Revenue: As of FY2025 Q2, the actual value is USD 0.

EPS: As of FY2025 Q2, the actual value is USD -1.09.

Segment Revenue

• Grant Revenue: No revenue was recognized for the three and six months ended June 30, 2025, compared to $263,137 and $1,207,712 for the same periods in 2024, respectively.

Operational Metrics

• Net Loss: The net loss for the three months ended June 30, 2025, was - $10,114,270, compared to - $7,335,455 for the same period in 2024. For the six months ended June 30, 2025, the net loss was - $15,311,043, compared to - $12,361,200 for the same period in 2024.
• Research and Development Expenses: Increased by 2.6% to $6,996,660 for the three months ended June 30, 2025, compared to $6,822,198 for the same period in 2024. For the six months ended June 30, 2025, expenses slightly decreased by 0.8% to $14,653,981 from $14,769,253 in 2024.
• General and Administrative Expenses: Decreased by 24.9% to $2,735,401 for the three months ended June 30, 2025, compared to $3,642,637 for the same period in 2024. For the six months ended June 30, 2025, expenses decreased by 27.2% to $5,850,182 from $8,030,773 in 2024.

Cash Flow

• Net Cash Used in Operating Activities: Decreased to - $14,948,761 for the six months ended June 30, 2025, from - $18,467,790 for the same period in 2024.
• Net Cash Provided by (Used in) Investing Activities: Increased to $9,868,940 for the six months ended June 30, 2025, from - $20,140,390 for the same period in 2024.
• Net Cash Used in Financing Activities: Decreased to - $347,829 for the six months ended June 30, 2025, from - $715,457 for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to advance its lead product candidate, SAB-142, into a Phase 2b clinical trial called the SAFEGUARD study, with the intent to use the data as supportive evidence for future regulatory approval.
• Non-Core Business: The company does not expect to generate revenues during the development phase of its primary pipeline development target of Type 1 diabetes, which remains independently financed as it explores potential partnerships, co-development opportunities, and licensing arrangements.