# EDGAR Filing Document

**Accession Number:** 0001773195
**File Stem:** 0001999371-25-012053
**Filing Date:** 2025-8
**Character Count:** 12092
**Document Hash:** efebdabbdb1c7af1b48d11e804825bb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-012053.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001999371-25-012053

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iBio, Inc.
- **CENTRAL INDEX KEY:** 0001420720
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 262797813
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84151
- **FILM NUMBER:** 251258326

**BUSINESS ADDRESS:**
- **STREET 1:** 600 MADISON AVENUE, SUITE 1601
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-1737
- **BUSINESS PHONE:** 302 355-0650

**MAIL ADDRESS:**
- **STREET 1:** 600 MADISON AVENUE, SUITE 1601
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-1737

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iBioPharma, Inc.
- **DATE OF NAME CHANGE:** 20080806

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** InB:Biotechnologies, Inc.
- **DATE OF NAME CHANGE:** 20071210
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Affinity Asset Advisors, LLC
- **CENTRAL INDEX KEY:** 0001773195

**ORGANIZATION NAME:**
- **EIN:** 821567490
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 450 PARK AVENUE
- **STREET 2:** SUITE 1403
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 917-826-4533

**MAIL ADDRESS:**
- **STREET 1:** 450 PARK AVENUE
- **STREET 2:** SUITE 1403
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** iBio, Inc.

**Title of Class of Securities:** Common Stock, par value $0.001 per share

**CUSIP Number:** 451033708

**Date of Event Which Requires Filing of this Statement:** 08/19/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Affinity Healthcare Fund, LP | Names of Reporting Persons<br>Affinity Healthcare Fund, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4280000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4280000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4280000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4280000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.99% | Percent of Class Represented by Amount in Row (9)<br>9.99% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Affinity Asset Advisors, LLC | Names of Reporting Persons<br>Affinity Asset Advisors, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4280000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4280000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4280000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4280000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.99% | Percent of Class Represented by Amount in Row (9)<br>9.99% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

**Item 1(a). Name of Issuer:**
iBio, Inc.

**Item 1(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

**Item 2(b). Address of Principal Business Office:**
450 Park Avenue
Suite 1403
New York, NY 10022

**Item 2(c). Citizenship:**
Affinity Healthcare Fund, LP and Affinity Asset Advisors, LLC - Delaware

**Item 2(d). Title of Class of Securities:**
Common Stock, par value $0.001 per share

**Item 2(e). CUSIP Number:**
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 Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

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. Certification:**

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**

**Date:** 08/26/2025

**By:** /s/ Andrew Weinstein

**Name & Title:** Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer

**Affinity Asset Advisors, LLC**

**Date:** 08/26/2025

**By:** /s/ Andrew Weinstein

**Name & Title:** Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer