SAB Biotherapeutics (SABS) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing multi-specific, high-potency human immunoglobulin G (hIgG) therapies for autoimmune disorders, using a proprietary platform that does not require human donors or convalescent plasma.

• Lead product candidate, SAB-142, is a first-in-class, multi-target human anti-thymocyte globulin (hATG) for preventing or delaying progression of Stage 3 type 1 diabetes (T1D), with plans to expand into other autoimmune indications.

• Proprietary transchromosomic cattle platform enables large-scale production of disease-targeted hIgG, offering a significant barrier to competitive polyclonal approaches.

• Company is an emerging growth company and a smaller reporting company, taking advantage of reduced public company reporting requirements.

Financial performance and metrics

• Net tangible book value as of September 30, 2025, was approximately $165.1 million, or $3.47 per share.

• After the offering, net tangible book value would increase to $237.6 million, or $3.53 per share, with an immediate dilution of $0.25 per share to new investors at an assumed offering price of $3.78 per share.

• The company’s financial statements for 2024 and 2023 were audited with a going concern explanatory paragraph.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for pipeline development, working capital, and general corporate purposes.

• Management has broad discretion in application of proceeds; specific uses have not been identified.

• Pending use, proceeds may be invested in short-term and intermediate-term interest-bearing obligations.