iBio reports beneficial ownership disclosure by Affinity Asset Advisors, LLC and Michael Cho. The Reporting Persons state they beneficially own 3,489,048 shares of common stock, representing approximately 9.99% of the outstanding common stock as of March 31, 2026. This amount includes 381,848 shares issuable upon exercise of warrants subject to a 9.99% Beneficial Ownership Limitation.
The filing ties the percentage to a total share base of 34,925,409 shares outstanding as of the stated date and attributes sole voting and dispositive power over the disclosed shares to the Adviser and Mr. Cho.
Positive
None.
Negative
None.
Insights
Disclosure shows a near-10% position by an investment adviser and its managing member.
The filing states Affinity Asset Advisors, LLC and Michael Cho beneficially own 3,489,048 shares, equal to 9.99% of outstanding shares as of March 31, 2026. The position includes 381,848 shares issuable upon exercise of warrants, which are subject to a 9.99% Beneficial Ownership Limitation.
Cash-flow treatment and intent are not disclosed in the excerpt; subsequent filings or disclosures would be needed for any planned sales or transfers. The ownership is reported under sole voting and dispositive power by the Reporting Persons.
Key Figures
Beneficial shares owned:3,489,048 sharesWarrants issuable:381,848 sharesPercent of class:9.99%+1 more
4 metrics
Beneficial shares owned3,489,048 sharesas of <date>March 31, 2026</date>
Warrants issuable381,848 sharesincluded in beneficial ownership and issuable upon exercise
Percent of class9.99%beneficial ownership percentage as of <date>March 31, 2026</date>
Shares outstanding used34,925,409 sharesbasis for percentage calculation as stated in the filing
Key Terms
Beneficial Ownership Limitation, Warrants, Sole Dispositive Power
3 terms
Beneficial Ownership Limitationregulatory
"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.
Warrantsfinancial
"includes 381,848 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.
Sole Dispositive Powerregulatory
"the Reporting Persons have sole power to dispose or to direct the disposition of 3,489,048 shares"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
iBio, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
451033708
(CUSIP Number)
03/31/2026
(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
3,489,048.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,489,048.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,489,048.00
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
3,489,048.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,489,048.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,489,048.00
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 March 31, 2026, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 3,489,048 shares of common stock, par value $0.001 per share ("Common Stock"), of iBio, Inc. (the "Issuer"), which amount includes 381,848 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 March 31, 2026, the Reporting Persons beneficially own approximately 9.99% of the Common Stock outstanding. Based on 34,925,409 shares of Common Stock of the Issuer outstanding as of the date hereof comprised of (a) the 34,543,561 shares of Common Stock of the Issuer as of February 24, 2026, as set forth in the Issuer's Prospectus Supplement filed with the Securities and Exchange Commission on March 6, 2026; and (b) 381,848 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 March 31, 2026, the Reporting Persons have sole power to vote or to direct the vote of 3,489,048 shares of Common Stock, which amount includes 381,848 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 March 31, 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 March 31, 2026, the Reporting Persons have sole power to dispose or to direct the disposition of 3,489,048 shares of Common Stock, which amount includes 381,848 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 March 31, 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
What stake does Affinity Asset Advisors report in iBio (IBIO)?
Affinity Asset Advisors and Michael Cho report beneficial ownership of 3,489,048 shares of iBio common stock, representing approximately 9.99% of the outstanding shares as of March 31, 2026.
How many shares in iBio are issuable upon exercise of warrants by the reporting persons?
The filing discloses 381,848 shares of common stock issuable upon exercise of warrants held by the Fund, which are included in the reported 3,489,048 share beneficial position.
What is the total share count used to calculate the 9.99% figure for IBIO?
The percentage is based on a total of 34,925,409 shares outstanding as of the filing's reference date, which incorporates the warrants after applying the Beneficial Ownership Limitation.
Do the reporting persons have voting and dispositive power over the disclosed IBIO shares?
Yes. The filing states the Reporting Persons have sole power to vote and sole power to dispose of the 3,489,048 shares, with no shared voting or dispositive power reported.
What is the Beneficial Ownership Limitation referenced in the iBio 13G/A?
The filing states the warrants are subject to a 9.99% Beneficial Ownership Limitation, which caps shares issuable upon exercise to prevent ownership exceeding 9.99% immediately after issuance.
