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IBIO on Nasdaq

iBio, Inc.

IBio, Inc. is an American pharmaceutical preparations company based in San Diego.2

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Last updated Oct 21, 2026.

Overview

$100.0KRevenue, fiscal 20263
-$33.0MNet income, fiscal 20263

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  • TickerIBIO on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersDover, United States2
  • Incorporated inDE4
  • Business address600 Madison Avenue, Suite 1601, New York, Ny 10022-17374
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI529900EW4RXUITGKUT342
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressc/o UNITED CORPORATE SERVICES, INC., 874 WALKER RD STE C, 19904 Dover, United States2
  • Registered withDivision of Corporations, Department of State, 45351522

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We believe the future treatment for obesity lies not just in overall weight loss, but in the quality, durability, and tolerability of 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. We are developing next-generation therapies designed with the goal of meeting these unmet needs, by leveraging AI-guided antibody design, advanced screening technologies and deep expertise in biologics development.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

-35141.0%Operating margin3
-33044.0%Net margin3
-75.0%Revenue growth, 20263
-38.6%Return on equity3
-$23.8MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Research and development100¢$19.6M

Out of $100.0K in revenue.3 The company lost money this year.

Financial statements

Revenue678910113$100.0K in 2026−95% since 2019
0$1.0M$2.0M$3.0M2019: $2.0M$2.0M20192020: $1.6M$1.6M2020−19%2021: $2.4M$2.4M2021+45%2022: $1.9M$1.9M2022−21%2023: $0$020232024: $225.0K$225.0K20242025: $400.0K$400.0K2025+78%2026: $100.0K$100.0K2026−75%
Gross profit78$2.2M in 2022+132% since 2020
0$1.0M$2.0M$3.0M2020: $935.0K$935.0K20202021: $909.0K$909.0K2021−3%2022: $2.2M$2.2M2022+138%
Operating income678910113-$35.1M in 2026+123% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$15.8M-$15.8M20192020: -$14.0M-$14.0M2020−11%2021: -$31.1M-$31.1M2021+122%2022: -$29.7M-$29.7M2022−5%2023: -$29.3M-$29.3M2023−1%2024: -$16.6M-$16.6M2024−43%2025: -$18.6M-$18.6M2025+12%2026: -$35.1M-$35.1M2026+89%
Net income67810113-$33.0M in 2026+88% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$17.6M-$17.6M20192020: -$16.4M-$16.4M2020−7%2021: -$23.2M-$23.2M2021+41%2022: -$50.3M-$50.3M2022+117%2023: -$65.0M-$65.0M2023+29%2024: -$24.9M-$24.9M2024−62%2025: -$18.4M-$18.4M2025−26%2026: -$33.0M-$33.0M2026+80%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2026-06-302025-06-30
Revenue$100.0K$400.0K
Research and development$19.6M$8.3M
General and administrative$10.6M$10.7M
Impairment of indefinite-lived intangible asset$5.0M$0
Total operating expenses$35.2M$19.0M
Operating loss-$35.1M-$18.6M
Interest income$2.1M$437.0K
Interest expense-$53.0K-$212.0K
Total other income$2.1M$225.0K
Net loss before income taxes-$33.0M-$18.4M
Income tax expense$0$0
Net loss-$33.0M-$18.4M
Other comprehensive loss - unrealized loss on on debt securities-$45.0K
Comprehensive loss-$33.1M-$18.4M
Loss per common share - basic-$0.32-$1.75
Loss per common share - diluted-$0.32-$1.75
Weighted-average common shares outstanding - basic104.1M shares10.5M shares
Weighted-average common shares outstanding - diluted104.1M shares10.5M shares

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Corporate structure

iBio, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of iBio, Inc.

  • iBio, Inc. Dover, Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What iBio, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$5.1M3 Jun 30, 2026$4.7M3 Jun 30, 2025+10.3%
Accumulated depreciation$2.1M3 Jun 30, 2026$1.5M3 Jun 30, 2025+37.3%
Property and equipment, net$3.1M3 Jun 30, 2026$3.2M3 Jun 30, 2025−2.4%
Finance-lease assets$68.0K3 Jun 30, 2025$339.0K11 Jun 30, 2024−79.9%
Operating-lease assets (leased space)$1.7M3 Jun 30, 2026$2.1M3 Jun 30, 2025−18.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$56.4M3 Jun 30, 2026$8.6M3 Jun 30, 2025+557.1%
Marketable securities, current$31.6M3 Jun 30, 2026
Debt securities available for sale$31.6M3 Jun 30, 2026

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$1.8M3 Jun 30, 2026$6.8M3 Jun 30, 2025−73.3%

Properties, in its own words

Biopharmaceutical R&D Facility

On September 11, 2021, iBio entered into a lease with SAN DIEGO INSPIRE 4, LLC for approximately 11,383 square feet of laboratory and office space at 11750 Sorrento Valley Road in San Diego, CA. The lease commenced in September 2022. The lease is for seven years and four months. The lease is triple net with base rent starting at $4.50 per month per square foot escalating approximately 3.0% per year during the lease term. We use the facility primarily for R&D associated with our AI Drug Discovery Platform and our biologic product portfolio. We believe that the facility is adequate for our current operations and needs.

Item 2 of the 10-K filed Aug 28, 2026.5

Leadership

Who has led iBio, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert Kay2008–2019
  2. Thomas Francis 3rd Isett2020–2022
  3. Martin Brenner2023

Chair

  1. Robert Kay2008–2019
  2. Thomas Francis 3rd Isett2020–2022

President

  1. Robert L. Erwin2008–2020

Chief financial officer

  1. Dina Masi2008
  2. Douglas Beck2011
  3. Scott Kain2013
  4. Mark A. Giannone2014–2017
  5. James P. Mullaney2017–2020
  6. Felipe Duran2023–now

Chief operating officer

  1. Randy Joe Maddux2020–2022
2010201520202025
Board members and other officers (28)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorEvert A. Shimmelpennink named Apr 4, 2024 to Jan 22, 202653
  • DirectorWilliam A. Clark named Aug 15, 2023 to Jan 22, 202653
  • DirectorAlexandra A. Kroptova named May 7, 202554
  • DirectorGary Sende named Apr 4, 202455
  • DirectorJames Hill named Aug 15, 2023 to Apr 4, 202455

Former names

  • iBioPharma, Inc.Jul 16, 2008 to Aug 14, 20094
  • InB:Biotechnologies, Inc.Mar 7, 2008 to Jul 17, 20084

Timeline

  1. Oct 13, 20268-K Regulation FD disclosure; Other events56
  2. Sep 14, 20268-K Regulation FD disclosure; Other events57
  3. Aug 28, 20268-K Results of operations58
  4. Aug 4, 20268-K Executive or director change; Other events59
  5. Jul 17, 20268-K Director nominations; Other events60
  6. Jul 1, 20268-K Regulation FD disclosure; Other events61
  7. May 12, 20268-K Results of operations62
  8. May 8, 20268-K Executive or director change; Regulation FD disclosure63
  9. Apr 17, 20268-K Other events64
  10. Apr 8, 20268-K Regulation FD disclosure; Other events65
  11. Mar 9, 20268-K Regulation FD disclosure; Other events66
  12. Feb 27, 20268-K Entered a material agreement; Ended a material agreement67
  13. Jan 24, 2023New chief executive Martin Brenner becomes CEO14
  14. Mar 16, 2020New chief executive Thomas Francis 3rd Isett becomes CEO15
  15. Aug 12, 2008New chief executive Robert Kay becomes CEO16

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.11) a share, on Nov 12, 2025.68

When it reported results

  1. Aug 28, 2026Reported quarterly or annual results58
  2. May 12, 2026Reported quarterly or annual results62
  3. Feb 10, 2026Reported quarterly or annual results69
  4. Nov 12, 2025Reported quarterly or annual results70
  5. Sep 5, 2025Reported quarterly or annual results71
  6. Aug 18, 2025Reported quarterly or annual results72
  7. May 2, 2025Reported quarterly or annual results73
  8. Feb 10, 2025Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

349 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 100 major events, 81 insider forms, 46 large holders, 4 private raises, 95 other. The latest 20:

  1. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Oct 15, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Oct 14, 2026SCHEDULE 13G EDGAR
  8. Oct 13, 20268-K EDGAR
  9. Sep 14, 20268-K EDGAR
  10. Sep 4, 2026ARS EDGAR
  11. Sep 4, 2026DEF 14A EDGAR
  12. Aug 28, 202610-K EDGAR
  13. Aug 28, 20268-K EDGAR
  14. Aug 20, 2026PRE 14A EDGAR
  15. Aug 14, 2026SCHEDULE 13G/A EDGAR
  16. Aug 14, 2026SCHEDULE 13G EDGAR
  17. Aug 14, 2026SCHEDULE 13G/A EDGAR
  18. Aug 13, 2026SCHEDULE 13G/A EDGAR
  19. Aug 4, 20268-K EDGAR
  20. Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR

The 349 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

23 open-market trades by officers, directors and large owners since October 2021: 10 buys and 13 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 26, 2026Banjak MarcChief Legal OfficerBuy13,934$1.65$23.0KForm 4
Mar 19, 2026Duran FelipeChief Financial OfficerBuy24,835$2.02$50.2KForm 4
Mar 19, 2026Brenner MartinSee RemarksBuy12,336$2.02$24.9KForm 4
Jan 10, 2025Duran FelipeChief Financial OfficerBuy9,191$2.72$25.0KForm 4
Jan 10, 2025Brenner MartinSee RemarksBuy9,191$2.72$25.0KForm 4
Jan 10, 2025Banjak MarcChief Legal OfficerBuy9,191$2.72$25.0KForm 4
Jan 10, 2025Arkowitz DavidDirectorBuy18,382$2.72$50.0KForm 4
Jan 10, 2025Clark William DDirectorBuy1,838$2.72$5.0KForm 4
Jan 10, 2025Parada Antonio Bernardino GuimaraesDirectorBuy183,823$2.72$500.0KForm 4
Jan 10, 2025Sender GaryDirectorBuy9,191$2.72$25.0KForm 4
Nov 1, 2023Brenner MartinSee RemarksSale4,881$0.27$1.3KForm 4
Oct 3, 2023Brenner MartinSee RemarksSale5,267$0.30$1.6KForm 4
Oct 2, 2023Brenner MartinSee RemarksSale4,215$0.31$1.3KForm 4
Aug 28, 2023Brenner MartinSee RemarksSale5,011$0.31$1.6KForm 4
Jul 27, 2023Brenner MartinSee RemarksSale4,515$0.51$2.3KForm 4
Jul 12, 2023Brenner MartinSee RemarksSale47,020$0.59$27.7KForm 4
Jun 21, 2023Brenner MartinSee RemarksSale4,184$0.68$2.8KForm 4
May 22, 2023Brenner MartinSee RemarksSale4,182$0.94$3.9KForm 4
Apr 24, 2023Brenner MartinSee RemarksSale4,382$1.20$5.3KForm 4
Mar 23, 2023Brenner MartinSee RemarksSale5,213$2.13$11.1KForm 4

All 23 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026Dr. Martin B. Brenner56$580.0K$2.1M96
2026Felipe Duran$415.5K$1.1M96
2026Marc Banjak$400.0K$966.5K96
2025Chief Executive Officer and Chief Scientific Officer$539.4K$1.5M96
2025Chief Financial Officer$371.3K$770.1K96
2025Chief Legal Officer$366.9K$712.9K96

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 8, 2026Raised $26 million in a private offering of securities Form D: 7 investors so far Form D
  2. Apr 29, 2025Raised $11.1 million in a private offering of securities Form D: 5 investors so far Form D
  3. Mar 26, 2024Raised $15.1 million in a private offering of equity Form D: 8 investors so far Form D
  4. Aug 4, 2023Filed a private offering of equity Form D: $10 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 55. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Affinity Asset Advisors, LLC4,007,881$7.0M0.3%+900,681
Cormorant Asset Management, LP3,570,000$6.2M0.3%New
Silverarc Capital Management, LLC3,520,490$6.2M0.7%+3,294,490
Vestal Point Capital, LP2,600,000$4.5M0.1%New
Vanguard Capital Management LLC2,098,151$3.7M0.0%+1,009,852
Frazier Life Sciences Management, L.P.1,953,467$3.4M0.1%No change
Ensign Peak Advisors, Inc1,832,457$3.2M0.0%New
Woodline Partners LP1,776,547$3.1M0.0%New
Millennium Management LLC1,651,473$2.9M0.0%+101,623
Citadel Advisors LLC1,384,029$2.4M0.0%+427,600
Balyasny Asset Management L.P.1,170,893$2.0M0.0%+159,938
Bank Of America Corp /de/1,121,492$2.0M0.0%+831,079
Ikarian Capital, LLC957,062$1.7M0.3%No change
Sio Capital Management, LLC904,268$1.6M0.3%No change
Marshall Wace, Llp904,132$1.6M0.0%+283,530
Geode Capital Management, LLC500,816$876.6K0.0%+113,249
Walleye Capital LLC500,375$875.7K0.0%+111,821
Squarepoint Ops LLC498,872$873.0K0.0%New
Noesis Capital Mangement Corp405,000$708.8K0.1%+93,500
Two Sigma Investments, LP400,667$701.2K0.0%−8,191
Ally Bridge Group (NY) LLC390,147$682.8K0.9%New
ADAR1 Capital Management, LLC375,531$657.2K0.0%−94,347
Verdad Advisers, LP298,927$523.1K0.5%+242,609
Vanguard Fiduciary Trust Co286,875$502.0K0.0%+81,860
Boothbay Fund Management, LLC254,412$445.2K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How iBio, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARiBio, Inc.1
  • CIK0001420720
  • Employer ID (EIN)26-27978135
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsJune 301
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address600 Madison Avenue, Suite 1601, New York, NY 10022-17371
  • Phone302 355-06501
  • Shares outstanding64,307,256 shares as of Aug 27, 20265
  • Public float$57.5M as of Dec 31, 20255
  • AuditorGRASSI & Co., CPAs, P.C., Jericho, New York PCAOB ID 606; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMar 7, 20081
  • Filings908 in all: 8-K (213), 4 (210), 10-Q (54), 3 (39), 424B3 (30), 424B5 (27), DEFA14A (26), SC 13D/A (23)1
    All 48 form types

    UPLOAD (22), CORRESP (21), SCHEDULE 13G/A (21), DEF 14A (20), EFFECT (20), 10-K (19), SCHEDULE 13G (14), PRE 14A (12), 4/A (11), S-1 (10), S-3 (10), NT 10-Q (9), 10-K/A (8), SC 13G (8), D (7), NT 10-K (7), 8-K/A (6), S-1/A (6), S-3/A (6), S-8 (6), 10-12G (4), 10-Q/A (4), ARS (4), SC 13D (4), SC 13G/A (4), FWP (3), RW (3), 10-12G/A (2), 424B4 (2), 8-A12B (2), SC TO-C (2), 25 (1), CERT (1), CERTNYS (1), CT ORDER (1), DEFR14A (1), POS AM (1), REGDEX (1), SC TO-I (1), SC TO-I/A (1)

  • Latest filingsAnnual report (10-K) Aug 28, 2026
    Quarterly report (10-Q) May 12, 2026
    Proxy statement (DEF 14A) Sep 4, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common StockIBIOThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Aug 28, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks iBio, Inc. names in Item 1A of its 10-K filed Aug 28, 2026: 63 risks under these headings, as written.5

  • Risks Related to Our Business, Financial Position and Capital Requirements
  • Risks Related to the Development and Commercialization of Our Technologies and Product Candidates
  • Risks Related to Dependence on Third Parties
  • Risks Related to Intellectual Property
  • Risks Related to iBio’s Operations
  • Risks Related to Our Common Stock
  • Detailed Risk Factors
  • We have a limited operating history developing precision antibody therapeutics, which may limit the ability of investors to make an informed investment decision.
  • We have incurred significant losses since our inception. We expect to incur losses during our next fiscal year, we do not anticipate generating significant revenue for several years and may never achieve or maintain profitability.
  • We anticipate that our expenses will increase in the future.
  • We will need additional funding to fully execute our business plan, which funding may not be available on commercially acceptable terms or at all. If we are unable to raise capital when needed, we may be forced to delay, reduce or eliminate the commercialization of our development and manufacturing services and efforts for our product development programs.
  • The actual amount of funds we will need to operate is subject to many risk factors, some of which are beyond our control.
The other 57 risks
  • We currently have a limited operating history developing precision antibodies, no products approved for commercial sale, have no significant source of revenue and may never generate significant revenue.
  • We currently have a limited number of product candidates in early stages of pre-clinical development and are dependent on the success of these product candidates, which requires significant clinical testing before seeking regulatory approval. If our product candidates do not receive regulatory approval or are not successfully commercialized, our business may be harmed.
  • We may expend our limited resources to pursue a particular technology or product candidate and fail to capitalize on technologies or product candidates that may be more profitable or for which there is a greater likelihood of success.
  • Preclinical and clinical development involves a lengthy and expensive process, with an uncertain outcome. We or our collaborators may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our current product candidates or any future product candidates, which could materially harm our business.
  • Clinical trials are very expensive, time-consuming, and difficult to design and implement.
  • Neither we nor our clients, collaborators or potential licensees will be able to commercialize product candidates based on our technologies and services if preclinical studies do not produce successful results or clinical trials do not demonstrate safety and efficacy in humans.
  • If we, or our clients and collaborators, are not able to obtain, or if there are delays in obtaining, required regulatory approvals, we, or our clients and collaborators, will not be able to develop or commercialize our, or third-party, product candidates or will not be able to do so as soon as anticipated, and our ability to generate revenue will be materially impaired.
  • Alternative technologies may supersede our technologies or make them noncompetitive, which would harm our ability to generate future revenue.
  • The results or success of preclinical studies and early-stage clinical trials of our product candidates may not be predictive of future results or replicated in later preclinical studies or clinical trials of our product candidates in the same indications or other indications.
  • Interim, initial, or preliminary results from our clinical trials that we announce or publish from time to time may change (e.g., from positive safety or efficacy results to poor or negative safety or efficacy results) as more patient data become available and are subject to additional audit, validation and verification procedures that could result in material changes in the final data.
  • Delays or difficulty in the enrollment of patients in any or all of our clinical trials could increase our development costs and delay completion of our clinical trials and associated regulatory submissions.
  • Our Phase 1 clinical trial of IBIO-600 is subject to significant risks that could delay or prevent further development of this product candidate.
  • We are conducting clinical studies for IBIO-600 outside of the United States, and may conduct our clinical studies for IBIO-610 and our other product candidates outside of the United States. The FDA and other foreign equivalents may not accept data from such studies, in which case our development plans will be delayed, which could materially harm our business.
  • Conducting clinical trials in Australia exposes us to additional regulatory, operational and legal risks that could delay development of our product candidates and increase our costs.
  • Our product candidates may exhibit undesirable side effects when used alone or in combination with other approved pharmaceutical products, which may delay or preclude its development or regulatory approval or limit its use if ever approved.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
  • Our most advanced product candidates depend on intellectual property licensed from third parties and termination of any of these or future licenses could result in the loss of significant rights, which could adversely affect our business, results of operations and financial condition.
  • Our AI/ML platform leverages internal data as well as data from third parties. Defects in, or loss of access to, our databases or those of third parties may impair our ability to discover additional targets and develop our product candidates.
  • For any clinical product candidates we may develop we will rely on third-party contract manufacturers. Any manufacturing problems experienced by us could result in a delay or interruption in the supply of our clinical product candidate until the problem is cured or until we locate and qualify an alternative source of manufacturing and supply.
  • If we are unable to establish new collaborations and maintain both new and existing collaborations, or if these collaborations are not successful, our business could be adversely affected.
  • If third parties on whom we or our licensees will rely for the conduct of preclinical studies and clinical trials do not perform as contractually required or as we expect, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business may suffer.
  • We rely on third parties to supply the raw materials needed to operate our research and development activities and do not have any long-term commitments from such suppliers.
  • Our use of hazardous and biological materials could result in us being liable for damages.
  • Any claims beyond our insurance coverage limits, or that are otherwise not covered by our insurance, may result in substantial costs and a reduction in our available capital resources.
  • We may be subject to various litigation claims and legal proceedings.
  • If we or our licensors are unable to obtain and maintain patent protection for our technology and products, or if the scope of the patent protection obtained is not sufficiently broad, competitors could develop and commercialize technology and products similar or identical to ours, and our ability to successfully commercialize our technology and products may be impaired.
  • If we are unable to protect the confidentiality of our partners’ or collaborators’ proprietary information, we may be subject to claims.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time-consuming and ultimately unsuccessful.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • If we are unable to protect our trade secrets, our business and competitive position would be harmed.
  • We may be subject to claims challenging the inventorship of our patent filings and other intellectual property.
  • Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
  • We may not be able to protect our intellectual property rights throughout the world.
  • If we should fail to comply with various patent laws our patent protection could be reduced or eliminated.
  • Changes in patent law, including recent patent reform legislation, could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents.
  • The loss of one or more of our executive officers or key employees or an inability to attract and retain highly skilled employees could adversely affect our business.
  • A failure by us to hire and retain an appropriately skilled and adequate workforce could adversely impact the ability to operate our R&D facility efficiently.
  • Use of our laboratory space in San Diego is critical to our success. A natural disaster or other disruptions at our laboratory would adversely affect our business, financial condition, and results of operations.
  • We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.
  • If we acquire companies, products or technologies, we may face integration risks and costs associated with those acquisitions that could negatively impact our business, results from operations and financial condition.
  • Our business and operations would suffer in the event of computer system failures.
  • We rely extensively on our information technology systems and are vulnerable to damage and interruption, including cybersecurity and data leakage risks.
  • Any failure to maintain the security of information relating to our patients, customers, employees and suppliers, whether as a result of cybersecurity attacks or otherwise, could expose us to litigation, government enforcement actions and costly response measures, and could disrupt our operations and harm our reputation.
  • Failure to comply with health care privacy and data protection laws and regulations could lead to government enforcement actions (which could include civil or criminal penalties), private litigation, and/or adverse publicity and could negatively affect our operating results and business.
  • The use of AI and ML technologies in our business operations and product offerings may expose us to risks that could harm our competitive position and have a material adverse effect on our business and results of operations.
  • Changes in general economic conditions, geopolitical conditions, domestic and foreign trade policies, monetary policies and other factors beyond our control may adversely impact our business and operating results.
  • Global climate change and related regulations could negatively affect our business.
  • Our stockholders will experience substantial dilution from the issuance of shares of common stock upon the exercise of the warrants issued in our August 2025 underwritten public offering. Raising additional capital may also cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates. Further, our stockholders will experience substantial dilution from the issuance of certain development milestone payments if paid in equity.
  • Our failure to meet the listing requirements of Nasdaq could result in a delisting of our common stock. Our ability to publicly or privately sell equity securities and the liquidity of our common stock could be adversely affected if our common stock is delisted.
  • Provisions in our certificate of incorporation, bylaws and under Delaware law could discourage a takeover that stockholders may consider favorable.
  • Our Second Amended and Restated Bylaws provides that the Court of Chancery of the State of Delaware is the exclusive forum for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • The issuance of preferred stock could adversely affect the rights of the holders of shares of our common stock.
  • We do not intend to pay dividends in the foreseeable future.
  • Holders of our warrants issued in our offerings have no rights as common stockholders until they exercise their warrants and acquire our common stock.
  • The market price of our common stock has been and may continue to be volatile and adversely affected by various factors.
  • Reports published by securities or industry analysts, including projections in those reports that exceed our actual results, could adversely affect our common stock price and trading volume.
  • We are a “smaller reporting company”, and the reduced disclosure requirements applicable to smaller reporting companies may make our common stock less attractive to investors.

Legal proceedings

Lawsuits

We are not currently subject to any material legal proceedings. From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Litigation, regardless of the outcome, could have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.5

Sources

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