MeritValue

iBio, Inc.

IBIOdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

iBio, Inc. earns about -153% on equity, but has diluted owners by 34% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.37M1$1.88M2$03$225,0004$400,0004
Net income−$23.2M5−$50.3M5−$65M6−$24.9M7−$18.4M7
Operating cash flow−$30.1M8−$37.5M9−$30.4M10−$18.6M11−$15.3M11
Capital expenditure$4.92M12$7.33M13$5.74M14$210,00015$16,00015
Free cash flow (derived)−$35M8−$44.8M9−$36.2M10−$18.8M11−$15.3M11
Total debt—————
Cash & equivalents$77.4M16$22.7M17$4.3M18$14.2M19$8.58M19
Diluted shares7.8M8.7M612,0003.8M10.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$14.17
your share of equity
Profit it earned you last year
−$17.5
Free cash flow it threw off
−$14.59
Debt you’d be carrying
—

10 shares is a claim on $14.17 of net worth that earned you −$17.5 and generated −$14.59 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-153% avg · 5y
FY21 -21%FY22 -79%FY23 -423%FY24 -117%FY25 -124%

It earned an average -153% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+34% shares · 5y

Share count is up 34% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001420720-22-000064 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0001420720-23-000045 (Revenues)
  3. 10-K/A · period ending 2023-06-30 · accession 0001420720-24-000041 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001558370-25-011888 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001420720-22-000064 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-06-30 · accession 0001420720-24-000041 (NetIncomeLoss)
  7. 10-K · period ending 2024-06-30 · accession 0001558370-25-011888 (NetIncomeLoss)
  8. 10-K · period ending 2021-06-30 · accession 0001420720-22-000064 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-06-30 · accession 0001420720-23-000045 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-06-30 · accession 0001420720-24-000041 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0001558370-25-011888 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-06-30 · accession 0001420720-22-000064 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001420720-23-000045 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2023-06-30 · accession 0001420720-24-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-06-30 · accession 0001558370-25-011888 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-06-30 · accession 0001420720-22-000064 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-06-30 · accession 0001420720-23-000045 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2023-06-30 · accession 0001420720-24-000041 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0001558370-25-011888 (CashAndCashEquivalentsAtCarryingValue)