iBio, Inc. Q3 FY2021 earnings call

• Transformed iBio from a pharma services provider to a biotechnology innovator with the FastPharming system. • Advancement of COVID-19 vaccine development: IBIO-201 toxicology study results announced, IBIO-202 designed as a next-gen subunit vaccine targeting nucleocapsid protein. • Progress with animal health vaccine IBIO-400, submitting production outline for US and veterinary biologics establishment license. • Growth in CDMO services, including work with Safi Biosolutions and plan to launch research and bioprocess protein catalog. • Successful resolution of lawsuit with Fraunhofer USA, confirming IP ownership and netting ~$12 million cash recovery. • Added Dr. Martin Brenner as Chief Scientific Officer and Rob Lutz as Chief Financial and Business Officer; established drug discovery team in San Diego focusing on oncology.

Revenue for the nine months ended March 31, 2021 was $1.9 million, more than three times the same period in 2020. Revenue is based on contracts with a small number of customers and subject to volatility. CDMO services are growing, with initiatives like the Bioanalytical menu and agreements with Safi Biosolutions. The RBP (Research & Bioprocess Products) business plans to launch a catalog of research and bioprocess proteins this summer, targeting growing markets for bioprocess products.

• Revenue expected to continue growing directionally over time, though remaining variable quarter to quarter. • Reclassified income statement to separate cost of goods sold and provide more distinction for R&D costs. • Sufficient liquidity to continue planned operations through at least March 2023, including investment in FastPharming discovery platform and potential in-licensing.

• Forward-looking statements may not materialize due to known and unknown risk factors, including regulatory approvals, market acceptance, IP maintenance, competition, and ability to retain key employees. • Uncertainties around COVID-19 vaccine durability, variant impact, and funding for clinical trials.

Q: On COVID-19 vaccine, how thinking about long-term need for vaccines/boosters and virus mutations affecting first-gen vaccines?

A: Variants are expected, durability, access, and alternative administration routes are key. IBIO-202 targets nucleocapsid protein for potential longer-term immunity and coverage of variants.

Q: On drug discovery team in San Diego, size and target selection?

A: Expect ~20 scientists in San Diego, focusing on oncology with areas like aglycosylating monoclonal antibodies for cancer cell killing effects, targeting areas of significant unmet medical need.

Q: On CDMO services, trends and bioanalytical services expansion?

A: Target early-stage clients, bioanalytical services now available to third-party clients to monetize capability and drive incremental revenue, with synergy between business units.

Q: On IBIO-201 tox and relevance to IBIO-202/203?

A: Tox on IBIO-201 related to LicKM immunostimulator, gives ability to request tox exceptions for future candidates; several companies moving candidates without tox studies.

Q: On CEPI funding and Phase I plan for IBIO-202?

A: CEPI looks for durability, access, variants; if no funding, will consider own funding for Phase I based on unmet needs and commercial opportunity.

Q: On Fraunhofer suit and IP value?

A: Case was about IP developed by Fraunhofer on contract for iBio; settlement confirmed IP ownership and provided cash recovery, enhancing optionality for in-licensing or acquisition.