IBio Inc HERE shares are trading lower in Tuesday’s after-hours session after the company released preliminary results and announced a 1-for-25 reverse split. iBio also said it would not proceed with a bid of IND for its COVID-19 vaccine candidate.
iBio forecasts revenue of approximately $2.4 million for the full year 2022, an increase of 1% year-over-year. iBio expects to report a net loss of $50.3 million for the year.
IBio said it ended the quarter with $39.5 million in cash and cash equivalents.
“With an expanded portfolio and increasing technical, regulatory and commercial challenges for the development of a COVID-19 vaccine, we have decided not to proceed with an IND submission for IBIO-202, our multivariant COVID-19 vaccine candidate. We also continue to review options to expand our cash trail,” said Tom IsetCEO of iBio.
iBio also announced that its board of directors has approved a 1-for-25 reverse stock split, which will become effective on October 7. Shares of iBio will begin trading on a post-consolidation basis on October 10.
IBIO Price Action: iBio has a 52 week high of 66 cents and a 52 week low of 22 cents.
The stock was down 33.6% after hours at 21 cents at press time, according to Benzinga Pro.
Photo: Markus Spiske from Pixabay.