Back in 2020, the iBio Inc (NYSE: IBIO) stock had been one of the notable movers in the market and had hit a new high.
However, since then, the stock has performed poorly and lost as big as 85% from those levels. It is easy to see why the stock has performed so badly in recent times. Back in February this year, iBio announced its financial statement for the quarter. While the company could only generate $700,000 in the form of revenues but on the other hand, the losses for the period stood at a staggering $8.2 billion.
The losses were for the period that ended on December 31 last year and it also included the research and development expenses incurred by the company. However, it is not all bleak. The company also reported that it ended the quarter with a cash pile of $91 million. It indicated that considering its current cash burn of $33 million a year, it could sustain the business for two and half years more.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.