Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Oct. 12, 2016 | Dec. 31, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | iBio, Inc. | ||
Entity Central Index Key | 1,420,720 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 3,010,000 | ||
Trading Symbol | IBIO | ||
Entity Common Stock, Shares Outstanding | 89,109,410 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash | $ 23,014 | $ 9,494 |
Accounts receivable - trade | 484 | 445 |
Accounts receivable - unbilled | 122 | 0 |
Work in process | 22 | 0 |
Prepaid expenses and other current assets | 264 | 182 |
Total current assets | 23,906 | 10,121 |
Fixed assets, net of accumulated depreciation | 25,574 | 13 |
Intangible assets, net of accumulated amortization | 2,092 | 2,360 |
Security deposit | 28 | 0 |
Total Assets | 51,600 | 12,494 |
Current liabilities: | ||
Accounts payable (related party of $200 and $153 as of June 30, 2016 and 2015, respectively) | 1,177 | 1,104 |
Accrued expenses (related party of $623 and $0 as of June 30, 2016 and 2015, respectively) | 920 | 159 |
Capital lease obligation - current portion | 170 | 0 |
Deferred revenue | 24 | 0 |
Total Current Liabilities | 2,291 | 1,263 |
Capital lease obligation - net of current portion | 25,265 | 0 |
Total Liabilities | 27,556 | 1,263 |
Commitments and Contingencies | ||
iBio, Inc. Stockholders’ Equity: | ||
Preferred stock - no par value; 1,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock - $0.001 par value; 175,000,000 shares authorized; 89,109,410 and 77,205,410 shares issued and outstanding as of June 30, 2016 and 2015, respectively | 89 | 77 |
Additional paid-in capital | 67,468 | 59,006 |
Accumulated other comprehensive loss | (29) | (25) |
Accumulated deficit | (57,591) | (47,827) |
Total iBio, Inc. Stockholders’ Equity | 9,937 | 11,231 |
Noncontrolling interest | 14,107 | 0 |
Total Equity | 24,044 | 11,231 |
Total Liabilities and Equity | $ 51,600 | $ 12,494 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounts payable, related parties | $ 200 | $ 153 |
Accrued expenses, related parties | $ 623 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 175,000,000 | 175,000,000 |
Common stock, shares issued (in shares) | 89,109,410 | 77,205,410 |
Common stock, shares outstanding (in shares) | 89,109,410 | 77,205,410 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | $ 948 | $ 1,851 |
Operating expenses: | ||
Research and development (related party of $1,036 and $995), net of $65 in grant income | 3,156 | 3,495 |
General and administrative (related party of $565 and $0) | 7,685 | 5,022 |
Total operating expenses | 10,841 | 8,517 |
Operating loss | (9,893) | (6,666) |
Other income (expense): | ||
Interest expense (related party of $807 and $0) | (807) | 0 |
Interest income | 22 | 9 |
Royalty income | 21 | 32 |
Total other income (expense) | (764) | 41 |
Consolidated net loss | (10,657) | (6,625) |
Net loss attributable to noncontrolling interest | 893 | 0 |
Net loss attributable to iBio, Inc. | (9,764) | (6,625) |
Comprehensive loss: | ||
Consolidated net loss | (10,657) | (6,625) |
Other comprehensive loss - foreign currency translation adjustments | (4) | (25) |
Comprehensive loss | $ (10,661) | $ (6,650) |
Loss per common share attributable to iBio, Inc. stockholders - basic and diluted | $ (0.12) | $ (0.09) |
Weighted-average common shares outstanding - basic and diluted | 80,973 | 71,495 |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating expenses research and development, related party | $ 1,036 | $ 995 |
Operating expenses general and administrative, related party | 565 | 0 |
Interest Expense, Related Party | 807 | 0 |
Revenue from Grants | $ 65 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Other Comprehensive Income (Loss) [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] |
Balance at Jun. 30, 2014 | $ 6,099 | $ 0 | $ 0 | $ 66 | $ 47,235 | $ (41,202) | $ 0 |
Balance (in shares) at Jun. 30, 2014 | 0 | 65,642,000 | |||||
Sale of common stock | 10,000 | 0 | $ 0 | $ 9 | 9,991 | 0 | 0 |
Sale of common stock (in shares) | 0 | 8,769,000 | |||||
Commitment fee | 1 | 0 | $ 0 | $ 1 | 0 | 0 | 0 |
Commitment fee (in shares) | 0 | 1,132,000 | |||||
Exercises of warrants (in shares) | 0 | 1,663,000 | |||||
Exercises of warrants | 867 | $ 0 | $ 1 | 866 | 0 | 0 | |
Expiration of warrants | 0 | ||||||
Share-based compensation | 914 | 0 | 0 | 0 | 914 | 0 | 0 |
Foreign currency translation adjustment | (25) | (25) | 0 | 0 | 0 | 0 | 0 |
Net loss | (6,625) | 0 | 0 | 0 | 0 | (6,625) | 0 |
Balance at Jun. 30, 2015 | 11,231 | (25) | $ 0 | $ 77 | 59,006 | (47,827) | 0 |
Balance (in shares) at Jun. 30, 2015 | 0 | 77,206,000 | |||||
Capital contribution - noncontrolling interest | 15,000 | 0 | $ 0 | $ 0 | 0 | 0 | 15,000 |
Sale of common stock | 6,220 | 0 | $ 0 | $ 10 | 6,210 | 0 | 0 |
Sale of common stock (in shares) | 0 | 10,000,000 | |||||
Exercises of warrants (in shares) | 0 | 1,904,000 | |||||
Exercises of warrants | 1,009 | 0 | $ 0 | $ 2 | 1,007 | 0 | 0 |
Share-based compensation | 1,245 | 0 | 0 | 0 | 1,245 | 0 | 0 |
Foreign currency translation adjustment | (4) | (4) | 0 | 0 | 0 | 0 | 0 |
Net loss | (10,657) | 0 | 0 | 0 | 0 | (9,764) | (893) |
Balance at Jun. 30, 2016 | $ 24,044 | $ (29) | $ 0 | $ 89 | $ 67,468 | $ (57,591) | $ 14,107 |
Balance (in shares) at Jun. 30, 2016 | 0 | 89,110,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (10,657) | $ (6,625) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 1,245 | 914 |
Amortization of intangible assets | 363 | 358 |
Depreciation | 577 | 5 |
Loss on abandonment of intangible assets | 33 | 48 |
Changes in operating assets and liabilities | ||
Accounts receivable - trade | (39) | (240) |
Accounts receivable - unbilled | (122) | 0 |
Accounts payable | (125) | 806 |
Prepaid expenses and other current assets | (82) | (64) |
Security deposit | (28) | 0 |
Accrued expenses | 761 | 73 |
Work in process | (22) | 0 |
Deferred revenue | 24 | 0 |
Net cash used in operating activities | (8,072) | (4,725) |
Cash flows from investing activities: | ||
Additions to intangible assets | 0 | (202) |
Purchases of fixed assets | (68) | (13) |
Net cash used in investing activities | (68) | (215) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 6,220 | 10,000 |
Proceeds from exercise of warrants | 1,009 | 867 |
Capital contribution - noncontrolling interest | 15,000 | 0 |
Payment of capital lease obligation | (565) | 0 |
Net cash provided by financing activities | 21,664 | 10,867 |
Effect of exchange rate changes | (4) | (23) |
Net increase in cash | 13,520 | 5,904 |
Cash - beginning of year | 9,494 | 3,590 |
Cash - end of year | 23,014 | 9,494 |
Schedule of non-cash activities: | ||
Purchases of fixed assets financed by capital lease | 26,000 | 0 |
Unpaid intangible assets included in accounts payable - net | 129 | 0 |
Unpaid intangible assets included in accrued expenses - net | 0 | (12) |
Unpaid fixed assets included in accounts payable | 71 | 0 |
Supplemental cash flow information: | ||
Cash paid during the year for interest | $ 485 | $ 0 |
Nature of Business
Nature of Business | 12 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1. Nature of Business iBio, Inc. and Subsidiaries (“iBio” or the “Company”) is a biotechnology company focused on the commercialization of its proprietary plant-based protein expression technologies for vaccines and therapeutic proteins and on developing and commercializing select biopharmaceutical product candidates. The advantages of iBio’s technology include reduced production time, capital and operating costs for biopharmaceuticals and the ability to manufacture therapeutic proteins that are difficult or commercially infeasible to produce with conventional methods. iBio was established as a public company in August 2008 as the result of a spinoff from Integrated BioPharma, Inc. The Company operates in one business segment under the direction of its Executive Chairman. The Company’s wholly-owned and majority-owned subsidiaries are as follows: iBioDefense Biologics LLC (“iBioDefense”) iBioDefense, a wholly-owned subsidiary, is a Delaware limited liability company formed in July 2013 to explore development and commercialization of defense-specific applications of the Company’s proprietary technology. iBioDefense did not commence any business activities and was dissolved on June 10, 2016. iBio Peptide Therapeutics LLC (“iBio Peptide”) iBio Peptide, a wholly-owned subsidiary, is a Delaware limited liability company formed in November 2013. iBio Peptide did not commence any business activities and was dissolved on June 9, 2016. iBIO DO BRASIL BIOFARMACÊUTICA LTDA. (“iBio Brazil”) iBio Brazil is a subsidiary organized in Brazil in which the Company has a 99 iBio Manufacturing LLC (“iBio Manufacturing”) iBio Manufacturing, a wholly-owned subsidiary, is a Delaware limited liability company formed in November 2015. iBio Manufacturing has not commenced any activities to date. iBio CMO LLC (“iBio CMO”) iBio CMO is a Delaware limited liability company formed on December 16, 2015 to develop and manufacture plant-made pharmaceuticals. As of December 31, 2015, the Company owned 100 15 30 70 iBio CMO’s operations take place in Bryan, Texas in a facility controlled by another affiliate of Eastern (the “Second Eastern Affiliate”) as sublandlord. The facility is a 139,000 34 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 2. Basis of Presentation Liquidity The Company’s primary sources of liquidity are cash on hand and cash available from the sale of common stock of the Company. At this time, cash flows from operating activities represent net outflows for operating expenses and expenses for technology and product development. As of June 30, 2016, the Company had $ 23.0 Since its spin-off from Integrated BioPharma, Inc. in August 2008, the Company has incurred significant losses and negative cash flows from operations. As of June 30, 2016, the Company’s accumulated deficit was $ 57.6 8.1 4.7 On May 15, 2015, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire Capital”) pursuant to which the Company has the option to require Aspire Capital, upon and subject to the terms of the agreement, to purchase up to $ 15 No shares have been sold under the 2015 Facility as of the date of the filing of this report. See Note 11 for a further description of the agreement. Coincident with the entry into the iBio CMO joint venture, Eastern agreed to acquire 10 0.622 3,500,000 6,500,000 1,784,000 0.53 15 7.2 10 The Company plans to fund its future business operations using cash on hand, through proceeds from the sale of additional equity or other securities, including sales of common stock to Aspire Capital pursuant to the common stock purchase agreement entered into on May 15, 2015, and through proceeds realized in connection with license and collaboration arrangements. The Company cannot be certain that such funding will be available on favorable terms or available at all. To the extent that the Company raises additional funds by issuing equity securities, its stockholders may experience significant dilution. The Company's financial statements were prepared under the assumption that the Company will continue as a going concern. If the Company is unable to raise funds when required or on favorable terms, this assumption may no longer be operative, and the Company may have to: a) significantly delay, scale back, or discontinue the product application and/or commercialization of its proprietary technologies; b) seek collaborators for its technology and product candidates on terms that are less favorable than might otherwise be available; c) relinquish or otherwise dispose of rights to technologies, product candidates, or products that it would otherwise seek to develop or commercialize; or d) possibly cease operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include the valuation of intellectual property, legal and contractual contingencies and share-based compensation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates. Accounts receivable are reported at their outstanding unpaid principal balances net of allowances for uncollectible accounts. The Company provides for allowances for uncollectible receivables based on management's estimate of uncollectible amounts considering age, collection history, and any other factors considered appropriate. The Company writes off accounts receivable against the allowance for doubtful accounts when a balance is determined to be uncollectible. At June 30, 2016 and 2015, the Company determined that an allowance for doubtful accounts was not needed. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is reasonably assured. Deferred revenue represents billings to a customer to whom the services have not yet been provided. The Company’s contract revenue consists primarily of amounts earned under contracts with third-party customers and reimbursed expenses under such contracts. The Company analyzes its agreements to determine whether the elements can be separated and accounted for individually or as a single unit of accounting in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605-25, “ Revenue Arrangements with Multiple Deliverables Revenue Recognition The Company generates (or may generate in the future) contract revenue under the following types of contracts: Fixed-Fee Under a fixed-fee contract, the Company charges a fixed agreed upon amount for a deliverable. Fixed-fee contracts have fixed deliverables upon completion of the project. Typically, the Company recognizes revenue for fixed-fee contracts after projects are completed, delivery is made and title transfers to the customer, and collection is reasonably assured. Time and Materials Under a time and materials contract, the Company charges customers an hourly rate plus reimbursement for other project specific costs. The Company recognizes revenue for time and material contracts based on the number of hours devoted to the project multiplied by the customer’s billing rate plus other project specific costs incurred. Grant Income Grants are recognized as income when all conditions of such grants are fulfilled or there is a reasonable assurance that they will be fulfilled. Grant income is classified as a reduction of research and development expenses. In 2016, grant income amounted to approximately $ 65,000 Work in process consists primarily of the cost of labor and other overhead incurred on contracts that have not been completed as of June 30, 2016. The Company accounts for research and development costs in accordance with the FASB ASC 730-10, “ Research and Development Fixed assets are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from three to fifteen years. Assets held under the terms of capital leases are included in fixed assets and are depreciated on a straight-line basis over the terms of the leases or the economic lives of the assets. Obligations for future lease payments under capital leases are shown within liabilities and are analyzed between amounts falling due within and after one year (see Note 10). The Company accounts for intangible assets at their historical cost and records amortization utilizing the straight-line method based upon their estimated useful lives. Patents are amortized over a period of ten years and other intellectual property is amortized over a period from 16 to 23 years. The Company reviews the carrying value of its intangible assets for impairment whenever events or changes in business circumstances indicate the carrying amount of such assets may not be fully recoverable. Evaluating for impairment requires judgment, and recoverability is assessed by comparing the projected undiscounted net cash flows of the assets over the remaining useful life to the carrying amount. Impairments, if any, are based on the excess of the carrying amount over the fair value of the assets. There were no impairment charges for the years ended June 30, 2016 and 2015 The Company does not use derivative instruments in its ordinary course of business. In connection with the issuances of debt and/or equity instruments, the Company may issue options or warrants to purchase common stock. In certain circumstances, these options or warrants may be classified as liabilities rather than as equity. In addition, the debt and/or equity instrument may contain embedded derivative instruments, such as conversion options or anti-dilution features, which in certain circumstances may be required to be bifurcated from the associated host instrument and accounted for separately as a derivative liability instrument. The Company accounts for derivative liability instruments under the provisions of FASB ASC 815, “ Derivatives and Hedging There are no options or warrants of the Company presently outstanding that require accounting as a derivative liability. The Company accounts for foreign currency translation pursuant to FASB ASC 830, “ Foreign Currency Matters. The Company recognizes the cost of all share-based payment transactions at fair value. Compensation cost, measured by the fair value of the equity instruments issued, adjusted for estimated forfeitures, is recognized in the financial statements as the respective awards are earned over the performance period. The Company uses historical data to estimate forfeiture rates. The impact that share-based payment awards will have on the Company’s results of operations is a function of the number of shares awarded, the trading price of the Company’s stock at the date of grant or modification, and the vesting schedule. Furthermore, the application of the Black-Scholes option pricing model employs weighted-average assumptions for expected volatility of the Company’s stock, expected term until exercise of the options, the risk-free interest rate, and dividends, if any, to determine fair value. Expected volatility is based on historical volatility of the Company’s common stock; the expected term until exercise represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns; and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company has not paid any dividends since its inception and does not anticipate paying any dividends for the foreseeable future, so the dividend yield is assumed to be zero. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations. Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions as of June 30, 2016 and 2015. Interest and penalties, if any, related to unrecognized tax benefits would be recognized as income tax expense. The Company does not have any accrued interest or penalties associated with unrecognized tax benefits, nor was any significant interest expense recognized during the years ended June 30, 2016 and 2015. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 4. New Accounting Pronouncements In May 2014, ASU No. 2014-09, “ Revenue from Contracts with Customers Revenue Recognition The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 was scheduled to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date” Effective January 1, 2016, the Company adopted ASU 2014-12, “ Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, ASU 2014-15, “ Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Effective January 1, 2016, the Company adopted ASU 2015-01, “ Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” In April 2015, the FASB issued ASU 2015-03, “ Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs Elements of Financial Statements In November 2015, the FASB issued ASU 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, “ Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) Leases (Topic 840) In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU 2016-10, “ Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers In May 2016, the FASB issued ASU 2016-12, " Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying consolidated financial statements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurement | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 5. Financial Instruments and Fair Value Measurement The carrying values of cash, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses in the Company's consolidated balance sheets approximated their fair values as of June 30, 2016 and 2015 due to their short-term nature. The carrying value of the capital lease obligation approximated its fair value at June 30, 2016 as the interest rate used to discount the lease payments approximated market. |
Fixed Assets
Fixed Assets | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Fixed Assets iBio CMO is leasing its facility in Bryan, Texas as well as certain equipment from the Second Affiliate under a 34 The economic substance of the sublease is that the Company is financing the acquisition of the facility and equipment and, accordingly, the facility and equipment are recorded as assets and the lease is recorded as a liability. As the sublease involves real estate and equipment, the Company separated the equipment component and accounted for the facility and equipment as if each was leased separately. June 30, June 30, Facility under capital lease $ 20,000 $ - Equipment under capital lease 6,000 - Facility improvements 42 - Office equipment and software 137 40 26,179 40 Accumulated depreciation assets under capital lease (571) - Accumulated depreciation other (34) (27) (605) (27) Net fixed assets $ 25,574 $ 13 Depreciation expense was approximately $ 577,000 4,600 571,000 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Intangible Assets The Company has two categories of intangible assets intellectual property and patents. Intellectual property consists of all technology, know-how, data, and protocols for producing targeted proteins in plants and related to any products and product formulations for pharmaceutical uses and for other applications. Intellectual property includes, but is not limited to, certain technology for the development and manufacture of novel vaccines and therapeutics for humans and certain veterinary applications acquired in December 2003 from Fraunhofer USA Inc., acting through its Center for Molecular Biotechnology (“Fraunhofer”), pursuant to a Technology Transfer Agreement, as amended (the “TTA”). The Company designates such technology acquired from Fraunhofer as iBioLaunch technology or as iBioModulator technology. The value attributed to Patents owned or controlled by the Company is based on payments for services and fees related to the further development and protection of the Company’s patent portfolio. In January 2014, the Company entered into a license agreement with a U.S. university whereby iBio acquired exclusive worldwide rights to certain issued and pending patents covering specific candidate products for the treatment of fibrosis (the “Licensed Technology”). The license agreement provides for payment by the Company of a license issue fee, annual license maintenance fees, reimbursement of prior patent costs incurred by the university, payment of a milestone payment upon regulatory approval for sale of a first product, and annual royalties on product sales. In addition, the Company has agreed to meet certain diligence milestones related to product development benchmarks. As part of its commitment to the diligence milestones, the Company successfully commenced production of a plant-made peptide comprising the Licensed Technology before March 31, 2014. The next milestone filing a New Drug Application with the FDA or foreign equivalent covering the Licensed Technology (“IND”) became due on December 1, 2015. A six-month extension was automatically granted until June 1, 2016 under the license agreement. On August 11, 2016, the agreement was amended and replaced the original milestone schedule to provide that the IND filing be accomplished by June 30, 2017. June 30, June 30, Intellectual property gross carrying value $ 3,100 $ 3,100 Patents gross carrying value 2,265 2,181 5,365 5,281 Intellectual property accumulated amortization (1,932) (1,776) Patents accumulated amortization (1,341) (1,145) (3,273) (2,921) Net intangible assets $ 2,092 $ 2,360 Amortization expense, included in general and administrative expenses, was approximately $ 363,000 358,000 33,000 48,000 7.5 6.6 For the Year Ending 2017 $ 345 2018 327 2019 297 2020 265 2021 244 Thereafter 614 Total $ 2,092 |
Significant Vendors
Significant Vendors | 12 Months Ended |
Jun. 30, 2016 | |
Significant Vendor [Abstract] | |
Significant Vendor Disclosures [Text Block] | 8. Significant Vendors Fraunhofer Fraunhofer was the Company’s most significant vendor solely on the basis of the three-party Yellow Fever vaccine development program among Fiocruz/Bio-Manguinhos, the Company, and Fraunhofer (described in greater detail below). The accounts payable balance under this three-party agreement includes amounts due Fraunhofer of approximately $ 341,000 445,000 122,000 0 On January 4, 2011, the Company entered into the Collaboration and License Agreement (the “CLA”) which is a three party agreement involving the Company, Fraunhofer and Fiocruz, a public entity, member of the Indirect Federal Public Administration and linked to the Health Ministry of Brazil, acting through its unit Bio-Manguinhos. The CLA provides for the development of a Yellow Fever vaccine to be manufactured and distributed within Latin America and Africa by Fiocruz. The CLA was supplemented by a bilateral agreement between iBio and Fraunhofer dated December 27, 2010 in which the Company engaged Fraunhofer as a contractor to provide the research and development services (both, together, the “Agreement”). The services are billed to Fiocruz at Fraunhofer’s cost, so the Company’s revenue is equivalent to expense and there is no profit. On June 12, 2014, Fiocruz, Fraunhofer and iBio executed an amendment to the CLA (the “Amended Agreement”) which provides for revised research and development, work plans, reporting, objectives, estimated budget, and project billing process. In 2016 and 2015, under the Amended Agreement, the Company recognized revenue of $ 758,000 1,851,000 In September 2013, the Company and Fraunhofer completed the Terms of Settlement for the TTA Seventh Amendment (the “Settlement Agreement”). Under the terms of the Settlement Agreement various contractual obligations existing at June 30, 2013 were released, terminated or modified. See Note 16 - Commitments and Contingencies for significant modifications. On March 17, 2015, the Company filed a Verified Complaint in the Court of Chancery of the State of Delaware against Fraunhofer and Vidadi Yusibov, Fraunhofer's Executive Director. See Note 16 - Lawsuits for additional information. Novici Biotech, LLC In January 2012, the Company entered into an agreement with Novici Biotech, LLC (“Novici”) in which iBio’s President is a minority stockholder. Novici performs laboratory feasibility analyses of gene expression, protein purification and preparation of research samples. In addition, the Company and Novici collaborate on the development of new technologies and product candidates for exclusive worldwide commercial use by the Company. The accounts payable balance includes amounts due to Novici of approximately $ 200,000 153,000 1,036,000 995,000 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses Disclosure [Text Block] | 9. Accrued Expenses June 30, June 30, Interest related party (see Note 14) $ 323 $ - Rent and real estate taxes related party (see Note 14) 300 - Research and development 122 - Salaries and benefits 55 39 Facility expenses 53 - Stock exchange fees - 65 Other accrued expenses 67 55 Total accrued expenses $ 920 $ 159 |
Capital Lease Obligation
Capital Lease Obligation | 12 Months Ended |
Jun. 30, 2016 | |
Leases, Capital [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 10. Capital Lease Obligation As discussed above, iBio CMO is leasing its facility in Bryan, Texas as well as certain equipment from the Second Affiliate under a 34 2,100,000 In addition to the base rent, iBio CMO is required to pay, for each calendar year during the term, a portion of the total gross sales for products manufactured or processed at the facility, equal to 7% of the first $5,000,000 of gross sales, 6% of gross sales between $5,000,001 and $25,000,000, 5% of gross sales between $25,000,001 and $50,000,000, 4% of gross sales between $50,000,001 and $100,000,000, and 3% of gross sales between $100,000,001 and $500,000,000. However, if for any calendar year period from January 1, 2018 through December 31, 2019, iBio CMO’s applicable gross sales are less than $5,000,000, or for any calendar year period from and after January 1, 2020, its applicable gross sales are less than $10,000,000, then iBio CMO is required to pay the amount that would have been payable if it had achieved such minimum gross sales and shall pay no less than the applicable percentage for the minimum gross sales for each subsequent calendar year. Percentage rent amounted to $27,000 in 2016. Interest expense incurred under the capital lease obligation amounted to $ 807,000 0 Year Ending: Principal Interest Total 2017 $ 169,818 $ 1,930,182 $ 2,100,000 2018 183,110 1,916,890 2,100,000 2019 197,443 1,902,557 2,100,000 2020 212,898 1,887,102 2,100,000 2021 229,562 1,870,438 2,100,000 Thereafter 24,441,676 35,933,324 60,375,000 Total minimum lease payments 25,434,507 $ 45,440,493 $ 70,875,000 Less: current portion (169,818) Long-term portion of minimum lease obligations $ 25,264,689 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2016 | |
Stockholders Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | 11. Stockholders’ Equity Preferred Stock The Company’s Board of Directors is authorized to issue, at any time, without further stockholder approval, up to 1 Common Stock As of June 30, 2016 and 2015, the Company was authorized to issue up to 175 15 Issuances of common stock were as follows: Aspire Capital 2014 Facility On August 25, 2014, the Company entered into a common stock purchase agreement with Aspire Capital Fund, which provided that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital was committed to purchase up to an aggregate of $ 10.0 10.0 In consideration for entering into the purchase agreement, following the approval of the issuance of the shares by NYSE MKT, Aspire Capital received a commitment fee of $ 300,000 3 681,818 0.44 1,136,354 0.44 500,000 Concurrently with entering into the purchase agreement, the Company also entered into a registration rights agreement with Aspire Capital, in which the Company agreed to file one or more registration statements as permissible and necessary to register under the Securities Act of 1933, as amended, the sale of shares of the Company’s common stock under the purchase agreement. After the Securities and Exchange Commission declared effective the registration statement, on any trading day on which the closing sale price of the Company’s common stock exceeded the “Floor Price” of $ 0.44 150,000 500,000 9.5 In addition, on any date on which the Company submitted a purchase notice to Aspire Capital in an amount equal to 150,000 shares of common stock and the closing sale price of common stock was equal to or greater than the Floor Price of $0.44, the Company also had the right, in its sole discretion, to present Aspire Capital with a volume-weighted average price (“VWAP”) purchase notice directing Aspire Capital to purchase an amount of stock equal to up to 30 80 97 The purchase agreement provided that the Company and Aspire Capital could not effect any sales under the purchase agreement on any purchase date where the closing sale price of common stock is less than $ 0.44 0.20 Aspire Capital purchased 8,768,806 10,000,000 10.0 Aspire Capital 2015 Facility On May 15, 2015, the Company entered into a common stock purchase agreement (the “2015 Aspire Purchase Agreement”) with Aspire Capital, pursuant to which the Company has the option to require Aspire Capital to purchase up to an aggregate of $ 15.0 450,000 (the “Commitment Shares”) On any business day after the Commencement Date (as defined below) and over the 36-month term of the 2015 Aspire Purchase Agreement, the Company has the right, in its sole discretion, to present Aspire Capital with a purchase notice (each, a “Purchase Notice”) directing Aspire Capital to purchase up to 200,000 500,000 2,000,000 In addition, on any date on which the Company submits a Purchase Notice to Aspire Capital for at least 150,000 0.40 35 97 80 The number of Purchase Shares covered by and timing of each Purchase Notice or VWAP Purchase Notice are determined at the Company’s discretion. The aggregate number of shares that the Company can sell to Aspire Capital under the 2015 Aspire Purchase Agreement may in no case exceed 15,343,406 19.99 450,000 The 2015 Aspire Purchase Agreement contains customary representations, warranties, covenants, closing conditions and indemnification and termination provisions. Sales under the 2015 Aspire Purchase Agreement could commence only after certain conditions were satisfied (the date on which all requisite conditions have been satisfied being referred to as the “Commencement Date”), which conditions included the delivery to Aspire Capital of a prospectus supplement covering the Commitment Shares and the Purchase Shares, approval for listing on NYSE MKT of the Purchase Shares and the Commitment Shares, the issuance of the Commitment Shares to Aspire Capital, and the receipt by Aspire Capital of a customary opinion of counsel and other certificates and closing documents. Either party had the option to terminate the 2015 Aspire Purchase Agreement in the event the Commencement Date had not occurred by July 1, 2015. The 2015 Aspire Purchase Agreement may be terminated by the Company at any time, at its discretion, without any cost or penalty. The Company’s net proceeds will depend on the Purchase Price, the VWAP Purchase Price and the frequency of the Company’s sales of Purchase Shares to Aspire Capital; subject to the maximum $ 15.0 In connection with the 2015 Aspire Purchase Agreement, the Company also entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with Aspire Capital, dated May 15, 2015. The Registration Rights Agreement provides, among other things, a requirement to register the sale of the Commitment Shares and the Purchase Shares to Aspire Capital pursuant to the Company’s existing shelf registration statement (the “Registration Statement”). The Company further agreed to keep the Registration Statement effective and to indemnify Aspire Capital for certain liabilities in connection with the sale of the Securities under the terms of the Registration Rights Agreement. On May 29, 2015, the Company filed a prospectus supplement to the Company’s existing Registration Statement on Form S-3, registering $ 15.0 No shares have been sold under the 2015 Facility as of the date of the filing of this report. Eastern Share Purchase Agreements On January 13, 2016, the Company entered into a share purchase agreement with Eastern pursuant to which Eastern agreed to purchase 3,500,000 0.622 2,177,000 1,784,000 0.53 945,000 On January 13, 2016, the Company entered into a separate share purchase agreement with Eastern pursuant to which Eastern agreed to purchase 6,500,000 0.622 6,500,000 4,043,000 38 Exercises of Warrants In 2015, t he Company issued 1,636,000 867,000 26,691 75,000 In 2016, in addition to the exercise of warrants by Eastern discussed above, t he Company issued 120,000 64,000 Warrants The Company has historically financed its operations through the sale of common stock and warrants, sold together as units. Warrants Weighted- Outstanding as of July 1, 2014 8,769,911 $ 1.38 Exercised (1,711,000) $ 0.51 Expired (425,587) $ 0.66 Outstanding as of June 30, 2015 6,633,324 $ 1.63 Exercised (1,904,000) $ 0.53 Expired (4,729,324) $ 2.08 Outstanding as of June 30, 2016 - $ - Exercisable as of June 30, 2016 - $ - |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 12. Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing the net income (loss) allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For purposes of calculating diluted earnings per common share, the denominator includes both the weighted-average number of shares of common stock outstanding during the period and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and warrants using the treasury stock method. Years ended 2016 2015 Basic and diluted numerator: Net loss available to iBio, Inc. stockholders $ (9,764) $ (6,625) Basic and diluted denominator: Weighted-average common shares outstanding 80,973 71,495 Per share amount $ (0.12) $ (0.09) In 2016 and 2015, the Company incurred net losses which cannot be diluted; therefore, basic and diluted loss per common share is the same. As of June 30, 2016, shares issuable which could potentially dilute future earnings included approximately 12.3 9.5 6.6 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Share-Based Compensation Year Ended 2016 2015 Research and development $ 20 $ - General and administrative 1,245 914 Totals $ 1,265 $ 914 Stock Options On August 12, 2008, the Company adopted the iBioPharma 2008 Omnibus Equity Incentive Plan (the “Plan”) for employees, officers, directors and external service providers. The original Plan provided that the Company may grant options to purchase stock and/or make awards of restricted stock up to an aggregate amount of 10 Plan was amended to increase the number of shares reserved for awards under the Plan from 10 million to 15 million. 2.9 Issuances of stock options during 2015 were as follows: On 1.64 0.49 Issuances of stock options during 2016 were as follows: On September 4, 2015 and March 1, 2016, the Company granted stock options to members of the Board of Directors, officers and employees to purchase 2.75 1.64 Issuances of stock options during 2015 were as follows: On September 5, 2014, the Company granted stock options to members of the Board of Directors, officers and employees to purchase 1.64 0.86 100,000 1.15 On October 17, 2014, a consulting agreement dated March 1, 2012 with a former employee was terminated for cause. As a result, 500,000 0.87 Stock Weighted- Weighted- Aggregate Outstanding as of July 1, 2014 8,483,334 $ 1.25 7.0 $ 179 Granted 1,740,000 $ 0.88 Forfeited/expired (700,000) $ 0.75 Outstanding as of June 30, 2015 9,523,334 $ 1.22 6.6 $ 1,848 Granted 2,750,000 $ 1.64 Forfeited/expired - $ - Outstanding as of June 30, 2016 12,273,334 $ 1.31 6.4 $ 993 As of June 30, 2016 vested and expected to vest 12,225,441 $ 1.31 6.4 $ 991 Exercisable as of June 30, 2016 7,583,357 $ 1.31 5.1 $ 773 The total fair value of stock options that vested during 2016 and 2015 was approximately $ 800,000 1.1 1.6 1.9 The weighted-average grant date fair value of stock options granted during 2016 and 2015 was $ 0.62 0.43 2016 2015 Risk-free interest rate 1.83% - 2.13% 1.3% - 2.3% Dividend yield 0% 0% Volatility 109.49% - 112.17% 96.7% - 113.9% Expected term (in years) 9 4 - 9 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 14. Related Party Transactions Novici Biotech, LLC In January 2012, the Company entered into an agreement with Novici Biotech, LLC (“Novici”) in which iBio’s President is a minority stockholder. Novici performs laboratory feasibility analyses of gene expression, protein purification and preparation of research samples. In addition, the Company and Novici collaborate on the development of new technologies and product candidates for exclusive worldwide commercial use by the Company. The accounts payable balance includes amounts due to Novici of approximately $ 200,000 153,000 1,036,000 995,000 Agreements with Eastern Capital Limited and its Affiliates. As more fully discussed in Note 11, the Company entered into two share purchase agreements with Eastern and sold 10 0.622 6,220,000 1,784,000 0.53 945,000 Concurrently with the execution of the Purchase Agreements, iBio entered into a contract manufacturing joint venture with an affiliate of Eastern to develop and manufacture plant-made pharmaceuticals through iBio’s recently formed subsidiary, iBio CMO. The Eastern Affiliate contributed $ 15.0 30 70 In connection with the joint venture, the Second Eastern Affiliate, which controls the subject property as sublandlord, granted iBio CMO a 34 623,000 565,000 807,000 A three-year standstill agreement (the “Standstill Agreement”) that took effect upon the issuance of the Eastern Shares pursuant to the 6,500,000 38 Operating Lease with Minority Stockholder Effective January 1, 2015, the Company is leasing office space on a month-to-month basis from an entity owned by a minority stockholder of the Company. Rent was $ 2,200 2,500 28,500 13,200 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 15. Income Taxes For the Years Ended 2016 2015 United States $ (10,635) $ (6,532) Brazil (22) (93) Total $ (10,657) $ (6,625) For the Years Ended 2016 2015 Current Federal, state and foreign $ - $ - Deferred Federal (260) (2,299) Deferred State (9) (377) Deferred Foreign (1) (12) Total (270) (2,688) Change in valuation allowance 270 2,688 Income tax expense $ - $ - The Company has deferred income taxes due to income tax credits, net operating loss carryforwards, and the effect of temporary differences between the carrying values of certain assets and liabilities for financial reporting and income tax purposes. As of June 30, 2016 2015 Deferred tax assets (liabilities): Net operating loss $ 17,172 $ 14,213 Share-based compensation 726 3,992 Research and development tax credits 1,097 890 Suspended losses in iBio CMO 255 - Basis in iBio CMO 145 - Intangible assets (219) (188) Vacation accrual and other 17 16 Valuation allowance (19,193) (18,923) Total $ - $ - The Company has a valuation allowance against the full amount of its net deferred tax assets due to the uncertainty of realization of the deferred tax assets due to operating loss history of the Company. The Company currently provides a valuation allowance against deferred taxes when it is more likely than not that some portion, or all of its deferred tax assets will not be realized. The valuation allowance could be reduced or eliminated based on future earnings and future estimates of taxable income. Federal net operating losses of approximately $ 5.5 U.S. Federal and state net operating losses of approximately $ 44.7 33.5 $ 1.1 $89, 000 Years Ended 2016 2015 Statutory federal income tax rate 34 % 34 % State (net of federal benefit) 6 % 6 % Research and development tax credit 1 % 1 % Permanent differences (7) % - % Expiration of stock options and warrants (31) % - % Change in valuation allowance (3) % (41) % Effective income tax rate - % - % The Company has not been audited in connection with income taxes. iBio files U.S. Federal and state income tax returns subject to varying statutes of limitations. The 2011 through 2015 tax returns generally remain open to examination by U.S. Federal and state tax authorities. In addition, the 2014 and 2015 Brazilian federal tax return remains open to examination by Brazil federal tax authorities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and Contingencies Agreements In September 2013, the Company and Fraunhofer completed the Terms of Settlement for the TTA Seventh Amendment (the “Settlement Agreement”). Under the terms of the Settlement Agreement various contractual obligations existing at June 30, 2013 were released, terminated or modified. The significant modifications post June 30, 2013 are of follows: The Company’s obligation under the TTA, prior to the Settlement Agreement, to make three $ 1 3 2.7 3.0 The Company’s obligation to remit to Fraunhofer minimum annual royalty payments in the amount of $ 200,000 under the terms of the TTA and for a period of 15 years, the Company shall pay Fraunhofer one percent (1%) of all receipts derived by the Company from sales of products produced utilizing the iBioLaunch or iBioModulator technology and ten percent (10%) of all receipts derived by the Company from licensing either of those technologies to third parties. 4 On June 12, 2014, Fiocruz, Fraunhofer and iBio executed an amendment to the CLA (the “Amended Agreement”) to create a new research and development plan for the development of a recombinant Yellow Fever vaccine providing revised reporting, objectives, estimated budget, and project billing process. Under the CLA and bilateral agreement between iBio and Fraunhofer dated December 27, 2010, Fraunhofer, which has been engaged to act as the Company’s subcontractor for performance of research and development services for the new research and development plan, will bill Fiocruz directly on behalf of the Company at the rates, amounts and times provided in the Amended Agreement, and the proceeds of such billings and only the proceeds will be paid to Fraunhofer for its services so the Company’s expense is equal to its revenue and no profit is recognized for these activities under the Amended Agreement. For the year ended June 30, 2015, $ 2.1 3.0 On January 14, 2014 (the “Effective Date”), the Company entered into an exclusive worldwide License Agreement (“LA”) with the University of Pittsburgh (“UP”) covering all of the U.S. and foreign patents and patent applications and related intellectual property owned by UP pertinent to the use of endostatin peptides for the treatment of fibrosis. The Company paid an initial license fee of $ 20,000 30,627 25,000 150,000 On December 30, 2013, the Company entered into a Project Agreement with the Medical University of South Carolina (“MUSC”) providing for the performance of research and development services by MUSC related to peptides for the treatment of fibrosis. The agreement requires the Company to make payments totaling $ 78,000 December 31, 2015 161,754 New Lease As discussed above, iBio CMO is leasing its facility in Bryan, Texas from the Second Affiliate under a 34 Lawsuits On October 22, 2014, the Company filed a Verified Complaint in the Court of Chancery of the State of Delaware against PlantForm Corporation (“PlantForm”) and PlantForm’s president seeking equitable relief and damages based upon PlantForm’s interference with several contracts between the Company and Fraunhofer USA, including its Center for Molecular Biotechnology unit, (“Fraunhofer”) and one of the Company’s consultants and misappropriating the Company’s intellectual property including trade secrets and know-how. On May 14, 2015, after mediation ordered and supervised by the Chancery Court, PlantForm represented and agreed that all drug development and manufacturing activities of PlantForm with Fraunhofer had ceased and would not be renewed at least until after the termination of the Company’s litigation regarding similar subject matter with Fraunhofer, and all of the accrued claims between the Company and PlantForm and its President were voluntarily dismissed with prejudice. On March 17, 2015, the Company filed a Verified Complaint in the Court of Chancery of the State of Delaware against Fraunhofer and Vidadi Yusibov (“Yusibov”), Fraunhofer’s Executive Director, seeking monetary damages and equitable relief based on Fraunhofer’s material and continuing breaches of their contracts with the Company. On September 16, 2015, the Company voluntarily dismissed its action against Yusibov, without prejudice, and thereafter on September 29, 2015, the Company filed a Verified Amended Complaint against Fraunhofer alleging material breaches of its agreements with the Company and seeking monetary damages and equitable relief against Fraunhofer. Briefing was completed on a motion to dismiss filed by Fraunhofer in lieu of filing an answer to the complaint. Fraunhofer also moved for a protective order in connection with certain discovery served by iBio. The Court bifurcated the action to first resolve the threshold question in the case the scope of iBio’s ownership of the technology developed or held by Fraunhofer before proceeding with the rest of the case and the parties stipulated their agreement to that approach. After considering the parties’ written submissions and oral argument on this threshold issue on April 29, 2016, the Court resolved the threshold issue in favor of iBio on July 29, 2016, holding that iBio owns all proprietary rights of any kind to all plant-based technology of Fraunhofer developed or held as of December 31, 2014, including know-how, and is entitled to receive a transfer of the technology from Fraunhofer. On September 19, 2016, Fraunhofer informed the Court that it does not intend to pursue its motion for protective order at this time. iBio intends to seek leave of Court to supplement and amend its current complaint to add additional state law claims against Fraunhofer. The Company is unable to predict the further outcome of this action at this time. On October 24, 2014, a putative class action captioned Juan Pena, Individually and on Behalf of All Others Similarly Situated v. iBio, Inc. and Robert B. Kay 1,875,000 On December 4, 2015, a putative derivative action captioned Savage, Derivatively on Behalf of iBio, Inc., Plaintiff, v. Robert B. Kay, Arthur Y. Elliott, James T. Hill, Glenn Chang, Philip K. Russell, John D. McKey, and Seymour Flug, Defendants, and iBio, Inc., Nominal Defendant |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 17. Segment Reporting As discussed above, iBio Brazil began operations in the first quarter of fiscal 2015. In accordance with FASB ASC 280, “ Segment Reporting Year ended June 30, 2016 United States Brazil Total Net revenues $ 948 $ - $ 948 Research and development expenses 3,156 - 3,156 General and administrative expenses 7,663 22 7,685 Operating loss (9,871) (22) (9,893) Interest expense (807) - (807) Interest and other income 43 - 43 Consolidated net loss (10,635) (22) (10,657) Total assets 51,580 20 51,600 Fixed assets, net 25,574 - 25,574 Intangible assets, net 2,092 - 2,092 Depreciation expense 575 2 577 Amortization of intangible assets 363 - 363 Year ended June 30, 2015 United States Brazil Total Net revenues $ 1,851 $ - $ 1,851 Research and development expenses 3,495 - 3,495 General and administrative expenses 4,929 93 5,022 Operating loss (6,573) (93) (6,666) Interest expense - - - Interest and other income 41 - 41 Consolidated net loss (6,532) (93) (6,625) Total assets 12,448 46 12,494 Fixed assets, net 3 10 13 Intangible assets, net 2,360 - 2,360 Depreciation expense 3 2 5 Amortization of intangible assets 358 - 358 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include the valuation of intellectual property, legal and contractual contingencies and share-based compensation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Accounts receivable are reported at their outstanding unpaid principal balances net of allowances for uncollectible accounts. The Company provides for allowances for uncollectible receivables based on management's estimate of uncollectible amounts considering age, collection history, and any other factors considered appropriate. The Company writes off accounts receivable against the allowance for doubtful accounts when a balance is determined to be uncollectible. At June 30, 2016 and 2015, the Company determined that an allowance for doubtful accounts was not needed. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is reasonably assured. Deferred revenue represents billings to a customer to whom the services have not yet been provided. The Company’s contract revenue consists primarily of amounts earned under contracts with third-party customers and reimbursed expenses under such contracts. The Company analyzes its agreements to determine whether the elements can be separated and accounted for individually or as a single unit of accounting in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605-25, “ Revenue Arrangements with Multiple Deliverables Revenue Recognition The Company generates (or may generate in the future) contract revenue under the following types of contracts: Fixed-Fee Under a fixed-fee contract, the Company charges a fixed agreed upon amount for a deliverable. Fixed-fee contracts have fixed deliverables upon completion of the project. Typically, the Company recognizes revenue for fixed-fee contracts after projects are completed, delivery is made and title transfers to the customer, and collection is reasonably assured. Time and Materials Under a time and materials contract, the Company charges customers an hourly rate plus reimbursement for other project specific costs. The Company recognizes revenue for time and material contracts based on the number of hours devoted to the project multiplied by the customer’s billing rate plus other project specific costs incurred. Grant Income Grants are recognized as income when all conditions of such grants are fulfilled or there is a reasonable assurance that they will be fulfilled. Grant income is classified as a reduction of research and development expenses. In 2016, grant income amounted to approximately $ 65,000 |
Inventory Work in Process, Policy [Policy Text Block] | Work in Process Work in process consists primarily of the cost of labor and other overhead incurred on contracts that have not been completed as of June 30, 2016. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development The Company accounts for research and development costs in accordance with the FASB ASC 730-10, “ Research and Development Research and Development Costs The Company accounts for research and development costs in accordance with the FASB ASC 730-10, “ Research and Development |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from three to fifteen years. Assets held under the terms of capital leases are included in fixed assets and are depreciated on a straight-line basis over the terms of the leases or the economic lives of the assets. Obligations for future lease payments under capital leases are shown within liabilities and are analyzed between amounts falling due within and after one year (see Note 10). |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | The Company accounts for intangible assets at their historical cost and records amortization utilizing the straight-line method based upon their estimated useful lives. Patents are amortized over a period of ten years and other intellectual property is amortized over a period from 16 to 23 years. The Company reviews the carrying value of its intangible assets for impairment whenever events or changes in business circumstances indicate the carrying amount of such assets may not be fully recoverable. Evaluating for impairment requires judgment, and recoverability is assessed by comparing the projected undiscounted net cash flows of the assets over the remaining useful life to the carrying amount. Impairments, if any, are based on the excess of the carrying amount over the fair value of the assets. There were no impairment charges for the years ended June 30, 2016 and 2015 |
Derivatives, Policy [Policy Text Block] | Derivative Instruments The Company does not use derivative instruments in its ordinary course of business. In connection with the issuances of debt and/or equity instruments, the Company may issue options or warrants to purchase common stock. In certain circumstances, these options or warrants may be classified as liabilities rather than as equity. In addition, the debt and/or equity instrument may contain embedded derivative instruments, such as conversion options or anti-dilution features, which in certain circumstances may be required to be bifurcated from the associated host instrument and accounted for separately as a derivative liability instrument. The Company accounts for derivative liability instruments under the provisions of FASB ASC 815, “ Derivatives and Hedging There are no options or warrants of the Company presently outstanding that require accounting as a derivative liability. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company accounts for foreign currency translation pursuant to FASB ASC 830, “ Foreign Currency Matters. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based Compensation The Company recognizes the cost of all share-based payment transactions at fair value. Compensation cost, measured by the fair value of the equity instruments issued, adjusted for estimated forfeitures, is recognized in the financial statements as the respective awards are earned over the performance period. The Company uses historical data to estimate forfeiture rates. The impact that share-based payment awards will have on the Company’s results of operations is a function of the number of shares awarded, the trading price of the Company’s stock at the date of grant or modification, and the vesting schedule. Furthermore, the application of the Black-Scholes option pricing model employs weighted-average assumptions for expected volatility of the Company’s stock, expected term until exercise of the options, the risk-free interest rate, and dividends, if any, to determine fair value. Expected volatility is based on historical volatility of the Company’s common stock; the expected term until exercise represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns; and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The Company has not paid any dividends since its inception and does not anticipate paying any dividends for the foreseeable future, so the dividend yield is assumed to be zero. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations. Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions as of June 30, 2016 and 2015. Interest and penalties, if any, related to unrecognized tax benefits would be recognized as income tax expense. The Company does not have any accrued interest or penalties associated with unrecognized tax benefits, nor was any significant interest expense recognized during the years ended June 30, 2016 and 2015. |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands): June 30, June 30, Facility under capital lease $ 20,000 $ - Equipment under capital lease 6,000 - Facility improvements 42 - Office equipment and software 137 40 26,179 40 Accumulated depreciation assets under capital lease (571) - Accumulated depreciation other (34) (27) (605) (27) Net fixed assets $ 25,574 $ 13 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table summarizes by category the gross carrying value and accumulated amortization of intangible assets (in thousands): June 30, June 30, Intellectual property gross carrying value $ 3,100 $ 3,100 Patents gross carrying value 2,265 2,181 5,365 5,281 Intellectual property accumulated amortization (1,932) (1,776) Patents accumulated amortization (1,341) (1,145) (3,273) (2,921) Net intangible assets $ 2,092 $ 2,360 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated annual amortization expense for the next five years and thereafter is as follows (in thousands): For the Year Ending 2017 $ 345 2018 327 2019 297 2020 265 2021 244 Thereafter 614 Total $ 2,092 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consist of the following (in thousands): June 30, June 30, Interest related party (see Note 14) $ 323 $ - Rent and real estate taxes related party (see Note 14) 300 - Research and development 122 - Salaries and benefits 55 39 Facility expenses 53 - Stock exchange fees - 65 Other accrued expenses 67 55 Total accrued expenses $ 920 $ 159 |
Capital Lease Obligation (Table
Capital Lease Obligation (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Table Text Block Supplement [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum payments under the capitalized lease obligations are due as follows: Year Ending: Principal Interest Total 2017 $ 169,818 $ 1,930,182 $ 2,100,000 2018 183,110 1,916,890 2,100,000 2019 197,443 1,902,557 2,100,000 2020 212,898 1,887,102 2,100,000 2021 229,562 1,870,438 2,100,000 Thereafter 24,441,676 35,933,324 60,375,000 Total minimum lease payments 25,434,507 $ 45,440,493 $ 70,875,000 Less: current portion (169,818) Long-term portion of minimum lease obligations $ 25,264,689 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Stockholders Equity Note [Abstract] | |
Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block] | The following table summarizes all warrant activity for 2016 and 2015: Warrants Weighted- Outstanding as of July 1, 2014 8,769,911 $ 1.38 Exercised (1,711,000) $ 0.51 Expired (425,587) $ 0.66 Outstanding as of June 30, 2015 6,633,324 $ 1.63 Exercised (1,904,000) $ 0.53 Expired (4,729,324) $ 2.08 Outstanding as of June 30, 2016 - $ - Exercisable as of June 30, 2016 - $ - |
Earnings (Loss) Per Common Sh31
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table summarizes the components of the earnings (loss) per common share calculation (in thousands, except per share amounts): Years ended 2016 2015 Basic and diluted numerator: Net loss available to iBio, Inc. stockholders $ (9,764) $ (6,625) Basic and diluted denominator: Weighted-average common shares outstanding 80,973 71,495 Per share amount $ (0.12) $ (0.09) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the components of share-based compensation expense in the Consolidated Statements of Operations (in thousands): Year Ended 2016 2015 Research and development $ 20 $ - General and administrative 1,245 914 Totals $ 1,265 $ 914 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes all stock option activity during the years ended June 30, 2016 and 2015: Stock Weighted- Weighted- Aggregate Outstanding as of July 1, 2014 8,483,334 $ 1.25 7.0 $ 179 Granted 1,740,000 $ 0.88 Forfeited/expired (700,000) $ 0.75 Outstanding as of June 30, 2015 9,523,334 $ 1.22 6.6 $ 1,848 Granted 2,750,000 $ 1.64 Forfeited/expired - $ - Outstanding as of June 30, 2016 12,273,334 $ 1.31 6.4 $ 993 As of June 30, 2016 vested and expected to vest 12,225,441 $ 1.31 6.4 $ 991 Exercisable as of June 30, 2016 7,583,357 $ 1.31 5.1 $ 773 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company estimated the fair value of options granted using the Black-Scholes option pricing model with the following assumptions: 2016 2015 Risk-free interest rate 1.83% - 2.13% 1.3% - 2.3% Dividend yield 0% 0% Volatility 109.49% - 112.17% 96.7% - 113.9% Expected term (in years) 9 4 - 9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | The components of net loss consist of the following (in thousands): For the Years Ended 2016 2015 United States $ (10,635) $ (6,532) Brazil (22) (93) Total $ (10,657) $ (6,625) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes consist of the following (in thousands): For the Years Ended 2016 2015 Current Federal, state and foreign $ - $ - Deferred Federal (260) (2,299) Deferred State (9) (377) Deferred Foreign (1) (12) Total (270) (2,688) Change in valuation allowance 270 2,688 Income tax expense $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the Company’s deferred tax assets and liabilities are as follows (in thousands): As of June 30, 2016 2015 Deferred tax assets (liabilities): Net operating loss $ 17,172 $ 14,213 Share-based compensation 726 3,992 Research and development tax credits 1,097 890 Suspended losses in iBio CMO 255 - Basis in iBio CMO 145 - Intangible assets (219) (188) Vacation accrual and other 17 16 Valuation allowance (19,193) (18,923) Total $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the statutory tax rate to the effective tax rate is as follows: Years Ended 2016 2015 Statutory federal income tax rate 34 % 34 % State (net of federal benefit) 6 % 6 % Research and development tax credit 1 % 1 % Permanent differences (7) % - % Expiration of stock options and warrants (31) % - % Change in valuation allowance (3) % (41) % Effective income tax rate - % - % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Geographic segments are components of an enterprise about which separate financial information is available and regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Year ended June 30, 2016 United States Brazil Total Net revenues $ 948 $ - $ 948 Research and development expenses 3,156 - 3,156 General and administrative expenses 7,663 22 7,685 Operating loss (9,871) (22) (9,893) Interest expense (807) - (807) Interest and other income 43 - 43 Consolidated net loss (10,635) (22) (10,657) Total assets 51,580 20 51,600 Fixed assets, net 25,574 - 25,574 Intangible assets, net 2,092 - 2,092 Depreciation expense 575 2 577 Amortization of intangible assets 363 - 363 Year ended June 30, 2015 United States Brazil Total Net revenues $ 1,851 $ - $ 1,851 Research and development expenses 3,495 - 3,495 General and administrative expenses 4,929 93 5,022 Operating loss (6,573) (93) (6,666) Interest expense - - - Interest and other income 41 - 41 Consolidated net loss (6,532) (93) (6,625) Total assets 12,448 46 12,494 Fixed assets, net 3 10 13 Intangible assets, net 2,360 - 2,360 Depreciation expense 3 2 5 Amortization of intangible assets 358 - 358 |
Nature of Business (Details Tex
Nature of Business (Details Textual) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016ft² | Jan. 13, 2016USD ($) | Dec. 31, 2015 | |
Nature of Business [Line Items] | |||
Number of Operating Segments | 1 | ||
BRAZIL | |||
Nature of Business [Line Items] | |||
Equity Method Investment, Ownership Percentage | 99.00% | ||
Second Eastern Affilate [Member] | |||
Nature of Business [Line Items] | |||
Area of Land | ft² | 139,000 | ||
iBio CMO LLC [Member] | Second Eastern Affilate [Member] | |||
Nature of Business [Line Items] | |||
Lease Term | 34 years | ||
iBio CMO [Member] | |||
Nature of Business [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 70.00% | ||
iBio CMO [Member] | Second Eastern Affilate [Member] | |||
Nature of Business [Line Items] | |||
Noncontrolling Interest, Amount Represented by Preferred Stock | $ | $ 15 | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% |
Basis of Presentation (Details
Basis of Presentation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 15, 2015 | Apr. 13, 2016 | Jan. 25, 2016 | Sep. 19, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Basis of Presentation [Line Items] | |||||||
Accumulated deficit | $ (57,591) | $ (47,827) | |||||
Net Cash Used in Operating Activities | (8,072) | (4,725) | |||||
Stock Issued During Period, Shares, New Issues | 6,500,000 | ||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 23,014 | $ 9,494 | $ 3,590 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
Class Of Warrants Or Rights Exercised | 1,904,000 | 1,711,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0 | $ 1.63 | $ 1.38 | ||||
Stockholders [Member] | |||||||
Basis of Presentation [Line Items] | |||||||
Stock Issued During Period, Shares, Other | 6,500,000 | ||||||
Aspire Capital Fund, LLC 2014 [Member] | |||||||
Basis of Presentation [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 1,136,354 | 681,818 | |||||
Stock Issued During Period, Shares, Other | 150,000 | ||||||
Aspire Capital Fund, LLC 2014 [Member] | Maximum [Member] | |||||||
Basis of Presentation [Line Items] | |||||||
Term Of Stock Purchase Agreement | 3 years | ||||||
Aspire Capital Fund Llc [Member] | |||||||
Basis of Presentation [Line Items] | |||||||
Stock Issued During Period, Shares, Other | 200,000 | ||||||
Aspire Capital Fund Llc [Member] | Maximum [Member] | |||||||
Basis of Presentation [Line Items] | |||||||
Sale of Stock, Consideration Received on Transaction | $ 15,000 | ||||||
iBio CMO [Member] | Eastern [Member] | |||||||
Basis of Presentation [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 3,500,000 | ||||||
Stock Issued During Period, Shares, Acquisitions | 10,000,000 | 10,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.622 | ||||||
Class Of Warrants Or Rights Exercised | 1,784,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.53 | ||||||
Proceeds From Capitalization Received | $ 15,000 | ||||||
Stock Issued During Period, Value, Acquisitions | $ 7,200 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Revenue from Grants | $ 65 | $ 0 |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Patents [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | |
Intellectual Property [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 16 years | |
Intellectual Property [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 23 years |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Property, Plant and Equipment, Gross | $ 26,179 | $ 40 |
Accumulated depreciation - assets under capital lease | (571) | 0 |
Accumulated depreciation - other | (34) | (27) |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (605) | (27) |
Net fixed assets | 25,574 | 13 |
Facility Under Capital Lease [Member] | ||
Property, Plant and Equipment, Gross | 20,000 | 0 |
Equipment Under Capital Lease [Member] | ||
Property, Plant and Equipment, Gross | 6,000 | 0 |
Facility Improvements [Member] | ||
Property, Plant and Equipment, Gross | 42 | 0 |
Office Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 137 | $ 40 |
Fixed Assets (Details Textual)
Fixed Assets (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Depreciation, Total | $ 577,000 | $ 5,000 |
iBio CMO LLC [Member] | Second Eastern Affilate [Member] | ||
Lease Term | 34 years | |
Capital Leased Assets [Member] | ||
Depreciation, Total | $ 571,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross carrying value | $ 5,365 | $ 5,281 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,273) | (2,921) |
Net intangible assets | 2,092 | 2,360 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross carrying value | 3,100 | 3,100 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,932) | (1,776) |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross carrying value | 2,265 | 2,181 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,341) | $ (1,145) |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
2,017 | $ 345 | |
2,018 | 327 | |
2,019 | 297 | |
2,020 | 265 | |
2,021 | 244 | |
Thereafter | 614 | |
Total | $ 2,092 | $ 2,360 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 363,000 | $ 358,000 |
Gain (Loss) on Disposition of Intangible Assets | $ 33,000 | 48,000 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years 7 months 6 days | |
Gain (Loss) on Disposition of Intangible Assets | $ 33,000 | $ 48,000 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years 6 months |
Significant Vendors (Details Te
Significant Vendors (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Significant Vendor [Line Items] | ||
Accounts Payable, Current | $ 1,177,000 | $ 1,104,000 |
Accrued Liabilities, Current | 920,000 | 159,000 |
Research and Development Expense | 3,156,000 | 3,495,000 |
Revenue, Net, Total | 948,000 | 1,851,000 |
Amended Agreement [Member] | ||
Significant Vendor [Line Items] | ||
Research and Development Expense | 2,100,000 | |
Revenue, Net, Total | 758,000 | 1,851,000 |
Fraunhofer [Member] | ||
Significant Vendor [Line Items] | ||
Accounts Payable, Current | 341,000 | 445,000 |
Accrued Liabilities, Current | 122,000 | 0 |
Novici [Member] | ||
Significant Vendor [Line Items] | ||
Accounts Payable, Current | 200,000 | 153,000 |
Research and Development Expense | $ 1,036,000 | $ 995,000 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Total accrued expenses | $ 920 | $ 159 |
Interest Expense [Member] | ||
Total accrued expenses | 323 | 0 |
Rent And Real Estate Tax Expense [Member] | ||
Total accrued expenses | 300 | 0 |
Research and Development Expense [Member] | ||
Total accrued expenses | 122 | 0 |
Salaries and benefits [Member] | ||
Total accrued expenses | 55 | 39 |
Facility Expenses [Member] | ||
Total accrued expenses | 53 | 0 |
Stock exchange fees [Member] | ||
Total accrued expenses | 0 | 65 |
Other accrued expenses [Member] | ||
Total accrued expenses | $ 67 | $ 55 |
Capital Lease Obligation (Detai
Capital Lease Obligation (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
2,017 | $ 2,100,000 | |
2,018 | 2,100,000 | |
2,019 | 2,100,000 | |
2,020 | 2,100,000 | |
2,021 | 2,100,000 | |
Thereafter | 60,375,000 | |
Total minimum lease payments | 70,875,000 | |
Less: current portion | (170,000) | $ 0 |
Long-term portion of minimum lease obligations | 25,265,000 | $ 0 |
Principal [Member] | ||
2,017 | 169,818 | |
2,018 | 183,110 | |
2,019 | 197,443 | |
2,020 | 212,898 | |
2,021 | 229,562 | |
Thereafter | 24,441,676 | |
Total minimum lease payments | 25,434,507 | |
Less: current portion | (169,818) | |
Long-term portion of minimum lease obligations | 25,264,689 | |
Interest [Member] | ||
2,017 | 1,930,182 | |
2,018 | 1,916,890 | |
2,019 | 1,902,557 | |
2,020 | 1,887,102 | |
2,021 | 1,870,438 | |
Thereafter | 35,933,324 | |
Total minimum lease payments | $ 45,440,493 |
Capital Lease Obligation (Det46
Capital Lease Obligation (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Capital Leases, Income Statement, Interest Expense | $ 807,000 | $ 0 |
Sub Lease Expiration Period | 34 years | |
Operating Leases, Rent Expense | $ 2,100,000 | |
Capital Lease Obligation Description | The base rent under the sublease will be increased by any increase in the base rent under the ground lease as a result of such adjustments.In addition to the base rent, iBio CMO is required to pay, for each calendar year during the term, a portion of the total gross sales for products manufactured or processed at the facility, equal to 7% of the first $5,000,000 of gross sales, 6% of gross sales between $5,000,001 and $25,000,000, 5% of gross sales between $25,000,001 and $50,000,000, 4% of gross sales between $50,000,001 and $100,000,000, and 3% of gross sales between $100,000,001 and $500,000,000. However, if for any calendar year period from January 1, 2018 through December 31, 2019, iBio CMO’s applicable gross sales are less than $5,000,000, or for any calendar year period from and after January 1, 2020, its applicable gross sales are less than $10,000,000, then iBio CMO is required to pay the amount that would have been payable if it had achieved such minimum gross sales and shall pay no less than the applicable percentage for the minimum gross sales for each subsequent calendar year. Percentage rent amounted to $27,000 in 2016. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding | 6,633,324 | 8,769,911 |
Warrants, Exercised | (1,904,000) | (1,711,000) |
Warrants, Expired | (4,729,324) | (425,587) |
Warrants, Outstanding | 0 | 6,633,324 |
Warrants, Exercisable | 0 | |
Weighted-average Exercise Price, Outstanding | $ 1.63 | $ 1.38 |
Weighted-average Exercise Price, Exercised | 0.53 | 0.51 |
Weighted-average Exercise Price, Expired | 2.08 | 0.66 |
Weighted-average Exercise Price, Outstanding | 0 | $ 1.63 |
Weighted-average Exercise Price, Exercisable | $ 0 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | Jan. 13, 2016 | May 15, 2015 | Apr. 13, 2016 | Jan. 25, 2016 | Apr. 28, 2015 | Sep. 19, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Aug. 25, 2014 | Jun. 30, 2014 |
Stockholders' Equity [Line Items] | ||||||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ||||||||
Common Stock, Shares Authorized | 175,000,000 | 175,000,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 26,691 | |||||||||
Proceeds from Issuance of Common Stock | $ 6,220,000 | $ 10,000,000 | ||||||||
Proceeds from Warrant Exercises | 1,009,000 | 867,000 | ||||||||
Stock Issued During Period, Shares, New Issues | 6,500,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 4,043,000 | $ 6,220,000 | $ 10,000,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0 | $ 1.63 | $ 1.38 | |||||||
Registration Common Stock | $ 15,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||||
Class Of Warrants Or Rights Exercised | 1,904,000 | 1,711,000 | ||||||||
Stockholders [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Stock Issued During Period, Shares, Other | 6,500,000 | |||||||||
Warrant [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 75,000 | |||||||||
Eastern Share Purchase Agreements [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 120,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 64,000 | |||||||||
Proceeds from Warrant Exercises | $ 945,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 2,177,000 | |||||||||
Stock Issued During Period, Shares, Other | 6,500,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.53 | |||||||||
Stock Issued During Period, Shares, Acquisitions | 3,500,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.622 | |||||||||
Class Of Warrants Or Rights Exercised | 1,784,000 | |||||||||
Maximum Common Stock Percentage | 38.00% | |||||||||
Eastern Share Purchase Agreements [Member] | Stockholders [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.622 | |||||||||
Aspire Capital Fund, LLC 2014 [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 15,000,000 | |||||||||
Sale of Stock, Price Per Share | $ 0.44 | $ 0.44 | ||||||||
Aggregate Common Stock Purchased | $ 15,000,000 | $ 10,000,000 | $ 10,000,000 | |||||||
Proceeds from Issuance of Common Stock | $ 10,000,000 | $ 10,000,000 | ||||||||
Floor Price Of Common Stock | $ 0.20 | |||||||||
Stock Issued During Period, Shares, New Issues | 1,136,354 | 681,818 | ||||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | |||||||||
Percentage Of Commitment Fee On Total Proceeds | 3.00% | |||||||||
Payments of Stock Issuance Costs | $ 300,000 | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | 0.44 | |||||||||
Percentage Of Aggregate Shares Of Company | 35.00% | |||||||||
Percentage Of Closing Price Of Common Stock | 80.00% | |||||||||
Percentage Of Volume Weighted Average Price | 97.00% | |||||||||
Stock Issued During Period, Shares, Other | 150,000 | |||||||||
Share Price | $ 0.40 | |||||||||
Aspire Capital Fund, LLC 2014 [Member] | November 2013 Private Placement Offering [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Proceeds from Issuance of Common Stock | $ 500,000 | |||||||||
Aspire Capital Fund, LLC 2014 [Member] | Registration Rights Agreement [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Sale of Stock, Price Per Share | $ 0.44 | |||||||||
Aspire Capital Fund, LLC 2015 [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,636,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 867,000 | |||||||||
Commitment Shares Issued During Period | 450,000 | |||||||||
Maximum Amount Available For Purchase Of Shares | $ 15,000,000 | |||||||||
Aspire Capital Fund, LLC 2015 [Member] | Aspirre Purchase Agreement 2015 [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Percentage Of Common Stock Outstanding | 19.99% | |||||||||
Commitment Shares Issued During Period | 450,000 | |||||||||
Stock Issued During Period, Shares, Other | 15,343,406 | |||||||||
Aspire Capital Fund Llc [Member] | ||||||||||
Stockholders' Equity [Line Items] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 500,000 | |||||||||
Stock Issued During Period, Shares, Other | 200,000 | |||||||||
Additional Purchase Of Shares | 2,000,000 |
Earnings (Loss) Per Common Sh49
Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Basic and diluted numerator: | ||
Net loss available to iBio, Inc. stockholders | $ (9,764) | $ (6,625) |
Basic and diluted denominator: | ||
Weighted-average common shares outstanding | 80,973 | 71,495 |
Per share amount | $ (0.12) | $ (0.09) |
Earnings (Loss) Per Common Sh50
Earnings (Loss) Per Common Share (Details Textual) - shares shares in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Warrant [Member] | ||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 6.6 | |
Employee Stock Option [Member] | ||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 12.3 | 9.5 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated Share-based Compensation Expense | $ 1,265 | $ 914 |
Research and Development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated Share-based Compensation Expense | 20 | 0 |
General and Administrative Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated Share-based Compensation Expense | $ 1,245 | $ 914 |
Share-Based Compensation (Det52
Share-Based Compensation (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options, Outstanding at beginning of the period | 9,523,334 | 8,483,334 | |
Stock Options, Granted | 2,750,000 | 1,740,000 | |
Stock Options, Forfeited/expired | 0 | (700,000) | |
Stock Options, Outstanding at end of the period | 12,273,334 | 9,523,334 | 8,483,334 |
Stock Options, Vested and, as of June 30, 2016, expected to vest | 12,225,441 | ||
Stock Options, Exercisable as of June 30, 2016 | 7,583,357 | ||
Weighted-average Exercise Price, Outstanding at beginning of the period | $ 1.22 | $ 1.25 | |
Weighted-average Exercise Price, Granted | 1.64 | 0.88 | |
Weighted-average Exercise Price, Forfeited/expired | 0 | 0.75 | |
Weighted-average Exercise Price, Outstanding at end of the period | 1.31 | $ 1.22 | $ 1.25 |
Weighted-average Exercise Price, Vested and, as of June 30, 2016, expected to vest | 1.31 | ||
Weighted-average Exercise Price, Exercisable as of June 30, 2016 | $ 1.31 | ||
Weighted-average Remaining Contractual Term (in years), Outstanding | 6 years 4 months 24 days | 6 years 7 months 6 days | 7 years |
Weighted-average Remaining Contractual Term (in years), Vested and, as of June 30, 2016, expected to vest | 6 years 4 months 24 days | ||
Weighted-average Remaining Contractual Term (in years), Exercisable as of June 30, 2016 | 5 years 1 month 6 days | ||
Aggregate Intrinsic Value ,Outstanding | $ 993 | $ 1,848 | $ 179 |
Aggregate Intrinsic Value, Vested and, as of June 30, 2016, expected to vest | 991 | ||
Aggregate Intrinsic Value, Exercisable as of June 30, 2016 | $ 773 |
Share-Based Compensation (Det53
Share-Based Compensation (Details 2) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Risk-free interest rate, Minimum | 1.83% | 1.30% |
Risk-free interest rate, Maximum | 2.13% | 2.30% |
Dividend yield | 0.00% | 0.00% |
Volatility, Minimum | 109.49% | 96.70% |
Volatility, Maximum | 112.17% | 113.90% |
Expected term (in years) | 9 years | |
Minimum [Member] | ||
Expected term (in years) | 4 years | |
Maximum [Member] | ||
Expected term (in years) | 9 years |
Share-Based Compensation (Det54
Share-Based Compensation (Details Textual) - USD ($) | Sep. 04, 2015 | Nov. 20, 2014 | Oct. 17, 2014 | Sep. 05, 2014 | Jun. 30, 2016 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 2,900,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.62 | $ 0.43 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars) | $ 1,600,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,750,000 | 1,740,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.64 | $ 0.88 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period, Description | Plan was amended to increase the number of shares reserved for awards under the Plan from 10 million to 15 million. | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | 700,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 800,000 | $ 1,100,000 | ||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 10,000,000 | |||||
Board Of Directors And Officers [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,640,000 | 1,640,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.49 | $ 0.86 | ||||
Consultant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 100,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.15 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0.87 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 13, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ||||||
Accounts Payable, Related Parties, Current | $ 200,000 | $ 153,000 | ||||
Research and Development Expense | 3,156,000 | $ 3,495,000 | ||||
Operating Leases, Rent Expense | $ 2,100,000 | |||||
Stock Issued During Period, Shares, New Issues | 6,500,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Class Of Warrants Or Rights Exercised | 1,904,000 | 1,711,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0 | $ 1.63 | $ 1.38 | |||
Stock Issued During Period, Value, New Issues | $ 4,043,000 | $ 6,220,000 | $ 10,000,000 | |||
Proceeds from Warrant Exercises | $ 1,009,000 | 867,000 | ||||
Eastern Two Share Purchase Agreements [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 10,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.622 | |||||
Class Of Warrants Or Rights Exercised | 1,784,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.53 | |||||
Stock Issued During Period, Value, New Issues | $ 6,220,000 | |||||
Proceeds from Warrant Exercises | $ 945,000 | |||||
Eastern Capital Limited and its Affiliates [Member] | Retained Interest [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 70.00% | |||||
Eastern Capital Limited and its Affiliates [Member] | iBio CMO LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Due from (to) Related Party, Total | $ 15,000,000 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | |||||
Second Eastern Affilate [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts Payable, Related Parties, Current | $ 623,000 | |||||
Interest Expense, Debt | 807,000 | |||||
Other General And Administrative Expense | $ 565,000 | |||||
Second Eastern Affilate [Member] | iBio CMO LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Lease Term | 34 years | |||||
Stockholders [Member] | Standstill Agreements [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 6,500,000 | |||||
Director [Member] | Standstill Agreements [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 38.00% | |||||
Novici Biotech LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts Payable, Related Parties, Current | $ 200,000 | 153,000 | ||||
Research and Development Expense | 1,036,000 | 995,000 | ||||
Related Party [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Operating Leases, Rent Expense | $ 2,500 | $ 2,200 | $ 28,500 | $ 13,200 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net Loss For Income Tax [Line Items] | ||
Net (Loss) | $ (9,764) | $ (6,625) |
United States | ||
Net Loss For Income Tax [Line Items] | ||
Net (Loss) | (10,635) | (6,532) |
Brazil | ||
Net Loss For Income Tax [Line Items] | ||
Net (Loss) | $ (22) | $ (93) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Provision For Income Taxes [Line Items] | ||
Current - Federal, state and foreign | $ 0 | $ 0 |
Deferred - Federal | (260) | (2,299) |
Deferred - State | (9) | (377) |
Deferred - Foreign | (1) | (12) |
Total | (270) | (2,688) |
Change in valuation allowance | 270 | 2,688 |
Income tax expense | $ 0 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred tax assets (liabilities): | ||
Net operating loss | $ 17,172 | $ 14,213 |
Share-based compensation | 726 | 3,992 |
Research and development tax credits | 1,097 | 890 |
Suspended losses in iBio CMO | 255 | 0 |
Basis in iBio CMO | 145 | 0 |
Intangible assets | (219) | (188) |
Vacation accrual and other | 17 | 16 |
Valuation allowance | (19,193) | (18,923) |
Total | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statutory federal income tax rate | 34.00% | 34.00% |
State (net of federal benefit) | 6.00% | 6.00% |
Research and development tax credit | 1.00% | 1.00% |
Permanent differences | (7.00%) | 0.00% |
Expiration of stock options and warrants | (31.00%) | 0.00% |
Change in valuation allowance | (3.00%) | (41.00%) |
Effective income tax rate | 0.00% | 0.00% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2008 |
Income Taxes [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 44,700,000 | $ 5,500,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 33,500,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 1,097,000 | $ 890,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 89,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) | Jan. 14, 2014 | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 01, 2014 | Apr. 30, 2014 | Dec. 30, 2013 | Nov. 30, 2013 | Apr. 30, 2013 |
Commitments and Contingencies [Line Items] | |||||||||
Research and Development Expense, Total | $ 3,156,000 | $ 3,495,000 | |||||||
Royalty Guarantees, Commitments, Amount | $ 200,000 | ||||||||
Long Term Purchase Commitment Expire Date | Dec. 31, 2015 | ||||||||
Settlement Liabilities, Current | $ 1,875,000 | ||||||||
Commitments [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Research Services Agreements Value Fulfilling Commitment | $ 3,000,000 | ||||||||
Research and Development Expense, Total | 2,700,000 | ||||||||
License Costs | $ 30,627 | ||||||||
Initial license fee | 20,000 | ||||||||
Contractual Obligation, Due in Next Twelve Months | $ 78,000 | ||||||||
Contractual Obligation, Due in Second Year | $ 161,754 | ||||||||
Settlement Agreement [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Prepaid Expense | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||
Amended Agreement [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Research and Development Expense, Total | $ 2,100,000 | ||||||||
Second Eastern Affilate [Member] | iBio CMO LLC [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Lease Term | 34 years | ||||||||
Minimum [Member] | Commitments [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
License Costs | 25,000 | ||||||||
Maximum [Member] | Commitments [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
License Costs | $ 150,000 | ||||||||
Fraunhofer [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Royalty Guarantees, Commitments, Amount | $ 3,000,000 | $ 4,000,000 | |||||||
Other Commitments, Description | under the terms of the TTA and for a period of 15 years, the Company shall pay Fraunhofer one percent (1%) of all receipts derived by the Company from sales of products produced utilizing the iBioLaunch or iBioModulator technology and ten percent (10%) of all receipts derived by the Company from licensing either of those technologies to third parties. |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 948 | $ 1,851 |
Research and development expenses | 3,156 | 3,495 |
General and administrative expenses | 7,685 | 5,022 |
Operating loss | (9,893) | (6,666) |
Interest expense | (807) | 0 |
Interest and other income | 43 | 41 |
Consolidated net loss | (10,657) | (6,625) |
Total assets | 51,600 | 12,494 |
Fixed assets, net | 25,574 | 13 |
Intangible assets, net | 2,092 | 2,360 |
Depreciation expense | 577 | 5 |
Amortization of intangible assets | 363 | 358 |
iBio Brazil [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 0 | 0 |
Research and development expenses | 0 | 0 |
General and administrative expenses | 22 | 93 |
Operating loss | (22) | (93) |
Interest expense | 0 | 0 |
Interest and other income | 0 | 0 |
Consolidated net loss | (22) | (93) |
Total assets | 20 | 46 |
Fixed assets, net | 0 | 10 |
Intangible assets, net | 0 | 0 |
Depreciation expense | 2 | 2 |
Amortization of intangible assets | 0 | 0 |
iBio United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 948 | 1,851 |
Research and development expenses | 3,156 | 3,495 |
General and administrative expenses | 7,663 | 4,929 |
Operating loss | (9,871) | (6,573) |
Interest expense | (807) | 0 |
Interest and other income | 43 | 41 |
Consolidated net loss | (10,635) | (6,532) |
Total assets | 51,580 | 12,448 |
Fixed assets, net | 25,574 | 3 |
Intangible assets, net | 2,092 | 2,360 |
Depreciation expense | 575 | 3 |
Amortization of intangible assets | $ 363 | $ 358 |