Nature of Business	9 Months Ended
Mar. 31, 2026
Nature of Business
Nature of Business	1. Nature of Business iBio, Inc. (the “Company” or “iBio”) is a preclinical stage biotechnology company leveraging the power of Artificial Intelligence (“AI”) for the development of hard-to-drug precision antibodies for obesity, cardiometabolic and cardiopulmonary diseases. The Company’s core mission is to harness the potential of AI and machine learning (“ML”) to unveil novel biologics which other scientists have been unable to develop. Through the Company’s innovative AI Drug Discovery Platform, it has been able to identify differentiated molecules aimed to address unmet needs by current approved interverional therapies. The Company believes the future of treatment for obesity lies not just in overall weight loss—but in targeted weight loss. Current interventional therapies, such as glucagon-like peptide-1 (“GLP-1”) receptor agonists have ushered in a breakthrough era, yet challenges remain: muscle loss, fat regain after treatment cessation, and long-term tolerability. The Company is developing second-generation therapies to meet these unmet needs, using the power of AI-guided antibody design and advanced screening technologies. iBio’s strategy is built on multiple key principles. First, the Company is aiming to develop next-generation antibody therapeutics addressing limitations of currently approved treatments, with the potential to preserve muscle mass, target fat selectively, and provide durable weight loss with improved tolerability. Second, the Company is prioritizing on targets with strong human genetic or clinical validation, which it believes may reduce translational risk and increase the likelihood of clinical success. Third, the Company is evaluating opportunities in adjacent obesity-related indications, including cardiometabolic and cardiopulmonary conditions such as pulmonary hypertension associated with heart failure with preserved ejection fraction (“PH-HFpEF”). Lastly, the Company is applying its integrated AI Drug Discovery Platform and deep scientific expertise to rapidly generate and advance development-ready biologics, enabling it to move with speed and precision in a competitive and fast-evolving field. Pre-Clinical Pipeline iBio’s current therapeutics are all in preclinical development and it has not completed any clinical trials in humans for any therapeutic protein product candidate produced using its technology and there is a risk that the Company will be unsuccessful in developing or commercializing any product candidates. iBio anticipates IBIO-600 will enter Phase 1a clinical trials in the second quarter of calendar 2026, marking a pivotal milestone for iBio as the first molecule generated from iBio’s AI Drug Discovery Platform to advance into clinical development. In parallel, with iBio shifting its focus to IBIO-610, potentially the first long-acting antibody inhibiting Activin E, it has accelerated the development of IBIO-610 and anticipates the commencement of first human clinical trials in the first half of calendar 2027. The Company’s current pre-clinical product candidate pipeline is set forth below. Artificial Intelligence in Antibody Discovery and Development Through the Company’s innovative AI Drug Discovery Platform, iBio champions a culture of innovation by pursuing novel targets, forging strategic collaborations to enhance efficiency, diversify pipelines, with the goal of accelerating preclinical processes. The Company’s proprietary technology stack is designed to minimize downstream development risks by employing AI-guided epitope-steering and monoclonal antibody (“mAb”) optimization. iBio’s discovery and development work is conducted at the Company’s San Diego research and development laboratory space, where its AI and ML scientists and biopharma researchers operate side by side. This close integration of disciplines enables rapid iteration between in silico design and wet-lab validation, compressing the timeline from hypothesis to lead selection. With the Company’s AI Drug Discovery Platform, focused pre-clinical pipeline, and growing scientific and leadership team, it is aiming to build a durable and differentiated position in obesity, cardiometabolic and cardiopulmonary therapeutics—one designed to outlast the first wave and define what comes next.

Nature of Business

9 Months Ended

Mar. 31, 2026

1. Nature of Business

iBio, Inc. (the “Company” or “iBio”) is a preclinical stage biotechnology company leveraging the power of Artificial Intelligence (“AI”) for the development of hard-to-drug precision antibodies for obesity, cardiometabolic and cardiopulmonary diseases. The Company’s core mission is to harness the potential of AI and machine learning (“ML”) to unveil novel biologics which other scientists have been unable to develop. Through the Company’s innovative AI Drug Discovery Platform, it has been able to identify differentiated molecules aimed to address unmet needs by current approved interverional therapies.

The Company believes the future of treatment for obesity lies not just in overall weight loss—but in targeted weight loss. Current interventional therapies, such as glucagon-like peptide-1 (“GLP-1”) receptor agonists have ushered in a breakthrough era, yet challenges remain: muscle loss, fat regain after treatment cessation, and long-term tolerability. The Company is developing second-generation therapies to meet these unmet needs, using the power of AI-guided antibody design and advanced screening technologies.

iBio’s strategy is built on multiple key principles. First, the Company is aiming to develop next-generation antibody therapeutics addressing limitations of currently approved treatments, with the potential to preserve muscle mass, target fat selectively, and provide durable weight loss with improved tolerability. Second, the Company is prioritizing on targets with strong human genetic or clinical validation, which it believes may reduce translational risk and increase the likelihood of clinical success. Third, the Company is evaluating opportunities in adjacent obesity-related indications, including cardiometabolic and cardiopulmonary conditions such as pulmonary hypertension associated with heart failure with preserved ejection fraction (“PH-HFpEF”). Lastly, the Company is applying its integrated AI Drug Discovery Platform and deep scientific expertise to rapidly generate and advance development-ready biologics, enabling it to move with speed and precision in a competitive and fast-evolving field.

Pre-Clinical Pipeline

iBio’s current therapeutics are all in preclinical development and it has not completed any clinical trials in humans for any therapeutic protein product candidate produced using its technology and there is a risk that the Company will be unsuccessful in developing or commercializing any product candidates. iBio anticipates IBIO-600 will enter Phase 1a clinical trials in the second quarter of calendar 2026, marking a pivotal milestone for iBio as the first molecule generated from iBio’s AI Drug Discovery Platform to advance into clinical development. In parallel, with iBio shifting its focus to IBIO-610, potentially the first long-acting antibody inhibiting Activin E, it has accelerated the development of IBIO-610 and anticipates the commencement of first human clinical trials in the first half of calendar 2027.

The Company’s current pre-clinical product candidate pipeline is set forth below.

Artificial Intelligence in Antibody Discovery and Development

Through the Company’s innovative AI Drug Discovery Platform, iBio champions a culture of innovation by pursuing novel targets, forging strategic collaborations to enhance efficiency, diversify pipelines, with the goal of accelerating preclinical processes. The Company’s proprietary technology stack is designed to minimize downstream development risks by employing AI-guided epitope-steering and monoclonal antibody (“mAb”) optimization.

iBio’s discovery and development work is conducted at the Company’s San Diego research and development laboratory space, where its AI and ML scientists and biopharma researchers operate side by side. This close integration of disciplines enables rapid iteration between in silico design and wet-lab validation, compressing the timeline from hypothesis to lead selection. With the Company’s AI Drug Discovery Platform, focused pre-clinical pipeline, and growing scientific and leadership team, it is aiming to build a durable and differentiated position in obesity, cardiometabolic and cardiopulmonary therapeutics—one designed to outlast the first wave and define what comes next.