scientists. or had good you becomes today's We list because original the effectively do news, it operational XX Diego was long off will a new facility. Digressing San operational? it before of That take question. think your about

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half for we've yield turn of here get think would get of I the of number FY a to and we we certainly, So, XXXX? that the thinking we it say, weeks. to about been begin on middle first point as it And

where the might of December, offering a be and like acquisition, the out, Back darn and had bankruptcy also in million, possibility proceeds, that over, curious, for pretty accelerate in an were investment the another and the those it was an you was you there possible $XX acquisition year things on other business? of taking Is company good that to when I'm are near table? uses candidates in investment an acquisition still a was vaccine the there still or it about for before use there stood the being businesses. some and a

good months – the and take Diego to going entire that in of that's what lead way get our get enriched But to where for your spooled company give is optionality, The Of before to could it takes to bit as be drug course, here could little but move opportunities kind businesses. the then question last platform, having about well not are hits that while thing – activity from getting of to then, program. get San The important. the behind up the it rights And you that point too. we get is as thereafter come get or Jim, And Are up. very optimization meaning and to a be course, pipeline important confidential, hired. meantime. to very, we this. directionally, to be time necessarily and lease lead is discovery has thinking running, our assets acquisition business But say people shareholders operation of incremental will cash through in time and would investing IND. there that in-licensing? us would it into And from acquiring the only hit that Well, in about assets one a for several I take to an

to optionality financial sheet, with and is our pleased cash the strategic iBio we that here, put coming think, reason point. way strong of as that good and I strength settlement come balance case we're by advantage, raise up to a And opportunities the of we So, of certainly to Fraunhofer. position great And take cash that did a prospectively, the may incremental a having the the position in ourselves with that going here for of previously this the the is result accumulation forward.

position we're the going and have happy forward. we're that the So, optionality about at we that

a was lead question. good into my that next Tom,

On suit, that news. was the Fraunhofer great

I of chance came a which rights. the what to when because do I and Kind had $XXX $XXX didn't down, million, us it million expected had lawsuit, it was of get all think, stock it us. price was of finally think IP iBio a many – surprised, about

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the company? So, value do when rights securing did you those will the have about what you any they of IP and do for words

that time, the a issue wherein what case, the But be Germany years many, at Fraunhofer projections in little basis part before around Of was through some the was I time and to big that for continue numbers partway with end, the by as that $XXX of as then lot Germany court, note, contract Maybe there articles and, not a the may with was that that nevertheless, have included not able before comes But iBio. been Fraunhofer Again, news from. was bit litigation. Fraunhofer Fraunhofer of something first to company. with my a ruling was many have and speak because a on USA attempted and iBio understood out sure pretty to evolved timing, $XXX really developed where of pieces IP numbers in should I in the for associated those or was case ago both to million million. those, over them, was was

two were the parties what disputing. that's So,

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And fee. so, license was a there

with impact and and see, iBio. a X-K And can value the You the in upon of one to parties how that separate what the the was it, were was filing went from settlement what the thought license the you along for other, the from you subtract if apart balance. fee the sense get about

that I'll I So, little bit. but say a clarifies guess, much Jim, about on as hopefully it as that's that,

Instructions]. [Operator

Matthew [ph] [ph]. Our next LLC Matthew Hearn, question with Hearn comes from

open. Your line is

if the If Fraunhofer can and today. or Tom, time it's wrapping fit. see Congratulations, also answer case. okay, I ask all have two questions up three you as you have them we on I'll

in know, location. Diego the just about share being discussing And and was longer last asking And Jim I us with First, San I if lastly, think preclinical the about then of IDRI there's no just I can being you primary for the company. sort I wondering another Dr. Marcel with then talent you opening anything conducting were I you quick recruitment heard think have offering. Can are driver Texas a just A&M us let one studies two, involved again? about IBIO-XXX.

I'll guess have reverse of a operations? shares that XXXX, you increasing performing limited revenue little just of that's press bit I or it. hand you number such fund operational enough split and do more the to point. on on to on I remain think cash to With March So, authorized the until plan

still is A&M to rather University IDRI. regards share working to can yes, fact, IBIO-XXX, us. that, And, – we as in With with indeed indeed, referenced, with I continuing Texas are TAMU – work I

development couple So, relative talent firm, the mention to was organization. just there there of in nothing regards regard. the that particularly shares to of I'll rest, as biopharmaceutical it's the San long noteworthy regards wanted with a and the say And some of and thoughts Marcel, clearly, to Dr. to we to that, some haul. on take then, rest Diego, finally, where a with and a yeah,

billion XX takes is everybody think to biologics any probably about aware, typically, major $X and well market. I company, a very to bring years molecule

other partner we area at see to them may another develop done. a of the license significant the a on you'll take can words, me to one FastPharming assets through a really something instances point – worth trial machine, to us and have there. forward. will in having now we upon asset that That I and the attractive want quite quickly the satisfied us. ourselves from going said, that and field needs in a getting occasion is and puts yet manufacturing Phase look of clinical that position perhaps be Because say there this a oncology, noting beyond. keep I and So, be in this in there alternatively, how with or hear identify synergy operate, if II liquidity model. and Phase where make advanced, And in in, that's it take which who decision may cash then depending the we perhaps capability, fibrosis, deals that the that's to our referencing start this work if that benefit have And through or the the far we to in key work asset we're optionality business we It's we – can drop

of way eight there oftentimes, preclinical stage. early are figure anti-fibrotics, So, as example, seven, by for as deals

favorites to of data, you sorts of bit now, But what was figure see that a I with a eight you speaking Squibb II a of an one oncology, directionally that's Dragonfly. deals, of with in there's $XXX So, interesting tend is, Phase get rarity. for my Bristol done. you course, And, with asset, Myers Phase get good clinical again, trial get million IL-XX into deals a to

iBio. I III. it granted sizable. And million, Phase that's can opportunity was year, these $XXX the last be think for But

put it FastPharming, to ourselves or advance the carry move it both seeking through to we're it's have out-license and asset So, pipeline it and value in prospectively in-licensing, the that it add here. forward it

And as So, to But we is soon out-license. position up needless the around business what this creating what as we for can revenues we're again, more in is to when exactly the and well, having a get we're be to building discovery to say, do. prospectively here all that's we here the don't team. develop in-license know this why is then about, might of and setting non-dilutive point –

think shareholders as value I building the to a forward, So, we by point business. return leading look to whole significant biotech is

we're so, here. that obviously And the with have been to judicious that's company. the dollars And the going be invested intention in

remarks. closing call time back for over the have like Tom to we to the all turn Isett I'd That's questions. for

for and has Great. interesting Thank rest you, We great of the and your everyone today hope our again, time of operator. your everyone, And a thanks, appreciate all week. support shareholders' questions.

the program. conclude does this gentlemen, and Ladies

great disconnect. a now have Everyone, may day. You