SAB Biotherapeutics, Inc.
SABS, SABSW · Biological Products, (No Diagnostic Substances) · 76.5M shares · -23%/yr ↓ buyback · EDGAR filings ↗
Grade
C65Clinical-stage T1D antibody developer with unusually positive headline returns that are largely a non-operating artifact.
Strengths
- Positive ROA 7.7% (89th pct) and ROE 8.8% (71st pct), rare for pre-revenue biotech
- Strong liquidity: current/quick ratio 9.5 (83rd pct), runway 12.6 quarters (75th pct)
Risks
- Single binary lead asset (SAB-142) only entering pivotal Phase 2b; no product revenue
- Phase 2 influenza readout was statistically inconclusive (no reported p-value)
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-45.7M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Buying back stockNet buyback — share count -23%/yr over 4y
- Strong balance sheetStrong balance sheet — $143M cash & investments, ~13 quarters of runway
- Revenue declineRevenue -100.0% YoY
- Notable holderHeld by 3 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, CITADEL ADVISORS LLC (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
8.8%
Return on assets
7.7%
Revenue growth (QoQ)
-100.0%
Current ratio
9.5×
Free cash flow
-$46M
EBITDA
-$46M
Tangible book value
$151M
Cash & investments
$143M
Cash runway
13q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-24 | Kropotova Alexandra | Tax withheld | 988 | — |
| 2025-12-11 | Kropotova Alexandra | Tax withheld | 988 | — |
| 2025-09-29 | Moin Andrew | Option exercise | 1.7M | $1.75 |
| 2025-09-29 | Sessa Capital (Master), L.P. | Option exercise | 1.7M | $1.75 |
| 2025-09-19 | Kropotova Alexandra | Tax withheld | 2.0K | — |
| 2025-03-27 | Kropotova Alexandra | Tax withheld | 1.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07187531 ↗ | SAFety and Efficacy of Human Anti-thymocyte ImmunoGlobUlin SAB-142 ARresting Progression of Type 1 Diabetes Type 1 Diabetes | PHASE2 | Recruiting | 2027-11-01 |
| NCT06435936 ↗ | A Study to Assess the Safety of SAB-176 to Prevent the Flu, Given IM in Healthy Adults Compared With Placebo PHA1A | PHASE1 | Active Not Recruiting | 2025-02-01 |
| NCT04850898 ↗ | Study of SAB-176 in Healthy Adult Participants Influenza A H1N1 | PHASE2 | Completed | 2021-10-08 |
| NCT04471038 ↗ | Safety, Tolerability, and Pharmacokinetics of SAB-176 in Healthy Participants Influenza Type A, Influenza Type B | PHASE1 | Completed | 2021-04-19 |
| NCT04469179 ↗ | Safety, Tolerability, and Pharmacokinetics of SAB-185 in Ambulatory Participants With COVID-19 COVID-19, SARS-CoV2 | PHASE1 | Unknown | 2021-02-25 |
| NCT04468958 ↗ | Safety, Tolerability, and Pharmacokinetics of SAB-185 in Healthy Participants COVID-19, SARS-CoV2 | PHASE1 | Completed | 2020-12-23 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Shareholder vote | filing ↗ |
| 2026-05-04 | Material agreementExhibits | filing ↗ |
| 2026-04-22 | Reg FDExhibits | filing ↗ |
| 2026-03-19 | Material agreementOtherExhibits | filing ↗ |
| 2026-03-10 | Reg FDOtherExhibits | filing ↗ |
| 2026-01-12 | Reg FDExhibits | filing ↗ |
| 2026-01-07 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-12-29 | Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-18 | 0001193125-26-275976 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-218195 ↗ |
| 8-K | 2026-05-04 | 2026-04-28 | 0001193125-26-204125 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001193125-26-168569 ↗ |
| 8-K | 2026-03-19 | 2026-03-17 | 0001193125-26-114730 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001193125-26-099376 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001833214-26-000003 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-010515 ↗ |
| 8-K | 2026-01-07 | 2026-01-05 | 0001193125-26-005487 ↗ |
| 8-K | 2025-12-29 | 2025-12-29 | 0001193125-25-335267 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001193125-25-280572 ↗ |
| 8-K | 2025-09-30 | 2025-09-30 | 0001193125-25-225119 ↗ |