Enabling Next Gen Biologics

CORPORATE PRESENTATION Tom Isett, Chairman & CEO

1 2 Forward-Looking Statements

Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1195, as amended. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this presentation. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to obtain regulatory approvals for commercialization of its product candidates, including its COVID-19 , or to comply with ongoing regulatory requirements, regulatory limitations relating to its ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, its ability to maintain its license agreements, the continued maintenance and growth of its patent estate, its ability to establish and maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development activities, competition, its ability to retain its key employees or maintain its NYSE American listing, and the other factors discussed in the Company’s most recent Annual Report on Form 10-K and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this presentation is provided only as of today, and we undertake no obligation to update any forward-looking statements contained in this presentation on account of new information, future events, or otherwise, except as required by law. This presentation shall not constitute an offer to sell, or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. 3 Overview Therapeutics Transformation: Dec 2019 à Dec 2020

From a Manufacturing Services-Only [CDMO] Business to a Biotech + CDMO with Multiple Potential Value Drivers Vaccines

Therapeutics • Innovating in pulmonology, fibrotic diseases, and oncology

Vaccines • Addressing Human & Animal Health segments CDMO Services

CDMO Services • plant-based biologics manufacturing system

Research & Bioprocess Products • Developing a new catalog of high quality proteins using the FastPharming® System Research & Bioprocess 4 New Management Team Experience

Tom Isett CEO & Chairman

Randy Maddux COO

Robert Erwin Large Scale President Bioprocessing Corp

John Delta Principal Accounting Officer

Sylvain Marcel, Ph.D. VP, Protein Expression Sciences

Peter Kipp, Ph.D. VP, Translational Medicine

Matt Parker, MBA VP, Operations

Brian R. Berquist, Ph.D. VP, Process Development

Melissa Berquist, Ph.D. Head of Animal Health Programs 5 New Board Members & Advisory Teams

Dr. Linda Armstrong Dr. Alexandra Kroptova Gary Sender Steve King Corey Casper Board Director Board Director Board Director Oncology Medical Novartis Teva Nabriva Therapeutics Artius Consulting IDRI Artius Consulting

Leslie Marlow Steve Kilmer Ernie Brittingham Charles Morton Securities Counsel Investor & Public Relations Talent Acquisition General Counsel Gracin & Marlow Kilmer Lucas Russell Reynolds Venable 6 New/Expanding Biopharmaceutical Pipeline

Human Health Programs Upcoming Program Indication Pre-clinical Phase I Phase II Milestones

Systemic Scleroderma1 IND-Enabling Studies IBIO-100 Idiopathic Pulmonary Fibrosis IND-Enabling Studies

IBIO-200 COVID-19 VLP Optimization

IBIO-201 COVID-19 Toxicology Study

Animal Health Programs Upcoming Program Indication POC Pre-clinical Clinical Dev Catalysts

IBIO-400 Classical Swine Fever Vaccine Safety Study

(1) Received Orphan Drug Designation [ODD] from U.S. Food and Drug Administration 7 New/Expanding Product & Service Portfolio

CDMO Services Products • Process Development • FastPharming Research Reagents New for FY21 • cGMP Manufacturing § Vectors • Aseptic Fill-Finish • Equipment for Factory Solutions New for FY21 § Infiltrator • Bioanalytics • Research & Bioprocess Proteins • Factory Solutions New for FY21 § Growth Factors • GlycaneeringTM Dev. Service § Cytokines New in FY20 • Multi-Attribute Bioanalytics New for FY21 8 Dynamic, Continuing IP Development

More 98 20 Applications Issued Patents Active Applications (30 U.S.) (7 U.S.) progressing to filing

Technology and Product Patents (U.S.) Pending Technology Patent Applications (U.S. and International) • Virus-induced gene silencing in plants • Activation of transgenes in plants by viral vectors • Transient expression of foreign genes in plants • Transient expression of proteins in plants • Production of foreign nucleic acids and polypeptides in sprout • Thermostable carrier molecule systems • In vivo deglycosylation of recombinant proteins in plants • Production of pharmaceutically active proteins in sprouted seedlings Pending Product Patent Applications (U.S. and International) • Systems and method for clonal expression in plants • Antibodies • Recombinant carrier molecule for expression, delivery and • Influenza vaccines purification of target polypeptides • Influenza therapeutic antibodies • Influenza , vaccine compositions, and related methods • • Plague antigens, vaccine compositions, and related methods • Plague vaccines • Influenza therapeutic antibodies • HPV vaccines • Trypanosomiasis vaccine • Trypanosomiasis vaccine • Anthrax antigens, vaccine compositions, and related methods • Malaria vaccines • Production in plants of endostatin peptides for treating fibrosis • Endostatin fragments and variants for use in treating fibrosis • COVID-19 vaccines 9 Investment Highlights iBio is positioned for growth with multiple shots-on-goal

1 FastPharming Platform drives CDMO Services and 2 Large market opportunities associated with fibrotic new biologics development and infectious diseases

• Potential to accelerate internal and 3rd party development • IBIO-100 for systemic scleroderma received Orphan Drug programs Designation; potential with other indications, such as pulmonary fibrosis – a possible sequella of COVID-19 • Advanced glycan engineering capability can deliver increased molecule quality and potency • Global Idiopathic pulmonary fibrosis market: $4.5 billion by 20251

• Operated within a 130,000 sf cGMP production facility • iBio seeking assets for in-licensing and production on the constructed as part of Defense Advanced Research Projects FastPharming Platform, including oncology targets optimized with Agency’s (“DARPA”) “Blue Angel” initiative GlycaneeringTM Technologies

3 Promising preclinical data and ability to cost- 4 “Fast-to-market” new product opportunities for effectively mass produce vaccine candidates Research & Bioprocess uses • DARPA facilities designed for ability to rapidly produce medical • iBio is manufacturing proteins using the FastPharming System for a countermeasures against pandemics client’s bioprocess; select cytokines and growth factors to be sold as part of a catalog of Research & Bioprocess products • Preclinical data demonstrated IBIO-201’s potential as a COVID-19 vaccine • Certain products applicable to biofabrication; bioprinting market is expected to be 4.2 billion2 • FastPharming System capable of cost-effectively producing a large number of vaccine doses

1iHealthcare Analyst: Global Idiopathic Pulmonary Fibrosis Treatment Market (2019) 2BIS Research: Global Bioprinting Market - Analysis and Forecast, 2018-2025 CDMO Services

Overview CDMO SERVICES The System • • • • • Easier: Eco Safer: Faster: Better: - Friendly: Less contamination risk since mammalian viruses and prions can’t grow in plants in can’t grow and prions viruses mammalian since risk contamination Less Powerful, proprietary glycosylation controls for better performance and higher quality Avoids scaling issues moving to large bioreactors – Greater speed- Avoids plastic single Process to - clinic clinic by shaving months off of traditional mammalian- - use disposables widely used with mammalian A DVANTAGES just just grow more plants Time -to -Candidate/Clinic cell cell development times - cell cell biologics production vs. Methods: Traditional Trials Product: Clinical Product:Scalable FastPharming FastPharming 3 Months >1Year - 8 Weeks Facility Facility Texas 11 CDMO SERVICES Versatility: antibodies Monoclonal enzymes Lysosomal and cytokines Growth factors subunit vaccines vaccines subunit Antigens for bioprinting bioprinting Proteins for 3D VLPs 12 CDMO SERVICES The FastPharming FastPharming Financial SponsorFinancial Technology in Practice BioInks Antibody Monoclonal Factory Solutions Subunit+ LicKM + Alum vaccine subunit E2 Antibody Monoclonal SolubleAntigen strategy) (blocking Alum + VLP Subunit+ Alum Subunit+ Alum Platform Tech Pulmonology Oncology Pilot- Classical Swine Fever Vaccine Oncology Vaccine Anthrax Vaccine Influenza H5N1/H1N1 Indication Facility DesignFacility Pre Pre Construction Efficacydemonstrated Animal trials study/Animal Challenge Preclinical Phase1 Phase1 Phase1 Phase1 Advancement - - Clinical clinical 13 CDMO SERVICES Glycaneering 3 2 1 technologies required with most traditional mammalian cell platforms cell mammalian traditional most with required technologies Glycaneering Results antibody terminal terminal of the with addition be can engineered chains side afucosylated Desirable Afucosylation/Oligomannose Modification platforms traditional versus homogeneity iBio's plant Consistency Next β1,4 - Development Service Development dependent cell- - based expression system delivers products with inherently greater greater inherently with products delivers system expression based - - Gen Monoclonal Antibodies, Biobetters &Monoclonal Fast Gen galactose residues to enhance effector functions, especially especially to functions, enhance effector residues galactose enables development of potent glycoproteins without expensive expensive without potentof glycoproteins development enables Power, Speed and Control Needed for Needed Control Power, and Speed mediated cytotoxicity [ADCC] mediated cytotoxicity TM - Followers 14 Therapeutics Fibrotic Disorders COVID-19 THERAPEUTICS IBIO - 100: route propertiesIntrinsic enable an oral systemic scleroderma received for Designation Drug Orphan iBio’s in produced Optimally & human lung explants models scleroderma/IPF in fibrosis Pre matrices extracellular reduces fibrosis by impacting Endostatin E4 peptide that - clinical clinical data shows reduced - FastPharming of - Anti - Description administration Fibrotic Therapeutic Fibrotic System Collagen Derivative Collagen IBIO - 100 • • • • • 2025* by $4.5B expected to reach alone fibrosis pulmonary Market for idiopathic due to poor tolerability currently available treatments Many patients forego indications most for treatments of palliative number Limited stage diseases undertaken in some late No cures: organ transplants deaths from all diseases Involved in ~45% of U.S. Fibrotic Disorders Fibrotic * iHealthcare Analyst (2019)Analyst * iHealthcare - 16 THERAPEUTICS IBIO - 3 2 1 • • • 100 Compelling pre Compelling Improved manufacturing and controls New § § § § Advancement fibrotictissue mouseBleomycin model explants Human lung Novel expression cassette Cells Plant in Polypeptides Fusion Materials Methodsand for Producing Endostatin patent issued in November in patent issued o o diseaseitneeds that be to removed for transplant compromisedby far tissueso is explant that Note diseasedhumantissue [SSc]Idiopathic and Pulmonary Fibrosis [IPF] D emonstrates efficacy in Systemic Scleroderma Scleroderma Systemic in efficacy emonstrates - clinical clinical data : : Significant reduction of Human Lung Tissue From End Control Vehicle Bleomycin Pre Fibrotic Tissue Disease at Transplant IBIO - 100 - Clinical Model Clinical 100µ Control Vehicle g iBIO - 100 - Stage 3x/week IBIO - 100 17 THERAPEUTICS Development of Development a COVID- Biotechnology Planet and iBio • • • • CoV Planet’s limiting the potential for “viral escape” Benefits of a traditional neutralizing antibody, while prospectively life of the protein in circulation of healthy cells, while the fused Fc domain prolongs the block and protein the spike to bind domain extracellular Molecule targets the coronavirus virions by using the ACE2 immunoglobulin G Fc fragment (Fc). ahuman to fused (ACE2) 2 enzyme converting angiotensin ACE2 - 2 virus 2 from infectingvirus Vero E6 cells - Fc is a recombinant protein comprised of human a Fc is comprised recombinant protein I B in vitro IO I N - L ICENSED studies demonstrated that ACE2 W ORLDWIDE 19 Therapeutic 19 Candidate: ACE2 R IGHTS FOR C ORONAVIRIDAE - Fc blocks SARS Fc blocks - - Fc Molecule Fc Source: NEXU Science Communication | Reuters 18 Vaccines COVID-19 Vaccines Classical Swine Fever Vaccine VACCINES IBIO - 200 & IBIO 11 March 2020 March2020 11 subunit vaccine [IBIO COVID Announced selection of IBIO - September 9 2020 Announced second candidate, a June2020 4 VLP vaccine program [IBIO March2020 18 COVID iBio files four provisional patent applications for - - 19 vaccine candidate 19 development - 201: - COVID 201] - 200] announced 201 as lead - 19 Vaccine Candidate Development LicKM TM - VLP Subunit LicKM / 20 VACCINES COVID Pre Global MRI Studies & Characterization Texas A&M University (TAMUS) Clinical Trials & Adjuvant Technologies Infectious Disease Research Institute (IDRI) Antigens & Manufacturing iBio Facility A&E The Beck Group Clinical Trials Management System IBM Watson Health - - clinical Testing 19 Vaccine Development Consortium 21 VACCINES IBIO - Description 201: Previously Previously published peer Background LicKM Combines antigens derived from thefrom SARS antigens Combines derived capacity through increased potency immunity while also increasing manufacturing likelihood of achieving single the improve to potential the has The addition of the LicKM booster to a subunit (“LicKM”) molecule booster spike protein fused with iBio’s patented lichenase • • Has applications for vaccines targeting both anthrax and yellow fever virus fever yellow and anthrax both targeting vaccines for applications Has Provided full protection against aerosolized pneumonic plague in non LicKM Subunit Vaccine Platform Platform Vaccine Subunit LicKM - reviewed data demonstrated that an iBio lichenase - dose, prolonged - CoV - 2 - human primates - based vaccine candidate: candidate: vaccine based - IBIO 201 22 Core Structure Core

VACCINES Hepadnavirus iBio’s Display iBio’s Potential Potential ‘Plug • • higher expression and purity and expression higher componentsmembrane to provide of devoid nanoparticle portentous - self partner Fusion antigens designed specifically fused to structure VLP Core Design Strategy Antigen Design & Display Strategy Display - Ready VLP Platform Platform VLP Ready Antigen - assembles into a and - Play’ Vaccine Development System Development Play’ Vaccine Self Nanoparticles - assembly Into Highly Structured Format Structured Highly High the in a in System Immune the Multivalent Particle - density Antigens to IBIO Displaying Displaying - 200 manufacturing Ease of process purification Standard VLP enveloped Stable non - 23 VACCINES IBIO - iBio’s Approach iBio’s UnmetNeed adjuvants “unfortunately remain expensive at manufacturing scale manufacturing at expensive remain “unfortunately • • Results cost in formulated vaccine subunit Systemdevelop to potentially a safeprotective and (DIVA) usedthe iBio University, State Kansas and University A&M collaboration In with the Institute of Infectious Animal Diseases Texas at cell insect Adjuvented, 2020) (Oct Japan in recently America; South and Africa, Asia, Europe, in Outbreaks affecting both feral and domesticated pigs feverswine Classical 400: Strong virus neutralization antibody responses swine challenged in protection plant Single- - made CSF E2subunit CSF made vaccine provides complete 1 dose studies showed that adjuvanted, Classical Swine Fever Vaccine [ CSF] is a contagious, often fatal, disease fatal, often contagious, a is CSF] - produced vaccines can be effective, but but effective, be can vaccines produced - effective oil effective - in - wateremulsion 1” FastPharming - capable 1 Richard C. Laughlin et al, 2018.Richard al, LaughlinC.et FastPharming vaccine protects Plant KNB KNB TS6 TS6 PBS: Adj: - made E2 glycoprotein single E2 glycoprotein made - - pE2 pE2 - - pE2: iE2: - - 2: 1: KNB KNB TS6 adjuvantedTS6 TS6 adjuvantedTS6 Phosphate adjuvantTS6 control - - produced -produced E2single glycoprotein adjuvanted adjuvanted adjuvanted insect adjuvanted - buffered saline saline buffered pigs FastPharming FastPharming FastPharming FastPharming - - derived KNB derived against classical swine fever dose vaccine dose protectsclassical against pigs swinefever. - - produced produced E2 antigen formulated with KNB with antigenformulated E2 - E2 vaccineE2 E2 E2 vaccine; Two dose regimen dose vaccine;Two vaccine;dose Single - E2 emulsion adjuvant emulsion E2 - dose dose 24 Research & Bioprocess Products PROTEINS Development of Growth Factors and Cytokines and Factors of Development Growth Biosolutions Safi and iBio • • • and “further manufacturing” uses manufacturing” “further and “research” for iBio by sold be can bioprocess their Any proteins not designated by Safi as “custom” to “On Defense’s Dept the of of part as cells produced Supports Safi’s lead role in developing lab FastPharming iBio is manufacturing 10 key proteins using the § § - Neutrophils in trauma for cells blood red upon focused efforts Initial Demand Blood” program Blood” Demand System for Safi - scope - 26 PROTEINS iBio and United Therapeutics Therapeutics United and iBio 100,000 120,000 140,000 160,000 20,000 40,000 60,000 80,000 U.S. Organ Shortage Organ U.S. Source: 0 USHealth & Human Services Transplants Waiting Donors List (5Dec 2020) FastPharming FastPharming – market 3D for Demand gap creates gap creates Demand Protein BioInks tissues and organs… and tissues • • • Better: Better: Quicker: Safer: Multi - Mammalian viruses don’t grow in plants year bioink development and supply agreement Easier to scale - Bioprinted Shortened is uniquely bioink mfgsuited to advanced United Therapeutics (Aug 2019) time - up to large quantities for whole organs - to - market Courtesy of United of Courtesy Therapeutics >$1B supplies >$1B >$2B industry >$2B by 2025 by 27 Summary 29 Financial Overview

Publicly traded on the NYSE American since January 2008

Approximately $83 million in cash and investments in securities as of 30 Sep 2020

Approximately 182 million common shares and 3.8 million options and restricted stock units to purchase shares of common stock outstanding as of 16 Nov 2020

No current debt 30 Value Drivers

Platform speeds time- Powerful glycan engineering Easy, consistent Intellectual property portfolio to-candidate/clinic vs. tools can increase product scale-up facilitates enables CDMO services & traditional approaches potency and quality faster time-to-clinic proprietary products

Vaccines Therapeutics Research/Bioprocess

• IBIO-201 emerged as iBio’s COVID-19 • Initially targeting fibrotic diseases • Contract manufacturing of vaccine candidate with IBIO-100; toxicology studies “animal-free” bioinks used in 3D • VLP platform remains as a potential planned for 2021 bioprinting and growth factors for ‘plug-and-play’ vaccine • U.S. Orphan Drug Designation for stem cell therapies are catalyzing development system systemic scleroderma development of a new portfolio of proteins for research and • Pursuing opportunities in Animal • Fast follower strategy in oncology bioprocess uses Health with lead classic swine fever via leverage of new and novel [CSF] vaccine GlycaneeringTM Technologies • Launching new products in 2021

Over 65 Million COVID-19 Cases1 Pursuing Large Markets in Oncology Cytokines/Growth Factors Continuing Outbreaks of CSF Fibrotic & Infectious Diseases 3D-Bioprinting Supplies

1JHU Coronavirus Resource Center (4 Dec 2020)