▸ Global climate change and related regulations could negatively affect our business.· · · · ● 1 ▸ Our ability to raise additional capital, including through sales of shares of common stock under the ATM Program, may be limited if the public float of our common stock continues to be less than $75.0 million.· · · · ● 1 ▸ Risks Related to Our Business, Financial Position and Capital Requirements· · · · ● 1 ▸ We do not intend to pay dividends in the foreseeable future.· · · · ● 1 ▸ Our business and operations would suffer in the event of computer system failures.· · · ● ● 2 ▸ Clinical trials are very expensive, time-consuming, and difficult to design and implement.· · ● ● ● 3 ▸ Holders of our warrants issued in our offerings have no rights as common stockholders until they exercise their warrants and acquire our common stock.· · ● ● ● 3 ▸ In the past we have identified and remediated material weaknesses in our internal controls, and we cannot provide assurances additional material weaknesses will not occur in the future.· · ● ● ● 3 rw ▸ The actual amount of funds we will need to operate is subject to many risk factors, some of which are beyond our control.· · ● ● ● 3 ▸ 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.· · ● ● ● 3 rw ▸ 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.· · ● ● ● 3 ▸ 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.· ● ● ● ● 4 ▸ Our failure to continue to comply with the continued listing standards of the NYSE American could result in delisting from the NYSE American.· · · ● · 1 ▸ Although we have entered into a Purchase and Sale Agreement for the sale of the Property, there can be no assurance that the sale of the Property will be completed in a timely manner or at all. The closing of the sale is subject to many conditions· · ● · · 1 ▸ Although we have recently reduced expenses, we expect our research and development expenses to increase significantly as our product candidates advance in clinical development, and as we add more employees. As part of the regulatory· · ● ● · 2 rw ▸ Failure to complete the sale of the Property could negatively impact our stock price and our future business and financial results.· · ● · · 1 ▸ If the sale of the Property is not completed, we will have incurred substantial expenses without realizing the expected benefits of the sale.· · ● · · 1 ▸ We may become party to, or threatened with, future adversarial proceedings or litigation regarding intellectual property rights with respect to our products and technology, including interference or derivation proceedings before the U.S. PTO· · ● · · 1 ▸ Any product candidate for which we obtain marketing approval, along with the manufacturing processes, post-approval clinical data, labeling, packaging, distribution, adverse event reporting, storage, recordkeeping, export, import, advertising· ● · · · 1 ▸ As of the date of this filing, iBio is in compliance with this covenant in the Credit Agreement, as amended.· ● ● · · 2 ▸ Covenant restrictions in the Credit Agreement, as amended, may limit our ability to operate our business.· ● ● · · 2 ▸ In order to develop RubrYc product or technology we will have to devote significant resources to RubrYc product or technology and will need to raise additional capital to fully develop the newly acquired product candidates.· ● · · · 1 ▸ Our Reverse Stock Split May Not Be Successful.· ● · · · 1 ▸ Our historical operating results indicate substantial doubt exists related to our ability to operate as a going concern.· ● ● ● · 3 ▸ group Risks Related to The Asset Acquisition of RubrYc· ● · · · 1 ▸ The company may not experience the anticipated strategic benefits of the Asset Acquisition.· ● · · · 1 ▸ The failure to comply with the terms of the Credit Agreement, as amended, could result in a default under the terms of the Credit Agreement, as amended, and, if uncured, it could potentially result in action against our pledged assets.· ● ● · · 2 ▸ There can be no assurance that we will continue to meet all of the Exchange’s continued listing standards, or exemptions therefrom, in the future.· ● ● · · 2 ▸ We may be unable to successfully integrate the RubrYc assets with our current management and structure.· ● · · · 1 ▸ Failure to comply with regulatory requirements could adversely affect our business and results of operations.● ● · · · 2 ▸ If we are unable to provide quality and timely services to our customers, our business could suffer.● ● · · · 2 ▸ Our business, financial condition, and results of operations could be significantly impacted if the products we manufacture for our customers do not gain market acceptance.● ● · · · 2 ▸ Our failure to receive or maintain regulatory approval for product candidates developed at our facility could negatively impact our revenue and profitability.● ● · · · 2 ▸ Our operating results will be adversely affected if we are unable to maximize our facility capacity utilization.● ● · · · 2 ▸ Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.● ● ● ● · 4 ▸ Risks Related to Our Financial Position and Need for Additional Capital● ● ● ● · 4 ▸ We do not anticipate paying cash dividends for the foreseeable future, and therefore investors should not buy our stock if they wish to receive cash dividends.● ● ● ● · 4 ▸ We may continue to be impacted by the COVID-19 pandemic.● ● · · · 2 ▸ We may not be successful in our efforts to use iBio technologies to build a pipeline of product candidates and develop marketable products.● ● ● ● · 4 ▸ We may not have an adequate number of shares of common stock authorized to enable us to complete future equity financing transactions or strategic transactions, which may adversely affect our ability to grow and develop.● · · · · 1 ▸ A failure by iBio to hire and retain an appropriately skilled and adequate workforce could adversely impact the ability to operate our R&D facility efficiently.● ● ● ● ● 5 rw ▸ Alternative technologies may supersede our technologies or make them noncompetitive, which would harm our ability to generate future revenue.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 ▸ Any of these events could prevent us from achieving or maintaining market acceptance of the affected clinical product candidate and could substantially increase the costs of commercialization.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 ▸ If we are unable to protect our trade secrets, our business and competitive position would be harmed.● ● ● ● ● 5 ▸ If we are unable to protect the confidentiality of our partners’ or collaborators’ proprietary information, we may be subject to claims.● ● ● ● ● 5 rw ▸ If we experience delays in obtaining approval or if we fail to obtain approval of our product candidates, the commercial prospects for our product candidates may be harmed and our ability to generate revenues will be materially impaired.● ● ● ● ● 5 ▸ If we should fail to comply with various patent laws our patent protection could be reduced or eliminated.● ● ● ● ● 5 ▸ Intellectual property rights do not necessarily address all potential threats to our competitive advantage.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 rw ▸ Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.● ● ● ● ● 5 ▸ Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.● ● ● ● ● 5 ▸ Provisions in our certificate of incorporation, bylaws and under Delaware law could discourage a takeover that stockholders may consider favorable.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 ▸ group Risks Related to Dependence on Third Parties● ● ● ● ● 5 ▸ group Risks Related to Intellectual Property● ● ● ● ● 5 ▸ group Risks Related to Our Common Stock● ● ● ● ● 5 rw ▸ group Risks Related to iBio’s Operations● ● ● ● ● 5 ▸ Risks Related to the Development and Commercialization of Our Technologies and Product Candidates● ● ● ● ● 5 ▸ Should any of these events occur, they could significantly harm our business, results of operations and prospects.● ● ● ● ● 5 ▸ The issuance of preferred stock could adversely affect the rights of the holders of shares of our common stock.● ● ● ● ● 5 ▸ The market price of our common stock has been and may continue to be volatile and adversely affected by various factors.● ● ● ● ● 5 ▸ We anticipate that our expenses will increase in the future.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 ▸ We have a limited operating history developing vaccines and therapeutics, which may limit the ability of investors to make an informed investment decision.● ● ● ● ● 5 rw ▸ We may be subject to claims challenging the inventorship of our patent filings and other intellectual property.● ● ● ● ● 5 ▸ We may be subject to various litigation claims and legal proceedings.● ● ● ● ● 5 ▸ We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 ▸ 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.● ● ● ● ● 5 ▸ We may not be able to protect our intellectual property rights throughout the world.● ● ● ● ● 5 ▸ We rely extensively on our information technology systems and are vulnerable to damage and interruption, including cybersecurity and data leakage risks.● ● ● ● ● 5 rw ▸ 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.● ● ● ● ● 5 rw 
