Mining maximal subgraphs with cohesive structures from a bipartite graph has been widely studied. One important cohesive structure on bipartite graphs is k-biplex, where each vertex on one side disconnects at most k vertices on the other side. In this paper, we study the maximal k-biplex enumeration problem which enumerates all maximal k-biplexes. Existing methods suffer from efficiency and/or scalability issues and have the time of waiting for the next output exponential w.r.t. the size of the input bipartite graph (i.e., an exponential delay). In this paper, we adopt a reverse search framework called bTraversal, which corresponds to a depth-first search (DFS) procedure on an implicit solution graph on top of all maximal k-biplexes. We then develop a series of techniques for improving and implementing this framework including (1) carefully selecting an initial solution to start DFS, (2) pruning the vast majority of links from the solution graph of bTraversal, and (3) implementing abstract procedures of the framework. The resulting algorithm is called iTraversal, which has its underlying solution graph significantly sparser than (around 0.1% of) that of bTraversal. Besides, iTraversal provides a guarantee of polynomial delay. Our experimental results on real and synthetic graphs, where the largest one contains more than one billion edges, show that our algorithm is up to four orders of magnitude faster than existing algorithms.