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Intangible Assets

9 Months Ended

Mar. 31, 2026

11. Intangible Assets

On August 23, 2021, the Company entered into a series of agreements with RubrYc (see Note 5 – Significant Transactions for additional information) whereby the Company, in exchange for a $7.5 million investment in RubrYc, acquired a worldwide exclusive license to certain antibodies that RubrYc developed under what it called its RTX-003 campaign, which are immuno-oncology antibodies that bind to the CD25 protein without interfering with the IL-2 signaling pathway thereby potentially depleting T-regulatory (Tregs) cells while enhancing T effector (Teffs) cells and encouraging the immune system to attack cancer cells. The Company accounted for this license as an indefinite-lived intangible asset until the completion or abandonment of the associated research and development efforts. In addition, the Company also received preferred shares and an option for future collaboration licenses.

On September 16, 2022, the Company entered into an Asset Purchase Agreement with RubrYc pursuant to which it acquired substantially all of the assets of RubrYc. The assets acquired included the patented AI drug discovery platform, all rights with no future milestone payments or royalty obligations, to IBIO-101, in addition to CCR8, EGFRvIII, MUC16, CD3, and one additional immuno-oncology candidate.

On December 31, 2024, the Company entered into the Myostatin License Agreement with AstralBio (see Note 5 – Significant Transactions for additional information) pursuant to which AstralBio licensed to the Company, on an worldwide exclusive basis and with the right to grant sublicenses, under the AstralBio Licensed Patents and AstralBio Licensed Know-How to Develop, Manufacture and Commercialize and otherwise exploit IBIO-600 for research, diagnosis, treatment, prevention, or management of any disease or medical condition. The Myostatin License Agreement will remain in effect at all times and thereafter, unless and until terminated earlier pursuant to the Myostatin License Agreement. The Company accounted for this license as an indefinite-lived intangible asset.

On April 21, 2025, the Company entered into the Activin E License Agreement with AstralBio (see Note 5 – Significant Transactions for additional information) pursuant to which AstralBio licensed to the Company, on an worldwide exclusive basis and with the right to grant sublicenses, under the AstralBio Licensed Patents and AstralBio Licensed Know-How to Develop, Manufacture and Commercialize and otherwise exploit IBIO-610 for research, diagnosis, treatment, prevention, or management of any disease or medical condition. The Activin E License Agreement will remain in effect at all times and thereafter, unless and until terminated earlier pursuant to the Activin E License Agreement. The Company accounted for this license as an indefinite-lived intangible asset.

Initiating during second quarter of fiscal year 2026, the Company actively marketed and identified potential partners for IBIO-101 and the other oncology programs acquired from RubrYc due to the Company’s therapeutic focus shift to precision antibodies in the cardiometabolic and obesity space. The market data collected indicated the full carrying value of IBIO-101 may not be recoverable. Accordingly, the Company engaged a third party to perform a valuation and concluded the fair value to be approximately $2.5 million. The Company recorded an impairment charge in general and administrative expenses of approximately $2.5 million for the three and six months ended December 31, 2025. During the third quarter of fiscal year 2026, the Company ceased its marketing efforts due to lack of strategic interest, and with the Company’s focus on the development of hard-to-drug precision antibodies for obesity, cardiometabolic, and cardiopulmonary diseases, the Company fully impaired the remaining $2.5 million value of the IBIO-101 asset.

The Company recorded an impairment charge in general and administrative expenses of approximately $2.5 million and $5 million for the three and nine months ended March 31, 2026, respectively. No impairments were recorded in fiscal year 2025.

The following table summarizes by category the gross carrying value and accumulated amortization of intangible assets (in thousands):


		June 30,												March 31,
		2025			Amortization			Additions			Impairments			2026
Intellectual property – gross carrying value		$	400		$	—		$	—		$	—		$	400
Intellectual property – accumulated amortization			(55)			(15)			—			—			(70)
Total definite lived intangible assets			345			(15)			—			—			330

Intellectual property – indefinite lived			5,003			—			—			(5,003)			—
Licenses – indefinite lived			1,500			—			—			—			1,500

Total net intangibles		$	6,848		$	(15)		$	—		$	(5,003)		$	1,830

Amortization expense was approximately $5,000 for each of the three months ended March 31, 2026 and 2025. Amortization expense was approximately $15,000 for each of the nine months ended March 31, 2026 and 2025.

See Note 3 - Summary of Significant Accounting Policies and Note 4 – Financial Instruments and Fair Value Measurement for additional information.