ADAR1 discloses 4.4% iBio (IBIO) ownership in updated 13G filing

Rhea-AI Filing Summary

iBio, Inc. received an updated Schedule 13G/A from ADAR1 Capital Management, related entities, and Daniel Schneeberger reporting beneficial ownership of up to 1,351,671 shares of common stock, or 4.4% of the company’s shares outstanding as of December 31, 2025.

The position includes 390,864 shares held by ADAR1 Partners, LP, smaller amounts in other managed accounts, and 956,140 shares underlying milestone warrants. The filers state the securities are held in the ordinary course of business and not for changing or influencing control, and they now report ownership of 5 percent or less of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

iBio, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

451033708

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 451033708

1

Names of Reporting Persons

ADAR1 Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,351,671.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,351,671.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,351,671.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.4 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Includes (i) 390,864 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 2,345 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC, (iii) 2,322 shares of Common Stock held by other separately managed accounts and (iv) 956,140 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP as of December 31, 2025. As the investment manager of ADAR1 Partners, LP and as the sub-advisor of Spearhead Insurance Solutions IDF, LLC and the separately managed accounts referenced above, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC and the separately managed accounts. Based on 30,053,070 shares of Common Stock of iBio, Inc. (the "Issuer") outstanding as of December 31, 2025, reported in the Issuer's Form 10-Q for the quarterly period ended December 31, 2025, filed with the Securities and Exchange Commission on February 10, 2026.

SCHEDULE 13G

CUSIP No. 451033708

1

Names of Reporting Persons

ADAR1 Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,347,004.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,347,004.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,347,004.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Includes (i) 390,864 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP and (ii) 956,140 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP as of December 31, 2025. As the general partner of ADAR1 Partners, LP, ADAR1 Capital Management GP, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP. Based on 30,053,070 shares of Common Stock of iBio, Inc. (the "Issuer") outstanding as of December 31, 2025, reported in the Issuer's Form 10-Q for the quarterly period ended December 31, 2025, filed with the Securities and Exchange Commission on February 10, 2026.

SCHEDULE 13G

CUSIP No. 451033708

1

Names of Reporting Persons

Daniel Schneeberger

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,351,671.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,351,671.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,351,671.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.4 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Includes (i) 390,864 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 2,345 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC, (iii) 2,322 shares of Common Stock held by other separately managed accounts and (iv) 956,140 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP as of December 31, 2025. As the manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC and the separately managed accounts referenced above. Based on 30,053,070 shares of Common Stock of iBio, Inc. (the "Issuer") outstanding as of December 31, 2025, reported in the Issuer's Form 10-Q for the quarterly period ended December 31, 2025, filed with the Securities and Exchange Commission on February 10, 2026.

SCHEDULE 13G

CUSIP No. 451033708

1

Names of Reporting Persons

ADAR1 Partners, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,347,004.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,347,004.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,347,004.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Includes (i) 390,864 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP and (ii) 956,140 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP as of December 31, 2025. Based on 30,053,070 shares of Common Stock of iBio, Inc. (the "Issuer") outstanding as of December 31, 2025, reported in the Issuer's Form 10-Q for the quarterly period ended December 31, 2025, filed with the Securities and Exchange Commission on February 10, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iBio, Inc.
(b)	Address of issuer's principal executive offices: 11750 Sorrento Valley Road, Suite 200, San Diego, CA 92121
Item 2.
(a)	Name of person filing: This Schedule is being filed on behalf of each of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"): (i) ADAR1 Capital Management, LLC ("ADAR1 Capital Management"); (ii) ADAR1 Capital Management GP, LLC ("ADAR1 General Partner"); (iii) Daniel Schneeberger ("Mr. Schneeberger"); and (iv) ADAR1 Partners, LP ("ADAR1 Partners").
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738.
(c)	Citizenship: (i) ADAR1 Capital Management is a Texas limited liability company; (ii) ADAR1 General Partner is a Texas limited liability company; and (iii) Mr. Schneeberger is a citizen of Switzerland; and (iv) ADAR1 Partners, LP, is a Delaware limited partnership.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 451033708
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(b)	Percent of class: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Mr. Schneeberger is filing this Schedule 13G as a control person in respect of shares beneficially owned by ADAR1 Capital Management, an investment adviser as described in SS 240.13d-1(b)(1)(ii)(E).
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ADAR1 Capital Management, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	02/17/2026

ADAR1 Capital Management GP, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	02/17/2026

Daniel Schneeberger

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, in his individual capacity
Date:	02/17/2026

ADAR1 Partners, LP

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager of ADAR1 Capital Management GP, LLC, the General Partner of ADAR1 Partners, LP
Date:	02/17/2026

FAQ

What ownership stake in iBio (IBIO) does ADAR1 report in this Schedule 13G/A?

ADAR1 and related parties report beneficial ownership of 1,351,671 iBio common shares, representing about 4.4% of the outstanding stock as of December 31, 2025. This reflects a position below the 5% threshold that typically triggers full Schedule 13D reporting.

Which entities are included in ADAR1’s iBio (IBIO) beneficial ownership disclosure?

The filing is made on behalf of ADAR1 Capital Management, LLC, ADAR1 Capital Management GP, LLC, ADAR1 Partners, LP, and Daniel Schneeberger. ADAR1 manages or controls several vehicles and accounts that collectively hold the reported iBio common shares and milestone warrants.

How is ADAR1’s 4.4% iBio (IBIO) ownership calculated in the filing?

The 4.4% ownership figure is based on 30,053,070 iBio common shares outstanding as of December 31, 2025, as reported in iBio’s Form 10-Q. ADAR1’s total of 1,351,671 shares beneficially owned is divided by that outstanding share count.

What types of iBio (IBIO) securities are included in ADAR1’s beneficial ownership?

The position includes 390,864 common shares held by ADAR1 Partners, LP, smaller common share holdings in other managed accounts, and 956,140 common shares underlying milestone warrants. All of these are counted toward the aggregate beneficial ownership reported in the Schedule 13G/A.

Does ADAR1’s iBio (IBIO) filing indicate an attempt to influence control of the company?

The filers explicitly certify the iBio securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control. They also state the holdings are not part of any transaction aimed at exerting control over the issuer.

What is Daniel Schneeberger’s role in the ADAR1 iBio (IBIO) ownership structure?

Daniel Schneeberger is identified as a manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC. Through these roles, he may be deemed to indirectly beneficially own the iBio securities held by ADAR1 Partners, LP and other managed accounts included in the filing.