$SABS

SAB Biotherapeutics, Inc.

CIK:0001833214|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Expenses [Abstract]
Research and development	$ 16,172	$ 6,997	$ 29,570	$ 14,654
General and administrative	7,205	2,735	13,805	5,850
Total operating expenses	23,377	9,732	43,375	20,504
Loss from operations	(23,377)	(9,732)	(43,375)	(20,504)
Changes in fair value of warrant liabilities	(1,111)	(627)	(1,593)	4,409
Interest expense	(62)	(64)	(125)	(134)
Interest income	1,709	14	2,756	76
Other income, net	350	295	977	842
Total other income (expense)	886	(382)	2,015	5,193
Net loss	(22,491)	(10,114)	(41,360)	(15,311)
Other comprehensive income (loss):
Unrealized loss, change in fair value of available-for-sale securities	(717)	0	(1,217)	(1)
Reclassification adjustment for gain on sale of available-for-sale securities included in net income	0	0	(47)	0
Foreign currency translation gain	10	95	147	120
Total comprehensive loss	$ (23,198)	$ (10,019)	$ (42,477)	$ (15,192)
Loss per common share attributable to the Company's shareholders
Basic loss per common share	$ (0.28)	$ (1.09)	$ (0.62)	$ (1.65)
Diluted loss per common share	$ (0.28)	$ (1.09)	$ (0.62)	$ (1.65)
Weighted-average common shares outstanding - basic	79,753,100	9,294,469	66,768,309	9,293,018
Weighted-average common shares outstanding - diluted	79,753,100	9,294,469	66,768,309	9,293,018

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (41,360)	$ (15,311)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,544	1,509
Amortization of finance right-of-use assets	43	43
Stock-based compensation expense	12,707	1,240
Changes in fair value of warrant liabilities	1,593	(4,409)
Other non-cash items, net	179	(29)
Changes in operating assets and liabilities
Accrued interest receivable	(897)	55
Prepaid expenses and other current assets	893	(553)
Operating lease right-of-use assets and liabilities, net	(238)	59
Accounts payable	789	822
Accrued expense and other current liabilities	635	1,624
Net cash used in operating activities	(24,112)	(14,950)
Cash flows from investing activities:
Proceeds from the sale of equipment	3	1
Purchases of property, plant and equipment	(2,569)
Purchases of investments	(152,275)	(123)
Proceeds from sales and maturities of investments	84,310	9,991
Net cash (used in) provided by investing activities	(70,531)	9,869
Cash flows from financing activities:
Proceeds from the March 2026 Public Offering and Underwriters' Option, net of issuance costs	88,697
Proceeds from exercised Enrollment Date and Release Date Warrants	3,518
Principal payments on financed director and officer insurance and finance leases	(76)	(346)
Proceeds from exercise of stock options	155
Tax payments for share settlement of restricted stock units	(9)	(2)
Net cash provided by (used in) financing activities	92,285	(348)
Effect of exchange rate changes on cash and cash equivalents	122	222
Net decrease in cash and cash equivalents	(2,236)	(5,207)
Cash and cash equivalents
Beginning of period	10,503	8,898
End of period	8,267	3,691
Supplemental cash flow information:
Cash paid for interest	125	135
Supplemental information on non-cash investing and finance activities:
Right-of-use asset written off due to early and partial termination of lease	1,346
Operating lease liability written off due to early and partial termination of lease	1,113
Right-of-use assets obtained in exchange for operating lease liabilities	775	$ 2,422
Proceeds receivable from warrant exercises	438
Purchases of equpment included in accounts payable	$ 102

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 8,267,000	$ 10,503,000
Short-term investments	94,365,000	86,090,000
Accrued interest receivable	1,844,000	947,000
Prepaid expenses and other current assets	3,461,000	3,513,000
Total current assets	107,937,000	101,053,000
Deferred issuance cost	0	150,000
Long-term prepaid assets	5,344,000	5,309,000
Long-term investments	105,346,000	46,893,000
Operating lease right-of-use assets	1,901,000	2,603,000
Financing lease right-of-use assets	3,453,000	3,496,000
Property, plant and equipment, net	14,229,000	13,306,000
Total assets	238,210,000	172,810,000
Current liabilities
Accounts payable	3,855,000	3,146,000
Accrued expenses and other current liabilities	7,209,000	6,584,000
Operating lease liabilities, current portion	481,000	797,000
Finance lease liabilities, current portion	160,000	154,000
Total current liabilities	11,705,000	10,681,000
Operating lease liabilities, noncurrent	1,451,000	1,877,000
Finance lease liabilities, noncurrent	3,040,000	3,122,000
Warrant liabilities	7,229,000	5,635,000
Total liabilities	23,425,000	21,315,000
Commitments and contingencies (Note 13)
Stockholders equity
Common stock; $0.0001 par value; 800,000,000 shares authorized at June 30, 2026 and December 31, 2025; 83,547,733 and 47,664,564 shares issued at June 30, 2026 and December 31, 2025, respectively, and 83,493,068 and 47,609,899 outstanding at June 30, 2026 and December 31, 2025, respectively	8,000	5,000
Treasury stock, at cost; 54,665 shares held at June 30, 2026 and December 31, 2025, respectively	(5,521,000)	(5,521,000)
Additional paid-in capital	373,483,000	267,719,000
Accumulated other comprehensive income (loss)	(930,000)	187,000
Accumulated deficit	(152,255,000)	(110,895,000)
Total stockholders' equity	214,785,000	151,495,000
Total liabilities and stockholders' equity	238,210,000	172,810,000
Series A Preferred Stock [Member]
Stockholders equity
Preferred stock	0	0
Series B Preferred Stock [Member]
Stockholders equity
Preferred stock	$ 0	$ 0