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Affinity Asset Advisors, LLC and Michael Cho report beneficial ownership of iBio, Inc. common stock. As of June 30, 2026, they beneficially own 5,068,882 shares of common stock, including 1,061,001 shares issuable upon exercise of warrants, subject to a 9.99% Beneficial Ownership Limitation.
The reported position represents approximately 9.99% of iBio’s outstanding common stock, based on 50,739,562 shares outstanding, which includes 49,678,561 shares outstanding as of May 12, 2026 and 1,061,001 warrant shares after applying the Beneficial Ownership Limitation. The securities are held through Affinity Healthcare Fund, LP, over which Affinity Asset Advisors, LLC, as investment manager, and Michael Cho, as managing member, may be deemed to share voting and dispositive power.
Key Figures
Beneficially owned shares:5,068,882 sharesWarrant shares included:1,061,001 sharesOwnership percentage:9.99%+3 more
6 metrics
Beneficially owned shares5,068,882 sharesCommon stock beneficially owned by the Reporting Persons as of June 30, 2026
Warrant shares included1,061,001 sharesCommon shares issuable upon exercise of warrants, subject to Beneficial Ownership Limitation
Ownership percentage9.99%Percentage of iBio common stock beneficially owned by the Reporting Persons
Shares outstanding for calculation50,739,562 sharesTotal iBio common shares used to calculate ownership percentage
Shares outstanding May 12, 202649,678,561 sharesiBio common shares outstanding as of May 12, 2026 referenced from Form 10-Q
Beneficial Ownership Limitation9.99%Cap on ownership immediately after warrant exercise
"the Adviser and Mr. Cho ... beneficially own 5,068,882 shares of common stock"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Beneficial Ownership Limitationfinancial
"The Warrants are all subject to a Beneficial Ownership Limitation of 9.99%"
A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.
investment managerfinancial
"Affinity Asset Advisors, LLC ... is the investment manager of the Fund"
dispositive powerfinancial
"sole power to dispose or to direct the disposition of 5,068,882 shares"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
warrantsfinancial
"includes 1,061,001 shares of Common Stock issuable upon exercise of warrants"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What percentage of iBio (IBIO) does Affinity Asset Advisors and Michael Cho beneficially own?
Affinity Asset Advisors and Michael Cho beneficially own approximately 9.99% of iBio’s common stock. This is based on 50,739,562 shares outstanding, including common shares and warrant shares limited by the Beneficial Ownership Limitation.
How many iBio (IBIO) shares are reported as beneficially owned by Affinity Asset Advisors and Michael Cho?
They report beneficial ownership of 5,068,882 iBio common shares. This total includes 1,061,001 shares issuable upon exercise of warrants, calculated after applying the stated Beneficial Ownership Limitation of 9.99%.
How is the 9.99% ownership of iBio (IBIO) by Affinity Asset Advisors calculated?
The 9.99% interest is calculated using 50,739,562 iBio shares outstanding. That figure combines 49,678,561 shares outstanding as of May 12, 2026 and 1,061,001 warrant shares, after giving effect to the Beneficial Ownership Limitation.
What role does Affinity Healthcare Fund, LP play in the iBio (IBIO) ownership reported?
The securities are directly held by Affinity Healthcare Fund, LP. Affinity Asset Advisors, LLC is the investment manager of the fund and, along with Michael Cho, may be deemed to share voting and investment power over the reported iBio shares.
What is the Beneficial Ownership Limitation on the iBio (IBIO) warrants held by Affinity?
The warrants for 1,061,001 iBio shares are subject to a 9.99% Beneficial Ownership Limitation. This cap restricts exercise so that, after issuance, ownership does not exceed 9.99% of iBio’s outstanding common stock.
Who signed the iBio (IBIO) beneficial ownership report for Affinity Asset Advisors and Michael Cho?
The report was signed by Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer of Affinity Asset Advisors, LLC, and by Michael Cho in his individual capacity, both dated August 13, 2026.
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)
06/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
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
5,068,882.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,068,882.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,068,882.00
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 Number(s):
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
5,068,882.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,068,882.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,068,882.00
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 June 30, 2026, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 5,068,882 shares of common stock, par value $0.001 per share ("Common Stock"), of iBio, Inc. (the "Issuer"), which amount includes 1,061,001 shares of Common Stock issuable upon exercise of warrants (the "Warrants"). The Warrants are all subject to aa 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 June 30, 2026, the Reporting Persons beneficially own approximately 9.99% of the Common Stock outstanding. Based on 50,739,562 shares of Common Stock of the Issuer outstanding as of the date hereof comprised of (a) the 49,678,561 shares of Common Stock of the Issuer as of May 12, 2026, as set forth in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on May 12, 2026; and (b) 1,061,001 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 June 30, 2026, the Reporting Persons have sole power to vote or to direct the vote of 5,068,882 shares of Common Stock, which amount includes 1,061,001 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 June 30, 2026, 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 June 30, 2026, the Reporting Persons have sole power to dispose or to direct the disposition of 5,068,882 shares of Common Stock, which amount includes 1,061,001 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 June 30, 2026, 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
