Enabling Next-Gen Biologics

CORPORATE PRESENTATION Tom Isett, Chairman & CEO 2 Forward-Looking Statements

Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. 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. 3 Overview Therapeutics • Therapeutics § Innovating in pulmonology, fibrotic diseases, and oncology

• Vaccines Vaccines § Addressing Human & Animal Health segments

• CDMO Services § plant-based biologics manufacturing system CDMO Services § 130,000sf Texas production facility

• Research & Bioprocess Products § Developing new catalog offering of high quality proteins § Produced in the FastPharming® System Research & Bioprocess 4 New, Accomplished Management Team

Experience

Tom Isett CEO & Chairman

Robert Erwin Large Scale Bioprocessing Corp President

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 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 Development Pipeline

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

Systemic Scleroderma(1) IND IBIO-100 Idiopathic Pulmonary Fibrosis IND

IBIO-200 COVID-19 VLP Optimization

IBIO-201 COVID-19 Tox

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 106 20 Applications Issued Patents Active Applications (37 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 • Use of endostatin peptides for the treatment of 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 following Dec 2019 turnaround

1 FastPharming Platform drives CDMO Services and 3 Large market opportunities associated with anti- new biologics development fibrotic, infectious disease and new candidates • Potential to accelerate internal and 3rd party • Market for fibrotic diseases >$10 billion development programs • IBIO-100 for systemic scleroderma received ODD and • Advanced glycan engineering capability can deliver has potential with other indications, such as idiopathic increased molecule quality and potency pulmonary fibrosis – an anticipated sequella of COVID

• Operated within a 130,000 sf cGMP production facility • iBio is actively in-licensing targets for its portfolio, constructed as part of Defense Advanced Research including, but not limited to, oncology, COVID-19 (e.g. Projects Agency’s (“DARPA”) “Blue Angel” initiative Planet deal) and other strategically relevant assets

2 Promising preclinical data and ability to cost- 4 “Fast-to-market” new product opportunities for effectively mass produce vaccine candidates Research & Bioprocess uses • DARPA facilties designed for ability to rapidly produce • Addressable bioprinting market is expected to be ~$2 medical countermeasures against pandemics billion ($1 billion supplies) by 2025

• Encouraging preclinical data demonstrated IBIO-201’s • iBio is manufacturing 10 proteins using the FastPharming potential as a COVID-19 vaccine System for a client’s bioprocess – and commercialize “standard” versions as part of a new catalog of • FastPharming System is one of the few which can cost- “research use” and “further manufacturing use” labeled effectively produce a large number of vaccine doses products CDMO Services

Overview CDMO SERVICES The System • • • • • Better: Easier: Eco Safer: Faster: - 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 Excellent glycosylation controls for better performance without freedom Avoids scaling issues moving to large bioreactors Greater speed Avoids plastic single - to Process - clinic clinic by shaving months off of traditional mammalian - use disposables widely used with mammalian A DVANTAGES – just just grow more plants Time - - cell cell development times - to cell cell biologics production - - operate issues to - Result FastPharming FastPharming Facility Facility Texas 11 CDMO SERVICES Glycaneering Why Why 3 2 1 expensive licenses from IP from licenses expensive or protein target the of sequence acid amino the altering without Glycaneering Services enable the production of potent glycoproteins Results antibody terminal of addition the with along residues oligomannose with decoration and plant of removal the via be can engineered chains side G2 and G1 G0, afucosylated Desirable Afucosylation/Oligomannose Modification inherently greater homogeneity versus traditional platforms iBio's Consistency FastGlycaneering Providing the Power, Speed and Control Needed to Needed Control the NextPower, and Develop Speed Providing N. benthamiana β1,4 Monoclonal Antibodies, Biobetters Fast and Monoclonal - dependent cell Development Service Development - galactose residues to enhance effector functions, especially especially to functions, enhance effector residues galactose - specific sugars (core plant ? - - mediated cytotoxicity (“ADCC”) mediated cytotoxicity owners of mammalian - based expression system delivers products with with products delivers system expression based α1,3 TM - fucose and and fucose - cell cell based systems β1,2 - - xylose) xylose) follower follower Products – - Gen Gen 12 CDMO SERVICES Versatility: antibodies Monoclonal enzymes Lysosomal and cytokines Growth factors vaccines subunit Antigens for bioprinting bioprinting Materials for 3D VLPs 13 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 Classic 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 14 Vaccines COVID-19 Vaccines Classic Swine Fever Vaccine VACCINES IBIO - 200 & IBIO COVID Announced selection of IBIO September2020 9, subunit vaccine (IBIO Announced second candidate, a 2020 June3, VLP vaccine program (IBIO 2020 18, March COVID iBio files four provisional patent applications for 2020 11, March - - 19 vaccine candidate 19 development - 201: - 201) Prospective COVID - 200) announced - 201 as lead LicKM TM - - 19 Vaccine Candidates VLP Subunit LicKM / 16 VACCINES StrongConsortium Assembled within Weeks Facility A&E The Beck Group Clinical Trials Management System IBM Watson Health Pre Global MRI Studies & Characterization Texas A&M University (TAMUS) Clinical Trials & Adjuvant Technologies Infectious Disease Research Institute (IDRI) Antigens & Manufacturing iBio - clinical Testing 17 VACCINES IBIO - Description 201: Previously Previously published peer Background LicKM 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 thefrom SARS antigens Combines derived • • 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 18 Core Structure Core

VACCINES Hepadnavirus iBio’s Display iBio’s Potential Potential ‘Plug • • higher expression and purity expression higher membrane components to provide of devoid nanoparticle portentous partner self Fusion designed antigens to fused specifically VLP structure Core Antigen Design & Display Strategy Display DesignStrategy - Ready VLP Platform Platform VLP Ready Antigen - and - assembles into a into assembles - 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 enveloped VLP enveloped Stable non manufacturing Ease of process purification Standard - 19 VACCINES IBIO - iBio’s Approach iBio’s UnmetNeed classical swine fever. swine classical glycoproteinsingle RichardSource:Laughlin PlantC. et2018. al, responses antibody neutralization virus strong by accompanied is and pigs challenged in protection complete provides vaccine subunit dose , the adjuvanted, plant adjuvants, IBIO costin Formulated vaccine (DIVA) protective and safe potentially the used iBio University, State Kansas and University A&M Texas at Diseases Animal Infectious of Institute the with collaboration In America South and Africa, Asia, Europe, in Outbreaks disease affecting both feral and domesticated pigs Classical swine (“CSF”) fever is contagious, a often fatal, 400: - dose vaccine protects pigs against against pigs protects vaccine dose Classical Swine Fever Vaccine - 400 studies single shown have after that - effective oil - made E2 FastPharming - in - water emulsionwater (2)TS6 adjuvanted plant (1)Phosphate Note: system to develop a a develop to system - capable subunit subunit capable - made CSF E2 CSF made - buffered saline (“PBS”). (“PBS”). saline buffered - made E2 vaccine (“TS6 - - pE2”). Plant (5)TS6 (4)KNB (3)KNB protects pigs against classical swine fever swine classical against pigs protects - Pe2 and KNB and Pe2 - - adjuvanted plant adjuvanted insect adjuvanted - made E2glycoproteinmade single (1) - pE2 utilized plant utilized pE2 - - made E2 antigen formulated with KNB derived KNB derived - made E2 protein developed by iBio. - E2 vaccineE2 (“KNB - iE2”). (3) (4)(5) (2)(5) - E2 emulsion adjuvant emulsion (“KNB E2 - dose vaccine - pE2”). 20 Therapeutics Fibrotic Disorders COVID-19 THERAPEUTICS IBIO - 100 Anti extracellular matrices matrices extracellular reduces fibrosis by impacting Endostatin E4 peptide that 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 Strong pre - FastPharming of - Description administration - clinical clinical data: reduced - Fibrotic System Collagen Derivative Collagen IBIO - 100 • • • • 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 deaths from all diseases Involved in ~45% of U.S. Fibrotic Disorders Fibrotic - organ transplants - 22 THERAPEUTICS Development of Development a COVID Biotechnology Planet and iBio • • • • SARS Planet’s limiting the potential for “viral escape” Benefit of a traditional neutralizing antibody, while prospectively circulation in protein the of life the prolongs domain Fc fused the while cells, healthy of block and ACE2 extracellular domain as a decoy to bind the spike protein ACE2 immunoglobulin G Fc fragment (Fc). ahuman to fused (ACE2) 2 enzyme converting angiotensin ACE2 - - - CoV Fc targets the coronavirus virions directly by using the by using directly virions Fc targets the coronavirus of human a Fc is comprised recombinant protein I B in vitro IO - 2 virus 2 from infectingvirus Vero E6 cells I N - L ICENSED studies demonstrated that its ACE2 W - ORLDWIDE 19 Therapeutic19 R IGHTS FOR C ORONAVIRIDAE - Fc blocks Fc blocks 23 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 lab developing in role lead Safi’s and Dept Defense of Supports the “On FastPharming iBio is manufacturing 10 key proteins using the § § - produced blood cells blood produced Neutrophils in trauma for cells blood red upon focused efforts Initial System for Safi - scope - Demand Blood” program by the by program Blood” Demand 25 PROTEINS iBio and United Therapeutics Therapeutics United and iBio 100000 120000 140000 160000 180000 20000 40000 60000 80000 U.S. Organ Shortage Organ U.S. Source: O Source: 0 rgandonor.gov Transplants Waiting Donors List . 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 26 Summary 28 Financial Overview

• Publicly traded on the NYSE American since January 2008

• $55.1 million in cash and cash equivalents as of June 30, 2020 (approximately $83.1 million on September 20, 2020), providing runway through June 2022

• No current debt

• 180.3 million common shares and 3.5 million common stock options outstanding 29 Value Drivers

• Speeds time-to- • Powerful glycan engineering • Easy, consistent • Well-protected IP (106 market vs. traditional tools can increase product scale-up issued patents, 20 active approaches potency and quality patent applications)

COVID-19 Vaccines IBIO-100 Research/Bioprocess

• IBIO-201 has emerged as leading • Initially targeting fibrotic diseases • Contract manufacturing of candidate • U.S. ODD for systemic scleroderma “animal free” bioinks used in 3D bioprinting of tissues and organs • IBIO-200 and VLP platform remain as • Next milestones: Toxicology and a potential ‘plug-and-play’ vaccine cGMP manufacturing development system • Fast follower strategy for cancer Bioprinting: ~$1 Billion by 2025 Over 4 Million Cases in • United Therapeutics: catalyst for Fibrosis Market: >$10 Billion iBio’s supply of biomaterials to U.S & 16 Million Globally new, high-growth segment • ~500 million dose capacity for • ~125,000 patients in U.S. alone • Launching marketing efforts in COVID-19 vaccine from • ~60% forego treatment with bioprinting sub-segment FastPharming facility (potential to standard of care increase with adjuvant)