[SCHEDULE 13G/A] iBio, Inc. SEC Filing
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.
Gli investitori affiliati ad ADAR1 segnalano la propriet脿 effettiva di 1.794.055 azioni di iBio, Inc., pari al 9,9% del capitale sociale ordinario in circolazione. La partecipazione include 54.819 azioni detenute direttamente da ADAR1 Partners, LP e 1.739.236 azioni convertibili derivanti da milestone warrant detenuti da ADAR1 Partners, LP. La comunicazione precisa che ulteriori 716.904 azioni sottostanti milestone warrant sono escluse perch茅 il loro scambio o esercizio 猫 soggetto a un limite di propriet脿 effettiva del 9,99%.
Le entit脿 che hanno presentato la segnalazione sono ADAR1 Capital Management, LLC (consulente d'investimento), ADAR1 Capital Management GP, LLC (socio accomandatario) e Daniel Schneeberger (manager), ciascuno dei quali dichiara poteri condivisi di voto e disposizione sulle 1.794.055 azioni. La percentuale di propriet脿 猫 calcolata su una base dichiarata di 16.219.281 azioni in circolazione.
Los inversores afiliados a ADAR1 informan la propiedad beneficiaria de 1.794.055 acciones de iBio, Inc., que representan el 9,9% del capital social ordinario en circulaci贸n. La participaci贸n incluye 54.819 acciones mantenidas directamente por ADAR1 Partners, LP y 1.739.236 acciones susceptibles de emisi贸n por conversi贸n de warrants por hitos en poder de ADAR1 Partners, LP. La presentaci贸n indica que 716.904 acciones adicionales subyacentes a warrants por hitos se excluyen porque su intercambio o ejercicio est谩 sujeto a un l铆mite de propiedad beneficiaria del 9,99%.
Las entidades informantes son ADAR1 Capital Management, LLC (asesor de inversiones), ADAR1 Capital Management GP, LLC (socio gestor) y Daniel Schneeberger (gerente), cada uno declarando poder compartido de voto y disposici贸n sobre las 1.794.055 acciones. El porcentaje de propiedad se calcula sobre una base declarada de 16.219.281 acciones en circulaci贸n.
ADAR1 瓿勳棿 韴瀽鞛愲摛鞚� iBio, Inc.鞚� 氤错喌欤� 1,794,055欤茧ゼ 鞁れ唽鞙�(beneficial ownership)頃橁碃 鞛堨柎 鞙犿喌 欷戩澑 氤错喌欤检潣 9.9%鞐� 頃措嫻頃滊嫟瓿� 氤搓碃頄堨姷雼堧嫟. 氤挫湢 雮挫棴鞚� ADAR1 Partners, LP臧� 歆侅爲 氤挫湢頃� 54,819欤检檧 ADAR1 Partners, LP臧� 氤挫湢頃� 毵堨澕鞀ろ啢 鞗岆煱韸胳潣 鞝勴櫂鞙茧 氚滍枆霅� 1,739,236欤茧 甑劚霅╇媹雼�. 鞝滌稖氍胳劀電� 於旉皜搿� 716,904欤检潣 毵堨澕鞀ろ啢 鞗岆煱韸� 旮办磮 欤检嫕鞚� 甑愴櫂 霕愲姅 頄夓偓 鞁� 9.99%鞚� 鞁れ唽鞙� 頃滊弰鞐� 霐半ゴ氙�搿� 鞝滌櫢霅滊嫟瓿� 氇呾嫓頃╇媹雼�.
氤搓碃 旮瓣磤鞚� ADAR1 Capital Management, LLC(韴瀽鞛愲靷�), ADAR1 Capital Management GP, LLC(鞚茧皹韺岉姼雱�) 氚� Daniel Schneeberger(毵る媹鞝�)搿�, 臧� 旮瓣磤鞚� 1,794,055欤检棎 雽�頃� 瓿惦彊 鞚橁舶甓� 氚� 觳橂秳甓岇潉 氤挫湢頃橁碃 鞛堨潓鞚� 鞁犼碃頄堨姷雼堧嫟. 靻岇湢 牍勳湪鞚� 鞙犿喌欤检嫕 靾� 16,219,281欤茧ゼ 旮办鞙茧 瓿勳偘霅橃棃鞀惦媹雼�.
Des investisseurs affili茅s 脿 ADAR1 d茅clarent la propri茅t茅 b茅n茅ficiaire de 1 794 055 actions d'iBio, Inc., soit 9,9 % des actions ordinaires en circulation. La d茅tention comprend 54 819 actions d茅tenues directement par ADAR1 Partners, LP et 1 739 236 actions susceptibles d'锚tre 茅mises lors de la conversion de warrants li茅s 脿 des jalons d茅tenus par ADAR1 Partners, LP. Le d茅p么t pr茅cise que 716 904 actions suppl茅mentaires sous-jacentes 脿 ces warrants sont exclues car leur 茅change ou exercice est soumis 脿 une limitation de propri茅t茅 b茅n茅ficiaire de 9,99 %.
Les entit茅s d茅clarantes sont ADAR1 Capital Management, LLC (conseiller en investissement), ADAR1 Capital Management GP, LLC (associ茅 commandit茅) et Daniel Schneeberger (g茅rant), chacune d茅clarant des pouvoirs partag茅s de vote et de disposition sur les 1 794 055 actions. Le pourcentage de d茅tention est calcul茅 sur une base d茅clar茅e de 16 219 281 actions en circulation.
An ADAR1 angeschlossene Investoren geben ein wirtschaftliches Eigentum von 1.794.055 Aktien der iBio, Inc. an, was 9,9% des ausstehenden Stammkapitals entspricht. Das Portfolio umfasst 54.819 Aktien, die direkt von ADAR1 Partners, LP gehalten werden, sowie 1.739.236 Aktien, die bei Umwandlung von Meilenstein-Warrants, die ADAR1 Partners, LP h盲lt, ausgegeben werden w眉rden. Die Meldung weist darauf hin, dass weitere 716.904 Aktien, die zugrunde liegenden Meilenstein-Warrants, ausgeschlossen sind, da deren Umtausch oder Aus眉bung einer 9,99%-Grenze f眉r wirtschaftliches Eigentum unterliegt.
Die meldenden Stellen sind ADAR1 Capital Management, LLC (Investmentberater), ADAR1 Capital Management GP, LLC (Komplement盲r) und Daniel Schneeberger (Manager); alle geben gemeinsame Stimm- und Verf眉gungsrechte 眉ber die 1.794.055 Aktien an. Der Anteil wird auf Basis von 16.219.281 ausstehenden Aktien berechnet.
- 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.
- 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
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.
TL;DR: The filing signals a coordinated reporting group with shared control attributes, meriting attention to governance and potential nomination activity.
The entities disclosed鈥攊nvestment adviser, GP, and the manager鈥攁re 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鈥檚 constrained convertible upside absent negotiated waivers or structural changes.
Gli investitori affiliati ad ADAR1 segnalano la propriet脿 effettiva di 1.794.055 azioni di iBio, Inc., pari al 9,9% del capitale sociale ordinario in circolazione. La partecipazione include 54.819 azioni detenute direttamente da ADAR1 Partners, LP e 1.739.236 azioni convertibili derivanti da milestone warrant detenuti da ADAR1 Partners, LP. La comunicazione precisa che ulteriori 716.904 azioni sottostanti milestone warrant sono escluse perch茅 il loro scambio o esercizio 猫 soggetto a un limite di propriet脿 effettiva del 9,99%.
Le entit脿 che hanno presentato la segnalazione sono ADAR1 Capital Management, LLC (consulente d'investimento), ADAR1 Capital Management GP, LLC (socio accomandatario) e Daniel Schneeberger (manager), ciascuno dei quali dichiara poteri condivisi di voto e disposizione sulle 1.794.055 azioni. La percentuale di propriet脿 猫 calcolata su una base dichiarata di 16.219.281 azioni in circolazione.
Los inversores afiliados a ADAR1 informan la propiedad beneficiaria de 1.794.055 acciones de iBio, Inc., que representan el 9,9% del capital social ordinario en circulaci贸n. La participaci贸n incluye 54.819 acciones mantenidas directamente por ADAR1 Partners, LP y 1.739.236 acciones susceptibles de emisi贸n por conversi贸n de warrants por hitos en poder de ADAR1 Partners, LP. La presentaci贸n indica que 716.904 acciones adicionales subyacentes a warrants por hitos se excluyen porque su intercambio o ejercicio est谩 sujeto a un l铆mite de propiedad beneficiaria del 9,99%.
Las entidades informantes son ADAR1 Capital Management, LLC (asesor de inversiones), ADAR1 Capital Management GP, LLC (socio gestor) y Daniel Schneeberger (gerente), cada uno declarando poder compartido de voto y disposici贸n sobre las 1.794.055 acciones. El porcentaje de propiedad se calcula sobre una base declarada de 16.219.281 acciones en circulaci贸n.
ADAR1 瓿勳棿 韴瀽鞛愲摛鞚� iBio, Inc.鞚� 氤错喌欤� 1,794,055欤茧ゼ 鞁れ唽鞙�(beneficial ownership)頃橁碃 鞛堨柎 鞙犿喌 欷戩澑 氤错喌欤检潣 9.9%鞐� 頃措嫻頃滊嫟瓿� 氤搓碃頄堨姷雼堧嫟. 氤挫湢 雮挫棴鞚� ADAR1 Partners, LP臧� 歆侅爲 氤挫湢頃� 54,819欤检檧 ADAR1 Partners, LP臧� 氤挫湢頃� 毵堨澕鞀ろ啢 鞗岆煱韸胳潣 鞝勴櫂鞙茧 氚滍枆霅� 1,739,236欤茧 甑劚霅╇媹雼�. 鞝滌稖氍胳劀電� 於旉皜搿� 716,904欤检潣 毵堨澕鞀ろ啢 鞗岆煱韸� 旮办磮 欤检嫕鞚� 甑愴櫂 霕愲姅 頄夓偓 鞁� 9.99%鞚� 鞁れ唽鞙� 頃滊弰鞐� 霐半ゴ氙�搿� 鞝滌櫢霅滊嫟瓿� 氇呾嫓頃╇媹雼�.
氤搓碃 旮瓣磤鞚� ADAR1 Capital Management, LLC(韴瀽鞛愲靷�), ADAR1 Capital Management GP, LLC(鞚茧皹韺岉姼雱�) 氚� Daniel Schneeberger(毵る媹鞝�)搿�, 臧� 旮瓣磤鞚� 1,794,055欤检棎 雽�頃� 瓿惦彊 鞚橁舶甓� 氚� 觳橂秳甓岇潉 氤挫湢頃橁碃 鞛堨潓鞚� 鞁犼碃頄堨姷雼堧嫟. 靻岇湢 牍勳湪鞚� 鞙犿喌欤检嫕 靾� 16,219,281欤茧ゼ 旮办鞙茧 瓿勳偘霅橃棃鞀惦媹雼�.
Des investisseurs affili茅s 脿 ADAR1 d茅clarent la propri茅t茅 b茅n茅ficiaire de 1 794 055 actions d'iBio, Inc., soit 9,9 % des actions ordinaires en circulation. La d茅tention comprend 54 819 actions d茅tenues directement par ADAR1 Partners, LP et 1 739 236 actions susceptibles d'锚tre 茅mises lors de la conversion de warrants li茅s 脿 des jalons d茅tenus par ADAR1 Partners, LP. Le d茅p么t pr茅cise que 716 904 actions suppl茅mentaires sous-jacentes 脿 ces warrants sont exclues car leur 茅change ou exercice est soumis 脿 une limitation de propri茅t茅 b茅n茅ficiaire de 9,99 %.
Les entit茅s d茅clarantes sont ADAR1 Capital Management, LLC (conseiller en investissement), ADAR1 Capital Management GP, LLC (associ茅 commandit茅) et Daniel Schneeberger (g茅rant), chacune d茅clarant des pouvoirs partag茅s de vote et de disposition sur les 1 794 055 actions. Le pourcentage de d茅tention est calcul茅 sur une base d茅clar茅e de 16 219 281 actions en circulation.
An ADAR1 angeschlossene Investoren geben ein wirtschaftliches Eigentum von 1.794.055 Aktien der iBio, Inc. an, was 9,9% des ausstehenden Stammkapitals entspricht. Das Portfolio umfasst 54.819 Aktien, die direkt von ADAR1 Partners, LP gehalten werden, sowie 1.739.236 Aktien, die bei Umwandlung von Meilenstein-Warrants, die ADAR1 Partners, LP h盲lt, ausgegeben werden w眉rden. Die Meldung weist darauf hin, dass weitere 716.904 Aktien, die zugrunde liegenden Meilenstein-Warrants, ausgeschlossen sind, da deren Umtausch oder Aus眉bung einer 9,99%-Grenze f眉r wirtschaftliches Eigentum unterliegt.
Die meldenden Stellen sind ADAR1 Capital Management, LLC (Investmentberater), ADAR1 Capital Management GP, LLC (Komplement盲r) und Daniel Schneeberger (Manager); alle geben gemeinsame Stimm- und Verf眉gungsrechte 眉ber die 1.794.055 Aktien an. Der Anteil wird auf Basis von 16.219.281 ausstehenden Aktien berechnet.
FAQ
How many shares of IBIO does ADAR1 report beneficially owning?
What percentage of IBIO outstanding stock does ADAR1's position represent?
How is ADAR1's position composed between shares and warrants?
Who are the reporting persons listed on the Schedule 13G/A for IBIO?
Does the filing state ADAR1 intends to change control of iBio?
