SAB Biotherapeutics (SABS) Q2 2026 earnings summary

Executive summary

• SAB-142, a fully human anti-thymocyte immunoglobulin, is advancing in pivotal clinical trials for Type 1 diabetes, targeting a multibillion-dollar market opportunity and supported by promising Phase 1 data on C-peptide preservation and glycemic control.

• Over 60 clinical sites are recruiting for the SAFEGUARD Phase II-B trial, with enrollment on track for completion in Q4 2026 and topline data expected in the second half of 2027.

• PRISE-hATG Phase III study, co-funded with Breakthrough T1D, expands eligibility to patients up to two years from diagnosis and will enroll 108 participants across three cohorts.

• Construction began on a second farm facility in South Dakota to expand manufacturing capacity, ensure long-term commercial supply, and reduce operational risk.

• Inclusion in the Russell 3000® and Russell 2000® indexes in June 2026 increased visibility among institutional investors.

Financial highlights

• Ended Q2 2026 with $208 million in cash, cash equivalents, and investment securities, providing operational runway through 2028.

• R&D expenses rose to $16.2 million in Q2 2026 from $7 million in Q2 2025, driven by clinical trial costs and increased headcount.

• G&A expenses increased to $7.2 million from $2.7 million year-over-year, mainly due to higher headcount and stock-based compensation.

• Net loss for Q2 2026 was $22.5 million, up 122% year-over-year; six-month net loss was $41.4 million, up 170%.

• Other income was $0.9 million in Q2 2026, compared to an expense of $0.4 million in Q2 2025, reflecting higher investment income.

Outlook and guidance

• SAFEGUARD enrollment is on track for completion in Q4 2026, with top-line data expected in the second half of 2027.

• PRISE-hATG study to begin enrolling in the second half of 2026, with top-line results anticipated in Q1 2029.

• Operational runway is projected through 2028, supporting ongoing clinical trials and pre-commercial activities; additional capital may be required for long-term plans.