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IBio Inc (AMEX:IBIO) shares are trading lower in Tuesday's after-hours session after the company reported preliminary results and announced a 1-for-25 reverse split. iBio also said it will not proceed with an IND submission for its COVID-19 vaccine candidate.
iBio expects full-year 2022 revenues of approximately $2.4 million, representing an increase of 1% year-over-year. iBio expects to report a net loss of $50.3 million for the year.
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IBio said it ended the quarter with $39.5 million in cash and equivalents.
"With an expanded portfolio and increasing technical, regulatory, and market challenges for COVID-19 vaccine development, we have decided not to proceed with an IND submission for IBIO-202, our multi-variant COVID-19 vaccine candidate. We also continue to review options to extend our cash runway," said Tom Isett, chairman and CEO of iBio.
iBio also announced that its board approved a 1-for-25 reverse stock split, which will become effective on Oct. 7. iBio shares will begin trading on a post-reverse split basis on Oct. 10.
IBIO Price Action: iBio has a 52-week high of 66 cents and a 52-week low of 22 cents.
The stock was down 33.6% in after hours at 21 cents at time of publication, according to Benzinga Pro.
Photo: Markus Spiske from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.