SAB Biotherapeutics (SABS) Q4 2025 earnings summary

Executive summary

• Advanced SAB-142 into registrational Phase 2b SAFEGUARD study for type 1 diabetes, with enrollment ongoing and topline data expected in 2H 2027.

• Reported positive Phase 1 data confirming favorable safety, redosability, and low immunogenicity of SAB-142.

• Raised $175 million in an oversubscribed private placement, securing operational runway through 2028.

• Appointed David Zaccardelli as Board Chair and Rita Jain as Independent Director, both bringing significant biopharma leadership experience.

Financial highlights

• Cash, cash equivalents, and available-for-sale securities totaled $143.5 million at year-end 2025.

• R&D expenses were $34.4 million in 2025, up from $30.3 million in 2024.

• G&A expenses were $14.6 million in 2025, compared to $14.0 million in 2024.

• Other income rose to $62.2 million in 2025 from $8.8 million in 2024, driven by changes in fair value of warrant liabilities.

• Net income was $13.3 million in 2025, reversing a net loss of $34.1 million in 2024.

Outlook and guidance

• Enrollment for the Phase 2b SAFEGUARD study is on track to complete by end of 2026, with topline data expected in the second half of 2027.

• Operational runway is secured through 2028 following recent financing.

• Additional Phase 1 data and initiation of an investigator-led study are anticipated in 2026.