Ibio, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in June.
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~$1.4
Growth cash-flow model
Base case. Range ~$1.4–$1.4. Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability.
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Ibio, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Ibio has little or no product revenue yet; it used $24m of cash in the twelve months to June 2026. That puts it 109 of 122 for growth among the biotechnology companies we cover. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 3 financial-health checks.
Source: 10-K filed August 28, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Ibio, Inc.'s trailing-twelve-month revenue fell 75.0% year on year, with a free-cash-flow margin of -23796.0%. Where it lags: net margin of -33044.0% ranks 176 of 180 biotechnology companies we cover.
Current signal Capital expenditure surging: TTM capex grew 3512% year over year and now absorbs 578.0% of revenue.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Ibio, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.45 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$1.4 ~$1.4–$1.4 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — 0 | Does not apply: no positive value |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.4 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ibio, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $3600.00 | $1950.00 | $450.00 | $355.00 | $1110.00 | $755.00 | $130.00 | $12.20 | $2.11 | $0.76 | $1.75 |
| Market value | $583m | $348m | $96m | $134m | $1.39tn | $3.0bn | $567m | $75m | $81m | $80m | $182m |
| + Net debt (− = net cash) | −$16m | −$16m | −$4m | −$4m | −$55m | −$77m | −$23m | $9m | −$13m | −$7m | −$56m |
| Enterprise value | $567m | $332m | $91m | $130m | $1.39tn | $2.9bn | $544m | $84m | $68m | $73m | $126m |
| Multiples | |||||||||||
| Price / sales | n/m | n/m | n/m | 66.6x | n/m | n/m | n/m | — | n/m | 199.5x | n/m |
| Price / earnings | — | — | — | — | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
Weak moat
How hard Ibio's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -45.5% of total assets over 10 years.
Operating margin has been a median -1865.3%; its worst year was -35141.0%.
Free cash flow was positive in 0 of 10 years, at a median -2338.7% of revenue.
The diluted share count rose 4047.4% over five years; stock-based pay has been a median 163.0% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.38 | −17% | $25000 | −75% |
| Next | −$0.61 | −64% | $20000 | −20% |
The consensus EPS forecast for the current fiscal year is +21.1% on 90 days ago. In the last 30 days, 1 analyst raised Ibio, Inc.'s forecast and 3 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.31 | −$0.56 |
| 60 days ago | −$0.31 | −$0.56 |
| 30 days ago | −$0.40 | −$0.46 |
| 7 days ago | −$0.38 | −$0.61 |
| Now | −$0.38 | −$0.61 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.06 | −$0.07 | −11.4% |
| Dec 2025 | −$0.07 | −$0.09 | −38.5% |
| Sept 2025 | −$0.07 | −$0.11 | −50.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| IBIO | −48% | −97% | −84% | +79% | −21% | −59% |
| Industry peers (median) | −35% | −56% | −17% | −29% | −5% | −26% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| IBIO | 42% | 25% | 25% | 50% | 50% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| IBIO | −79% | −97% | −98% | −62% | −91% | −77% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from April 27, 2016 to August 12, 2025. Getting back needed a 649023% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 28, 2026 | −9.3% | −0.5% | −6.4% | −16.4% |
| May 12, 2026 | −6.6% | +0.4% | −9.6% | +0.6% |
| February 10, 2026 | −8.3% | −0.3% | −3.3% | +3.3% |
| November 12, 2025 | −7.3% | −1.6% | −12.1% | +56.5% |
| September 5, 2025 | +4.9% | 0.0% | +14.8% | +4.9% |
| August 18, 2025 | −1.4% | −0.6% | +14.9% | +13.5% |
| May 2, 2025 | −4.9% | +0.9% | −25.2% | −18.4% |
| February 10, 2025 | −14.8% | +0.8% | −1.1% | +49.2% |
| November 25, 2024 | −3.8% | +0.9% | −1.5% | −8.7% |
| November 12, 2024 | −9.4% | −0.3% | −12.9% | −2.0% |
| September 20, 2024 | −2.6% | +0.1% | +9.5% | +62.6% |
| May 13, 2024 | +1.6% | +0.5% | +16.2% | +37.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q1 | $1.8M |
| FY23 Q2 | $1.8M |
| FY23 Q3 | $0 |
| FY24 Q4 | $225K |
| FY25 Q1 | $175K |
| FY25 Q2 | $375K |
| FY25 Q3 | $375K |
| FY25 Q4 | $400K |
| FY26 Q1 | $500K |
| FY26 Q2 | $300K |
| FY26 Q3 | $300K |
| FY26 Q4 | $100K |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY22 Q1 | 5.4% |
| FY22 Q2 | -42.5% |
| FY22 Q3 | -20.8% |
| FY22 Q4 | -20.5% |
| FY23 Q1 | -12.0% |
| FY23 Q2 | 34.3% |
| FY23 Q3 | -100.0% |
| FY25 Q4 | 77.8% |
| FY26 Q1 | 185.7% |
| FY26 Q2 | -20.0% |
| FY26 Q3 | -20.0% |
| FY26 Q4 | -75.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | -1576.3% |
| FY23 Q1 | -1783.8% |
| FY23 Q2 | -1969.4% |
| FY24 Q4 | -7392.9% |
| FY25 Q1 | -8935.4% |
| FY25 Q2 | -4149.3% |
| FY25 Q3 | -4483.5% |
| FY25 Q4 | -4650.5% |
| FY26 Q1 | -4089.4% |
| FY26 Q2 | -8491.0% |
| FY26 Q3 | -9653.0% |
| FY26 Q4 | -35141.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q2 | -3087.4% |
| FY22 Q3 | -1668.1% |
| FY22 Q4 | -2378.5% |
| FY23 Q1 | -2821.0% |
| FY23 Q2 | -2697.1% |
| FY25 Q2 | -4347.5% |
| FY25 Q3 | -4204.8% |
| FY25 Q4 | -3830.0% |
| FY26 Q1 | -3460.4% |
| FY26 Q2 | -6396.3% |
| FY26 Q3 | -7388.3% |
| FY26 Q4 | -23796.0% |
| Fiscal year | 2011 Jun 2011 | 2012 Jun 2012 | 2013 Jun 2013 | 2014 Jun 2014 | 2015 Jun 2015 | 2016 Jun 2016 | 2017 Jun 2017 | 2018 Jun 2018 | 2019 Jun 2019 | 2020 Jun 2020 | 2021 Jun 2021 | 2022 Jun 2022 | 2023 Jun 2023 | 2024 Jun 2024 | 2025 Jun 2025 | 2026 Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||
| Revenue | 1 | 1 | 1 | 0 | 2 | 1 | 0 | 0 | 2 | 2 | 2 | 2 | 0 | 0 | 0 | 0 |
| Gross profit | — | — | — | — | — | — | — | — | — | 1 | 1 | 2 | — | — | — | — |
| EBITDA | −9 | −9 | −7 | −4 | −7 | −9 | −13 | −13 | −16 | −14 | −31 | −27 | −29 | −16 | −18 | −35 |
| Operating income | −10 | −9 | −7 | −4 | −7 | −10 | −14 | −14 | −16 | −14 | −31 | −30 | −29 | −17 | −19 | −35 |
| Net income | −12 | −6 | −6 | −4 | −7 | −10 | −15 | −16 | −18 | −16 | −23 | −50 | −65 | −25 | −18 | −33 |
| Diluted EPS | −$195.00 | −$70.00 | −$0.13 | −$0.06 | −$0.09 | −$0.12 | −$82.00 | −$0.15 | −$47.00 | −$30.50 | −$6.00 | −$0.58 | −$10.62 | −$0.65 | −$0.17 | −$0.32 |
| Growth (year on year) | ||||||||||||||||
| Revenue | — | +145.5% | −21.1% | −79.6% | +802.9% | −48.8% | −58.4% | +12.7% | +354.5% | −18.8% | +44.7% | −20.5% | −100.0% | — | +77.8% | −75.0% |
| Margins | ||||||||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | 57.1% | 38.3% | — | — | — | — | — |
| EBITDA margin | <−999% | −704.6% | −661.9% | <−999% | −359.9% | −982.7% | <−999% | <−999% | −773.5% | −837.7% | <−999% | <−999% | — | <−999% | <−999% | <−999% |
| Operating margin | <−999% | −730.4% | −662.1% | <−999% | −360.1% | <−999% | <−999% | <−999% | −782.4% | −854.9% | <−999% | <−999% | — | <−999% | <−999% | <−999% |
| Net margin | <−999% | −444.5% | −615.5% | <−999% | −357.9% | <−999% | <−999% | <−999% | −871.8% | <−999% | −978.8% | <−999% | — | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | −470.7% | −482.2% | <−999% | −256.0% | −858.6% | <−999% | <−999% | −738.1% | −880.5% | <−999% | <−999% | — | <−999% | <−999% | <−999% |
| Cash flow | ||||||||||||||||
| Cash from operations | −5 | −6 | −5 | −4 | −5 | −8 | −13 | −13 | −14 | −13 | −30 | −37 | −30 | −19 | −15 | −23 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 5 | 7 | 6 | 0 | 0 | 1 |
| Free cash flow | −5 | −6 | −5 | −4 | −5 | −8 | −14 | −14 | −15 | −14 | −35 | −45 | −36 | −19 | −15 | −24 |
| Stock-based pay | 4 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 2 | 4 | 4 | 2 | 2 | 1 |
| Free cash flow after stock pay | −9 | −9 | −6 | −5 | −6 | −9 | −15 | −15 | −15 | −15 | −37 | −49 | −41 | −21 | −17 | −25 |
| Balance sheet | ||||||||||||||||
| Cash | 3 | 6 | 4 | 4 | 9 | 16 | 16 | 4 | 4 | 55 | 77 | 23 | 4 | 14 | 9 | 56 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | — | 13 | 1 | 1 | 0 |
| Net debt (negative = net cash) | −3 | −6 | −4 | −4 | −9 | −16 | −16 | −4 | −4 | −55 | −77 | −23 | 9 | −13 | −7 | −56 |
| Diluted shares | — | — | — | — | — | — | — | — | — | 1,256m | 4m | 4m | 6m | 38m | 105m | 104m |
| Quarter | 2025 Q1 Sept 2024 | 2025 Q2 Dec 2024 | 2025 Q3 Mar 2025 | 2025 Q4 Jun 2025 | 2026 Q1 Sept 2025 | 2026 Q2 Dec 2025 | 2026 Q3 Mar 2026 | 2026 Q4 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | −4 | −4 | −5 | −5 | −6 | −9 | −8 | −11 |
| Operating income | −4 | −4 | −5 | −5 | −6 | −9 | −8 | −11 |
| Net income | −4 | −4 | −5 | −5 | −6 | −9 | −8 | −11 |
| Diluted EPS | −$0.46 | −$0.48 | −$0.49 | −$0.31 | −$0.11 | −$0.09 | −$0.06 | −$0.07 |
| Growth (year on year) | ||||||||
| Revenue | −100.0% | — | — | +14.3% | — | −100.0% | — | −100.0% |
| Margins | ||||||||
| EBITDA margin | — | <−999% | — | <−999% | <−999% | — | — | — |
| Operating margin | — | <−999% | — | <−999% | <−999% | — | — | — |
| Net margin | — | <−999% | — | <−999% | <−999% | — | — | — |
| Free-cash-flow margin | — | <−999% | — | <−999% | <−999% | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −4 | −4 | −3 | −5 | −6 | −5 | −6 | −6 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Free cash flow | −4 | −4 | −3 | −5 | −6 | −6 | −6 | −6 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | −4 | −4 | −3 | −5 | −6 | −6 | −6 | −7 |
| Last 12 months unless stated | IBIO | LSTA | AIM | CLDX | CLNN | CRVO | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $100000 | $100000 | $95000 | $158000 | $197000 | $331295 | $56m |
| Revenue growth, last 12 months | −75.0% | −90.7% | −21.5% | −97.3% | −31.1% | −95.7% | 12.6% |
| Revenue growth, 3-year average | −62.4% | — | −17.3% | −63.5% | −36.9% | −52.7% | 13.7% |
| Revenue growth, latest quarter | −100.0% | −100.0% | 4.0% | −97.0% | 233.3% | −100.0% | 10.2% |
| Gross margin | 59.9% | 7.7% | −968.5% | — | 70.1% | 100.0% | 82.9% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −189.4% |
| Operating margin, 3-year average | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −363.5% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −169.8% |
| Cash from operations / revenue | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −168.0% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | — | −162.4% |
| Free-cash-flow margin, 3-year average | <−999% | <−999% | <−999% | <−999% | <−999% | — | −310.0% |
| Stock pay / revenue | >999% | >999% | 0.0% | >999% | >999% | 393.0% | 20.0% |
| Change in share count | 13.9% | 5.1% | 49.8% | 4.7% | 35.4% | 8.4% | 8.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -75.0% | 12.6% | 155 of 172 |
| Change in growth rate Growth | -55.0pp | -0.1pp | 145 of 172 |
| Operating margin Profitability | -35141.0% | -189.4% | 171 of 175 |
| Net margin Profitability | -33044.0% | -157.3% | 176 of 180 |
| Free-cash-flow margin Cash generation | -23796.0% | -145.4% | 172 of 176 |
| Stock pay as % of revenue Cash generation | 1373.0% | 19.2% | 174 of 179 |
| Long-term debt as % of assets Balance sheet | 3.0% | 20.6% | 17 of 78 |
| Days sales outstanding Balance sheet | 47 days | 75 days | 26 of 100 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Affinity Asset Advisors, LLC | $7M | 4.0M | 11.5% | ▲ 29.0% |
| Cormorant Asset Management, LP | $6.2M | 3.6M | 10.3% | New |
| Silverarc Capital Management, LLC | $6.2M | 3.5M | 10.1% | ▲ 1457.7% |
| Vestal Point Capital, LP | $4.5M | 2.6M | 7.5% | New |
| Vanguard Capital Management LLC | $3.7M | 2.1M | 6.0% | ▲ 92.8% |
| Frazier Life Sciences Management, L.P. | $3.4M | 2.0M | 5.6% | 0.0% |
| Ensign Peak Advisors, Inc | $3.2M | 1.8M | 5.3% | New |
| Woodline Partners LP | $3.1M | 1.8M | 5.1% | New |
| Millennium Management LLC | $2.9M | 1.7M | 4.8% | ▲ 6.6% |
| Citadel Advisors LLC | $2.4M | 1.4M | 4.0% | ▲ 44.7% |
| Balyasny Asset Management L.P. | $2M | 1.2M | 3.4% | ▲ 15.8% |
| Bank Of America Corp | $2M | 1.1M | 3.2% | ▲ 286.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ibio, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Banjak Marc Chief Legal Officer | March 26, 2026 | Buy | 1,434 | $1.76 | $2,524 |
| Banjak Marc Chief Legal Officer | March 26, 2026 | Buy | 12,500 | $1.64 | $20,500 |
| Brenner Martin See Remarks | March 19, 2026 | Buy | 12,336 | $2.02 | $24,919 |
| Duran Felipe Chief Financial Officer | March 19, 2026 | Buy | 24,835 | $2.02 | $50,167 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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