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

Rhea-AI Filing Summary

ADAR1-affiliated investors report beneficial ownership of 1,794,055 shares of iBio, Inc., representing 9.9% of the outstanding common stock. The holding comprises 54,819 shares held directly by ADAR1 Partners, LP and 1,739,236 shares issuable upon conversion of milestone warrants held by ADAR1 Partners, LP. The filing states that 716,904 additional shares underlying milestone warrants are excluded because their exchange or exercise is subject to a 9.99% beneficial ownership limitation.

The reporting entities are ADAR1 Capital Management, LLC (investment adviser), ADAR1 Capital Management GP, LLC (general partner) and Daniel Schneeberger (manager), each disclosing shared voting and dispositive power over the 1,794,055 shares. The ownership percentage is calculated on a stated base of 16,219,281 shares outstanding.

Positive

• Material but non-controlling stake: The 9.9% position is large enough to merit investor attention without constituting control.
• Transparency on warrant composition: Filing clearly discloses that most of the position is vested in milestone warrants (1,739,236 shares), aiding investor assessment of conversion risk.

Negative

• Concentrated exposure: A single affiliated group holds a significant minority stake, which may influence governance or strategic discussions.
• Uncertainty from warrant structure: The reliance on milestone warrants means actual share count and voting power could change if milestones are achieved or warrants exercised.

Insights

Financial Analyst

TL;DR: ADAR1 group holds a near-10% stake (1.79M shares) in iBio, a sizable minority position that could influence shareholder dynamics.

The reported 9.9% stake is material for a single investor group and is largely composed of convertible milestone warrants rather than only shares, which affects the immediacy and certainty of voting power and economic exposure. The disclosure that an additional 716,904 warrant-linked shares are excluded due to a 9.99% cap highlights structural limits on further immediate dilution from this holder. For valuation or liquidity analysis, note the ownership base (16,219,281 shares) used to compute the percentage.

Corporate Governance Expert

TL;DR: The filing signals a coordinated reporting group with shared control attributes, meriting attention to governance and potential nomination activity.

The entities disclosed—investment adviser, GP, and the manager—are presented in a way that demonstrates shared voting/dispositive authority over the 1,794,055 shares. The certification asserts holdings are in the ordinary course of business and not intended to change control; however, a near-10% position is governance-relevant and should prompt review of any related agreements, warrant terms, and potential board engagement. The exclusion of certain warrants under a 9.99% limitation further frames the group’s constrained convertible upside absent negotiated waivers or structural changes.

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)

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

ADAR1 Capital Management, 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,794,055.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,794,055.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,794,055.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Includes (i) 54,819 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP and (ii) 1,739,236 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP as of June 30, 2025. Excludes 716,904 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the investment manager of ADAR1 Partners, LP, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP. Based on 16,219,281 shares of Common Stock of iBio, Inc. (the "Issuer") outstanding as of June 30, 2025 reported in the Issuer's S-3, filed with the SEC on June 13, 2025.

SCHEDULE 13G

CUSIP No. 451033708

1

Names of Reporting Persons

ADAR1 Capital Management GP, 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,794,055.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,794,055.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,794,055.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Includes (i) 54,819 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP and (ii) 1,739,236 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP as of June 30, 2025. Excludes 716,904 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the general partner of ADAR1 Partners, LP, ADAR1 Capital Management GP, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP. Based on 16,219,281 shares of Common Stock of iBio, Inc. (the "Issuer") outstanding as of June 30, 2025 reported in the Issuer's S-3, filed with the SEC on June 13, 2025.

SCHEDULE 13G

CUSIP No. 451033708

1

Names of Reporting Persons

Daniel Schneeberger

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

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,794,055.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,794,055.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,794,055.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Includes (i) 54,819 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP and (ii) 1,739,236 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP as of June 30, 2025. Excludes 716,904 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP. Based on 16,219,281 shares of Common Stock of iBio, Inc. (the "Issuer") outstanding as of June 30, 2025 reported in the Issuer's S-3, filed with the SEC on June 13, 2025.

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, CA, 92121
Item 2.
(a)	Name of person filing: This Schedule is being filed on behalf of each of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"): (i) ADAR1 Capital Management, LLC ("ADAR1 Capital Management"); (ii) ADAR1 Capital Management GP, LLC ("ADAR1 General Partner"); and (iii) Daniel Schneeberger ("Mr. Schneeberger").
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738.
(c)	Citizenship: (i) ADAR1 Capital Management is a Texas limited liability company; (ii) ADAR1 General Partner is a Texas limited liability company; and (iii) Mr. Schneeberger is a citizen of Switzerland.
(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 information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(b)	Percent of class: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
Item 5.	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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Mr. Schneeberger is filing this Schedule 13G as a control person in respect of shares beneficially owned by ADAR1 Capital Management, an investment adviser as described in SS 240.13d-1(b)(1)(ii)(E).
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.

ADAR1 Capital Management, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	08/14/2025

ADAR1 Capital Management GP, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	08/14/2025

Daniel Schneeberger

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, in his individual capacity
Date:	08/14/2025

FAQ

How many shares of IBIO does ADAR1 report beneficially owning?

The filing reports 1,794,055 shares of iBio common stock beneficially owned by the ADAR1 reporting group.

What percentage of IBIO outstanding stock does ADAR1's position represent?

The reported position represents 9.9% of iBio's outstanding common stock based on 16,219,281 shares outstanding.

How is ADAR1's position composed between shares and warrants?

The position includes 54,819 shares held directly and 1,739,236 shares underlying milestone warrants; an additional 716,904 warrant-linked shares are excluded due to a 9.99% cap.

Who are the reporting persons listed on the Schedule 13G/A for IBIO?

The reporting persons are ADAR1 Capital Management, LLC, ADAR1 Capital Management GP, LLC, and Daniel Schneeberger.

Does the filing state ADAR1 intends to change control of iBio?

The certification in the filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.