iBio, Inc. (IBIO): restructuring charge — iBio to divest CDMO, cut 60% of staff, focus on AI-driven drug discovery

iBio, Inc.

Workforce reduction of ~60% of current staffing; expected to substantially complete within 60 days.
Pre-tax charges of ~$1.7M for severance and benefits; net loss of ~$4.1M in Q1 FY2023 from inventory write-offs.
Monthly burn rate to drop ~50%, or ~$2.5-3.0M per month; cash runway into first half 2024 assuming asset sale.
CDMO sale targeted in 2023; no assurance on timing or price; global life science transaction firm engaged.
Initiated search for new CEO; Tom Isett to remain through transition; Chip Clark appointed Chairman.

item 2.05 item 5.02 item 9.01

Executive movements

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Appointed

Chip Clark

Chairman of the Board

IBIO · iBio, Inc.

Effective: 2022-11-01
Filed: November 3, 2022, 7:59 PM ET

On November 1, 2022, Mr. Chip Clark was appointed as the Company’s Chairman of the Board.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Chip Clark was appointed as Chairman of the Board at iBio, Inc..

Action: appointed
Role: Chairman of the Board

Exact text from the filing

On November 1, 2022, Mr. Chip Clark was appointed as the Company’s Chairman of the Board.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

iBio, Inc. announced a restructuring with charges of approximately $1.7 million affecting Company-wide (workforce reduction primarily located at cGMP facility in Bryan, Texas) (approximately 60% of the current Company staffing levels).

Type: restructuring
Charge: approximately $1.7 million
Affected area: Company-wide (workforce reduction primarily located at cGMP facility in Bryan, Texas)
Headcount: approximately 60% of the current Company staffing levels

Exact text from the filing

2023, although there is no assurance as to when, or for how much, the Company may be able to sell its CDMO assets. The Company expects to incur pre-tax charges of approximately $1.7 million for the employee reduction, most of which is expected to be incurred in the second and third quarter of fiscal year 2023. These charges will be substantially settled in cash and

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

iBio, Inc. filing history →

Source: SEC EDGAR

accession 0001420720-22-000078

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