10-K · March 9, 2026
SAB Biotherapeutics is a clinical-stage immunoglobulin company focused on SAB-142, a fully human anti-thymocyte globulin for type 1 diabetes; the company received IND clearance in May 2024, reported positive Phase 1…
Earnings analysis · 10-Q
SABS earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
SAB Biotherapeutics reported no revenue for Q1 2026 while incurring a net loss of $18.87 million, significantly larger than the $5.2 million loss in Q1 2025. Operating expenses surged by 85% year-over-year, driven by…
Read full summary
SAB Biotherapeutics reported no revenue for Q1 2026 while incurring a net loss of $18.87 million, significantly larger than the $5.2 million loss in Q1 2025. Operating expenses surged by 85% year-over-year, driven by increased research and development costs and general administrative expenses. The company highlighted its ongoing progress in clinical trials for its lead product candidate, SAB-142, amidst continued financial losses and reliance on future capital to support operations.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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No Revenue Reported
The company did not recognize any revenue for Q1 2026, the same as Q1 2025.
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Net Loss Increased
Net loss for Q1 2026 was $18.87 million, up from $5.20 million in Q1 2025.
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Operating Expenses Rose Significantly
Total operating expenses rose to $19.99 million in Q1 2026, compared to $10.77 million in Q1 2025, marking an 85% increase.
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R&D Expenses Surge
Research and development expenses increased by 75% to $13.40 million in Q1 2026 from $7.66 million in Q1 2025.
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Interest Income Boosts Cash Flow
Interest income for Q1 2026 was $1.05 million, up significantly from only $62,498 in Q1 2025.
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Strong Cash Position
As of March 31, 2026, cash and cash equivalents totaled approximately $217.6 million, up from $143.5 million at year-end 2025.
What to watch
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Reliance on Future Capital
The company indicated it will require additional capital to fund operations going forward due to ongoing losses.
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Increased Financial Losses
Net loss for Q1 2026 increased to $18.87 million, reflecting heightened expenses against no revenue.
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Regulatory Approval Uncertainty
The company's future success heavily relies on the success of clinical trials and regulatory approvals for SAB-142.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 7, 2025
SAB Biotherapeutics reported Q2 2025 grant revenue of $0 (vs. $263,137 in Q2 2024) and a GAAP loss per share of $(1.09) (vs. $(0.79) in Q2 2024). Cash and short‑term investments fell to $3.69M and $2.02M, respectively,…
10-Q · May 9, 2025
SAB Biotherapeutics reported Q1 2025 revenue of $0 (Q1 2024: $944,575) and a net loss of $5,196,773 (loss per share $0.56), driven by ongoing R&D and G&A spend. Liquidity deteriorated: cash and cash equivalents declined…
10-K · March 31, 2025
SAB Biotherapeutics positions itself as a clinical-stage immunotherapy company with a proprietary Tc Bovine platform for producing human polyclonal IgG and a lead candidate, SAB-142, targeted at Type 1 Diabetes. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.