Ibio (IBIO) AI Stock Analysis

• Market Cap: $85.32M
• Dividend Yield: N/A
• Average Volume (3M): 1.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: 185.71%
• EPS Growth: 79.03%
• Country: US
• Employees: 16
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.09
• Shares Outstanding: 34,543,560
• 10 Day Avg. Volume: 1,013,973
• 30 Day Avg. Volume: 1,106,741
• PEG Ratio: <0.01
• Price to Book (P/B): 0.54
• Price to Sales (P/S): 20.03
• P/FCF Ratio: -0.52
• Enterprise Value/Market Cap: 0.21
• Enterprise Value/Revenue: 61.01
• Enterprise Value/Gross Profit: -79.58
• Enterprise Value/Ebitda: -0.85
• 1Y Price Target: $5.00
• Price Target Upside: 62.87% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.29
• Revenue Forecast (FY): $300.00K

• Rating: 53 Neutral
• Price Target: $3.00 ▼(-2.28% Downside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is held back primarily by weak financial performance (minimal and declining revenue, large losses, and substantial cash burn), partially offset by improved balance-sheet leverage. Technicals are supportive with a strong uptrend versus moving averages, but stretched momentum indicators add risk. Corporate actions are mixed: runway-extending financing is positive, while ending the ATM program reduces one source of funding flexibility.

Positive Factors

Improved balance-sheet leverage

A debt-to-equity near 0.04 materially reduces solvency and interest-rate exposure, giving management financial flexibility to fund R&D and partnerships without heavy interest burdens. This lower leverage supports runway extension strategies and reduces bankruptcy risk over the medium term.

Secured $26M private placement extending runway

The $26M placement meaningfully extends operational runway into 2028, reducing near-term refinancing pressure and allowing multi-year advancement of preclinical programs. Durable funding of this size supports reaching key de-risking milestones before additional capital is required.

Biologics development platform and preclinical pipeline

Established biologics development and manufacturing capabilities plus a focused preclinical cardiometabolic pipeline provide structural advantages: potential for partnerships, out-licensing, and higher-value collaborations. Platform assets create repeatable R&D workflows and long-term upside if candidates progress.

Negative Factors

Sustained cash burn

Operating and free cash flow remain materially negative, implying continued reliance on external capital to fund operations and R&D. Persistent cash burn raises dilution and execution risk if clinical timelines slip or milestones take longer to achieve, pressuring long-term sustainability.

Minimal, declining revenue

Very low and falling revenue indicates no commercial scale and limited internal cash generation capacity. This weak top-line trend underscores dependency on financings or partnerships for funding, reducing ability to self-fund development and weakening resilience to operational setbacks.

Reduced public issuance flexibility (ended ATM)

Ending the ATM program removes a low-friction mechanism for incremental public capital raises, reducing near-term funding flexibility. While larger placements are available, loss of this channel increases reliance on discrete financings and could force more dilutive or time-consuming funding routes if cash needs arise.

Ibio Business Overview & Revenue Model

Company Description

iBio, Inc., a biotechnology company, provides contract development and manufacturing services to collaborators and third-party customers in the United States. The company operates in two segments: Biopharmaceuticals and Bioprocessing. Its lead therapeutic candidate is IBIO-100 that is being advanced for investigational new drug development for the treatment of systemic scleroderma and idiopathic pulmonary fibrosis. The company is also developing vaccine candidates comprising IBIO-200 and IBIO-201, which are in preclinical development for the prevention of severe acute respiratory syndrome coronavirus 2; and IBIO-400 for the treatment of classical swine fever. In addition, it is developing recombinant proteins for third parties on a catalog and custom basis; and offers a range of process development, manufacturing, filling and finishing, and bio analytic services. iBio, Inc. has a license agreement with Planet Biotechnology, Inc. to develop therapeutics for infectious diseases; collaboration agreement with The Texas A&M University System for the development of coronavirus disease 2019 vaccine candidates; license agreement with the University of Natural Resources and Life Sciences, Vienna; and collaboration agreement with CC-Pharming Ltd. The company is headquartered in Bryan, Texas.

How the Company Makes Money

Ibio generates revenue through a combination of product sales, research and development collaborations, and licensing agreements. The company partners with other biotech firms and academic institutions to co-develop its products, sharing in the financial benefits of successful outcomes. Additionally, Ibio may receive upfront payments, milestone payments, and royalties from its partners based on the sales of products developed using its technology. The revenue model is further supported by grants and contracts, particularly for vaccine development and other projects that align with public health initiatives.

Ibio Financial Statement Overview

Summary

Financials reflect a high-risk, early-stage profile: very small and declining TTM revenue ($0.3M, -40%), deeply negative profitability (EBIT margin ~-52%, net margin ~-82%), and ongoing cash burn (operating cash flow ~-$18.6M; free cash flow ~-$19.2M). The main offset is meaningfully improved leverage (TTM debt-to-equity ~0.04), but returns remain materially negative.

Income Statement

TTM (Trailing-Twelve-Months) revenue is very small ($0.3M) and fell sharply (-40%), while profitability remains deeply negative (EBIT margin around -52% and net margin around -82%). Although losses have improved versus some prior periods (notably the 2023 net loss), the overall picture is still one of limited commercial scale and persistent operating losses.

Balance Sheet

Leverage has improved meaningfully over time, with low debt relative to equity in TTM (debt-to-equity ~0.04) versus much higher levels in 2023. That said, returns remain very weak (TTM return on equity is materially negative), reflecting ongoing losses that continue to erode shareholder value despite the lighter debt load.

Cash Flow

Cash burn remains substantial in TTM, with negative operating cash flow (~-$18.6M) and negative free cash flow (~-$19.2M). Free cash flow has improved versus some prior periods (positive growth rate), but cash generation is still not self-sustaining and remains tightly linked to continued losses (free cash flow roughly tracks net income).

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	300.00K	400.00K	225.00K	0.00	1.88M	2.37M
Gross Profit	-230.00K	400.00K	225.00K	0.00	-1.91M	909.00K
EBITDA	-21.46M	-17.04M	-14.02M	-27.85M	-25.72M	-28.55M
Net Income	-24.74M	-18.38M	-24.91M	-65.01M	-50.39M	-23.21M
Balance Sheet
Total Assets	64.39M	23.18M	28.73M	41.21M	99.41M	146.97M
Cash, Cash Equivalents and Short-Term Investments	28.67M	8.58M	14.21M	7.33M	33.52M	96.97M
Total Debt	2.45M	3.51M	4.46M	17.07M	25.77M	32.72M
Total Liabilities	7.83M	8.30M	7.41M	25.83M	35.92M	38.40M
Stockholders Equity	56.56M	14.88M	21.32M	15.38M	63.48M	108.58M
Cash Flow
Free Cash Flow	-19.19M	-15.32M	-18.76M	-36.17M	-45.13M	-35.23M
Operating Cash Flow	-18.63M	-15.30M	-18.55M	-30.44M	-37.80M	-30.06M
Investing Cash Flow	-24.45M	742.00K	906.00K	7.01M	-5.13M	-26.48M
Financing Cash Flow	64.73M	8.93M	24.49M	2.30M	-5.80M	78.83M

Ibio Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBIO, the sentiment is Positive. The current price of 3.07 is above the 20-day moving average (MA) of 2.39, above the 50-day MA of 2.24, and above the 200-day MA of 1.27, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 62.55 is Neutral, neither overbought nor oversold. The STOCH value of 86.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IBIO.

Ibio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NERV	54 Neutral	$270.46M	-3.36	―	―	―	-323.61%
IBIO	53 Neutral	$85.32M	-2.85	-70.22%	―	185.71%	79.03%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PULM	48 Neutral	$12.16M	-1.88	-79.47%	―	-99.97%	35.59%
FBLG	42 Neutral	$17.79M	-0.60	-1292.87%	―	―	18.47%
CMMB	39 Underperform	$9.54M	-0.77	-73.63%	―	―	53.19%

Ibio Corporate Events

Ibio Ends At-The-Market Equity Offering Program

On February 23, 2026, Ibio terminated its At Market Issuance Sales Agreement with Chardan Capital Markets LLC and Craig-Hallum Capital Group LLC, which had been in place since July 3, 2024. As a result, the company also ended its at-the-market program to sell up to $7.35 million of common stock under a July 3, 2024 prospectus, and confirmed that no further offerings or sales will occur under that agreement or prospectus.

The termination of the at-the-market facility means Ibio will no longer use this particular equity issuance mechanism for incremental capital, signaling a shift in its funding strategy or capital markets approach. The move may affect the company’s near-term flexibility to tap public markets for small, continuous share sales and could prompt investors to watch for alternative financing arrangements or updated capital plans.

The most recent analyst rating on (IBIO) stock is a Sell with a $2.50 price target. To see the full list of analyst forecasts on Ibio stock, see the IBIO Stock Forecast page.

iBio Announces Private Placement to Fund Pipeline Expansion

On January 8, 2026, iBio, Inc. entered into a securities purchase agreement with existing, healthcare-focused institutional investors for an at-the-market private placement of 1,408,481 common shares and pre-funded warrants to purchase up to 9,653,257 additional shares, at a price of $2.35 per share (or $2.349 per pre-funded warrant). The transaction, led by Frazier Life Sciences with Leerink Partners as lead placement agent and LifeSci Capital and Oppenheimer & Co. as co-placement agents, is expected to close on or about January 13, 2026 and generate approximately $26 million in gross proceeds. The funding is earmarked to advance iBio’s preclinical cardiometabolic pipeline, including IBIO-610, IBIO-600 and its myostatin and activin A bispecific programs, as well as other preclinical assets and general corporate purposes, and is expected to extend the company’s cash runway into calendar 2028; the deal also includes customary beneficial-ownership caps on warrant exercises and registration rights obligating iBio to register the resale of the newly issued securities.

The most recent analyst rating on (IBIO) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Ibio stock, see the IBIO Stock Forecast page.