FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Isett Thomas Francis 3rd
   2. Issuer Name and Ticker or Trading Symbol
iBio, Inc. [IBIO] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO and Executive Chairman
(Last)
(First)
(Middle)
C/O IBIO, INC., 600 MADISON AVENUE SUITE 1601		 3. Date of Earliest Transaction (Month/Day/Year)
02/20/2020
(Street)

NEW YORK, NY 10022		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/20/2020   J(1)   121,976 A (1) 1,275,000 (2) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $ 1.43 03/12/2020   A   975,000     (6) 03/11/2025 Common Stock 975,000 $ 1.43 1,275,000 (2) D  
Series A Warrants (Right to Buy) (3) $ 0.22 02/20/2020   J(4)     100,000 10/29/2019 10/29/2021 Common Stock 100,000 $ 1,000 (5) 1,275,000 (2) D  
Series B Warrants (Right to Buy) (3) $ 0.22 02/20/2020   J(4)     21,976 10/29/2019 10/29/2026 Common Stock 21,976 $ 1,000 (5) 1,275,000 (2) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Isett Thomas Francis 3rd
C/O IBIO, INC.
600 MADISON AVENUE SUITE 1601
NEW YORK, NY 10022		   X     CEO and Executive Chairman  

Signatures

 /s/Thomas Isett   03/16/2020
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Issued pursuant to an Exchange Agreement with iBio, Inc. ("iBio") pursuant to which Mr. Isett exchanged Series A Warrants to purchase 100,000 shares of iBio's common stock ("Common Stock") and Series B Warrants to purchase 21,976 shares of Common Stock in exchange for 121,976 shares of Common Stock and a promissory note in the principal amount of $26,834. In addition, Series B Warrants to purchase 78,024 shares of Common Stock held by Mr. Isett were amended in connection with the Exchange Agreement.
(2) Reflects number of securities beneficially owned following all transactions reported on this Form 4, on an as converted to common stock basis.
(3) The Warrants were acquired by Mr. Isett in a public offering by iBio on October 29, 2019.
(4) Exchanged pursuant to an Exchange Agreement with iBio pursuant to which Mr. Isett exchanged Series A Warrants to purchase 100,000 shares of Common Stock and Series B Warrants to purchase 21,976 shares of Common Stock in exchange for 121,976 shares of Common Stock and a promissory note in the principal amount of $26,834.
(5) The Warrants were sold together with Series C Preferred Shares in a public offering on October 29, 2019. Each of Series C Preferred Share was sold together with Series A Warrants to purchase one share of common stock for each share of common stock issuable upon conversion of the Series C Preferred Share and Series B Warrants to purchase one share of common stock for each share of common stock issuable upon conversion of the Series C Preferred Share. Each Series C Preferred Share and accompanying Series A Warrants and Series B Warrants was sold at a combined public offering price of $1,000.
(6) Vests ratably over a 36-month period beginning on date of grant (1/36th per month) and will be deemed fully-vested upon any transaction or series of related transactions that constitutes a Change of Control Transaction (as defined in the grant agreement).
 
Remarks:
10

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