iBio (IBIO) 15 Feb 222022 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the iBio Fiscal 2022 Second Quarter Financial Results. [Operator Instructions] I would now like to turn the conference over to your speaker for today, Stephen Kilmer, Investor Relations.

You may begin.

Thank you. Good afternoon, everyone.

about would company remind statements uncertainties. will current and I this that regarding begin, are expectations the that call, be projections we like risks you to during our subject Before to events and future making forward-looking to filings are in with release and the today’s the company’s uncertainties detail disclosed U.S. in in risks periodic these press Reference made as and current Exchange Commission. and Securities actual results in No may from forward-looking guaranteed statements discussed statements. can the the and forward-looking be results differ conference provided is this of as obligation we or update and by as on of on statements otherwise, today information The account required events law. call to only no information, on this undertake future call except new any made forward-looking

iBio’s Scientific Chief iBio’s and to On will Martin turn Brenner, and Chairman Officer; Business Officer; I now the company’s call today Tom the and Officer. the call Executive Chief Chief representing Lutz, company Rob over the are that, Financial With Isett, Tom. Mr.

good which am our advance our candidate. development immunooncology Thank package continue and activities, advancing grow afternoon biopharmaceutical you, while to pipeline, response everyone. wherein our report second-generation Steve FDA’s we pleased for another subunit to candidate recently productive nucleocapsid for I our also received SARS-CoV-X our XXX, the month, Last virus. protein vaccine COVID-XX IBIO-XXX, and vaccine we quarter is highly the to established pre-IND against

call last saw protein These variant in by to CoV-X’s strategy, currently vaccines, XX unmet rapid of immunity. companies, we is of and we emergence mutations. commercially guided we call, important end IBIO-XXX one infectivity needs agency’s have on only spike mutations to through of major the a with our based forward an It’s our over we feedback, solution. protein [indiscernible]. of acronym Omicron, as seen, rely and greater reflective which less opportunity its as vaccines were are year. their need IND-enabling basis plan of spike. a its at new generating file mutable durability, critical Spike way calendar it with for the very development virus’ which protein access developing all company, development and the on frequent in the available had and We to since the drug few some the subject modulator it’s that inclusion. Given iBio exclusively not we is has DAVi of moving before vaccine this are investigational second-generation variant the what of studies the the application if the And with the a lead to far spread Indeed, note true nucleocapsid in the for

a IBIO-XXX in variants of Our next that region the provides just mutations memory not COVID virus are today, with work dose, T-cell of preclinical data displayed durable suggests on our least our the dose. none IBIO-XXX, deliver last their at people’s vaccine used we aiming to for And response. Thus, that we the antigen.

variance, the to storage, additional the too. issues and This and favorably costs mRNA logistical access associated well. While also affect a we subunit as to nucleocapsid-based because vaccine with believe challenges typically we that frozen address switch vaccines subunit durability transport the have vaccines it and with don’t think can is like

of to upper is patches the creating there administering explore needles could penetrate could that cells ways invasive immune enhance intradermally. the a making and a a painlessly avoid while the To Interestingly, injections, feasibility IBIO-XXX that November, of route allow getting microneedles even accessible we turn, systems Microarray release However, of delivering improve the of seek further. large elicit fear This delivery are immune for can alternative technology goods. may which via their response. targeting are they delivery payload. improve then injections. a with process is to lower agreement access an executed vaccinated. a layers microarray end, patch more delivery enhanced also vaccine administration in a stronger an method leading and immune of self-administration, complementary durability the of may easier for dissolve minimally mean labor-intensive other to innovator skin contain for In required, antigen in pool to of intramuscular that even we particular, of technologies solutions people skin to intradermal cost access new dose see response it further In this of again with intramuscular lower

we to are just and to Turning of programs clarity, peers. plans ago stages pointing now quarters last fiscal pipeline R&D four already of on end in-house months. are: new discovery; the the stages two, making to capabilities our into early going classify new and distinct will preclinical out therapeutics, optimization; advancements. I at for like multiple tracking with bearing IND-enabling. would discovery with in ease our our X our create by four, we and area began discovery we that went our additions consistency investments discovery start greater discussion Since announced we a one, lead our pipeline fruit late to that discovery; few The see to in very to pleased add immunooncology and X in year, this three, forward assets drug we drug

a designed the therapeutic turn is late promising novel This discovery quality part with and candidate Meanwhile, moved anti-CDXX license fastest. tumors our Our progressed to candidates agreement RubrYc of power our through has depletion with further. tools, due to October, newest already is higher learning just for worldwide candidate partnership speak Emanating therapeutic will the cold identified but helps its for the demonstrate concept hot. element this developing anticancer the antibody This the sparing example in this to machine RubrYc with regulatory a molecule to in design, intelligence was stage. this with partnership artificial to Martin immunosuppressive only IL-X of antibody another of T-cells. has exclusive Therapeutics, potential monoclonal high-quality a our in from candidate,

of the have molecule manufacturing culture that using transitioned FastPharming RubrYc’s plant-based the methods CDMO We the mammalian was production cell system. to from our development

to now by in and So the are the afucosylated the switching FastPharming, scalability, complicated technology same the to methods. bio-production addition realizing licensing also the is intellectual achieve traditional systems. mammalian demonstrates property end afucosylate comparable to quality to deploying proprietary FastPharming-produced avoid to the we an implants. in our Data we antibody antibody Glycaneering produce generated can molecule mammalian that the of to-date advantages, simply sustainability the by of quality version of and process costly needed We

molecule added candidate to candidate We November the to in before estimate an oncology to we of IBIO-XXX pipeline Southwestern endostatin enter protein continue calendar a as the Center our core makes of of another up EX properties IND-enabling advance stage A of this with the version Texas potential University anti-cancer solid announced research this program. EX the IBIO-XXX, may the that middle explore of when the XXXX. in We collaboration tumors. Medical the has antifibrotic we and

iBio to fibrotic cancer those develop fibrosis, UTSW systemic based agreement in two EX’s that with of a address pancreatic like University fibrotic While development potential tumors, new treat. associated idiopathic component license for deadlines indications, licensor a make to this week, major Pittsburgh, for scleroderma hard extends them fibrotic the IBIO-XXX an IBIO-XXX. is and with number note, a milestone-related the On strong collaboration with we amended pulmonary that on for so signed a continue to related of diseases, last

on to our call over I’d and to provide like recent Martin? our will pipeline who Brenner, Chief candidates. an the update turn with drug Now, Officer, activities Martin R&D Scientific us

Thank you, Tom.

to initiated be in development discovery making are May we which we continue out very progress our last the year. We drug infrastructure, pleased with and building

X the multiple new have X and discovery months, the less We libraries has to range antibody have to to a Diego this of also usually external in drug drug the years, X screening a hunters built new X into our clinical highly but same from of takes skilled and in early program an and to discovery I discovery has stage. diverse oncology through center entered programs only since the team programs broad ensured identification at time typically the site. development. This than pipeline access establish those to to San partners at to into team not capabilities X it oncology of effort two of X to late a advanced put takes target context R&D the successfully want years, from antibody

molecules target these the then binding they is efficacy biological months followed phase their active program. model. discovery among XX usually cancer undergo is and by takes things, in potent four target, novel mentioned a This discovery and their screening the identification thorough animal characterization, to and protein, includes discovery the of take optimization late which molecules. phase. show and somewhere early early earlier, have to the in and The between followed there by In phase effect where specific a Tom can campaign desired and X lead stages other months an distinct X As the stage, antibody tumor of X delivers are cells, the to

potency the the overall on the the the animal administered their most to the take the on end and on a which a include and candidate chemical manufacturing clinical the with enters indication whole optimization profile focused This subjected phase of might optimization, to the process including altering stage. complexity represent are the to phase, as the the years. following and properties. patients. improvement that closely in X.X establishing even the molecule increasing from Lead battery patients. molecules best large safe IND-enabling IND-enabling X At cancer The on can development The indication take XX undergo is models, molecule months selected lead for molecules is depending and manufacturability which depending from months clinical overall of phase characteristics, of anywhere lead by more it developing to is tests, sometimes During is of this can apart years. X molecule to physical into phase be degree to expensive molecule

to Using that our mutated or healthy enabled to obviously these fast, stage the website. platform. protein. understand details will protein a were the the we on extraordinarily Target program, our due X discovery collaborating RubrYc a optimization, usually refer by of from additional fish as built we the early antibodies competitive safety to X distributed and to bind in I that that through the months mutated of technology the on protein Mutations antibody time In at generation in to of of the highly identify you Target hope Meso-scale region in So, to X a fishhooks, can’t phase partner change to from which our to molecule. our unique nature of target on to indications reduce target library the biotech we protein I phase. our the already This the of and of the ensures moving Engineered the lead this cells or and RubrYc’s us body. allowed MEMs to specific RubrYc, degree MEMs the RubrYc’s is not and have way. function the MEMs. on structure cells Molecules the able the And machine-learning the optimization is also the as only of molecule reduce tumor the so-called were identified a mutated solid which of region down disclose share is certain we we molecular normal some to since improve proteins, reproduce about length tumor shape surface cells, antibodies three-dimensional able industry. this Today, the potentially are bind from X X to specifically with believed exactly months. widely in can artificial several early throughout we library discovery protein therefore

Rob turn year. to results. Lastly, financial program potential now has our more our IND-enabling FastPharming Rob? to our provide over who the if time Lutz, than stage, of reaches to X Chief call the Financial update on like Officer, the I’d months, Business an will further X shape the and to development technology leading of savings

will Thanks, that a details decrease fiscal available are versus of the Revenues quarter in of I Martin. a XX% the XXXX. $XXX,XXX, second speak approximately Rather XX-Q, ended XX for financial XXXX than December of the to the quarter second few of reiterate were press financial company’s the release results the simply and fiscal highlights.

pharma stage early timing driven such contracts significant for commonplace experienced is revenue and As size has revenue the companies, variability as factors iBio of by of services number and quarter-to-quarter recognition. customer the

XXXX. fiscal comparable growing growth This pipeline, revenue to the reflects related XXXX. and half and the R&D second trend XXXX second expects our the increased the and the this of As anticipates respectively infrastructure. return XX% over company employees period platform in previously in XX% quarter G&A communicated, of investment in fiscal for technologies, continuing. expenses fiscal company’s iBio

is of cash purchase and time. our However, expected our In well the to Texas iBio in took in in $X wholly which now moderate This rate of November, produce exclusive acquire in the CDMO million is square remaining States. debt used the the growth a facility to manufacturing over approximately interest to provided using to Bryan, as the full equity subsidiary, iBio on transaction biologics owned. as foot holds System United well CDMO manufacturing XXX,XXX rights strategic control as our entity, facility with which as FastPharming

enabling facility a it us, buyer we to expand and financial from repay to perhaps recover whereby and the receive for to sale facility. iBio the buyer the purchase debt, the Following cash potential the in funds purchase, put the would with the to leaseback, lease a us back began to help exploring

With grow the the transaction it business. to capital help would be iBio to raise completed, non-dilutive

of XXXX, in XX, adequate through more Tom? back investments in $X.X December now than recent I to securities two XXXX. and With restricted call it to expecting to debt our $XX.X of quarters September runway, we Based has liquidity, cash activities turn iBio now over the previously. cash will excluding undertaken believes that support XX, Tom. that, were cash, That’s on iBio million cash. terms million initiatives In our marketable extend securities in had as

Thanks, Great. Rob.

of course development quarter. performance our and very biopharmaceutical the with are recently capabilities discovery here of this We pleased past established

quarter. standard have and industry our with vaccine the and We assets have this which that added program speed we also encouraged exceeded benchmarks momentum the oncology for each we by demonstrated X our are therapeutic forward new of

to IND-enabling particular, our Looking ahead, for oncology IBIO-XXX we continuing moving in will on advance and focus assets, studies. its

and We stage. to are efficacy forward looking progressing optimization to IBIO-XXX for study IBIO-XXX lead results

Finally, we the the with goal have. vaccine are that calendar last next you. will year end. before we filing rather to dose IND response take And dose concluding the any work happy vaccine might than with pandemic Operator? our to as highlights, a questions Thank bring to of a COVID-XX an you

Our Fitzgerald. comes Instructions] [Operator first Cantor line the of Kristen Kluska question from with

Your line open. is

Hi, good afternoon. Thanks so questions much for taking my here.

that and time, IO big you Target is are the information oncology, so related on for undisclosed to see X one I The first understand could to provide what this wanted picture AI-driven us X but Target at a basis.

collaboration, but that So highlighted targets, for example, I the challenging know well setting. with your targets amongst also recognizing cancer have the in these some you been understood then RubrYc’s of potential have

So, more or the level the perhaps a you can these of you high if company? validation the a after to targets bit at speak little like about are novel going are maybe

at talk question. Yes, you the question. Martin bet. the validation, the Thanks, second Kristen I it portion let will then level for a bit hit to the and little of high

of there endpoint. to lot calling I said easier level, high of IBIO-XXX, of there what a think RubrYc a good RTX-XXX the of take previously interesting this. example is is done than out times, will their the at So get are really called I course, we now molecule to targets which but a And lot

immunosuppressive function. rid capabilities IL-X T you weren’t and your to create T getting great what, target go letting cells, and years of interfered was you the microenvironment. knockdown immunosuppressive to to effector T-cells find but were for And in to that to the But cancer-killing ahead regulatory the it a of trying tumor effector’s molecules and able really So folks nicely. bind a guess so years, with CDXX were could people T-cells, your the way were signaling research

really are intelligence out that libraries to. hard-to-solve that designing areas some that techniques has the a like Martin some like mentioned we’re the that, antibody it’s ways with one and of artificial alluded that engineering that some can some Molecules seeking of the we that So Meso-scale the Engineered think these solve problems our of for Martin we of RubrYc there, we’re with problems the of combination methods, which in using

can solid getting the I’m without tumors. going cells. is molecule particular on into attractive any detail, ahead it target sorry, for – really healthy present But again, also a look marker targeting what’s a at So you take and

that’s challenge a So creating molecule tumors obviously on the without specific something other toxicity enough engineering with there your is healthy that particular being cells. displayed for issue also

maybe, further a So how Martin, of you little that view. that’s sort big picture validation I talk out And hope then bit helpful to get we challenges are to there. the towards could the

utilizing in mention see safety so is after target Kristen, Tom. upsides think go there we’re where the case a to and what here is improvements here to particular to, well-validated on side. RubrYc yes, Happy is that I the technology relatively this important we

to healthy target mentioned As toxicities a hopefully is safety and the when mainly see tumor target helps in expressed one avoid the in this which of after cells. validated expect here protein cells. kind the kind different. play cells protein tumor earlier, in that’s then you going the of a And increasing I healthy target is technology this slightly target on would margin. would relatively endogenous It’s but cell, on well This human the to only our

approaches and/or Thank you and Got pipeline, have at your looking that versus responder then a as think monotherapy a a about for likely in oncology how either be types might most you. targets identify effect different sequencing broad to potentially And precision it. do might combination? of medicine who

and medical as people. needs here a markets efforts but we’re solutions to for goals it’s say part groups regards broader let and unmet of the to development and for in, of chime hoping our find with speaking, make I’ll generally here, and Martin then So that to comment

think of cancers because of may of some a at platform you some few think these is, should of in product, these is and one to that I broadly to That patients guess, described, need efficiently that say point our kind case not into between is the if of cancers in system material, own the that traditional of some And that small will a smaller factory. to maybe helping as protein and in larger its obviously cases be molecule some just year. we precision able of lot pipeline have, Manufacturing nature case the case about variety dozen targets I help there to in but taking on necessarily you and in methods. can plants those like look patients these we really the modular. any what the can of a production when therapies populations Being cancers, new say, a a we so about of your thinks of applicable entered rare where think FastPharming end. is produce easy to of itself of after medicine – plants are and the rare our favorably little we our I required, molecules of some the these quantities only our we of quantities of So of plant lends hopefully worldwide some IBIO-XXX instances, we’ve small lot said, that patient one given and if make some quantities in is Each whole getting

what, need only little guess a we just only well, can a if little. less, we So plant

that kind with to development and But I precision with from that’s of regards perspective? add a strategy regards about question, design your in think this anything think medicine. to how way, So I Martin, to Kristen,

and in weigh Kristen. Tom here, to Happy

as kind They what the tumors can solid have Kristen, specifically right? over efforts massive do is you some individual lengthy. characterize few patients consider typical better, these that effect there been you be So using trial, an machine well. if can immunooncology often years, be past and indication. also your So but trials learning to to of all-comer tumor the of

want gains evolving a we now on technology, to that clinical earlier keep out obviously say, specifically outside So can and eyes side, actually see machine at the we if We say, with our of what’s this side we’re on to kind and biomarker have are is keep stage, learning an field. employing there on I close think other that happening eye so the on. an

question Last you. thank is two-parter. Okay,

stages the including see. So a about four bit in you different typically talked that detail, time little more these frames we

is AI, to So the all optimization platform of IND-enabling I where enter of you molecule partnerships about your ask talked stage. your really lead the data to the collected with wanted capabilities, etcetera, with being all fact

COVID-XX all given of a platform detail? and So you expected the more versus the process platform? light your be that updates little might without your talk studying more you this about just everything your in saw in of talked then vaccine advance efforts, think related will line in could with we technologies about, there seamless you your Thank to you. do be bit time what And

what’s of out money like at interesting and takes. something we out if XX,XXX end of And and result we’ve the the all And and there all course, fundamentally just thanks, will more about are We Great, which are cite the studies less the five think a processes terms much with, let’s platforms with the start the Kristen. that done an pharma make goal that say, that the the with Yes, we are all and more way process for than on come and traditional money in in yes, shots has it. which usually, their that ever way, here, it, that discovery take efficient here numbers just initiatives, And that built I’ll be is as expecting way of know, these together relative being you XX,XXX. look IND seamlessness that a perspective, of capabilities. to these time some it together.

that part often X $XX X, there, and characterize spending get you’re So years seeing to to you get started IND of to to point. to $XX X, are better million, as X, Martin million

shots these partnerships, early down power our and that and is do development. goal even again, taking that, expect in sort that once, whole significantly really own the So more cost everything and idea help in approaches indeed, will a this cut for And to of applies twice, measure the doing, the here. we’re on initiative both think, of concept go time of the we we on bring and this

ours is on firmly constantly we’re to a variant else’s. And on issues there solely as we this whether end, we’ve do boosting second-generation moving depending the to can do solution I be calendar also others couple we to design, everybody, the and the opportunity that got that but And really, do likely ours – it this We before or for that that here, We would we We the now. continue the don’t So alternatives. variance But we’re we And had moving Omicron with here dosing think it’s variance go. that we to in from also needs so the should know with serious that get think the it look not with deal promising, the environment are development. still and look believe think mean where governments with granted indeed, basis believe regulatory what it’s improve handfuls will somebody of while and an beta And fund we’re improvements that through after frequently, approach. of of all with a out It’s moving we’re this we’re will again, at days, lot or where the to this accessibility, provide yes, an emergence is is is watch the the not still other endemic. And second-generation spike very a to opportunity escape of handfuls we pandemic, likely others to that I and a need whether immunity coronaviruses, like that’s companies protein of what do endemic but as be is this really to so but so of vaccines there believe there other problem. working true where the we’re there believe a we change we too looking providing more the dependent it pick that still is some coming. vaccine to microbiology a only changing long end protection and cross hoped that can at see think that Kristen? out, from only a think Does COVID filing seeing is under interesting there it. upon way long-term a there. environment it can to you’re an is of and doesn’t build. vaccine endemic and we and also some it’s not will few we to standpoint IND And very we see it less the move your see expected just hopefully, the A there, we – months. likely it’s hopefully that early control and come of and get seeing then for right even think spots. that dealing just timing, be seeing doses time, we more out for respect And virus, you the hopeful, from and changing last question, that answers the

again. Thank Yes. you,

Thank you.

question with comes of line next JMP the Our Securities. Roy from Buchanan

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level the question. of other or the amount I can guess have whether things around or one targets. going say – to the the a targets general around first of validation, about for to kind have you similar the Thanks. other that you you’re after Target IBIO-XXX, anything philosophy taking on question validation. X of a for good X pretty I totally your preclinical guess thanks Target Kristen’s first data, targets of your neuro-oncology the in Hi, follow-up some novel degree

And that this but stage obviously over data. the for that efficacy got do not to again antibody you as of engineered But amount similar quickly are can We’ve XXX to position either Yes. properly with studies. not got point safety. do putting necessarily saw is in little further? Martin, what to let so us maximal that preclinical worthwhile and with, well-validated through an that we X seeing in the target is comment later possibly underscore core on effect or that’s to Martin decent we’ve what is to you I’ll it’s the speak I we’re a think But Target data want case. for animal a to to is, you molecules move for know, but CDXX, have a moving

– are that we’re Yes. validation. right? at a Roy, a currently that also our specifically betting degree, on do And I clinically can we distance degree targets the think that at safety, might it us, – de-risk, time, looking path at for on might it’s have to it provide be Ideally, fair we’re looking but We to be actually are forward targets efficacy. a clinical competitors. same in say, to

think very applying now to say new a it’s dramatic we we our considering right risk target. right This a to technology we technologies, fair trying targets. just completely go existing now. I if early we are be to risk take in the don’t went Considering off on antibodies the that would after novel increase

due areas where or clinic moment, the failed So or we’re to more a we’re reasons worked, but gotten expecting. might at the target know on have safety efficacy the might we molecule the focused hasn’t have already to in

helpful. very That’s Perfect. Okay.

was that you still that, I I around not challenge study? requesting questions don’t. still then the for FDA do IBIO-XXX, do have a need challenge I to if but some And thought so And study

take from that study, this the challenge there? you want we us Martin, Yes. challenge for to With And respect to next to do guidance the is the took led to from it step studies. that review go

Yes.

So very fluid the And you and developers Pfizer through a COVID-XX, kind went now since This to both Moderna Roy, of something pandemic as and challenge know, consideration. is studies. drug environment. into is have take manufacturers

the the results details We the once will out this of at moment we report we in planning about it, are study. And of more have about stage study. that

Great. Okay.

cells – can plan. but still an anything guidance surface know shown Anything intra more it’s of guess it’s I that – say antigen whether given versus response, guess, T need cell responses, you the the antigen. cell you’ve internal antibodies? it’s I T T says So about of the on that virus, antibody I But focus both not you’ll a on Thanks. a and in

Martin?

Yes.

and it around seems evolving there N think to thought. to basically have an of that N world say we be academic T-cell that initially kind mediated than protein more the response more we more area, from I evidence that but the scientists So that specifically accumulating have and studies, shows is I Roy, is be might these protective. even here it’s small important evidence it shows that

be speaking this plan next. kind I strategy our of the of of the variant one is and So for to a try ahead kind long-range chasing think after to once not and towards pandemic

from in protein cover variant us N done might also and everybody a the perspective. durability to But cover range, us might but again, early after data, going not have So studies want the caution broader yet. inclusion we here, I the it’s

proof if of that data actually is study tell why clinical One a actually then hypothesis do we to obviously, of holds concept. true. And the the has to do areas challenge

And Great. I last for Rob. one Okay. have then

guidance includes manufacturing component and the sale of some Just cash the for facility. remind us

reselling I your think guys it also business you not presumably, bought did you’re CDMO So of and back, correct? the that previously again. portion

So some that? essentially Thanks. the price get we manufacturing correct? think do you How can to for discount facility, the about that’s

Roy. Thanks, Yes.

happen middle Roy, side. right be we to the speaking, try think the we conservative assumptions using, the on of what we’re down or generally is most likely the So to

ourselves. out not we’re of So there ahead

guidance the position way that’s think enough Does you all best that the give across I to So color? areas.

part you’re you’re looking maintaining And of what the correct? to CDMO Yes, business, that’s ownership, – full that’s not then the fair. the

That’s correct. Yes, absolutely.

Thanks. got it. Okay,

Thank you.

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you company’s for on COVID-XX like time Hi great it Reading progress. for February for the HHS Mr. It iBio. get looked request through that, by team. Isett back posted to It’s questions. vaccines. updates and the BARDA a quick Thank information for a due and on today. always Xnd. was next-generation There was of couple your have written I RFI was

Just the wondering a aware if and you you of were submitted for RFI? if that proposal

active for contracts And particular, with for very thanks aware Phil, related we and U.S. areas. evaluating actual government And been that indeed, proposals the RFIs, the all in were of that. in Yes, calls have we question. for

here detail, obviously, contracts about are the being So, get we Indeed, as looking the at us government to and it’s applying either at RFIs that as key place really in to instances, without have for Federal worldwide. advisors put or those on for able even rare within to whether bringing or resources opportunities too with into much at State responding we levels. U.S. company the well help

is that capability in this to have a place. our CDMO pursuing XXXX. biotech of So, we a lot from didn’t switched interest that gotten first of we have But a in company over when the being December

that for indeed, we with stones leaving thanks kinds not so any And of are opportunities. hopefully question. those unturned regards And to

that. Alright. hear reverse I you appreciate never I to about know and dilution. splits want

And of leadership so those that I is trust exploring will all opportunities.

the hear of I time. am tackling here, delivery XXX alternative that at On topic IND-enabling studies drug and same to are interested both the we

able at look like we look we It I efficacious focus at patch studies alternative same then at molecule are how would investigate also the deliveries. both it’s like or efficacy. to able IND-enabling intramuscular the sure understand, that are first, alternative am on to make wondering the seems How to array? time? at me you I look As and this deliveries molecule

So, could you speak to more of that effort?

question. Good Sure.

is what the of committed IBIO-XXX. some exploration alternative administration. delinked from routes of of we delivered behind intramuscularly that firmly are say that, effort And is to these the We driving can

to the degree, us very got mean, decision and to move and the adjuvant we are right. you that antigen the taking with, forward combination with here happy I So to we that’s led have a are XXX.

because doing for we the then gum combination progress of at evaluating walk different the platform. are chew and adjuvant a can feasibility antigen a we to time is sure so And and that, same also degree, but all the with same

are to technologies these of do years. attractive seen response. But emerged a significantly studies, patch improved to feasibility what mid-XXXXs follow look on standpoint and So, from durable These we have the can the provide the immune in first they microarray really more here this. these over

is to So, them. like a there lot about

the but past manufacturability issues the of that the of in years, a front. there X years, a lot some especially now made been of progress X years, question, Some X on rest and were has

here. So, our second-gen at go feasibility forward work we negatively with push us and nucleocapsid don’t to do timing an it subunit for all and ahead plans to vaccine think IM based this affects

vaccine evaluate also But We that prospectively being see antigen this are makes feasibility. would in generally health then we the at of platform to human area, delivery be this for Does is Phil? platform, part combination going the looking SARS-CoV-X, if we for adjuvant a a as speaking. that sense, successful,

am It’s a to needles. I little Yes, know absolutely. I exciting. adverse

I confidential of that’s financials, a hear if what dates So, that excited I the against hear potential we part ever or going that. am for is but information is last settled that case won is. there, to And about not, level, high there wondering I really was And future business, just are question we if a been know about never contracts, a it hear that got back we was if the is large heard in me? to like manufacturing, confidential. could it delivery settlement XXXX, Fraunhofer. here. we of couple cash May I part possible

One, of about Phil. I is fond things, folks the one those two Well, of needles. feel being don’t not bad

are there You approximately same many one in heaven worldwide. and boat of are out who knows the million Americans other how

reason these mean one – want out part So, of innovations I and that’s we other And them. the solve of bring here kinds that’s we of big to do why problems.

certain who we would you shot. on moving because filings X-K are a I people that have just there. to But they getting definitely point vaccinated have to get out You Fraunhofer of to the afraid don’t want thing,

have of the press the financial didn’t other filings did. in while release necessarily details some lot So, our of it, a

specifics there. of the $XX the quite fact, And financial those out of of some even was yes, splits, the into end the think come it it at includes in the But is, around the bit rest. day, million. when a there So, I timing

have we payments. So, the the got cash cash and

that the of the fiscal part taken half The technology to They second first that actually year. is the expected settling relationship. in is coming have license for IP due the out FastPharming set this a as was created here the and case and both then up license quarter revenues other to this and of that, also there from for

So, it’s out available. there and

about really still your that filings am and something ever I wondering it was for all spelled have today. out. much you. time if there, because Thank thank those don’t you said know that there very Alright. I that’s But and confidential I

add on a legal And I the But parties want comment to of have great. Rob, to some Okay, goes on all and that do to want you Rob, if financial anything cases these certain to specifics in But side? confidential don’t at release. the Phil, broadcasted press to can you stuff want know don’t elements that. of have them

No.

information confidential shareholders I there think but out is of don’t those is some I are aware would the any required financial it’s the – to relevant. make to not surprises information we reiterate think there of hidden Tom the financial to protect parties, said, that out and there those. what be

that’s there out So, nothing material should be meaningful.

Thank you.

Thank you.

the question Patrick comes line Wolff. of next from Our

you am food Hi. the some kind or So, here cash on I to to producing I they with going get $XXX nothing? I XXX how the of put shareholders numbers where wondering, am that wondering when million seeing starving weak just what are are. on last at doing million just are looking kind – death, this. under you table of quarter plant are and some are just really our wondering for sitting we the a am sales production

on bought You extra this $XXX,XXX sales, production are a where the this shock? mean, in plant, percentage quarter, I of

Yes, Patrick.

couple things. So, a of

to were the tried And revenue-generating I held. and the think be CDMO capability, the of business respect we to to that have shares there we shareholder XXX base. have roughly do have here do of we regards that out a So, that with have services shareholders, clear don’t but model with we – and I million moving number large diverse quite number think to. and we

only. the service of comes the with the that it other catalog, areas, when were CDMO or was part business put that whether model company So, that’s struggled the looking the to reason into we previously this where are bioprocess they provision to products

to manufacturing have volume operate. So, development that’s that’s from is The XXXX. roughly that It to to ability how they switch how That’s at plant XXXX and business large it. contract to over iBio has once we operated and cell deploy a manufacturing mammalian found preclinical then on the there, the out way into has once culture. challenge a somebody certainly like standard platform by its because a Well, and clinic, already – molecule risk to gotten the that create that have they they is that much over. It’s oftentimes are they rerun don’t business time why switch you – And able of and take in clinical platform a gotten path. to got they have this switch would might they far even so trial, to hadn’t the RubrYc. which were with our down example we at move the look because too kind it onto

have this manufacturing in to services second. the position in the are that doing we to the and way, of built begin you a it got to portion now that our a and the extra that and will, I have along a the see biotech the the strategy stood and go team biotech and of that strength want going commercialize out putting and comparability this also we hand. previous the But we we So, quite in validating, a FastPharming changed course get pipeline. business to up, in in facility platform of that, business back which here assets few quarter everybody to after self we and know we if demonstrate we FastPharming added the ourselves let one, were you data when now can the validate and build with

what a that’s lot are we doing So, right now. of

that’s, in business its to high you point, really year what And any what CDMO underscore quarter. to going given want other business and press at said look the releases and we the last a think quarter-to-quarter young said certain take is saw lumpiness any what and in revenues Rob I to a we variability. what I confront when our fairly as cycle. in just and a result. development

from sometimes to reasons is get goes not done RubrYc there that. for everything of at to a So, It and that others. lot manufacturing campaigns

regulatory on have through way is the such out portfolio. we of molecules that’s more to ability quarter presently antibody the in quarters. we had we or you the at and So, are has the there anti-CDXX over what’s some that noteworthy see time downs And think partnered. the where we our numbers. look have one cycle. is generate. here, But point, comparable of all our what that is here to be one as projecting new here, continuing monoclonal And services, the molecules, in as development in our I to the their I we that take because time And don’t before business to goal that we opportunity taking will and and perhaps end, quarter we know, Tusk model you goes are have some shots had I are comp But offer. that I build to as I then ability all biotechs assets just non-dilutive what all bought one Roche, of met. were This the mentioned mean the that business I two, T-cells. last to forget, $X was from $XXX where And generate we immunosuppressive make which $XX against over a always I just preclinical small the had are folks They maybe revenues a the $XX want but deal Roche pipeline. CDMO million look, we part its antibody million the million, biotech anti-CDXX approximately, other pipeline ramps milestones you Therapeutics, sale million year, million that asset – would molecules necessarily doing in total also if to will or with the doing of those $XXX,XXX. for is think are partnered a was upfront $XX just directed ups I the those and are with to think The which three of right, also, a they business

technology, model the be whether in build optionality own available to before taking it products, monetize services that de-risk are ultimately commercially the we we them clinic – company given with in CDMO its our or through that for have the was would also CDMO-only business driving So, we the partnership. create and promised everybody and a in then where

Patrick, bit hopefully, So, a the on answer helps little to little that’s bit. a that question it.

like would call the Q&A for Thank portion. you. remarks. the back closing concludes Ladies Stephen I gentlemen, over to turn and to this now

Thank XXXX concludes iBio’s next thanks, you, us forward Second time our Investor everyone, call. Fiscal look for and join on Call. This again operator, updating you today. taking We to Quarter the to

concludes this for today’s call. gentlemen, and Ladies your conference Thank you participation.

You may now disconnect.