Affinity discloses 9.99% iBio (IBIO) ownership through fund structure

Rhea-AI Filing Summary

Affinity Asset Advisors, LLC and Michael Cho report a 9.99% beneficial stake in iBio, Inc. common stock. They collectively report control over 2,401,616 shares, including 144,416 shares issuable upon exercise of warrants.

The securities are held through Affinity Healthcare Fund, LP, for which Affinity Asset Advisors acts as investment manager. The warrants are subject to a 9.99% beneficial ownership limitation, and the position is certified as being held in the ordinary course of business, not to influence control of iBio.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

iBio, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

451033708

(CUSIP Number)

01/22/2026

(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

Affinity Asset Advisors, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,401,616.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,401,616.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,401,616.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 451033708

1

Names of Reporting Persons

Michael Cho

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,401,616.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,401,616.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,401,616.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IN, HC

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, California, 92121
Item 2.
(a)	Name of person filing: Affinity Asset Advisors, LLC Michael Cho
(b)	Address or principal business office or, if none, residence: 450 Park Avenue Suite 1403 New York, NY 10022
(c)	Citizenship: Affinity Asset Advisors, LLC is a Delaware limited liability company, and Michael Cho is an individual and is a citizen of the United States.
(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 securities reported herein are directly held by Affinity Healthcare Fund, LP (the "Fund"). Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund and exercises voting and investment power over the securities held directly by the Fund reported herein pursuant to an investment management agreement between the Adviser, the Fund, and the general partner of the Fund. The Adviser may be deemed to beneficially own the securities reported herein held by the Fund by virtue of its position as investment manager of the Fund. Michael Cho, the managing member of the Adviser, may be deemed a beneficial owner of the securities reported herein held by the Fund. As of the date hereof, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 2,401,616 shares of common stock, par value $0.001 per share ("Common Stock"), of iBio, Inc. (the "Issuer"), which amount includes 144,416 shares of Common Stock issuable upon exercise of warrants (the "Warrants"). The Warrants are all subject to a beneficial ownership limitation of 9.99% of the number of shares of Common Stock of the Issuer outstanding immediately after giving effect to the issuance of the shares issuable upon exercise of the Warrants (the "Beneficial Ownership Limitation").
(b)	Percent of class: As of the date hereof, the Reporting Persons beneficially own approximately 9.99% of the Common Stock outstanding. Based on 24,040,205 shares of Common Stock of the Issuer outstanding as of the date hereof comprised of (a) the 22,487,308 shares of Common Stock of the Issuer as of November 10, 2025, as set forth in the Issuer's Form 10-Q/A filed with the Securities and Exchange Commission on November 17, 2025; (b) the 1,408,481 shares of Common Stock of the Issuer issued in connection with a private placement that closed on or about January 13, 2026, as reported in the Issuer's Form 8-K filed with the Securities and Exchange Commission on January 12, 2026; and (c) 144,416 shares of Common Stock issuable upon the exercise of the Warrants, after giving effect to the Beneficial Ownership Limitation.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of the date hereof, the Reporting Persons have sole power to vote or to direct the vote of 2,401,616 shares of Common Stock, which amount includes 144,416 shares of Common Stock issuable upon the exercise of warrants after giving effect to the Beneficial Ownership Limitation.
	(ii) Shared power to vote or to direct the vote: As of the date hereof, the Reporting Persons have shared power to vote or to direct the vote of 0 shares of Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: As of the date hereof, the Reporting Persons have sole power to dispose or to direct the disposition of 2,401,616 shares of Common Stock, which amount includes 144,416 shares of Common Stock issuable upon the exercise of warrants after giving effect to the Beneficial Ownership Limitation.
	(iv) Shared power to dispose or to direct the disposition of: As of the date hereof, the Reporting Persons have shared power to dispose or to direct the disposition of 0 shares of Common Stock.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.
	Not Applicable
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.

Affinity Asset Advisors, LLC

Signature:	/s/ Andrew Weinstein
Name/Title:	Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
Date:	01/29/2026

Michael Cho

Signature:	/s/ Michael Cho
Name/Title:	Michael Cho, Self
Date:	01/29/2026

FAQ

What ownership stake in iBio (IBIO) is reported by Affinity Asset Advisors and Michael Cho?

Affinity Asset Advisors, LLC and Michael Cho report beneficial ownership of 2,401,616 iBio common shares, representing approximately 9.99% of the outstanding common stock. This percentage is calculated based on 24,040,205 iBio shares outstanding as of the referenced date.

How many iBio (IBIO) shares reported by Affinity are from warrant exercises?

Of the 2,401,616 iBio shares reported, 144,416 are shares of common stock issuable upon exercise of warrants. These warrant shares are included in the beneficial ownership calculation, subject to the disclosed 9.99% beneficial ownership limitation imposed on the warrants.

Who actually holds the iBio (IBIO) securities reported by Affinity and Michael Cho?

The iBio securities are directly held by Affinity Healthcare Fund, LP. Affinity Asset Advisors, LLC acts as the investment manager to this fund, and Michael Cho, as managing member of the adviser, may be deemed a beneficial owner of the fund’s reported holdings in iBio.

What is the beneficial ownership limitation on Affinity’s iBio (IBIO) warrants?

The warrants held by the fund are subject to a 9.99% beneficial ownership limitation. This cap restricts exercises so that, immediately after warrant exercise, the holders’ beneficial ownership of iBio common stock does not exceed 9.99% of the outstanding shares.

How was the 9.99% ownership percentage in iBio (IBIO) calculated?

The 9.99% ownership is based on 24,040,205 iBio common shares outstanding. This total includes 22,487,308 shares reported in a prior Form 10-Q/A, 1,408,481 shares from a private placement, and 144,416 shares issuable upon warrant exercise under the ownership limitation.

Did Affinity and Michael Cho state any intent to influence control of iBio (IBIO)?

They certified the iBio securities were acquired and are held in the ordinary course of business. They further stated the holdings were not acquired and are not held for changing or influencing control of iBio, except as allowed for certain nomination activities under applicable rules.