--- schema_version: "secwatch.filing_event.v1" accession: "0001420720-23-000041" form_type: "8-K" ticker: "IBIO" cik: "0001420720" company_name: "iBio, Inc." filed_at: "2023-09-21T23:59:59+00:00" generated_at: "2026-06-10T10:32:11.149326+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # iBio agrees to sell Texas cGMP facility for $17.25M; preliminary FY2023 net loss $29-29.5M, cash $7.6M ## Summary - Sale of 130,000-sq-ft CDMO facility to Majestic Realty for $17.25M; expected close Dec 1, 2023, subject to due diligence and TAMU approval. - Preliminary FY2023 net loss from continuing ops $29.0-29.5M; cash $7.6M at June 30, 2023 (incl $3.3M restricted). - Term note principal $13.1M at June 30, 2023; if sale fails, unlikely to have sufficient funds to repay loan by Dec 31, 2023 maturity. - Sixth Amendment to Credit Agreement extends term note maturity to Dec 31, 2023; requires net proceeds from sale to pay off loan. - Shares outstanding increased to 20.3M from 8.7M a year earlier. ## SEC filing metadata - accession: 0001420720-23-000041 - form_type: 8-K - ticker: IBIO - cik: 0001420720 - company_name: iBio, Inc. - filed_at: 2023-09-21T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 1.01, 2.02, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000041/0001420720-23-000041-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000041/ibio-20230915x8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001420720-23-000041 - JSON: https://secwatch.observer/filing/0001420720-23-000041.json - Plain text: https://secwatch.observer/filing/0001420720-23-000041.txt ## Key facts - Earnings Releases iBio, Inc. reported the twelve months ending June 30, 2023 results: net income net loss from continuing operations for the twelve months ending June 30, 2023, to be between $29.0 million and $29.5 mi. - Period: the twelve months ending June 30, 2023 - Net income: net loss from continuing operations for the twelve months ending June 30, 2023, to be between $29.0 million and $29.5 mi - Result: preliminary results source text: The Company expects net loss from continuing operations for the twelve months ending June 30, 2023, to be between $29.0 million and $29.5 million evidence_url: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000041/0001420720-23-000041-index.htm - Material Agreements iBio, Inc. entered into Purchase and Sale Agreement with Majestic Realty Co. valued at $17,250,000 (effective 2023-09-15). - Action: entry - Agreement: asset purchase - Counterparty: Majestic Realty Co. - Value: $17,250,000 - Effective: 2023-09-15 source text: On September 15, 2023, iBio CDMO LLC (“iBio CDMO”), a subsidiary of iBio, Inc. (the “Company”), entered into a purchase and sale agreement, dated as of September 15, 2023 (the “Purchase and Sale Agreement”) with Majestic Realty Co., a California corporation (“Majestic Realty”), pursuant to which iBio CDMO agreed to sell to Majestic Realty its cGMP biologics manufacturing facility located in Bryan, TX consisting of: (i) the ground leasehold estate and interest held under the Ground Lease Agreement, dated March 8, 2010, as amended by an Estoppel Certificate and Amendment to Ground Lease Agreement, dated as of December 22, 2015, between iBio CDMO (as assignee from College Station Investors LLC) and The Board of Regents of the Texas A&M University System (together, the “Ground Lease”), related to 21.401 acres in Brazos County, Texas land (the “Land”); (ii) the buildings, parking areas, improvements, and fixtures situated on the Land (the “Improvements”); (iii) all iBio CDMO’s right, title, evidence_url: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000041/0001420720-23-000041-index.htm - Material Agreements iBio, Inc. entered into Sixth Amendment to Credit Agreement with Woodforest National Bank (effective 2023-09-18). - Action: entry - Agreement: credit facility - Counterparty: Woodforest National Bank - Effective: 2023-09-18 source text: On September 18, 2023, iBio CDMO and Woodforest National Bank entered into the Sixth Amendment (the “Sixth Amendment”) to that certain Credit Agreement, dated November 1, 2021, as previously amended as of October 11, 2022, February 9, 2023, February 20, 2023, March 24, 2023 and May 10, 2023 (the “Credit Agreement”), to amend the Credit Agreement to: (i) set the maturity date of the term loan to the earlier of (a) December 31, 2023, or (b) the acceleration of maturity of the term loan in accordance with the Credit Agreement, (ii) provide that iBio CDMO will, immediately upon receipt of the proceeds of the sale of the Property, apply the net proceeds to satisfy all outstanding obligations under the term loan, and to the extent such net proceeds are sufficient, to pay off the term loan, and (iii) change the annual filing requirement solely for the fiscal year ending June 30, 2023, such that the filing is acceptable with or without a “going concern” designation; provided that (a) iBio CDMO evidence_url: https://www.sec.gov/Archives/edgar/data/1420720/000142072023000041/0001420720-23-000041-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.