SAB Biotherapeutics, Inc. SABS
We are a clinical-stage biopharmaceutical company focused on developing multi-specific, high-potency, human immunoglobulin G (hIgG) to treat and prevent immune and autoimmune disorders. Our programs are based on mechanisms of action that have achieved proof-of-concept in clinical trials in indications with significant unmet medical needs. We are focused on developing product candidates for disease targets where a differentiated approach has the greatest potential to be either first-in-class against novel targets or best-in-class against complex targets to treat diseases, including type 1 diabetes (T1D) and other autoimmune disorders. The Company's lead candidate, SAB-142, targets autoimmune T1D with a disease-modifying therapeutic approach that aims to potentially change the T1D treatment paradigm by delaying onset and potentially preventing disease progression of Stage 3 T1D patients.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $1.3M | $2.2M | $23.9M | $60.9M | $55.2M | — |
| R&D | $34.4M | $30.3M | $16.5M | $36.4M | $57.2M | $27.9M | — |
| SG&A | $14.6M | $14.0M | $23.8M | $16.4M | $17.1M | $6.8M | — |
| Total operating expenses | $49.0M | $44.2M | $40.3M | $52.8M | $74.3M | $34.7M | — |
| Operating income | -$49.0M | -$42.9M | -$38.1M | -$28.9M | -$13.4M | $20.6M | — |
| Interest expense | $240.7K | $318.4K | $315.3K | $301.6K | $294.5K | $469.2K | — |
| Pre-tax income | $13.3M | -$34.1M | -$42.2M | -$18.7M | -$17.1M | $20.1M | — |
| Income tax | $0 | $0 | $0 | $25.6K | $0 | $0 | — |
| Net income | $13.3M | -$34.1M | -$42.2M | -$18.7M | -$17.1M | $20.1M | — |
| EPS, basic | 0.22 | -3.68 | -7.64 | -4.31 | -0.63 | 0.79 | — |
| EPS, diluted | -0.79 | -3.68 | -7.64 | -4.31 | -0.63 | 0.74 | — |
| Shares, diluted (wtd. avg.) | $61.3M | $9.3M | $5.5M | $4.4M | $27.3M | $27.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.5M | $8.9M | $56.6M | $15.0M | $33.2M | $12.6M | — |
| Short-term investments | $86.1M | $11.9M | $0 | — | — | — | — |
| Receivables | — | — | $0 | $5.6M | $8.0M | $20.6M | — |
| Total current assets | $101.1M | $23.8M | $58.9M | $22.1M | $50.2M | $34.5M | — |
| Property, plant and equipment | $13.3M | $15.4M | $19.7M | $23.3M | $24.3M | $14.8M | — |
| Total assets | $172.8M | $44.2M | $83.9M | $50.9M | $81.1M | $56.5M | — |
| Accounts payable | $3.1M | $1.7M | $945.9K | $3.7M | $4.5M | $7.4M | — |
| Total current liabilities | $10.7M | $8.0M | $10.8M | $15.0M | $26.5M | $11.1M | — |
| Total liabilities | $21.3M | $18.2M | $26.6M | $19.8M | $42.6M | $17.5M | — |
| Retained earnings | -$110.9M | -$124.2M | -$90.1M | -$47.9M | -$29.1M | -$12.0M | — |
| Total equity | $151.5M | $26.0M | $57.3M | $31.1M | $38.5M | $39.0M | $7.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$44.8M | -$34.3M | -$25.1M | -$23.5M | $2.0M | $10.0M | — |
| Depreciation and amortisation | $3.0M | $4.7M | $3.7M | $3.2M | $1.5M | $383.1K | — |
| Stock-based compensation | $5.2M | $2.9M | $2.4M | $2.7M | $2.3M | $1.3M | — |
| Capital expenditure | $933.2K | $337.3K | $197.2K | $2.2M | $10.9M | $12.7M | — |
| Investing cash flow | -$121.7M | -$12.0M | -$152.7K | -$2.1M | -$10.9M | -$12.7M | — |
| Financing cash flow | $168.3M | -$1.2M | $66.8M | $1.1M | $35.9M | $9.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001833214-26-000003.
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