Valion Bio, Inc. reporting persons 3i, Tumim Stone Capital LLC, 3i Management LLC and Maier Joshua Tarlow filed Amendment No. 1 to update beneficial ownership. The filing states 2,877,926 shares outstanding as of March 17, 2026 and reports that 3i beneficially owns 307,526 shares (9.99%) and Tumim beneficially owns 200,418 shares (6.51%). The reported ownership combines direct holdings, warrants, a senior secured convertible note (original principal approximately $16.3 million), and convertible Series B and Series C preferred holdings, each exercise or conversion being subject to a 9.99% beneficial ownership limitation (a "Blocker"). Mr. Tarlow is identified as having shared voting and dispositive power via management roles; he does not directly own the shares.
Positive
None.
Negative
None.
Insights
Amendment clarifies economic and voting exposure tied to convertible instruments and blockers.
The filing shows beneficial ownership expressed as a combination of direct shares, exercisable/pre-funded warrants, a convertible note, and convertible preferred shares. The 9.99% Blocker limits exercises/conversions so that exercises convert into a capped aggregate of common shares (200,418 in certain combinations).
The practical effect is that reported percentages reflect blocker mechanics and not unconditional immediate conversion of all instruments. Subsequent filings or exercises would disclose any changes in share counts or conversion activity.
Key Figures
Shares outstanding:2,877,926 shares3i beneficial ownership:307,526 sharesTumim beneficial ownership:200,418 shares+4 more
7 metrics
Shares outstanding2,877,926 sharesas of March 17, 2026
3i beneficial ownership307,526 sharesreported as 9.99% of class
Tumim beneficial ownership200,418 sharesreported as 6.51% of class
Convertible note principal$16.3 millionoriginal principal amount of senior secured convertible note
Warrants exercisable (stated)6,515,464 sharesWarrants held by 3i (subject to Blocker)
Series B preferred2,155 sharesconvertible Series B Preferred held by 3i
Series C preferred6,000 sharesconvertible Series C Preferred held by 3i
"exercises are subject to a 9.99% beneficial ownership limitation provision"
Pre-Funded Warrantsfinancial
"Pre-Funded Warrants exercisable for up to 437,012 shares of Common Stock"
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.
beneficially ownedregulatory
"3i beneficially owns 307,526 shares of Common Stock"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
convertible notefinancial
"senior secured convertible note in the original principal amount of approximately $16.3 million"
A convertible note is a type of loan that a company gets from investors, which can later be turned into company shares instead of being paid back in cash. It matters because it helps startups raise money quickly without setting a fixed value for the company right away, making it easier to grow and attract investors.
3i reports beneficial ownership of 307,526 shares (9.99%). This figure reflects direct shares plus convertible/warrant interests constrained by a 9.99% beneficial ownership limitation as described in the amendment.
How many Valion Bio shares were outstanding for this filing?
The filing uses 2,877,926 shares outstanding as of March 17, 2026. All ownership percentages in the amendment are calculated using that outstanding share count.
What convertible instruments affect the reported ownership?
Reported ownership includes warrants (including pre-funded warrants), a senior secured convertible note (original principal ~$16.3 million), and Series B and Series C convertible preferred shares, all subject to the 9.99% Blocker limitations described.
Does Mr. Maier Joshua Tarlow directly own the reported shares?
No. The filing states Mr. Tarlow does not directly own the Shares; he has shared voting and dispositive power as manager of the relevant entities and thus may be deemed to beneficially own the reported positions under Rule 13d-3.
What is the Tumim Stone Capital LLC position in Valion Bio?
Tumim beneficially owns 200,418 shares (6.51%), representing shares issuable upon exercise of pre‑funded warrants subject to the same 9.99% Blocker mechanics referenced in the amendment.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Valion Bio, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
888705308
(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):
888705308
1
Names of Reporting Persons
3i, 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
307,526.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
307,526.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
307,526.00
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)
PN
Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 1 to Statement on Schedule 13G (this ''Amendment No. 1''), such shares and percentage are based on 2,877,926 shares of common stock, par value $0.0001 per share, of the issuer (the ''Common Stock'') outstanding as of March 17, 2026, as disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by the issuer with the U.S. Securities and Exchange Commission (''SEC'') on March 30, 2026 (the ''Form 10-K''). Beneficial ownership consists of 107,108 shares of Common Stock directly held by the reporting person and 200,418 shares of Common Stock issuable in any combination upon any (i) exercises of certain common stock purchase warrants (the ''Warrants'') held directly by the reporting person, which exercises are subject to a 9.99% beneficial ownership limitation provision (a ''Blocker''), (ii) conversions of a senior secured convertible note in the original principal amount of approximately $16.3 million (the ''Note'') held directly by the reporting person, which conversions are subject to a Blocker, (iii) conversions of shares of Series B Convertible Preferred Stock, par value $0.0001 per share, of the issuer (the ''Series B Preferred Stock'') directly held by the reporting person, which conversions are subject to a Blocker, and (iv) conversions of shares of Series C Convertible Preferred Stock, par value $0.0001 per share, of the issuer (the ''Series C Preferred Stock'') directly held by the reporting person, which conversions are subject to a Blocker.
SCHEDULE 13G
CUSIP Number(s):
888705308
1
Names of Reporting Persons
Tumim Stone Capital 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
200,418.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
200,418.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
200,418.00
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)
6.5 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 1, such shares and percentage are based on 2,877,926 shares of Common Stock outstanding as of March 17, 2026, as disclosed in the Form 10-K. Beneficial ownership consists of 200,418 shares of Common Stock issuable upon exercises of pre-funded common stock purchase warrants (''Pre-Funded Warrants'') held directly by the reporting person, which exercises are in each case subject to a Blocker.
SCHEDULE 13G
CUSIP Number(s):
888705308
1
Names of Reporting Persons
3i 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
307,526.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
307,526.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
307,526.00
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: As more fully described in Item 4 of this Amendment No. 1, such shares and percentage are based on 2,877,926 shares of Common Stock outstanding as of March 17, 2026, as disclosed in the Form 10-K. Beneficial ownership consists of 107,108 shares of Common Stock indirectly held by the reporting person and 200,418 shares of Common Stock issuable in any combination upon any (i) exercises of the Warrants and Pre-Funded Warrants indirectly held by the reporting person, which exercises are in each case subject to a Blocker, and (ii) conversions of the Note, shares of Series B Preferred Stock and shares of Series C Preferred Stock indirectly held by the reporting person, which conversions are in each case subject to a Blocker.
SCHEDULE 13G
CUSIP Number(s):
888705308
1
Names of Reporting Persons
Maier Joshua Tarlow
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
307,526.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
307,526.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
307,526.00
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)
IN
Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 1, such shares and percentage are based on 2,877,926 shares of Common Stock outstanding as of March 17, 2026, as disclosed in the Form 10-K. Beneficial ownership consists of 107,108 shares of Common Stock indirectly held by the reporting person and 200,418 shares of Common Stock issuable in any combination upon any (i) exercises of the Warrants and Pre-Funded Warrants indirectly held by the reporting person, which exercises are in each case subject to a Blocker, and (ii) conversions of the Note, shares of Series B Preferred Stock and shares of Series C Preferred Stock indirectly held by the reporting person, which conversions are in each case subject to a Blocker.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Valion Bio, Inc.
(b)
Address of issuer's principal executive offices:
1305 E. Houston Street, Building 1, Suite 311, San Antonio, TX 78205
Item 2.
(a)
Name of person filing:
(i) 3i, LP, a Delaware limited partnership ("3i");
(ii) Tumim Stone Capital LLC, a Delaware limited liability company ("Tumim");
(iii) 3i Management LLC, a Delaware limited liability company ("3i Management''); and
(iv) Maier Joshua Tarlow ("Mr. Tarlow").
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons". Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed as Exhibit 1 to the Statement on Schedule 13G filed by the Reporting Persons with the SEC on February 27, 2026, pursuant to which such Reporting Persons have agreed to file this Amendment No. 1 and all subsequent amendments to the Schedule 13G and this Amendment No. 1 jointly in accordance with the provisions of Rule 13d-1(k) of the Act.
The filing of this Amendment No. 1 should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the shares of Common Stock reported herein.
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is 2 Wooster Street, 2nd Floor, New York, NY 10013.
(c)
Citizenship:
3i is a Delaware limited partnership. Tumim is a Delaware limited liability company. 3i Management is a Delaware limited liability company. Mr. Tarlow is a citizen of the United States.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
888705308
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 purpose of this Amendment No. 1 is to amend and supplement the Schedule 13G in order to update the beneficial ownership information on the cover pages and in Item 4 in the Schedule 13G. The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Amendment No. 1 and is incorporated herein by reference for each such Reporting Person.
The share amounts and ownership percentages reported are based on 2,877,926 shares of Common Stock outstanding as of March 17, 2026, as disclosed in the Form 10-K. 3i holds (i) 107,108 shares of Common Stock, (ii) Warrants exercisable for up to 6,515,464 shares of Common Stock, which exercises are subject to a Blocker, (iii) the Note in the original principal amount of approximately $16.3 million, which conversions are subject to a Blocker, (iv) 2,155 shares of Series B Preferred Stock, which conversions are subject to a Blocker, and (v) 6,000 shares of Series C Preferred Stock, which conversions are subject to a Blocker. Tumim holds Pre-Funded Warrants exercisable for up to 437,012 shares of Common Stock.
Due to the interaction between the Blockers in each of the Warrants, the Note, the Series B Certificate of Designation and the Series C Certificate of Designation, 3i may exercise the Warrants for and/or convert the Note, the shares of Series B Preferred Stock and the shares of Series C Preferred stock into, in any combination, an aggregate of 200,418 shares of Common Stock as a result of the triggering of the applicable Blockers, each of which prohibits 3i from exercising the Warrants for, or converting the Note, the shares of Series B Preferred Stock and the shares of Series C Preferred Stock into, shares of Common Stock if, as a result of such exercise or conversion, 3i, together with its affiliates and any persons acting as a group together with 3i or any of such affiliates, would beneficially own more than 9.99% of the total number of shares of Common Stock then issued and outstanding immediately after giving effect to such exercise or conversion. Tumim beneficially owns an aggregate of 200,418 shares of Common Stock upon exercises of the Pre-Funded Warrants as a result of 3i's ownership of 107,108 shares of Common Stock and the triggering of the 9.99% Blocker contained in the Pre-Funded Warrants, which prohibits Tumim from exercising the Pre-Funded Warrants for shares of Common Stock if, as a result of such exercise, the holder thereof, together with its affiliates and any persons acting as a group together with such holder or any of such affiliates, would beneficially own more than 9.99% of the total number of shares of Common Stock then issued and outstanding immediately after giving effect to such exercise.
Consequently, 3i beneficially owns 307,526 shares of Common Stock (the "3i Shares") and Tumim beneficially owns 200,418 shares of Common Stock (the "Tumim Shares", and collectively with the 3i Shares, the "Shares"). 3i is the beneficial owner of the 3i Shares and has the power to dispose of and the power to vote the 3i Shares beneficially owned by it, which power may be exercised by 3i Management, the general partner of 3i. Tumim is the beneficial owner of the Tumim Shares and has the power to dispose of and the power to vote the Tumim Shares beneficially owned by it, which power may be exercised by 3i Management, the manager of Tumim. Mr. Tarlow, as the manager of 3i Management, has shared power to vote and/or dispose of the Shares beneficially owned by each of 3i, Tumim and 3i Management. Mr. Tarlow does not directly own the Shares. By reason of the provisions of Rule 13d-3 of the Act, Mr. Tarlow may be deemed to beneficially own the Shares beneficially owned by 3i, Tumim and 3i Management, and 3i Management may be deemed to beneficially own the Shares beneficially owned by 3i and Tumim.
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 1 filed with the Schedule 13G.
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.
3i, LP
Signature:
/s/ Maier Joshua Tarlow
Name/Title:
Maier Joshua Tarlow, Manager of 3i Management LLC, General Partner of 3i, LP
Date:
05/08/2026
Tumim Stone Capital LLC
Signature:
/s/ Maier Joshua Tarlow
Name/Title:
Maier Joshua Tarlow, Manager of 3i Management LLC, Manager of Tumim Stone Capital LLC
Date:
05/08/2026
3i Management LLC
Signature:
/s/ Maier Joshua Tarlow
Name/Title:
Maier Joshua Tarlow, Manager
Date:
05/08/2026
Maier Joshua Tarlow
Signature:
/s/ Maier Joshua Tarlow
Name/Title:
Maier Joshua Tarlow
Date:
05/08/2026
Comments accompanying signature: LIST OF EXHIBITS Exhibit No. 1 - Joint Filing Agreement, dated February 27, 2026 (incorporated by reference to Exhibit 1 to the Schedule 13G filed by the Reporting Persons with the SEC on February 27, 2026)
