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.