secwatch.observer — SEC 8-K summary
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Issuer:     iBio, Inc. (IBIO)
CIK:        0001420720
Form:       8-K
Filed at:   2023-09-21T23:59:59+00:00
Accession:  0001420720-23-000041
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iBio agrees to sell Texas cGMP facility for $17.25M; preliminary FY2023 net loss $29-29.5M, cash $7.6M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1420720/000142072023000041/0001420720-23-000041-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1420720/000142072023000041/ibio-20230915x8k.htm
  HTML page:      https://secwatch.observer/filing/0001420720-23-000041

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