Affinity Asset Advisors Discloses Passive 9.99% Position in iBio (4.28M Warrants)

Rhea-AI Filing Summary

Affinity Healthcare Fund, LP and its investment adviser Affinity Asset Advisors, LLC disclosed a passive stake in iBio, Inc. The filing reports the Fund holds economic and voting interests in warrants exercisable into 4,280,000 shares of iBio common stock, representing 9.99% of the class on a reported basis. The filing explains a beneficial ownership limitation that prevents full exercise of all warrants without exceeding 9.99%, meaning the maximum number of shares that may be issued upon exercise without breaching that limit is 2,391,070. Voting and dispositive power over the reported securities are shared between the Fund and the Advisor.

Positive

• Clear disclosure of economic exposure to iBio via warrants totaling 4,280,000 shares
• Transparency on ownership limitation, specifying the maximum issuable without breaching 9.99% is 2,391,070
• Passive filing (Schedule 13G) indicates the position is not intended to influence control

Negative

• Warrants are not fully exercisable due to the Beneficial Ownership Limitation, reducing immediate share issuance
• Potential future dilution exists if warrants are exercised later, which could affect outstanding share count

Insights

Securities Analyst

TL;DR Passive disclosure of near-10% economic stake via warrants, constrained by an ownership cap — neutral to modestly significant for holders.

The filing is a Schedule 13G indicating a passive position rather than an active attempt to influence control. The Fund’s reported 4,280,000 warrants would nominally equal 9.99% of the class, but a contractual beneficial ownership limitation reduces immediate exercisable shares to 2,391,070, limiting dilution and near-term voting shifts. Investors should note the position is structured through warrants and managed by an adviser, which affects timing and likelihood of conversion.

Corporate Governance Expert

TL;DR Disclosure shows shared voting/dispositive power but affirms a non-control, passive intent — governance impact is limited.

The reporting persons certify the securities were not acquired to change control and classify the filing under passive ownership rules. Shared voting and dispositive power are disclosed, but the beneficial ownership cap and Schedule 13G status indicate no present governance activism. This filing increases transparency about potential future dilution from warrant exercise but does not itself signal a governance challenge.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

iBio, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

451033708

(CUSIP Number)

08/19/2025

(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

Affinity Healthcare Fund, 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 4,280,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,280,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,280,000.00

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)

PN

SCHEDULE 13G

CUSIP No. 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 0.00
6	Shared Voting Power 4,280,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,280,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,280,000.00

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

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: Affinity Healthcare Fund, LP Affinity Asset Advisors, LLC
(b)	Address or principal business office or, if none, residence: 450 Park Avenue Suite 1403 New York, NY 10022
(c)	Citizenship: Affinity Healthcare Fund, LP and Affinity Asset Advisors, LLC - Delaware
(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: Affinity Asset Advisors, LLC (the "Advisor") is the investment manager of Affinity Healthcare Fund, LP (the "Fund") and exercises investment discretion with regard to the securities reported herein. The Advisor may be deemed to be the beneficial owner of the securities reported herein owned by the Fund by virtue of its position as investment manager of the Fund. The Fund and the Advisor have the shared power to vote or to direct the vote and to dispose or direct the disposition of the securities reported herein. As of August 26, 2025, the Fund beneficially owned an aggregate of 4,280,000 shares of Common Stock of the Issuer, issuable upon exercise of warrants (the "Warrants") within the next sixty (60) days, subject to a 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"). The percentage set forth in Row 11 of the cover page for each reporting person gives effect to such Beneficial Ownership Limitation, and the number of shares of Common Stock of the Issuer reported as being issuable upon exercise of the Warrants in Rows 6, 8 and 9 of the cover page for each reporting person includes the full number of shares of Common Stock of the Issuer that would be issuable upon full exercise of the Warrants and does not give effect to the Beneficial Ownership Limitation. Therefore, as of the date hereof, some of the Warrants are not presently exercisable due to the Beneficial Ownership Limitation, and the actual number of shares of Common Stock beneficially owned by the reporting persons, after giving effect to the Beneficial Ownership Limitation, is less than the number of shares of Common Stock of the Issuer reported in Rows 6, 8 and 9 of the cover page for each reporting person to be issuable upon exercise of the Warrants. Based on 23,934,625 shares of Common Stock of the Issuer outstanding as of the date hereof comprised of (a) the 19,654,625 shares of Common Stock of the Issuer outstanding as of August 11, 2025 as set forth in the Issuer's Prospectus Supplement filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on August 21, 2025 and (b) the 4,280,000 shares of Common Stock of the Issuer issuable to the Fund upon full exercise of the Warrants held by it, the maximum number of shares that may be issued upon exercise of the Warrants in order not to exceed the Beneficial Ownership Limitation percentage set forth in Row 11 of the cover page for each reporting person would be 2,391,070.
(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: 0.00
	(ii) Shared power to vote or to direct the vote: 4280000
	(iii) Sole power to dispose or to direct the disposition of: 0.00
	(iv) Shared power to dispose or to direct the disposition of: 4280000
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.
	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.

Affinity Healthcare Fund, LP

Signature:	/s/ Andrew Weinstein
Name/Title:	Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
Date:	08/26/2025

Affinity Asset Advisors, LLC

Signature:	/s/ Andrew Weinstein
Name/Title:	Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
Date:	08/26/2025

FAQ

What stake in iBio (IBIO) do Affinity Healthcare Fund and Affinity Asset Advisors report?

They report economic interests in warrants exercisable into 4,280,000 shares, shown as 9.99% of the class on a reported basis.

Are the reported securities exercisable immediately without restriction?

No. A Beneficial Ownership Limitation restricts exercise so as not to exceed 9.99%, limiting immediate issuable shares to 2,391,070.

Does this Schedule 13G indicate an intent to control iBio?

No. The filing classifies the position as passive under Schedule 13G and includes a certification that securities were not acquired to change or influence control.

Who holds voting and dispositive power over the reported securities?

The Fund and the Advisor share voting power and dispositive power over the reported 4,280,000 warrants/shares.

How many shares does iBio have outstanding for the ownership math?

The filing references a total of 23,934,625 shares outstanding when calculating the ownership percentages and limitation.