Step 1: Recall the tools.
A solid sphere about its own diameter has $I = \tfrac25 M R^2$, and the parallel axis theorem adds $Md^2$ when the axis is shifted by distance $d$. The two centres are separated by $R + r$.
Step 2: Moment of inertia about A's axis.
Sphere $A$ contributes $\tfrac25 M R^2$ about its own centre. Sphere $B$ is at distance $R+r$, so it contributes $\tfrac25 m r^2 + m(R+r)^2$. Adding: $I_A = \tfrac25 M R^2 + \tfrac25 m r^2 + m(R+r)^2$.
Step 3: Moment of inertia about B's axis.
Sphere $B$ contributes $\tfrac25 m r^2$ about its own centre. Sphere $A$ is at distance $R+r$, so it contributes $\tfrac25 M R^2 + M(R+r)^2$. Adding: $I_B = \tfrac25 m r^2 + \tfrac25 M R^2 + M(R+r)^2$.
Step 4: Subtract the two.
The $\tfrac25 M R^2$ and $\tfrac25 m r^2$ terms cancel, leaving $I_A - I_B = m(R+r)^2 - M(R+r)^2$.
Step 5: Factor the result.
\[ I_A - I_B = (m - M)(R+r)^2 \]
Step 6: Match the option.
Since $m < M$, this difference is negative, and it equals option C.
\[ \boxed{ I_A - I_B = (m - M)(R+r)^2 } \]