Cormorant Asset Management (IBIO) discloses 9.99% iBio stake via stock and warrants

Rhea-AI Filing Summary

Cormorant Asset Management, LP and Bihua Chen report a significant position in iBio, Inc. They report beneficial ownership of 5,117,481 shares of iBio common stock, representing 9.99% of the outstanding shares.

The position consists of 3,570,000 shares of common stock and warrants to purchase up to 11,586,340 additional shares, subject to a 9.99% beneficial ownership limitation that prevents further warrant exercises if it would push ownership above that level. All reported voting and dispositive power is shared, with no sole voting or dispositive power reported. The ownership percentage is based on 49,678,561 shares of iBio common stock outstanding as of May 12, 2026, as disclosed in iBio’s Form 10-Q for the quarter ended March 31, 2026.

Key Figures

Beneficially owned shares: 5,117,481 shares Percent of class: 9.99% Common stock held: 3,570,000 shares +3 more

6 metrics

Beneficially owned shares 5,117,481 shares Reported beneficial ownership of iBio common stock by the Reporting Persons

Percent of class 9.99% Ownership percentage of iBio common stock based on 49,678,561 shares outstanding

Common stock held 3,570,000 shares Shares of iBio common stock directly owned by the Reporting Persons

Warrants to purchase common stock 11,586,340 shares Shares of iBio common stock underlying pre-funded and Series H warrants

Shares outstanding 49,678,561 shares iBio common stock outstanding as of May 12, 2026, from Form 10-Q

Beneficial ownership limitation 9.99% Cap above which warrants may not be exercised by the holder and affiliates

Key Terms

pre-funded warrants, Series H warrants, beneficial owner, beneficial ownership limitation, +1 more

5 terms

pre-funded warrants financial

"shares of Common Stock issuable upon the exercise of pre-funded warrants and/or Series H warrants"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

Series H warrants financial

"shares of Common Stock issuable upon the exercise of pre-funded warrants and/or Series H warrants"

Series H warrants are tradable securities that give the holder the right, but not the obligation, to buy a company’s shares at a fixed price before a set expiration; the “Series H” label simply identifies a specific batch of warrants with its own terms. They matter to investors because exercising them increases the number of shares outstanding and can reduce each existing shareholder’s ownership, while also offering a way for warrant holders to lock in a future purchase price—similar to holding a coupon that lets you buy stock later at a preset rate.

beneficial owner financial

"beneficial owner of the shares reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

beneficial ownership limitation financial

"may not be exercised if such exercise would cause the holder... to beneficially own in excess 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 adviser financial

"the investment adviser to certain funds (the "Cormorant Funds")"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

What stake in iBio (IBIO) does Cormorant Asset Management report on this Schedule 13G/A?

Cormorant Asset Management and Bihua Chen report beneficial ownership of 5,117,481 iBio shares, representing 9.99% of the common stock outstanding, based on 49,678,561 shares outstanding as of May 12, 2026.

How is Cormorant’s 9.99% beneficial ownership in iBio (IBIO) structured?

The reported 9.99% interest includes 3,570,000 shares of common stock plus warrants to purchase up to 11,586,340 shares. A 9.99% beneficial ownership limitation restricts warrant exercises that would raise ownership above that level.

What voting and dispositive powers do Cormorant and Bihua Chen have over iBio (IBIO) shares?

They report 0 shares with sole voting or dispositive power and 5,117,481 shares with shared voting and shared dispositive power. All reported power is therefore shared rather than held individually.

What are the underlying securities behind Cormorant’s iBio (IBIO) position?

The position includes iBio common stock and pre-funded and Series H warrants. The warrants are exercisable into common shares but are subject to a 9.99% beneficial ownership cap that limits how many can be exercised at any time.

On what share count is Cormorant’s 9.99% ownership in iBio (IBIO) calculated?

The 9.99% ownership is calculated using 49,678,561 shares of iBio common stock outstanding as of May 12, 2026, as stated in iBio’s Form 10-Q for the quarter ended March 31, 2026.

Who are the reporting persons on this iBio (IBIO) Schedule 13G/A amendment?

The reporting persons are Cormorant Asset Management, LP, a Delaware investment adviser to certain funds, and Bihua Chen. They report beneficial ownership with respect to shares directly held by the Cormorant Funds.

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Available on EDGAR 08/14/2026 - 02:04 PM Accepted by SEC EDGAR 08/14/2026 - 02:03 PM Learn about SEC filing dates

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, $0.001 par value 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

Cormorant Asset Management, 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 5,117,481.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,117,481.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,117,481.00

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, PN

SCHEDULE 13G

CUSIP Number(s): 451033708

1

Names of Reporting Persons

Bihua Chen

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 0.00
6	Shared Voting Power 5,117,481.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,117,481.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,117,481.00

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)

HC, IN

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: Cormorant Asset Management, LP Bihua Chen This statement is filed by (i) Cormorant Asset Management, LP, a Delaware limited partnership, and the investment adviser to certain funds (the "Cormorant Funds"), with respect to the shares directly held by the Cormorant Funds and (ii) Bihua Chen with respect to the shares directly held by the Cormorant Funds. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the shares reported herein.
(b)	Address or principal business office or, if none, residence: 200 Clarendon Street, 50th Floor Boston, MA 02116
(c)	Citizenship: Cormorant Asset Management, LP - Delaware Bihua Chen - United States
(d)	Title of class of securities: Common Stock, $0.001 par value 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: 5,117,481
(b)	Percent of class: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 5,117,481
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 5,117,481 The Reporting Persons' holdings reported herein reflect shares of common stock of the Issuer ("Common Stock") issuable upon the exercise of pre-funded warrants and/or Series H warrants (collectively, the "Warrants"); provided that the Warrants may not be exercised if such exercise would cause the holder, together with its affiliates, to beneficially own in excess of 9.99% of the number of shares of the Issuer's Common Stock then outstanding. The Reporting Persons are the beneficial owners of 3,570,000 shares of Common Stock and hold Warrants to purchase up to 11,586,340 shares of Common Stock, subject to the limitation on exercise. If not for such limitation on exercise, the Reporting Persons would beneficially own in excess of 9.99% of the Issuer's Common Stock. The percentages reported herein with respect to the Reporting Persons' holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on May 12, 2026, that there were 49,678,561 shares of Common Stock of the Issuer outstanding as of May 12, 2026.
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2. The Cormorant Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares reported herein. Cormorant Global Healthcare Master Fund, LP, a Cormorant Fund, has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of more than 5% of the shares.
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.

Cormorant Asset Management, LP

Signature:	/s/ Bihua Chen
Name/Title:	Bihua Chen, Managing Member
Date:	08/14/2026

Bihua Chen

Signature:	/s/ Bihua Chen
Name/Title:	Bihua Chen
Date:	08/14/2026

Exhibit Information

Joint Filing Statement, incorporated by reference to the Joint Filing Statement included with the Schedule 13G filed by the Reporting Persons on November 14, 2025.