Clinical Trial Failure Risk: The success of IBIO's pipeline products is highly dependent on the outcome of preclinical studies and clinical trials, which are uncertain and may not yield positive results, leading to significant delays or discontinuation of development programs.

Regulatory Approval Uncertainty Risk: Even if clinical trials are successful, IBIO's product candidates must receive regulatory approval from agencies like the FDA, which is a lengthy and unpredictable process and may not be granted, preventing market entry.

Capital Requirements and Dilution Risk: IBIO's research and development activities are capital-intensive, requiring substantial future funding that may not be available on favorable terms, potentially leading to significant shareholder dilution through equity offerings or an inability to continue operations.