--- title: "SAB Biotherapeutics | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/286091115.md" datetime: "2026-05-12T11:37:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286091115.md) - [en](https://longbridge.com/en/news/286091115.md) - [zh-HK](https://longbridge.com/zh-HK/news/286091115.md) --- # SAB Biotherapeutics | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -0.35. EBIT: As of FY2026 Q1, the actual value is USD -20.98 M. SAB Biotherapeutics, Inc. operates as a single reportable segment, focused on developing human polyclonal immunotherapeutic antibodies for immune system disorders and infectious diseases, and recognized no revenue for the three months ended March 31, 2026. #### Operational Metrics - **Net Loss**: SAB Biotherapeutics, Inc. reported a net loss of -$18,868,885 for the three months ended March 31, 2026, compared to -$5,196,773 for the same period in 2025. - **Total Operating Expenses**: Total operating expenses were $19,997,736 for the three months ended March 31, 2026, an increase from $10,772,102 in the prior year period. - **Loss from Operations**: Loss from operations was -$19,997,736 for the three months ended March 31, 2026, compared to -$10,772,102 for the three months ended March 31, 2025. - **Research and Development (R&D) Expenses**: R&D expenses increased by $5.7 million, or 75.0%, to $13,397,977 for the three months ended March 31, 2026, from $7,657,321 in the prior year. This increase was primarily driven by higher salaries and benefits ($3.7 million increase), clinical trial costs ($1.3 million increase), outside lab services ($0.1 million increase), overhead and facility expense ($0.2 million increase), animal care ($0.3 million increase), and laboratory supplies ($0.2 million increase), partially offset by a decrease in project consulting ($0.1 million decrease). - Salaries & benefits: $6,967,964 (2026) vs $3,245,785 (2025) - Laboratory supplies: $400,338 (2026) vs $228,803 (2025) - Animal care: $357,300 (2026) vs $64,481 (2025) - Clinical trial expense: $3,196,835 (2026) vs $1,927,208 (2025) - Outside laboratory services: $863,826 (2026) vs $718,272 (2025) - Project consulting: $96,088 (2026) vs $181,265 (2025) - Facility expense: $1,295,065 (2026) vs $1,154,549 (2025) - Other R&D expenses: $220,561 (2026) vs $135,424 (2025) - **General and Administrative (G&A) Expenses**: G&A expenses rose by $3.5 million, or 111.9%, to $6,599,759 for the three months ended March 31, 2026, from $3,114,781 in the prior year. This increase was mainly due to increased salaries and benefits ($2.8 million increase), project consulting ($0.2 million increase), and other administrative support fees ($0.6 million increase), partially offset by a decrease in insurance costs ($0.1 million decrease). - Administrative payroll: $1,818,302 (2026) vs $1,352,628 (2025) - Professional fees and travel: $717,451 (2026) vs $425,638 (2025) - Insurance, office expense, and other administrative expenses: $1,466,004 (2026) vs $1,055,853 (2025) - Share-based compensation (G&A): $2,598,002 (2026) vs $280,662 (2025) - **Changes in Fair Value of Warrant Liabilities**: This resulted in a -$482,474 expense for Q1 2026, a significant change from a $5,035,769 income in Q1 2025. - **Interest Expense**: Interest expense was -$62,745 for Q1 2026, consistent with -$69,565 in Q1 2025. - **Interest Income**: Interest income increased significantly by $1.0 million, or 1,575.57%, to $1,047,197 for Q1 2026, compared to $62,498 in Q1 2025, primarily due to higher investments in debt securities and cash balances. - **Other Income**: Other income was $626,873 for Q1 2026, including a decrease in Australian R&D tax credit to $0.1 million from $0.4 million in Q1 2025. #### Cash Flow - **Net Cash Used in Operating Activities**: Net cash used in operating activities increased to -$14,271,130 for the three months ended March 31, 2026, from -$7,797,217 in the prior year, primarily due to increased net loss and working capital fluctuations. - **Net Cash Used in Investing Activities**: Net cash used in investing activities was -$65,647,676 for Q1 2026, a substantial increase from $4,671,103 provided by investing activities in Q1 2025, mainly due to increased purchases of short-term investments and capital expenditures. - **Net Cash Provided by Financing Activities**: Net cash provided by financing activities significantly increased to $89,921,121 for Q1 2026, from -$173,985 used in Q1 2025, primarily driven by the March 2026 Public Offering. #### Unique Metrics - **Accumulated Deficit**: As of March 31, 2026, SAB Biotherapeutics, Inc. had an accumulated deficit of $129.8 million. - **Cash and Cash Equivalents**: Cash and cash equivalents stood at $20,519,724 as of March 31, 2026, up from $10,502,680 as of December 31, 2025. - **Short-term Investments**: Short-term investments increased to $86,871,857 as of March 31, 2026, from $86,089,779 as of December 31, 2025. - **Long-term Investments**: Long-term investments significantly increased to $110,235,540 as of March 31, 2026, from $46,892,882 as of December 31, 2025. - **Stock-based Compensation Expense**: Stock-based compensation expense was $5,459,911 for the three months ended March 31, 2026, compared to $612,951 for the same period in 2025. #### Future Outlook and Strategy SAB Biotherapeutics, Inc. expects to continue generating losses and anticipates increased R&D expenses as it advances product candidates toward regulatory approval and commercialization, necessitating additional capital. The proceeds of approximately $86.4 million from the March 2026 Public Offering are allocated to fund the Phase 2b SAFEGUARD study of SAB-142 and for general corporate purposes. The Company maintains a Shelf Registration Statement to facilitate future capital raises through various securities offerings if needed. ### Related Stocks - [SABS.US](https://longbridge.com/en/quote/SABS.US.md) ## Related News & Research - [2Invest AG schedules release of half-year 2026 report](https://longbridge.com/en/news/295943641.md) - [Xylem sets quarterly distribution at R$ 0.75 per unit for 3Q 2026](https://longbridge.com/en/news/296117630.md) - [GE HealthCare declares Q3 2026 distribution of R$ 0.02 per unit](https://longbridge.com/en/news/296242723.md) - [Orizon approves 2Q 2026 interim financial statements in board meeting](https://longbridge.com/en/news/295875106.md) - [Diageo announces BRL 0.32 per unit distribution for Q3 2026](https://longbridge.com/en/news/295964479.md)