SAB Biotherapeutics

Q2 FY2026 EarningsQ2 FY26 performance was mixed relative to consensus: revenue remains at zero as expected for this clinical-stage biotech, while Net Loss (GAAP) of $22.5M was wider than the $19.1M expected. Diluted EPS of -$0.28 was largely in-line with the -$0.27 consensus. Research and development expenses surged 131.1% YoY to $16.2M, reflecting the rapid advancement of the Phase 2b SAFEGUARD study for lead candidate SAB-142. Management confirmed a healthy liquidity position with $208M in cash and investments, providing a runway of at least 12 months.