[SCHEDULE 13G/A] iBio, Inc. SEC Filing

Rhea-AI Filing Summary

On 29 July 2025 Fundamental Global Inc. (Nasdaq:FGF, FGFPP) signed a Securities Purchase Agreement with accredited investors for a private placement of up to 40,000,000 pre-funded warrants at $5.00 each (including the $0.001 exercise price), implying gross proceeds of roughly $200 million. The warrants become exercisable after a charter amendment that increases authorized shares and may be paid for in cash, BTC, ETH or USDC. ThinkEquity acts as sole placement agent, earning a 3% cash fee and warrants equal to 7.5% of the securities sold at a $5.50 strike. The company agreed to a 30-day ban on additional issuances and a 90-day restriction on stock splits.

Net proceeds will fund an Ethereum-focused corporate treasury. To execute the strategy, FGF entered a three-year Asset Management Agreement with Galaxy Digital Capital Management, which will manage the crypto portfolio under a long-only ETH strategy for a tiered 0.75-1.25% fee (minimum $1 million annually). A Registration Rights Agreement requires FGF to file a resale registration statement within 30 days. The company also announced creation of FG CVR Trust; shareholders of record 8 Aug 2025 will receive non-transferable CVRs linked to distributions from legacy non-core assets.

Positive

• Potential $200 million capital infusion without immediate share issuance cash cost.
• Professional crypto management by Galaxy Digital may enhance returns through staking strategies.
• Shareholder CVR offers additional upside from disposition of non-core assets.

Negative

• Up to 40 million new shares represent significant dilution once warrants are exercised.
• Allocation of proceeds to cryptocurrency exposes the balance sheet to price volatility and regulatory scrutiny.
• Minimum $1 million annual fee to Galaxy Digital increases fixed operating costs.

Insights

Securities Analyst

TL;DR: Large capital raise, but heavy dilution and crypto risk offset benefits.

The $200 million private placement strengthens liquidity and funds a new treasury strategy. However, 40 million potential shares could meaningfully dilute existing holders, and proceeds are earmarked for volatile crypto assets. Short lock-ups limit further issuance, yet long-term share overhang and a guaranteed $1 million annual asset-management fee weigh on future EPS. Overall impact skews neutral until execution and ETH performance are clearer.

Crypto Treasury Specialist

TL;DR: Strategic ETH treasury move leverages Galaxy expertise, could add upside.

Partnering with Galaxy Digital provides institutional-grade custody and staking capabilities, giving FGF potential yield on ETH holdings while outsourcing operational complexity. Paying in crypto aligns with target assets and may appeal to digital-asset investors. Success depends on ETH price trajectory, but the move differentiates FGF and may unlock new capital channels. From a crypto-strategy view, the announcement is favorable.

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

(Title of Class of Securities)

451033708

(CUSIP Number)

06/30/2025

(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

Patrick J. Crutcher

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 847,044.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 847,044.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

847,044.00

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)

3.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: See Item 2 for additional information.

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: This Amendment No. 2 to Schedule 13G is being filed by Patrick J. Crutcher (the "Reporting Person"). The ownership percentages are based upon 27,472,651 shares of Common Stock outstanding as disclosed in the Issuer's final prospectus filed with the with SEC on June 24, 2025.
(b)	Address or principal business office or, if none, residence: The address for the Reporting Person is: 650 Ponce De Leon Ave., Suite 300 #2347, Atlanta, GA 30308.
(c)	Citizenship: USA
(d)	Title of class of securities: Common Stock
(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: As of the date hereof, the Reporting Person beneficially owns 847,044 shares of Common Stock of the Issuer, consisting of 546,606 shares of Common Stock and warrants to purchase up to 300,438 shares of Common Stock representing 3.1% of the outstanding shares of Common Stock the Issuer. This filing represents an exit filing for the Reporting Person.
(b)	Percent of class: 3.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 847,044
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 847,044
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	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 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.

Patrick J. Crutcher

Signature:	/s/ Patrick J. Crutcher
Name/Title:	Patrick J. Crutcher
Date:	07/30/2025

FAQ

How much capital can Fundamental Global (FGF) raise through the private placement?

Up to $200 million by selling 40 million pre-funded warrants at $5.00 each.

What payment methods are accepted for the pre-funded warrants?

Purchasers may pay in cash, Bitcoin, Ethereum or USDC using Coinbase’s 25 Jul 2025 8 p.m. ET spot rate.

When do the warrants become exercisable?

Immediately after the charter amendment increasing authorized shares; some warrants have an automatic exercise feature.

What will FGF do with the proceeds?

Funds will purchase cryptocurrency, establish an ETH-centric treasury, cover fees and support general corporate purposes.

What fees will Galaxy Digital earn under the Asset Management Agreement?

A tiered 0.75-1.25% of assets under management with a $1 million annual minimum, billed monthly.

Who is eligible for the new Contingent Value Right (CVR)?

Common shareholders of record on 8 Aug 2025 will receive non-transferable CVRs tied to FG CVR Trust distributions.