iBio (IBIO) 28 Sep 222022 Q4 Earnings call transcript

Thank you for standing. And welcome to the iBio Fiscal Year 2022 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].

conference being today’s reminder, a call recorded. is As hand over to would now host, conference to like I the the Mr. Stephen Kilmer with Investor Relations. ahead. go Please

Thank afternoon good you, everyone.

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

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

more Broadly we RubrYc to is for the us a on and to faster. transformative turn resulting Martin Thanks, last joining update. recent the pipeline accelerate provide everyone will opportunities to like then iBio. RubrYc Today, focus of on clinic acquisition color acquisition this our week for additional financial over bring by mission the Rob’s I’ll Hello RubrYc Steve. and our announced update to for the ahead speaking, thanks to enable acquisition to I’d immunotherapies We the call and believe potential us. transaction followed iBio.

has other cancers a components. precisely demonstrated have biology acquisition to treat several platform RubrYc molecules added The that potential proprietary a that the and identify more diseases. ability to we've Specifically, computational includes to hard address

The or epitopes. or tools or That its XD candidates immune We discovery intelligence uses of design to cancer unique a and drug the these binding first machine is patented core. may is which to then incorporates unique AI at screening that cells. exist for proven use have sites, models on epitopes and system drug facilitate can create platform, techniques. RubrYc’s for learning development that standard antibody challenging identify, models discovery artificial of This

the XX is are The element of for licensed two the second T one regulatory includes rights all cells. previously It from of antibody sparing and remain IBIO-XXX IL-X anti-CD IBIO-XXX the in acquisition to That published checkpoint depletion candidates combination RubrYc. data we of a development. both of molecule the today, And for with a potential with we've inhibitors. as monotherapy as the few in companies such excited well as we

It X common pipeline auto an traditional was stock. approaches. what stages made partnership ready discovery assets. modeled other advanced The immune a licensed and agonist of four development RubrYc plus relative our these RubrYc. last final agreement the development in as The using through candidate is immuno joint we we the iBio part discovered assets, the the early upfront engine of three RubrYc identified as to previously and Target payment approximately to for a for of is million Target exchange element diseases. to X. refer with acquisition quickly promising candidates, In transaction new include dollars was oncology late PD-X of These year designed from has

with discretion. stock to RubrYc X to million I'd of iBio’s platforms paid existing end-to-end with candidates. an a own to company in both current its drug development in years creates five candidate. the common We sole Over future and be be from discovery milestones see platforms. RubrYc’s and cash this development up and next receive placement eligible discovery will as iBio at AI or fees, immunotherapy to our RubrYc purchase companies. obligations capabilities associated previous immuno biotech opportunity discovery expanded change accelerate our development that between of like agreements milestones, supersedes with company Pairing an iBio’s agreement engine iBio’s transformation royalties an the potential existing into eliminates for attractive the FastPharming oncology with to all focus two terminates Glycaneering That and and and the with synergies note pipeline

evaluating of in if may September reviewing multiple started non-dilutive are ways necessary. such multiple the we the discontinue in options dilutive capital our decisions. The to as while include financing XX, immunotherapy addition Given Those for and past space, our additional opportunities We're decision our sales the portfolio partnerships, trials actions planning, considering options extend runway asset evaluating options clinical cost XXXX. IBIO-XXX include and to to nucleocapsid have recently cash reductions, significant partnership attractive raise guidance antigen. to previous we

think of I extending be that we the it's that. in we are will confident runway, out to prudent there's while successful point no guarantee

IBIO-XXX. transaction, the like Scientific update to on with as pipeline, our well Chief turn drug I'd us provide call Officer detailed on more who will Martin? candidates information over the our as Now, Martin on to Brenner, RubrYc an

details monoclonal and hard marks vaccine an against medicines to discovery AI-discovery to to you, believe week. AI that challenge I'm our of antibody three intent on the last COVID-XX platform step of strategic traditional Biotechnology are significantly candidate engine of targets a solve significant about achieving undrugable iBio RubrYc’s drug a Company. the Thank built drug focused against for We drugs its platform monoclonal our seamlessly daunting share toward platforms. acquisition IBIO-XXX integrate a foundation drug that and challenges specific on The acquired is program, Tom. become update iBio’s pipeline posed modules discovery AI-driven discovery development Therefore, develop to antibody a targets. lead or iBio also RubrYc powered either identify excited IBIO-XXX. to this ability and will I Today, provide expands finding

small can optimize artificial most is mimic The targeted identified, then of epitopes. form antibodies epitopes. and XD-modeling be when exact ways them. stable Epitopes the identify human artificial those First, is regions or the be used. shape epitopes identify These computational specific to usually animals, epitopes One Then combines can against are immunizing used epitopes but antibodies. lost protein antibodies which proteins. being natural technology produce targeting by human by biology important which target to is and of easily selectively entire in and two overlooked the the

high inherently library a algorithms RubrYc’s RubrYc shield. to This eliminate a optimization learning means RubrYc antibody should that save grade the library molecules more from which amount called efficient, has Shield uses developability, machine of broadly employed sequence proprietary antibody liabilities. diverse, lead of fully The stage. other is way is time significant much this the human faster costly and in that and library

Finally, advancing identification protein in modules protein Target a approach pipeline for using which Xu building binding of antibodies bind and of faces of cost. expressed mutated streamlined, the of engine specific form of discovery optimization improve clearly lead rapid and advanced unique X, lead both the exchanged the discovery Stable without molecules antibody mutated could AI a engine, of is lead brute value type to to potency, common molecule to a demonstrated AI a and a is tool. to expeditiously from to AI to which should three tumors. typical is molecules is time individually able have tissue. more lead [ph] discovery Due discovery efficacy rapidly are of their multitude the in candidates the early time a optimized expensive version, already characterization, stage Because the and designed antibodies platform into wild The which save the to in healthy be selectively which force be proof-of-concept. Stable soon with expressed generate the an the many The optimization could that blocks predict Xu All vivo should iBio’s enabled a number building [ph], to enabled improve molecule program late manufacturability the consuming. blocks of be be the characteristics exchange

plus on asset We immuno to late diseases. programs PD-X And preparing have into with while one program early immune All agonist the conduct discovery, in-vivo oncology two pipeline. have progressed technology. also our platform update promising each lead oncology are of immuno-oncology with PD-X development program. and programs Starting the for our AI iBio and oncology three programs, developed and the we for turn autoimmune also serious already immuno candidate. an discovery to been is in studies I'll have potentially acquired a now IBIO-XXX proof-of-concept stage programs

the FDA. progressing submitted been have a package recently pre-IND for to we pre-IND Our have IBIO-XXX studies and

expected As the IND half strategies we updated XXXX. we have timing of continue an first to to IBIO-XXXs the FDA Application with create the Filing for of calendar occur best development, in our

now COVID-XX Moving in program. protective cell T challenge We not directed vaccine Unfortunately, preclinical previously provide from protein studies candidate IBIO-XXX recent nucleocapsid IND to demonstrated specific IBIO-XXX of effect. our memory vaccine the robust our immunologically enabling did a response. SARS-CoV-X reported showed antigen a development data naive studies hamsters,

also the not year. M Peer Interestingly, not delta more and s continue study all it's funding vaccination. believe steps preclinical induce we IND variants a a however S partnership showed or remains for and vaccine. vaccination data antigen Given provided published had non-dilutive only with study than SARS-CoV-X for plus this only In we calendar Medicine combining a demonstrated against Science light the drug study modest program, protection proprietary dose planned of substance. to of submission robust with disappointing n we Journal Reviewed to next similarly results, of or the last and S prudent these secure years, prospects forward that move we need there children Omicron feel a protection for iBio’s are from dose next the that n Despite both opportunities and to for this the Translational in evaluating recent COVID-XX

as our ensure results. of discuss focused I that manage we will the resources programs stage overall will over a company. to mentioned Rob earlier, transaction evaluation to to growing to our With With that, we clinical review to become therapeutics pipeline and Tom rapidly stay of the our the comprehensive financial be the new portfolio our addition on RubrYc appropriately call turn conducting also the four through a and part goal

unaudited equivalents year largely of continue compared R&D will to fiscal we announced fiscal comparable revenue million, by year Fraunhofer approximately fiscal recognized in debt XXXX $X.X to in technologies, $XX.X a G&A its that iBio’s and We and expenses cash to recur flat and its USA of June partially increase related The XXXX. $X.X Thanks, prior company's approximately XXXX, XXXX investment Martin. XX respectively, fiscal versus and were in XXXX I June and highlights to support incurred $XX.X year. net investments settlement growing approximately is in for of ended This essentially USA XXXX. company's strategy, in loss $X.X doubt million securities XXXX. the about loss Revenues did for speaking ability few fiscal concluded have by a fiscal licensed concern. simply fiscal auditors period increased business $XX.X the infrastructure. million This to million. their start for due pipeline reflects offset preliminary and increased over million June earlier. in the plus financial and as substantial This that going ended in XX, million platform held $XX.X XXXX. company as income employees XX approximately $XX.X was XXXX consolidated the million company's cash, million was the Fraunhofer an in by expenses not

able were currently Regardless week's are burn more number last of options and business our a certain months more business, rate, we that sell assets be longer of options we runway, XX expand to to implement raise our in or of cash press we is our potential are whether the parts outlets need our also which to believe or to business will from will to term today. mentioned or We evaluating reduce that our our likely for runway one will plans. order cash extend We fully able execute additional in or capital release.

evaluating. be we options However, that assurance will the are be can in implementing of we there no that any successful

turn symbol of Before Tom I board's Monday, to our October iBio. American for remarks, shares announced on stock With I becoming trading our XX to like our the same stock X reverse back mention begin On now turn XXXX, Tom? post split XX on will that, common call split October on will of of the previously the approval XXXX. a closing I'd one Tom. under NYSC over to basis a common back reverse our effective

future capability We're business. our our remains note With holds Thanks, better our that what the focused created to for us updating we with call the our about for business iBio, company. into on to forward clear clinic particularly Please transformation is and provide differentiated cash options, excited of forward as with oncology additional extension operator, to runway up continued any call success. immuno and future a for open look faster, questions. premature move on discovery enabled of achieving Rob. please our bring while today's our a evaluation it as to review cash more for we critical our stakeholders focus that, drug color an the the immunotherapies our of mission extension technology runway we to With

Thank Instructions] you. Thank [Operator you.

Kluska comes question first Our Cantor. from of Kristen

open. line Your is

Thanks Hi, and you're hope my well. taking all for questions doing everyone.

had question So further timing just to over decision this this I'm assets expansion? with that that to new or ask RubrYc past year to on is what since that versus original was led them? to diligence platform I led what guess agreement perspective, First I initial you had a substantially there trying from place is, from in this any specifically, that the now came on the close you here information partnership all

part get the thanks joint for been on the for running with agreement. relationship of And Yes, a we year, as platform experience as question. did Kristen, discovery we've it the indeed, the hands

So will. we established if IBIO-XXX, was but license you as five the to DT of part originally only what licenses, not

So coming five license additional over to five RubrYc discovery engine opportunities the years.

the we've So been that got that as about we first talking referenced those worked results. was and we that favorable X very jointly on one Target together

of molecules, platform. with comment real with any bit has own the the see some certainly, strength there? in Martin diligence, making And Martin space. color in I'll was saw additional were just then well with But of so as as on our hands. our the a other it experience we this So got that's that informed own we And they partners progress the to let other little further the platform their certainly world

Yes, Hi. Kristen.

I think mentioned what on. Tom spot is

progressing We have last has working, the nicely. with been for And obviously, X really year. been RubrYc our Target

gave the of stage. on. preclinical we at move validating as have So us well platform, the confidence more it proof-of-concept to to a technology least And that

on course gave And year work of well as then, needless had with the to here the over teams Kristen, of great the together the capabilities. -- past competence especially some what seen summer been we've of say in the some platform, part the that developing And the IBIO-XXX us we've over working here collaboration. published the the

opportunity. join have to work four RubrYc’s us So computational the the in biologists an opportunity was attractive of advance

the So course several that was of able past the nicely to come over months. together pretty

did. So why out timing the that's it way the sorted

IBIO-XXX you the understand, asset how about you IO the of guess thinking course, other these to with I programs? haven't of is once the candidate cadence some Okay, programs? us synergize first of clinic, enters the other thanks to work be But to other first for able much So targets. I around going that then are this And disclosed the that. how

portfolio well, to. Right, Martin the of alluded review that's that part

a increase are attractive that are But opportunities that a there So there. there the because number significant review to the that lead for of program doing that because is see IBIO-X we're of candidates the in we're we and evaluating others that our there prospectively for are options of asset. funding

of allocate and terms assessment of in made we the and get prioritization, of clinic, in management part remains candidates just the added the that the the to of thinking that the that foremost But how aggressively moving to we IBIO-XXX fully other times the the So opportunities of attractiveness that that stack the on couple we goes to and about we this creating make at what in yet one we want resources. each the obviously much time want we're talked here, we're and we're a ranking decision assets sure haven't to portfolio. there out but to cash for the same call, see here the XXX completing

Got and Thanks, it. Tom Martin.

you. Thank

next Our Roy from Securities. of JMP Buchanan question comes

open. is line Your

in up first capital detail can the just Or you other ahead be I you range I decisions? to soon? going with can agonist what are And put the these Since you follow for Target how kind soon. soon Thanks. a you PD-X of what of IBIO-XXX? guess, guess proof-of-concept is against asset could I that one IND to X, ahead And kind on mentioned, oncology as then one, options. on as done be financing the maybe the the benchmark want submitting fast vivo I Martin constrained that? you last that remains making and these of for are can guess of

Roy. for thanks Right, question, the

I all think goes portfolio for the allocation the that altogether. resource to

options. So we're of couple a evaluating

couple the Of transaction of course, ago. weeks completed only we a just RubrYc

allocations resource assets couple So necessarily, discovery a with IBIO-XXX. are then, itself, to opportunities the as there's platform far the concerned, of as

So we the are strategy. evaluating clinical

here. of is what the into So in But we're they're the to sort fast same of time, a your know, do. IL-X clinic version as at sparing forward seeing company And can? we driving their you to opportunities XX an intending first leading we're major with as seeing what biopharmaceutical the lot from and learning a clinic molecule Yes. anti-CD own we well we're there's as global good and going question, as as then are

that a checkpoint taking us down inhibitors. for not the So monotherapy, perhaps have opportunities do do we IBIO-XXX we for it's options we be but at combination with opportunities looking have, in and here important look a double that in at at also looking we or to other then as

and taking us make we're we asset the prospectively; there's reference for space in albeit moment evaluate that. auto So is fairly see attractive for early so this that, partner could recently enough prospective opportunities moment, as looking it. invest immunotherapy as be these if there portfolio do And the seeing review particular think would well have us that will in for picked that space at we to With you the think doing may and Does some partners PD-X, we are to immune do sense more what to up partners well wholly to all in as there that we now we in And auto being do the on the forward. we PD-X, immune that although, see drive ready. that advance, the sense? it here for one see It's that to one be that makes for and as interest then make about trying stage. be ourselves now

Yes, makes that sense.

between lines, ex-U.S. I reading maybe exploring? maybe can maybe or everything's I partnerships for So on think the the but XXX table, you're assume something

I the as said we we go. clinic partnerships, IBIO-XXX, they like focused move good or us, and that those primarily them considered. think opportunity for state, point for moment moment, certain with partnerships on specific your at options all the other are the Yes, to at global, the past molecules, what ourselves. But could And it moving indeed, we're the forward you or, we're be regional say we're of But the on non-dilutive a during I and clinic. opportunity, But exploring to well, monotherapy we're as to being ourselves. the assets moving planning disease both certain looking for XXX forward forward for non-dilutive, accelerate mean, call,

you. got Okay, Thank it.

Thank you.

Our from next comes question Barnett. Philip

open. Your line is

who I since taking for myself, lot new really you excited for iBio, a speak it for of think discouraged. life bring been to very and I my speak shareholders were call. but you for have in also come Thank to Well, I would

we're the have Also With mission I feels received perpetual came first And on of our appreciate heard incredible pursuing. we leadership, our of hear have brief better like have very have acquiring years, than obfuscation were we've to or goal only dragging Brenner’s and gone lines. fibrosis BIO that that touched had collaborations said really them of the detail requiring portfolio you lack many over transparency. which wasn't and anywhere. and you RubrYc’s seem that transparency on We've focusing worth swine messages that know and pipeline really the and under had provided instead, interesting with rather years. none to own pipeline, so been Mr. partnerships your of and in in announced fever

appear that incredible I And wildly received I think We that be Jim it. was I they've you is seen that deal But anything to the that with I hold to be want news. want financially you this backdoor or shareholders want to continuing. haven't fire failed And Pisano But owe an I that to I've suspicious the good they're like really does then here or Incredible. want never what even times. respectful. I there's updates also in was explanation mean, ask iBio not to here.

received an loss should You've been times with consolidated a nice salary, got shares Like, good, reported you that's right aren't that when believe net but and recently to leadership I now. company a public million. are gift good a X times the of benefit million option $XX.X just very

you. that, to you if Thank appreciate that. really I'd could speak So

conference and would quite We've say out I, our, of think I The our lot transparency. I'll many calls. we've quite many think transparent. Sure, I in peer put first. in fact, attend Barnett, versus don't of say transparent. be Mr. terms certainly to frequent even premise and mean, been our I peers, updates have of I A groups, dare we there of

past. also and have initiated I our that when the call with in So [Ph] options the not being conference transparency, did said, regards regards of and first iBio stock the to we came in that some with mentioned with Bill so also compensation and those rest to company,

have in But or and given extremely undoubtedly calls, played time our with bad things I'd So a previous And bit doubt, a that report today, published about like we've in all when IBIO-XXX disappointed portfolio, certainly every forthright made by there's news we're you've how the more moment. to of and on documents. to invite Martin and/or and to effort comment out around we each the to there's as heard updates talk little we too. no on Martin those disappointing has like be and transparent

So to that And for company. with our that's value of in regards benefit those. any any stock things adding to options, we, driving compensation price stock said, course, for obviously, we're forward incentive the affected. we if not and want And, executive from shareholders, well, then is

iBio a working is in real to at and back the create and everybody very status focus. has shareholders, our and aware vibrant patients, move our bringing hard of probably efforts is, growing you're been to And rest value business, it transform the forward So company, its XXXX. to

and CMO programs, took was not that we, to we transform we of couple And it didn't much So the go the forward. had with clinic. move business that ahead in that, advanced generate it, made organization this a anything of an a, we started attempt and in revenues, did way a and have

producing organization's and to we to So use own pipeline of capability some products. the decided begin capacity of our

so I And I say. therapeutic candidates, should guess, or

back filed feedback note In final to somewhat XXX We the did require out to opportunities position put the invested to we the pre-[Indiscernible]. the forward, behind your FDA ourselves we challenge study of the We'll the that question. in as come January. back case had get response get just in in front unexpectedly; came So them. to that of those round

Moderna I were doing And the players who could well, resources you'll couple a a already, company of fine, suppose so there you. time, a invest vaccine it’s you at form if should recall, had say, in just the and time, out Pfizer COVID money thank in that one of and when

frequently think now it did was I that daunting was good do. requiring spend have wanted say, step. animal we And case may well, to a extra time, we don't what look to a environment. was could It's criticism. But money, the the a a still ideal a believe you'll challenge. to forward you'll was mutating is to greatest well, try So it and recall, team here. nevertheless, speak spike, constrained That made was the I pretty a, at work raging, for if it in an is, been I'll be really still not why and that's that. don't vaccine able things we that didn't model. But to with recall, solution for a excellent I we move our if that case spike think, fair myself, FDA supply And Omicron do, believe But had an like

an For or human, to contract able study could quite it's capsid possible together that we on would of some provide N work. antigen. were we primate a the own, quite that our it only a and pull vaccine nucleo some rest, And laboratories the a of research us its quickly can that out protective test allow to thought effects. And honestly, in

And we model our for. animal back. did protective effect However, not tested, that the which data came were we we the looking in get in

opportunity, excellent, we is, technical a the back got we're how in back, with we the company. prospectively we very business our nice So the a data call, the certainly a even for with too. disappointed There the because in funding. if a manufacturers see And government make where is as needed on was did August, to vaccine fact up been based shareholders we plant into requirements decision of in behalf clinic, shaping signaled and Combined pandemic the at the look if in go one that had takes to market rest. it

on both making just wanted So make I response we're don't of to a is XXX. behalf decisions And have your biology the did we out. long want our technical doesn't which to and the in go there, in sometimes to point too we what to that on tough call, make work but a and business shareholders question, unfortunately, with lot there was you

So that for I points addresses hope it. your the question in of some and thanks

Thank you.

Our next question [Indiscernible] Group. comes Angel of from Juan

Your open. line is

to to that's suggest What XX%? are do you down do to [Indiscernible]? some, you somebody Hello, what going

environment that we've macroeconomic situation of many biotechs, you've we're macroeconomic I'm better as biotech I read, percentage. and are in generally, all for market stocks others Well, the terms seen, year, the the for seeing, that down The in challenging. think of there somewhat and are been the that part sure sets, has

conditions So take always, effect. as I do their diligence should and investors think, into market due

I for individual immuno iBio doing and with And what attractive shareholders being the one. driven the We AI capability. tech, investment that is that the And think particular, or we're and a think drug of remain about candidate. technology IBIO-XXX the remains an discovery in we end-to-end case we that an in discovery build our of with includes in space the excited to value field decision. capability pharma oncology, intend

[Operator further I'm at Thank today's this showing you all no conclude does and conference. participating. you. gentlemen, questions Ladies Thank this Instructions] for time.

You a disconnect. Have day. now great may