SCHEDULE: ADAR1 Capital Reports 9.9% Stake in iBio, Inc.

ADAR1 Capital Management and its affiliates report a 9.9% beneficial ownership stake in iBio, Inc., primarily through common stock and milestone warrants.

Summary

• ADAR1 Capital Management, LLC, ADAR1 Capital Management GP, LLC, and Daniel Schneeberger collectively report beneficial ownership of 1,794,055 shares of iBio, Inc. Common Stock.
• This aggregate amount represents 9.9% of iBio, Inc.'s outstanding Common Stock.
• The ownership includes 54,819 shares of Common Stock directly held by ADAR1 Partners, LP.
• Additionally, it includes 1,739,236 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP.
• An additional 716,904 shares underlying milestone warrants are excluded from the reported beneficial ownership due to a 9.99% beneficial ownership limitation.
• The calculation is based on 16,219,281 shares of iBio, Inc. Common Stock outstanding as of June 30, 2025, as reported in iBio's S-3 filing on June 13, 2025.
• 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.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of passive beneficial ownership. While the presence of a significant institutional investor can be seen as a positive signal of confidence, the filing itself does not contain new financial or operational information about iBio, Inc. that would significantly alter sentiment. It's a neutral-to-slightly positive update.

Positives

• A significant institutional investor, ADAR1 Capital Management, maintains a substantial 9.9% stake in iBio, Inc., which can be interpreted as a vote of confidence in the company's long-term prospects.
• The ownership is passive, indicating that the investor is not seeking to influence control, which can provide stability.

Negatives

• The beneficial ownership limitation of 9.99% on the exercise of certain warrants means that a portion of the potential shares (716,904 shares) cannot be immediately converted, limiting the investor's immediate full equity exposure.

Risks

• The beneficial ownership limitation on milestone warrants (9.99%) restricts the immediate conversion of 716,904 shares, which could impact the investor's flexibility in managing their position.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from iBio, Inc. or the reporting persons regarding iBio's future operations or financial performance.

Management Comments

• "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."

Industry Context

This Schedule 13G filing highlights a significant institutional investment in iBio, Inc., a common occurrence in the biotechnology and pharmaceutical sectors where companies often attract substantial capital from specialized funds. Such investments can signal market confidence in a company's pipeline or platform technology, aligning with broader industry trends of institutional support for innovative life science ventures.

Comparison to Industry Standards

• This filing is a standard Schedule 13G disclosure, indicating a passive investment by an institutional entity. It does not provide performance metrics for iBio, Inc. that would allow for direct comparison to industry benchmarks or specific comparable companies like Moderna (MRNA) or BioNTech (BNTX) in terms of revenue growth, R&D efficiency, or pipeline progress. The 9.9% stake is a notable position for a single institutional investor in a company of iBio's size, reflecting a significant commitment of capital.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, potentially influencing investor perception and confidence.
• Company Management: Awareness of a large, passive institutional investor on their shareholder register.

Next Steps

• The reporting persons will continue to hold their beneficial ownership in iBio, Inc. in the ordinary course of business.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant passive ownership stake by ADAR1 Capital Management in iBio, Inc. While the presence of a substantial institutional investor can be viewed positively as a sign of confidence, the filing does not contain financial performance data, strategic updates, or forward-looking guidance from iBio itself that would warrant a 'buy' or 'sell' recommendation. The ownership is stated to be for ordinary course of business, not for control influence. Therefore, a 'hold' recommendation is appropriate as this filing alone does not provide new fundamental information to change an existing investment thesis.

Keywords

iBio, ADAR1 Capital Management, beneficial ownership, Schedule 13G, common stock, warrants, institutional investment, passive investment