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.
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.
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