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iBio

IBIO on Nasdaq. Market value $72m.

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Who owns it

None of the long-term investors we follow own it. 55 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

14 investors own more than 5%.

  • at least 10.0%0.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 10.0%0.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Affinity Healthcare Fund, LP
    Passive investor
    10.0%0.0 pts
    Since 19 August 2025
  • at least 10.0%
    (filed with 2 related holders)
    Since 30 September 2025
  • Adage Capital Management, L.P.
    Passive investor
    at least 10.0%
    (filed with 2 related holders)
    Since 30 September 2025
  • Sirenia Capital Management LP
    Passive investor
    at least 9.9%
    (filed with 1 related holder)
    Since 31 March 2026
  • Vestal Point Capital, LP
    Passive investor
    at least 7.9%−2.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Opaleye Management, Inc.
    Passive investor
    7.6%
    Since 31 December 2024
  • Frazier Life Sciences Public Fund, L.P.
    Passive investor
    at least 5.7%−3.0 pts
    (filed with 5 related holders)
    Since 31 March 2026
  • at least 5.4%+5.4 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Integrated Core Strategies (US) LLC
    Passive investor
    at least 5.2%
    (filed with 3 related holders)
    Since 15 January 2026
  • Ikarian Capital, LLC
    Passive investor
    at least 5.0%
    (filed with 1 related holder)
    Since 30 September 2025
  • EcoR1 Capital, LLC
    Passive investor
    at least 4.6%−5.3 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • at least 4.4%−5.5 pts
    (filed with 3 related holders)
    Since 31 December 2025
  • Patrick J. Crutcher
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • SABBY MANAGEMENT, LLC
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Sold down below 5%
    Since 31 March 2026
  • Sold down below 5%
    Since 31 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $98,109 of shares on the open market.

  • Banjak Marc
    Chief Legal Officer
    Bought
    Date
    26 March 2026
    Shares
    13,934
    Price
    $1.65
    Value
    $23,024
  • Duran Felipe
    Chief Financial Officer
    Bought
    Date
    19 March 2026
    Shares
    24,835
    Price
    $2.02
    Value
    $50,167
  • Brenner Martin
    See Remarks, Director
    Bought
    Date
    19 March 2026
    Shares
    12,336
    Price
    $2.02
    Value
    $24,919

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 28 Aug 2026, plus 1 later 8-K.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.