SABS on Nasdaq

SAB Biotherapeutics, Inc.

American biological products company based in Miami Beach.

Price unavailable

Last updated Oct 18, 2026.

Overview

Compare with Scinai Immunotherapeutics Ltd., Inhibrx Biosciences, Inc. or Cidara Therapeutics, or pick any stock.

TickerSABS on Nasdaq
IndustryBiological Products, (No Diagnostic Substances)
HeadquartersDE
Incorporated inDE²
Business address777 W 41St St, Suite 401, Miami Beach, Fl 33140²
Filer category, Emerging growth company²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-100.0%Revenue growth, 2025³

8.8%Return on equity³

-$45.7MFree cash flow³

Financial statements

Revenue⁴⁵⁶³$0 in 2025

Operating income⁴⁵⁶³-$49.0M in 2025

Net income⁴⁵⁶³$13.3M in 2025−34% since 2020

Every line of the income statement as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Total revenue	$0	$1.3M
Research and development	$34.4M	$30.3M
General and administrative	$14.6M	$14.0M
Total operating expenses	$49.0M	$44.2M
Loss from operations	-$49.0M	-$42.9M
Changes in fair value of warrant liabilities	$62.8M	$5.4M
Interest expense	-$240.7K	-$318.4K
Interest income	$1.4M	$1.3M
Other income	$3.1M	$2.5M
Warrant issuance expense	-$4.9M	$0
Total other income	$62.2M	$8.8M
Net income (loss)	$13.3M	-$34.1M
Unrealized gain, change in fair value of available-for-sale securities, net of tax	$185.5K	$647
Foreign currency translation gain (loss)	$136.5K	-$162.5K
Total comprehensive income (loss)	$13.6M	-$34.3M
Basic income (loss) per common share	$0.22	-$3.68
Diluted loss per common share	-$0.79	-$3.68
Weighted-average common shares outstanding - basic	19.3M shares	9.3M shares
Weighted-average common shares outstanding - diluted	61.3M shares	9.3M shares

Total assets⁴⁵⁶³$172.8M in 2025+206% since 2020

Total liabilities⁴⁵⁶³$21.3M in 2025+22% since 2020

Shareholders’ equity⁴⁵⁶³$151.5M in 2025+1869% since 2019

Cash⁴⁵⁶³$10.5M in 2025−17% since 2020

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$10.5M	$8.9M
Short-term investments	$86.1M	$11.9M
Accrued interest receivable	$946.8K	$55.0K
Prepaid expenses and other current assets	$3.5M	$3.0M
Total current assets	$101.1M	$23.8M
Deferred issuance cost	$150.1K	$261.1K
Long-term prepaid assets	$5.3M	$221.0K
Long-term investments	$46.9M
Operating lease right-of-use assets	$2.6M	$970.3K
Financing lease right-of-use assets	$3.5M	$3.6M
Property, plant and equipment, net	$13.3M	$15.4M
Total assets	$172.8M	$44.2M
Accounts payable	$3.1M	$1.7M
Notes payable	$0	$275.8K
Accrued expenses and other current liabilities	$6.6M	$5.5M
Operating lease liabilities, current portion	$797.4K	$393.4K
Finance lease liabilities, current portion	$154.0K	$142.6K
Total current liabilities	$10.7M	$8.0M
Operating lease liabilities, noncurrent	$1.9M	$581.1K
Finance lease liabilities, noncurrent	$3.1M	$3.3M
Warrant liabilities	$5.6M	$6.4M
Total liabilities	$21.3M	$18.2M
Common stock; $0.0001 par value; 800,000,000 shares authorized at December 31, 2025 and December 31, 2024; 47,664,564 and 9,343,533 shares issued at December 31, 2025 and December 31, 2024, respectively, and 47,609,899 and 9,288,868 outstanding at December 31, 2025 and December 31, 2024, respectively	$4.8K	$935
Treasury stock, at cost; 54,665 shares held at December 31, 2025 and December 31, 2024, respectively	-$5.5M	-$5.5M
Additional paid-in capital	$267.7M	$155.8M
Accumulated other comprehensive income (loss)	$186.5K	-$135.4K
Accumulated deficit	-$110.9M	-$124.2M
Total stockholders' equity	$151.5M	$26.0M	$57.3M
Total liabilities and stockholders' equity	$172.8M	$44.2M
Preferred stock, shares authorized	10.0M shares
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	800.0M shares	800.0M shares
Common stock, shares issued	47.7M shares	9.3M shares
Common stock, shares outstanding	47.6M shares	9.3M shares
Treasury stock, shares (in shares)	54.7K shares	54.7K shares

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$10.5M	$8.9M
Short-term investments	$86.1M	$11.9M
Accrued interest receivable	$946.8K	$55.0K
Prepaid expenses and other current assets	$3.5M	$3.0M
Total current assets	$101.1M	$23.8M
Deferred issuance cost	$150.1K	$261.1K
Long-term prepaid assets	$5.3M	$221.0K
Long-term investments	$46.9M
Operating lease right-of-use assets	$2.6M	$970.3K
Financing lease right-of-use assets	$3.5M	$3.6M
Property, plant and equipment, net	$13.3M	$15.4M
Total assets	$172.8M	$44.2M
Accounts payable	$3.1M	$1.7M
Notes payable	$0	$275.8K
Accrued expenses and other current liabilities	$6.6M	$5.5M
Operating lease liabilities, current portion	$797.4K	$393.4K
Finance lease liabilities, current portion	$154.0K	$142.6K
Total current liabilities	$10.7M	$8.0M
Operating lease liabilities, noncurrent	$1.9M	$581.1K
Finance lease liabilities, noncurrent	$3.1M	$3.3M
Warrant liabilities	$5.6M	$6.4M
Total liabilities	$21.3M	$18.2M
Common stock; $0.0001 par value; 800,000,000 shares authorized at December 31, 2025 and December 31, 2024; 47,664,564 and 9,343,533 shares issued at December 31, 2025 and December 31, 2024, respectively, and 47,609,899 and 9,288,868 outstanding at December 31, 2025 and December 31, 2024, respectively	$4.8K	$935
Treasury stock, at cost; 54,665 shares held at December 31, 2025 and December 31, 2024, respectively	-$5.5M	-$5.5M
Additional paid-in capital	$267.7M	$155.8M
Accumulated other comprehensive income (loss)	$186.5K	-$135.4K
Accumulated deficit	-$110.9M	-$124.2M
Total stockholders' equity	$151.5M	$26.0M	$57.3M
Total liabilities and stockholders' equity	$172.8M	$44.2M
Preferred stock, shares authorized	10.0M shares
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	800.0M shares	800.0M shares
Common stock, shares issued	47.7M shares	9.3M shares
Common stock, shares outstanding	47.6M shares	9.3M shares
Treasury stock, shares (in shares)	54.7K shares	54.7K shares

Cash from operations⁴⁵⁶³-$44.8M in 2025

Capital spending⁴⁵⁶³$933.2K in 2025−93% since 2020

Free cash flow⁴⁵⁶³-$45.7M in 2025+1576% since 2020

Every line of the cash flow as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Net income (loss)	$13.3M	-$34.1M
Depreciation and amortization	$3.0M	$4.7M
Amortization of finance right-of-use assets	$86.8K	$86.8K
Stock-based compensation expense	$5.2M	$2.9M
Net realized and unrealized gain on investment in short-term securities	-$74.0K
Changes in fair value of warrant liabilities	-$62.8M	-$5.4M
Accretion of discounts on short-term investments	-$88.6K	-$237.1K
Write-off of deferred issuance costs	$261.1K
Accrued interest receivable	-$891.8K	-$55.0K
Prepaid expenses and other current assets	-$5.3M	-$590.5K
Operating lease right-of-use assets and liabilities, net	$67.4K	-$23.5K
Accounts payable	$1.5M	$923.3K
Deferred grant income		-$1.3M
Accrued expense and other current liabilities	$941.5K	-$1.2M
Net cash used in operating activities	-$44.8M	-$34.3M
Proceeds from the sale of equipment	$500
Purchases of equipment	-$933.2K	-$337.3K
Purchases of investment securities	-$142.0M	-$37.4M
Sales and maturities of investments	$21.3M	$25.8M
Net cash used in investing activities	-$121.7M	-$12.0M
Proceeds from the 2025 PIPE, net of Series B issuance costs	$168.7M
Payment of deferred issuance costs	-$758	-$261.1K
Proceeds from issuance of notes payable		$516.0K
Principal payments of notes payable	-$275.8K	-$1.3M
Principal payments on finance leases	-$142.6K	-$132.0K
Proceeds from exercise of stock options		$20.4K
Tax payments for share settlement of restricted stock units	-$11.2K	-$24.9K
Net cash provided by (used in) financing activities	$168.3M	-$1.2M
Effect of exchange rate changes on cash and cash equivalents	-$213.5K	-$241.2K
Net increase (decrease) in cash and cash equivalents	$1.6M	-$47.7M
Cash paid for interest	$242.0K	$374.0K
Right-of-use assets obtained in exchange for operating lease liabilities	$2.4M	$368.4K
Deferred issuance costs included in accrued expenses	$149.4K
Reclassification of warrants from liability to equity	$90.7M
Reclassification of Redeemable Preferred Stock to Permanent Equity upon Requisite Approval	$16.0M

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Leadership

Who has led SAB Biotherapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

Samuel J. Reich2021–now

President

Eddie Joe Sullivan2024–now

Chief financial officer

Chief operating officer

Bruce Kipp Erickson2021–2022

2025

Chief executive officerSamuel J. Reich Jan 11, 2021 to Oct 22, 2021⁹
Chief executive officerEddie Joe Sullivan Oct 22, 2021 to Dec 8, 2023¹⁰
ChairSamuel J. Reich Nov 19, 2021 to now¹¹
PresidentEddie Joe Sullivan Feb 23, 2024 to now¹²
Chief financial officerSamuel J. Reich Jan 11, 2021 to Oct 15, 2021⁹
Chief financial officerRussell P. Beyer Oct 22, 2021 to Mar 16, 2023¹³
Chief operating officerBruce Kipp Erickson Oct 22, 2021 to Mar 18, 2022¹⁴

Board members and other officers (27)

OfficerMark William Conley Jun 24, 2024 to Jun 24, 2024¹⁵
OfficerLucy To Jul 31, 2024 to now¹⁶
Chief Medical OfficerAlexandra Kropotova Jun 7, 2022 to now¹⁷
SVP Regulatory AffairsCarlos N. Carillo Oct 22, 2021 to Oct 26, 2021¹⁸
Chief Strategy OfficerCharles Hiram Randall Oct 22, 2021 to Oct 26, 2021¹⁹
Chief Business OfficerFrederick Finnegan Oct 22, 2021 to Mar 18, 2022²⁰
SVP Research & Product Dev.Hua Wu Oct 22, 2021 to Oct 26, 2021²¹
Chief Compliance OfficerJerry Lynn Pommer Oct 22, 2021 to Mar 18, 2022²²
Chief Communications OfficerMelissa Vera Ullerich Oct 22, 2021 to Mar 18, 2022²³
Chief Medical OfficerThomas Charles Luke Oct 22, 2021 to Mar 18, 2022²⁴
Board memberDavid Zaccardelli Jan 7, 2026 to now²⁵
Board memberRita Jain Jan 7, 2026 to now²⁶
Board memberJay S. Skyler May 14, 2024 to now²⁷
Board memberErick Lucera Apr 5, 2023 to now²⁸
Board memberAndrew Moin Oct 10, 2023 to now²⁹
Board memberJohn Petry Oct 10, 2023 to now³⁰
Board memberHelen K. Ellias Nov 22, 2023 to now³¹
Board memberScott Giberson Jul 13, 2022 to now³²
Board memberIlan Katz Jan 11, 2021 to Oct 15, 2021³³
Board memberJeffrey G. Spragens Jan 11, 2021 to Jul 17, 2024³⁴
Board memberSamuel J. Reich Jan 11, 2021 to now⁹
Board memberStephen D. Collins Jan 11, 2021 to Jan 11, 2021³⁵
Board memberChristine E. Hamilton Oct 22, 2021 to Jul 17, 2024³⁶
Board memberDavid Charles Link Oct 22, 2021 to Jul 17, 2024³⁷
Board memberEddie Joe Sullivan Oct 22, 2021 to now¹⁰
Board memberWilliam James Polvino Oct 22, 2021 to now³⁸
Board memberMervyn Turner Oct 26, 2021 to Oct 26, 2021³⁹

Former names

Big Cypress Acquisition Corp.Dec 7, 2020 to Oct 22, 2021²

Timeline

Oct 22, 2021New chief executive Eddie Joe Sullivan becomes CEO¹⁰
Jan 11, 2021New chief executive Samuel J. Reich becomes CEO⁹

Filings

364 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 75 major events, 142 insider forms, 38 large holders, 2 private raises, 85 other. The latest 20:

The 364 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 38 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

Jul 21, 2025Raised $175 million in a private offering of equity Form D: 17 investors so far Form D
Oct 2, 2023Raised $7.5 million in a private offering of equity Form D: 13 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 86. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Caligan Partners LP	7,967,207	$31.1M	1.5%	No change
Vivo Capital, LLC	7,299,909	$28.5M	2.6%	−4,120,091
Perceptive Advisors LLC	6,627,501	$25.8M	0.4%	+195,758
Adage Capital Partners Gp, L.l.c.	6,405,553	$25.0M	0.0%	+3,000,000
Ra Capital Management, L.P.	4,401,500	$17.2M	0.1%	No change
Balyasny Asset Management L.P.	3,760,439	$14.7M	0.0%	No change
BlackRock, Inc.	3,066,016	$12.0M	0.0%	+2,764,690
Vanguard Capital Management LLC	2,972,929	$11.6M	0.0%	+479,192
Commodore Capital LP	2,870,000	$11.2M	0.7%	−1,531,500
Millennium Management LLC	2,749,087	$10.7M	0.0%	−283,610
Spruce Street Capital LP	2,198,502	$8.6M	1.7%	No change
Sessa Capital IM, L.P.	2,198,457	$8.6M	0.1%	No change
Affinity Asset Advisors, LLC	1,525,000	$5.9M	0.3%	+950,000
Boothbay Fund Management, LLC	1,481,660	$5.8M	0.1%	No change
Geode Capital Management, LLC	1,277,185	$5.0M	0.0%	+975,149
Woodline Partners LP	1,180,355	$4.6M	0.0%	−1,671,436
Ensign Peak Advisors, Inc	1,172,641	$4.6M	0.0%	−202,969
Propel Bio Management, LLC	1,076,578	$4.2M	2.2%	+63,788
Soleus Capital Management, L.P.	900,000	$3.5M	0.1%	−150,000
Seven Fleet Capital Management LP	736,077	$2.9M	0.5%	+636,077
Ameriprise Financial Inc	611,019	$2.4M	0.0%	−865,087
State Street Corp	530,831	$2.1M	0.0%	+456,600
Susquehanna International Group, Llp	438,515	$1.7M	0.0%	New
Dv Equities, LLC	400,000	$1.6M	0.2%	New
AWM Investment Company, Inc.	375,000	$1.5M	0.1%	−25,000

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARSAB Biotherapeutics, Inc. filings on SEC EDGAR
2
SEC EDGARSAB Biotherapeutics, Inc. filings on SEC EDGAR
3
SEC EDGARSAB Biotherapeutics, Inc. 10-K for fiscal 2025
4
SEC EDGARSAB Biotherapeutics, Inc. 10-K for fiscal 2020
5
SEC EDGARSAB Biotherapeutics, Inc. 10-K for fiscal 2022
6
SEC EDGARSAB Biotherapeutics, Inc. 10-K for fiscal 2023
7
SEC EDGARSAB Biotherapeutics, Inc. 10-Q for fiscal 2026
8
SEC EDGARSAB Biotherapeutics, Inc. 10-Q for fiscal 2026
9
SEC EDGARSamuel J. Reich, Chief executive officer
10
SEC EDGAREddie Joe Sullivan, Chief executive officer
11
SEC EDGARSamuel J. Reich, Chair
12
SEC EDGAREddie Joe Sullivan, President
13
SEC EDGARRussell P. Beyer, Chief financial officer
14
SEC EDGARBruce Kipp Erickson, Chief operating officer
15
SEC EDGARMark William Conley, Officer
16
SEC EDGARLucy To, Officer
17
SEC EDGARAlexandra Kropotova, Chief Medical Officer
18
SEC EDGARCarlos N. Carillo, SVP Regulatory Affairs
19
SEC EDGARCharles Hiram Randall, Chief Strategy Officer
20
SEC EDGARFrederick Finnegan, Chief Business Officer
21
SEC EDGARHua Wu, SVP Research & Product Dev.
22
SEC EDGARJerry Lynn Pommer, Chief Compliance Officer
23
SEC EDGARMelissa Vera Ullerich, Chief Communications Officer
24
SEC EDGARThomas Charles Luke, Chief Medical Officer
25
SEC EDGARDavid Zaccardelli, Board member
26
SEC EDGARRita Jain, Board member
27
SEC EDGARJay S. Skyler, Board member
28
SEC EDGARErick Lucera, Board member
29
SEC EDGARAndrew Moin, Board member
30
SEC EDGARJohn Petry, Board member
31
SEC EDGARHelen K. Ellias, Board member
32
SEC EDGARScott Giberson, Board member
33
SEC EDGARIlan Katz, Board member
34
SEC EDGARJeffrey G. Spragens, Board member
35
SEC EDGARStephen D. Collins, Board member
36
SEC EDGARChristine E. Hamilton, Board member
37
SEC EDGARDavid Charles Link, Board member
38
SEC EDGARWilliam James Polvino, Board member
39
SEC EDGARMervyn Turner, Board member