secwatch.observer — SEC 8-K summary
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Issuer:     iBio, Inc. (IBIO)
CIK:        0001420720
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001420720-22-000078
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 2.05, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iBio to divest CDMO, cut 60% of staff, focus on AI-driven drug discovery
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1420720/000142072022000078/0001420720-22-000078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1420720/000142072022000078/ibio-20221102x8k.htm
  HTML page:      https://secwatch.observer/filing/0001420720-22-000078

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