iBio (IBIO) 13 May 222022 Q3 Earnings call transcript

Good day and thank you for standing. Welcome to the iBio Fiscal 2022 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. [Operator Instructions] I would now like to hand the conference over to Stephen Kilmer, Investor Relations. sir. ahead, go Please

afternoon, Good everyone. you. Thank

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

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

afternoon, Great. Thank good you, Steve, everyone. and

IBIO-XXX, SARS-CoV-X. third is the our quarter, As we response subunit for we candidate pre-IND during against reported which package to fiscal nucleocapsid the received the our FDA's vaccine protein

the the year. an for by plan to for of intramuscularly version continue filing calendar candidate We the delivered the end IND of

lead have IBIO-XXX, continued the asset, play. we advance our immuno-oncology Additionally, to towards

monoclonal regulatory as for tumors. efficacy favorable week, this it a prospective earlier effectively data depletes Conference presented T-cells Immunotherapy in Frontiers that the on anti-CDXX this showing at preclinical immunotherapy solid antibody, Specifically we

presented advancing traditional produced performance on recently While been have mammalian system. that published methods. monoclonal focused to antibodies FastPharming also programs, on molecules show using important comparable are we This made the development includes data manufacturing studies plant those two and we biopharmaceutical lead manufacturing have

several traditional in cases, had plant significantly compared and antibodies with greater systems. produced homogeneity, when Importantly, thus quality,

recently with increased pleased the resulted effects, potency the antibody, monoclonal update that, of desired afucosylated process also presented With were can as when studies in a as note, today's our Additionally, part Glycaneering anti-tumor FastPharming produce lead IBIO-XXX we data onto we the now version. in this underway stage completed we use afucosylated moving and molecule we killing of thereby showing the that to of the this are by for part our Of which technology. now that Glycaneering IBIO-XXX produce system. compared version applying candidate. successfully to monoclonal able cell We increase this optimization achievement, of platform promising IND-enabling with report we antibodies have for an are

are biotech our for we call developments positive for the to Given this change a business, going things up particular bit.

questions call me First, isn't of take Martin chats down ask call panel come our with I'll able review today. to discuss that and has Brenner our Chief during unfortunately Officer, Scientific to received institutional and he would our our many Normally, revisit financial of disease from the that course, to over and special stockholders today. I I the Rob Then, development investors some recent to and discussions. Martin to I like analysts opportunity we join join COVID Q&A, fireside and for would this about here announced the from meeting the upcoming turn of quarter to the results programs

third financial the Rob. for review best of results our let's without all started XXXX’s we'll fiscal and full a wish So that, him. let's get And him speedy With our quarter, do recovery. with

Revenues third from for $X.X claims. quarter and versus of fiscal $X.X of of Thanks license highlights, our million, our the but transaction the the technology was ended third the in release revenue received note, payments further we fiscal license we refer $X.X increase of approximately please IP third first that press the financial of of part few with XXX% settlement the to details. a an Fraunhofer with the royalty On of Fraunhofer. This quarter quarter XXXX, were will Tom. XXXX. I the recognize March dispute resolved million million fiscal our XX-Q related two speak for of XXXX Fraunhofer. to from the IP XXst for In

respectively increased second XXXX. reflects investments payment and G&A platform fiscal the March, expenses the infrastructure. continuing, iBio’s related of is and This rate over in comparable expected We is XX% anticipate over period moderate R&D and in however, this growing growth pipeline, The technologies, to of XXX% XXXX due for XXXX. trend quarter fiscal the employees, in third time. our

at iBio debt of In plus excluding cash approximately equivalence securities million, terms cash of and liquidity, cash. X.X million quarter end had $XX.X restricted of

related assumptions stockholders we support business, that to XXXX. upcoming -- on based we've through that XXth, adequate cash believe to September now activities today. turn meeting I'll to our shareholders continue of to announced our We special

net approval for company. stock to in which split to authorized would a share associated an We our increase the implement stockholders are and reverse together decrease authorized in count, seeking from authorize shares board result in our our a

proposals. proposals we proxy these the we filed a described pursuing with same preliminary for these for SEC as are previously. reasons the We Today,

We With our for to to we the shareholders that post will received, the over to now would refrain Once approved detailed the is Steve? by to I discussion approving is rationale answers a proxy from back the the call we turn Steve. the are website. that, plan our approval SEC. on until required from questions proposals expect of

today of last us to iBio solution a of its the it’s I'd that? has working in you a in like was implement Thanks, release. the meeting. some release mechanics it Could through I to Rob. Press regarding question ask walk structural that stated If iBio on impediments earnings may, overcome the In solutions of special to shareholders. shared quarter's will you

of price was stock must XXXX permits of stock an reverse respect reverse stock day in sold each the outstanding prevalence made difficult exact common shareholder to more stock brokerage forego the only believe the Street shares. for preferred to the entered opting in the XXXX as convertible or held it's a we order votes, issued affirmative proposal change per of base a to the preferred for proportionate stock companies for the investor firms entitled cast shareholders preferred stock the of like X by to proposals help agreement with of into share issued. discretionary common In recently the significantly holder increasing The stock closing accredited majority convertible split authorized stock. a special name split proportion in the to to large million iBio with preferred shares of was this to stock $X.XX the series shares at we and it retail a but share, to shares any to aggregate the pass them on required of proposal which from voting be vote meeting secure votes Certainly. the Pursuant with We such reverse of overcome preferred or by has agreement purchase preferred same votes voted stock. shares challenge, the as stock

of majority who likely favor As the of are pass. are shareholders common pass. the it same a of common of the stock preferred proportion votes if proposal, will against the the reflect conversely, of majority reverse merely result, The shareholders proposal stock And of the if will a votes who in not vote with, the vote the stock.

finance Thanks Rob. I it before Tom, question. ask And a to over like finally, related to turn I'd

Regarding iBio’s the FastPharming facility, acquisition strategy what is there? the of company's

we the of rights the FastPharming as transaction, we facility. to larger and all the As a previously of operate primary and announced, full facility purchased ownership our part grow

Now the believe evaluating up could of asset most, a capital facility in the partner right leaseback ownership to benefits pipeline. us freeing give we sale are if of a not might the our We that with invest up sale free all, while capital. leaseback

post to frequently going some to iBio’s regarding asked now questions development I'm programs. Tom

you vaccines strategy, first end targeting successful the on and question specifically, of market? Tom, why already be So overall iBio’s will COVID despite is supply ample the regarding competing vaccine the think our protein

in great right diving with a you're question. Steve,

vaccines protein. pathogen, immunity in virus to mimic the the that's the response currently exposure to given virus’ to ourselves virus and protein industry neutralizing it the with to to antibody that And SARS-CoV-X So, them. That generates all a generating this initially also humans. bind uses spike swift made approved infect based of on the strong sense the technologies are part as response

natural mutations, However, pressures new to by selective vaccines virus able as favored led infection. so the better it has the we’re overcome generated and spike of evolved, emergence the immunity variants protein to

with protein vaccines with issues So, occur XX have we've sub seen and more the variant the of infectious These the compared on original based Omicron highly that its in mutations relying emergence by their spike strain. variance. spike than the already

So mutations some accumulate escape an immunity. the based the that been become elude and have that less spike the based durable and ultimately spike experts see effective may that vaccines vaccine variant predicting protein we'll more even completely

So over COVID and of going leading the to continuation on perhaps that even based pandemic now the if reliance becoming not, endemic forward, we're disease. an seeing spike is vaccines

several that it vaccines the generation for So, to target an I nucleocapsid important protein, we to the or for refer believe end continue next represents may as COVID reasons.

to and immunogenic multiple abundantly episodes. First, to elicit contains response. that an the expressed end opportunities infection is And translates immune during protein multiple

nucleocapsid likely mutate adaptive protein spike. based Second, the therefore, stimulating critical likely more the than which spike is be third, that the the T-cell protein. end SARS-CoV-X be to more response variant that highly immune less Thus, protein escape and to activation, element so appears attempts to the protection it's And is evade. protein to effective end virus shown has research vaccine should conserved, less new a than It's of

has into winning believe So, combination and antigen, durability afford that our and the add greater to that we have have all approach a design, here. got that built that novel that us we may adjuvant

Thanks be to Tom. working on a considering Building on it pandemic why soon that to IBIO-XXX, taking seemed is much time that hit? so iBio after vaccine develop question,

I'd circumstances my vaccine days the fair. the spike-based of that in own we running the COVID changing with as ground the to earliest And preface certainly hit we the like rapidly that's pandemic. Yeah, of answer noting all pandemic by our been Well, have first know.

early already at weeks, But was time clinical environment the protein days went rivals were advance, regulatory mRNA spike been we favorable our through think in and part for the speed spike protein-based data just late-stage February, had Xth, vaccine generating a the from in some with generating it platforms. IBIO-XXX preclinical like and X other fact, our what February of In the of influenza. material was clinical funding like we to development, in first sequence stage programs, the platforms manufactured XXXX, entered as bolstered I which by to from five diseases mRNA a trials late Speed in others operation vaccines XXX other of Warp that the our

fortunate all about is are to history, to our we to to that for generation our clearance pursue it a while vaccines. the vaccine, first spike-based effective with continue gain didn't sense governments industry arguably in Now, given and most iBio rapid just those me-too what make there to were were and solutions pandemic response existing achieve, regulatory a able satisfactory

evolve little reduced what resulting has, more pandemic spike first took we back mutations rapid in with which would year the vaccines. it than is protection generation ago, happen, and that from a could a So a protein step anticipated as

virus at a protein now outbreaks, hopefully second identified MERS, we Syndrome, to looked SARS-CoV-X that next choice SARS-X the our and very is just therefore move so we clinic vaccine. previous for Today, nucleocapsid instance, enables our to we generation are more with shot. better move for COVID the into East shot, creating a well-positioned towards durable us research believe more vaccine So, last Respiratory all not like the Middle from that's and

Great. Thanks Tom.

Okay.

Let's IND-enabling XXX development FDA pathway. on IBIO-XXX’s make move you to challenge to expecting the study? an Were

was time the The Well, not ask the that short for would possible it likely. answer same is but at it, to understood we FDA if avoid were hoping it.

allowed in clinical the situation a some vaccine are for trials drug required. to the typical flexibility. pandemic developers entering it's these before fact, vaccines no and a be when COVID pre-clinical additional In the height challenge tested available, model novel But tests were of at generally unprecedented

expect challenge So XXXX. provide outcome we data have and our by study launched July, in to

what note, that assuming on And next clear? step be is IND the IBIO-XXX's would

might IBIO-XXXX, submit. or other our with FDA, we by have course, company just any any IND once either of which Well, submitted like for will reviewed the one that changes accept may reject for to it'll or our be ask submission the the plans

Now, clinical agency a satisfied subject weeks XX before But submission, there to the usually X certain time immunized. intense be of once preparations enter is -- trials. with are we period, is allowed clinical first IND the can the Phase

Thanks.

plant-based aspect any the to on IBIO-XXX, of moving manufacturing this? with Just have does FDA issues

No. therapeutic candidates concerns in IBIO-XXX The expressed has plant being iBio’s in any not form the of plants. with it regarding associated FDA manufacturing or manufactured

there or received and are already plant various even replacement FDA enzyme is plant FDA that clearance that product are Protalix’s of development in stages produced fact, cell using plant In therapy biopharmaceuticals or XXXX, cell several in manufactured culture. cleared,

Great, thanks.

Now questions pipeline. iBio’s from the about some other candidates

EX The makes of be fibrotic iBio this for molecule effective first What for tumors? one think the antifibrotic treatment endostatin effect diseases. is regarding iBio’s solid that will

but got You cut I question. little bit think Steve, I the out a there,

cancer present or tumor called associated in there variety environment, So what's a are fibroblasts are cells that including the CAFs. micro wide of

most So support context cells components for of or CAFs the and provide in promote tissue of this one and physical tumor slow tumor a dependent critical they manner. abundant are tumorgenesis can since

So the modulation immune involved also system. cells the these of are components in many of

of variable to responses So, evasion, serious chemotherapy, recent all which studies poor wall problems CAFs revealed have immune immunotherapy, here. responses cancer in to and are the

of has to So molecule as the responses of without and potential the effects normalize improving fibrosis chemotherapy believe EX such the standard destruction, treatments, care to endostatin thereby detrimental immunotherapies. current we CAF

Southwestern So which the of performing our Texas, if advance stage the next would successful, see partner molecule of concepts University studies, of into development. is proof

and with your brought for partnership outlook this turn table what partnership? the the party to is let's Tom, does Thanks, What our to RubrYc.

antibodies. epitopes their and where binding to they Yes, Technology to even to targeting, enables confirmational which impossible to these predictive it's what for do hard discovery create us Well, use specifically for subdominant RubrYc's does that and antibodies. or better I'm target algorithms sites find engine, referring mean?

front building iBio of So while expertise the extensive RubrYc's drug the provides process, expertise in end advancing discovery lies drug pipelines. and in discovery

Anti-CDXX selection same time the RubrYc's. then engine. platform their RubrYc's rapidly what can the leveraging to of afucosylated antibody. good RubrYc's we're So validate partnering FastPharming so system, RTX-XXX, kind I that's And of antibody expertise, using advancing a way on to with RubrYc's while guess, how generating from FastPharming we the we as way a system outperform candidates, system example drug and envision example discovery That's that mammalian the at screening, and develop using really our by of in-licensed we're traditional

that's you're a sugar that it's mammalian because kind traditional and So to up. glucose, for it's killing manufacturing put basically if on methods antibody is that like cell a tumor of bad, on messes looking glucose cell antibodies, bad but the

increases idea antibody antibody, on that antibody the that put afucosylated it's dependent meaning never cellular making sugar of cytotoxicity. So there, the sure gets --

So, cell basically, it's capabilities. killing

be for is by and that end the costly front doing technology of oftentimes can owned mammalian So others. with because at development, cell cells the that both back mammalian

So involved. intellectual there's that cetera, royalties, milestones, access, be IP can fees, access, et property

made do plant of we afucosylation XXX, operate IP plan, party requirements. to and and the avoiding for those to got freedom our of being the thereby RTX-XXX, developing are own we able third version some iBio in So is access

with So, to Glycaneering quality, by version traditional we've we equivalent the a about here that call of culture the technologies, that afucosylated FastParming bit antibody our cell system produced talked the a demonstrated methods. earlier the high is little can that, in manufacturing potent molecule same produce applying mammalian

about potential? little a can And its you bit talk IBIO-XXX and

Certainly.

patients known significant T-cells tumors in The immunosuppressive for effects T-regs challenging, has a immunotherapies a effects quite while. where percentage many show of indications respond. remarkable regulatory cancer even While or been certain treatment, have on they solid don't of efficacy, remain

thought has potentially long a of been way from the be to treat tumor them eradicating to helping attractive micro cancers. environment So

T-cells first creating regulatory and because up attempts these the However, that's antibodies -- depleted that an these to a T-cells cells those T-affector T-cells could important that cells. they the two signal little were wound Anti-CDXX cancer kill of antibody bind and blocking although other And destroy disappointing. T-regs,

Thus the killing out each cell because cancer potential were T-cells like the has of an T-affector cleared, non-responding which tune So signaling the signals were though canceling them T-regs cells antibody the medical activities depleted interfering T-regs to the being without to need the Anti-CDXX of out. effects other recent address and other essentially, canceled the patients. up even the IBIO-XXX, with development unmet to the

So potential with we we're very excited potential IBIO-XXX’s about more when and about so its even combination think inhibitors. checkpoint in

XXXX? focused of The for question on what is iBio remainder is final the

for the the areas We to focus of year. have remainder two

on And we dose, next COVID-XX studies. end. First, filing bring dose, advance last with working IBIO-XXX an to the not oncology IND IBIO-XXX continuing for year executing to course pandemic and especially lead our to a of assets our IND-enabling are our a by before

press stage major be a in we As for we company iBio. a clinical becoming mentioned release inflection our point value will today, believe

gentlemen. Thank now have. to happy That's you, the to open address audience. Operator, Great. questions from I call all our additional questions any the we are

from you. from Thank of first the Roy line Buchanan Your JMP in question comes Securities. Instructions] [Operator

open. Your line is ahead. Please go

the know the proprietary guys mentioned have, this -- at Do technology I'll I the Great. efficacy. I saying for the line what last relevant Thanks. want questions, you going? kind the there comment towards are Thanks out you and for it business partners drive taking on bit to But, to in broadly on seeking the cycle you particularly the point? life seems powerful up are that a afucosylation, maybe follow pipeline. how of maybe first speculate end, active little still And And focused management. in you also on were you Tom, guess question on

are it that Because they Yeah. their Glycaneering you could there partners in referring And maybe you maybe to make that partners, Excellent, for right? were And can be mean IBIO-XXX also ways our itself? so that molecules. those accessing question, Roy. interested two capability is

And great. That's that good. Thanks. yeah, also, sounds

So both. I'll take

we better. whether molecule, than performs work rest business, a cost is fact that in with of to development or have and afucosylate mammalian fucosylated things a In is free we into them by are business And services here or space the help guess molecule through those that fucosylated mammalian more too, they to process done afucosylation. particular intellectual And for and terms system increase RubrYc, in interesting our looking the development produce in the help and we Glycaneering in version of outbound I do producing have well but say, technology, through to to so for FastPharming CDMO one new really our relationship the growth that in which of we are sorts contract of the doing of take I FastPharming quickly the just antibodies to us, as system not could biotechs, in whom traditional for the what onto maybe which way, was of smaller with looking for the generate here the by and for method of some royalty But the part fees here without services. the able potency to by free, those easily our methods, in they using standard a because at virtue for the have by a model, the property only go that what's innovative and that as found opportunities have manufacturing we some system, the service our should version own plants. plants the plant-based way forward their early potent in the we putting license got and to moment it where having tap move doing effectively that who are the

whereas We would of clinic, bring or in to perhaps into say, of are forward And in the there that note, guess a sense. that look component fair the partnerships it's that Therapeutics. are and it out IL-X we lot make I should the I company a think name putting Tusk now that by comparison, position, ourselves really molecule I blocking was, there is only this anti-CDXX other to have -- molecule doesn't

antibody themselves. we And about that of right is with really what in Roche a a So And preclinical now who of inhibitor. they Phase a with doing checkpoint a trial. CDXX of clinical they a anti in kind an has IL-X sale pre asset monotherapy, to in ultimately partnership up had only believe our data depleting up wound sparing T-reg terms monoclonal I have X it but not now married data,

all for do trials preclinical we're the we partnership a think certainly a eager there's that it we did are we're at nice product, opportunity checkpoint promise. of there that And into other the that going get able that too. to proceed. the at inhibitor, there the to those for certainly, technology be they clinic, looking was So ton Obviously be the just time. to in way to for could situation. with They a think the clinical some looks a at clinical be But deal, us the And opportunities manufacture see how out Roche looks, entities that. that that it trial

had, So the course remain interest and look in per going that that. best the shareholders terms we'll presentations open to of our we're of what's we at the the the recently business. and best its we've of of value the interest in make the asset, just But the of data of decision to which shareholders here, the company of in

a Thanks of ton sense. Thanks. Okay.

data should get about of the second and in be, steps what assuming to it's next guess So that, your maybe back endostatin expectations I talk then I positive? cancer, are up more the bit that after the I'm I'll the our a a for to going may can in program follow but missed queue. on have jump and it, going what half kind then you we're

-- cancers fibers in sadly these leader is the rest, long these the this some excellent that tough here life tumors, we in ago. real which area, question. pancreatic took fibrotic is They of Southwestern early the at We friend of Yes. I UT at the mean, look of models one mine dear Southwestern And tumors, with and have look preclinical especially in UT your you research great area. some I and not a things. think and stage leaders get that a of

So those us. for they're running studies

I -- of a hold to you back this, I'll this think the don't get we're think of it's data calendar. some But calendar on initial on of that. you without think data's update towards have with I -- specific in here, we're that get our the but expecting here coming to end an me to I I'll in XXXX. some

you. Thank

Your comes from Cantor next Fitzgerald. question the line of Kristen Kluska with

This our is on Thank Kristen. Rick for questions. for you taking

at kinetics similar a you. here expressed have for the immunology T-cell binding versus binding have profiles presented to candidates. We see and both of you In I'm -- expressed the the the to Immunotherapy couple something were that different with hoping XXXX, Are satisfied you plant recently say seem or poster what about IBIO-XXX you Frontiers Cancer sorry, would plant candidate?

Yes, were. what see. We were we saw to hoping we

of the rest the cases in having pretty better getting than out in what of slightly technologies plant what versus if matched and we what sort it and very We up the some seen models were platform. -- got, the We from the binding and to to kinetics in similarly, practice the and it did the not, fact, mammalian that's well bind something expecting turn the perform FastPharming everything that's release similar was then actually been do on way and expect it well, often quality expected. in we of expectations. -- we've our some so made mammalian that the animal So is the we're which

on produced a sort produced poster. the in a there on poster on Also, cells. also the afucosylated the in version plants maybe And compared to same of the version follow-up CHO you

the seen production terms that of you for cancer scale, should saw at And differences used? and advantages thinking you we the How be concentrations should of in in system about concentration differences between we understand effective CHO cell be antibody of cell. plant effective killing of vitro about how the there? thinking sort the we While FastPharming of

did you Rick, really versus out, came a pointing like you're like to for as have afucosylated. the it Well, when fucosylated

the way we dependent vivo, So in platform, expected through in what sort quality we a which is both same all the what manufacturing in one, effect immune concentration right? performed saw in manner and consistency of systems, you at which in regardless take that's is better would of that and a and we're a But we So, solid was with of of very the not. same two whole fucosylated go a the then saw essentially both plants -- there these effectively, by better in environment coming what saw and down now cases comparability what in thrilled happy that system free the concentration tumors this to also both important. and the dependent But most micro of expectation afucosylated of tumor change in version, The what's the the the rest. Glycaneering terms and ahead the expectation do more data up the and see and an afucosylated we're version the than they to you'd was version. see got, the from all would of what not mammalian T-cells that it regulatory end afucosylated produced day, want to over molecule deplete plant with is -- be a may plant that we it's data perform about can you time course, these

next could Could I for press could updates just updates this relevant with talk look IND if about trials. terms Thanks. looking release, enabling more conferences? of potential during to into example? phase? what Or we expect Maybe present for you in via ask moving at should IBIO-XXX Could data you one we be

Rick both. probably

of opportunities especially seen, weeks, there's platform as to showing go clinic next out mammalian is two to as forward roll And this how so the importantly, for say molecules, data the much big plant about XXX let's we of as we comparability towards continuing What into the made over on, of of anticipate for we the that most it versus we're past expect on put out getting paper on what chunk we in year. interested you've would efficacy would this with we're is molecule, as some present a And data. is to tox the well. data more Vivo thinking working making produced time expect we're irrespective which In on the then IBIO-XXX, the side next things,

that this next So -- Hope would I both one releases, I expect be get mean, or months. most X say probably is publications and to X sort upon of could of -- you'll going depending that helps. in press merit. the that within both might on there

you. Thank

Your line Oldham of with Easy next question comes from [John Bites]. the

open. Your ahead. line is Please go

Thank much my call. taking have was since before part as I’m two a ever you November, it's -- curious IBIO-XXX. longtime I shareholder XXXX And on I and question, COVID. for very a

Just our timeline expect Thank facility. shipments is the the was do when IBIO-XXX wondering from you. approval facility after USDA what of approved, And for we the project?

are rest. COVID John. And as change assigned unfortunate, believe you, and forward and Thank it's some release, and now these right And things first we into reviewer put I a foremost. USDA we get especially of the sometimes doing Great. working with what to press is with the

road would've bit hopeful reviewer/inspector up already delay. of a wound we now. been were We the that by that the little get down having caused we changed So

we a longer comment to to So, on we get to to tends the are us may presumably, move it have travels hesitant submitter, first facility But able bit anyway. after up take you clearance little little noted, the there regulatory as free as forward. process a the be this too regulatory a together, time to will when

oftentimes you good that pathway the costly of quicker barrier. a animal but get first it's less much through key the the news things, side the that human about Now, is health U.S, and health than in the once goes vaccine there,

So on clearance after regulatory year, of even get facility. it a the could we be upwards the

So, on more we to course we keen to it and did onto on reviewer/inspector Well, of follow put on to update. moving but file then are to particular are as forward. everyone key continue the as that that, today the here front, update getting next is we our going developments

the to is when would Very after it? Okay. And RS last good. we approved, enact question, expect

make to Well, that the decision. Board help would

a do to with to do interest we because the is be and want approval what asking do what's just are obviously, would and the shareholder we best get the timing, we it be reverse, fair our So, look considered in we've probably anything for that to website here would that, the clears But we guess talked Board probably back the it the we of shareholders. approval, of okay mentioned stuff is would of things once one have -- SEC Rob, Rob the past, about would which make little on until missing that earlier, the that to would they there? the there and is proxy I and just the careful it only timing. to company it's be point bit determination be want in about be say before. us talk to had to I'm to that what and the we best this, I think a some But on And I the are because of the

right, that's think Tom. No, I

Okay.

hope that helps. John, So

Thank you.

question up Securities. follow the it's JMP -- line Buchanan the from with comes from Roy question next Your

embargos for up. just the us of sense Thanks ASCO that present? to give you taking there's in all stuff, Thanks. about you a I you're kind Hi. follow -- a planning have and guys what noticed, general I of know calendar. but at can presentation the

think, to have point. I information of want what on we’ll have additional appropriate, release at we course to premature we be with don't I going on I when ASCO. Roy, your what going there think

you. Thank

Philip question Private next Barnett, from Investor. line Your comes the of a

years data to iBio four just a Three which and the have cytotoxicity. I comment just increase rituximab, biosimilar posted a then quick had questions. XXx ago, two showed

in was worth pursuing, only it used last that of concept. it call, wasn't it as you Asked proof about said the

scores mentioned hill conversations and around, you the having you the fell. you and then to pursued you the And And and years oncology the were with Two crazy. it's company's with fell that's not is I golf about drugs best-selling at on heavily of hear market. biggest being driving silent. rituximab, ago, hype the man, all the interview, one spoke, prices shared while shareholders Looking know Barta,

split mentioned XX Then you didn't throats, the we're to You that again. in canceled like X X reverse back XXXX. we split down back did in days, our XXXX, save I XX the tried dark there in company don't to to ram a Previously, the you feels reverse XXXX. X Then think.

save like just you're point. we're feels going this XX. not punishing X at It to companies. splits Now do shareholders Reverse

nowhere. save this RFI you to any government. make way technology rituximab to seems rather it than the products happy comment great of the companies, Not that from gotten funding on think bio company incredible push got a won't better through. to would've I like I Maybe just been and that. that. save reverse split have iBio’s hear

to you lot shareholders there. know out there's that of a want frustrated Just

expanding counts. pipeline first hiring been horizontal expanded employees really there's expensive my For executive so vertical heavily There's but many the you've movement, are and what team, movement. is which iBio a very team? question, been no only Why you

happy I other take on to be some the comment the question mean, of Well, this stuff, and I'd challenge I'll but just Phil. actually premise.

I done think both. we've

clearly only industry, we capability I very the added one drug time that of had only comparatively -- period this in when think hire we're what rest have didn't it. announced around last time, of pipeline we So vertically is our hired And and demonstrated able anybody look if have team, year. a to just to what discovery we short new we at actually the was accomplish we've to candidates, been beginning announced we right the we've

to just a I I on its look in who's have accomplish we well, up. have an So And else Again, the the comps performance. same one think you very forward, to fair a takes the come anybody when million I significantly look mostly look $XX is from to to XXXX and entity the value with strong I'll which very if quarter the we move our at milestones X comparative involved late thing, course to to And whatever when it's opportunity. horizontal it's of additional that vertical payments. cap, to again, just this know, last of now with say pipeline achieved, the we've as basis, firm then at where upfront, into stood moved cap we change million in our the development, you if deal the kind three a real -- to market I with XX quarters or of got are company were -- was, were in was a think beginning biopharmaceutical market strategy at were, major own like space and $X XXX billion million, XXX for million IBio, point which to Tusk-Roche XX don’t progression, have this try

target RubrYc, just an does designed progressing through forward are deal that's months and few stage are ago. rest or an XXX then of we industry we've a much here initial early so than the again, speed a faster late with short also straight antibody, that And And IND enabling. in concept, the where with towards position advancing candidate at discovery it. We're moved a particular discovery to the taken

significant call, rest those a and way, XX pipeline. X,XXX there. four as the a to to last start million the years concept for five just And way, not an out, that those from talked in So clinic. already XX of we by get progressing to maybe mention And clinic the the a gets on way, on IND to the we're every million by molecules five take to about

great to brand think So, and mind, team's keep got in you track this record's new. I the

that the way to can what one gigantic question suppose, place But already with biosimilars Moderna touched vaccines, spike strategic COVID for of this. another probably in Sure, of done they're answer the in in a doing competitors J&J areas I wise So is There to to trying you us that world a that some behind target. molecule. to are across been on as about folks to protein. know, -- put on that's time take a that. the directly merits we and would've And opinion, our debate humble hired have great by other do cash we in based all example, just and Pfizer, choice was something

actually molecules. partner and very we've that for their who biotechs a of creating, do one because opportunity partnering with the we've agreement brought we're also, deal if of we're of then any quite unlike services when honestly a to the -- manufacturing other we in, lot choose others some have got given at platform, biotechs proud for assets the opportunity So, those or our of opening of the we up we unlike opportunities captured supply those that, choose small folks. assets, talent that that's the our many and But

be incredible -- disappointment been board, which -- has we -- to not but shouldn't the I course that about. -- biotech things, And two markets moving of trying market, feel we with built, the we of obviously the we the appreciate are but sort very forward lows. think are, positive So, this entire the outperform it's we across what are

that we return it the for going to recognized disappointment stock to be Obviously, value price. we the Sorry we full was that on up, wish to have overtime confidence but shareholders. are it's going and our

our outlook forward. business very So I going and a strategy. the we for like positive have the we like execution

dark Thank here? in XXXX, company during right looking now first guess are the in here going, to for pushed that bring at days, was And is I it since deadlines going the well. your focus? what very you. company, finally looking thing I'm keep view just company? but hopeful here I'm confidence getting Like, iBio's the like, been just And spirit those so that I've the what revenue revenue, we're so in like as I at we market out. generating generate to going what's for that's so of It to directly seems have

wouldn't to to or advancing. got the any know clinic. to to don't want is, the but and right? not instance, behind, that's later, business to that mean much it deal strategy performs this until hold not see how molecule indicate we I with roughly pipeline XXX much, redundant onto months into again, XXX And again, to speaking, million of get way forward. just their deal guess we want for going would Roche, We've not went our on it particular any be We're that couple in whatever about this. that, tested the on don't in biotech when part XXX and once what comes where they a I same I that say technically -- maybe point focus were But I is, when the

here list on We happily, are we own. have we or assets business. long there developing the list, that a dollars now, have on not we -- a long list services few a have And of a our

So, of all design targets of of a goal, that's them and move being are pipeline, kind strategies our technology will there of dropouts transparent to value those returns are will space believe what about to, do and to shots of are decisions, investors hopefully, your of move are your quickly we we the critically, of have evaluate early the for, immunoncology, failures, view. course plan number that But better talked platforms course, drug some advance shots indications we a encourage the forward. And research. and fail has the Again, continue molecules opportunity. Look these are that have that we we're we because with more to goal. look forward. we everybody their with on own and and but to the better designing already and partnering in that, presently overtime, portfolio undisclosed. that more of biotech on I'd moving view stage going lot our at every investor There more we take Not make numbers. forward. at our discovery, is of We molecules, is Where molecules

that, I would but summarize appreciate your guess sort of that's how I So, comments.

built and time long company very to a great place. have ups the to got We we made team with we confident here. happy what investments are and But and we downs. we different these the very take for Sorry think a

in of interested any XXXX We iBio terribly are that. or XXXX not or

capabilities. our the in know. our molecules things and you turn to time pretty These strategy XXXX since as with We and add have we own took whatever, clear take been when direction

lot released. in a the rest get all think to dollars average I a and biotech through and in partnering for way happens molecule all the between. X is XX billion the with and But world years a the go

So, anyway, questions. but the again, thanks, Phil. Appreciate

Thank you.

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elaborate you on that? can So

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increasing and IBIO-XXX. So that same we're question, aspect getting inventory So put X We're your the got to clinic, ready answer absolutely. for move you -- of that the towards to XXX thing because we've

runs. have you do your engineering to So

said, your there. You also Take to the plan second biotech is the any constraints. entire the company arguably, what look chain other the are have and which you not supply to industry, out then mention at serious affecting a manufacturing is thing globe which

All of suffering. them are

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participation. your you at no Ladies concludes you. for and Thank further gentlemen, Thank And this are conference questions time. today’s there this call.

now You disconnect. may