{"url_path":"/sec/sabsw/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1833214/0001193125-26-218195-index.html","accession_number":"0001193125-26-218195","cik":"0001833214","ticker":"SABS","issuer_name":"SAB Biotherapeutics, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1833214/0001193125-26-218195-index.html","primary_entity_key":"0001833214","primary_entity_name":"SAB Biotherapeutics, Inc."},"word_count":446,"has_tables":true,"body_markdown":"10-Q\n\n--12-310001833214Q1falsehttp://fasb.org/srt/2025#ChiefExecutiveOfficerMember110001833214us-gaap:LeaseholdImprovementsMember2026-03-310001833214sabs:TrancheBWarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-12-310001833214us-gaap:CommonStockMembersabs:SeriesAOneConvertiblePreferredStockMember2026-01-012026-03-310001833214us-gaap:AdditionalPaidInCapitalMember2026-03-310001833214sabs:OmnibusEquityIncentivePlanMember2026-01-012026-03-310001833214sabs:AnimalFacilityLeaseholdImprovementsMember2026-03-310001833214us-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214sabs:PreferredPIPESeriesBWarrantsMember2025-01-012025-12-310001833214sabs:PreferredWarantsMember2026-01-012026-03-310001833214us-gaap:FairValueInputsLevel3Membersabs:PreferredWarantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214sabs:MiamiBeachFloridaMember2025-09-300001833214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2026-03-310001833214sabs:USTreasurySecuritiesShortTermMember2026-03-310001833214us-gaap:CommonStockMembersabs:Pre-FundedWarrantsMember2026-03-310001833214us-gaap:OperatingSegmentsMembersabs:InsuranceOfficeExpenseAndOtherAdministrativeExpensesMember2025-01-012025-03-310001833214sabs:OfficeLaboratoryAndWarehouseMember2026-03-310001833214us-gaap:OperatingSegmentsMembersabs:ProfessionalFeesAndTravelMember2026-01-012026-03-310001833214sabs:TwentyFourteenEquityIncentivePlanMember2026-01-012026-03-310001833214sabs:PreferredTrancheCWarrantsMember2025-12-310001833214us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:PipePlacementAgentWarrantsMember2024-12-310001833214sabs:TwentyTwentyOneEquityIncentivePlanMember2025-09-260001833214us-gaap:USTreasurySecuritiesMember2025-12-310001833214us-gaap:MeasurementInputRiskFreeInterestRateMembersabs:PreferredTrancheCWarrantsMember2025-12-310001833214sabs:ContingentlyIssuableEarnoutSharesFromUnexercisedRolloverOptionMember2025-01-012025-03-310001833214srt:MinimumMember2026-01-012026-03-310001833214us-gaap:MeasurementInputRiskFreeInterestRateMembersabs:PreferredTrancheCWarrantsMember2026-03-310001833214sabs:EnrollmentWarrantsMember2026-01-012026-03-310001833214us-gaap:SeriesAPreferredStockMember2025-12-310001833214us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214sabs:PreferredTrancheCWarrantsMembersabs:SecuritiesPurchaseAgreementMembersabs:SeriesAThreeConvertiblePreferredStockMemberus-gaap:PrivatePlacementMember2026-01-012026-03-310001833214sabs:MarchTwoThousandTwentySixPublicOfferingMember2026-03-170001833214us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001833214sabs:PreferredPIPESeriesBWarrantsMember2026-01-012026-03-310001833214us-gaap:SeriesAPreferredStockMember2026-03-310001833214us-gaap:RetainedEarningsMember2026-01-012026-03-310001833214sabs:CommonStockWarrantsMember2026-01-012026-03-310001833214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PublicWarrantsMember2025-12-310001833214sabs:AnimalFacilityLeaseholdImprovementsMember2025-12-310001833214sabs:FortreaHoldingsIncMember2026-01-012026-03-310001833214us-gaap:CommonStockMemberus-gaap:SubsequentEventMembersabs:MarchTwoThousandTwentySixPublicOfferingMember2026-04-012026-04-300001833214sabs:PreferredTrancheAWarrantsMembersabs:SecuritiesPurchaseAgreementMemberus-gaap:PrivatePlacementMember2023-09-290001833214sabs:PreferredPipePlacementAgentWarrantsMember2024-12-310001833214sabs:OfficeLaboratoryAndWarehouseMember2026-01-012026-03-310001833214us-gaap:TreasuryStockCommonMember2024-12-310001833214sabs:SeriesAOneConvertiblePreferredStockMember2026-01-012026-03-310001833214us-gaap:OperatingSegmentsMembersabs:ResearchAndDevelopmentSalariesAndBenefitsMember2026-01-012026-03-310001833214sabs:PrivatePlacementWarrantsMember2026-03-310001833214us-gaap:VehiclesMember2026-03-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:SanfordHealthMembersabs:LeaseAgreementMember2026-03-310001833214us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214sabs:FortreaHoldingsIncMember2025-01-012025-03-310001833214us-gaap:CommonStockMemberus-gaap:OverAllotmentOptionMember2026-03-170001833214us-gaap:OfficeEquipmentMember2026-03-310001833214sabs:LadenburgWarrantsMember2026-03-310001833214sabs:PrivatePlacementWarrantsMember2024-12-310001833214sabs:ReleaseDateWarrantsMemberus-gaap:SeriesBPreferredStockMember2025-07-210001833214us-gaap:AdditionalPaidInCapitalMember2025-03-310001833214us-gaap:ConstructionInProgressMember2026-03-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:TreasuryStockCommonMember2025-03-310001833214us-gaap:ShortTermInvestmentsMember2025-12-310001833214us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:LeaseholdImprovementsMember2025-12-310001833214us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:PreferredWarantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:CommonStockMembersabs:MarchTwoThousandTwentySixPublicOfferingMember2026-03-170001833214sabs:LabSuppliesAndAnimalCareMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001833214sabs:TwentyFourteenEquityIncentivePlanMember2026-03-310001833214us-gaap:MutualFundMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:PreferredTrancheCWarrantsMember2026-01-012026-03-310001833214sabs:TwentyTwentyOneEquityIncentivePlanMember2025-09-252025-09-250001833214us-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001833214sabs:SecondEarnoutsMember2026-01-012026-03-310001833214sabs:PrivatePlacementWarrantsMember2025-12-310001833214us-gaap:FairValueMeasurementsRecurringMembersabs:PublicWarrantsMember2026-03-310001833214sabs:PlacementAgentWarrantsMember2026-03-310001833214us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:MeasurementInputOptionVolatilityMembersabs:PreferredTrancheBWarrantsMember2024-12-310001833214us-gaap:WarrantMembersabs:PrivatePlacementWarrantsMember2026-01-012026-03-3100018332142025-01-012025-03-310001833214sabs:MiamiBeachFloridaMember2025-09-302025-09-300001833214us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001833214sabs:LadenburgAgreementMemberus-gaap:WarrantMember2026-01-012026-03-310001833214sabs:EmployeeStockPurchasePlanMember2026-03-310001833214us-gaap:MeasurementInputRiskFreeInterestRateMembersabs:PreferredTrancheBWarrantsMember2024-12-310001833214us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214srt:MinimumMembersabs:ReleaseDateWarrantsMemberus-gaap:SeriesBPreferredStockMember2025-07-210001833214us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001833214us-gaap:EquipmentMembersrt:MaximumMember2026-03-310001833214us-gaap:EquipmentMember2026-03-310001833214us-gaap:CommonStockMemberus-gaap:OverAllotmentOptionMemberus-gaap:SubsequentEventMember2026-04-300001833214us-gaap:AdditionalPaidInCapitalMember2025-12-310001833214us-gaap:SeriesBPreferredStockMember2026-01-012026-03-310001833214sabs:LadenburgAgreementWarrantsMember2023-03-210001833214srt:MinimumMemberus-gaap:SeriesBPreferredStockMember2025-09-262025-09-260001833214sabs:OfficeLaboratoryAndWarehouseMember2023-11-012023-11-300001833214sabs:USTreasurySecuritiesLongTermMember2025-12-310001833214us-gaap:CommonStockMemberus-gaap:OverAllotmentOptionMember2026-03-172026-03-170001833214sabs:PreferredTrancheCWarrantsMembersabs:SecuritiesPurchaseAgreementMemberus-gaap:PrivatePlacementMembersabs:SeriesAThreeConvertiblePreferredStockMember2026-03-310001833214sabs:BusinessCombinationPublicWarrantsMember2024-12-310001833214us-gaap:SeriesBPreferredStockMember2025-12-310001833214sabs:PreferredPIPESeriesBWarrantsReleaseDateMember2025-07-210001833214sabs:EnrollmentWarrantsMemberus-gaap:SeriesBPreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2025-12-3100018332142026-01-012026-03-310001833214sabs:AdministrativePayrollMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001833214sabs:SecuritiesPurchaseAgreementMembersabs:SeriesAOneConvertiblePreferredStockMemberus-gaap:PrivatePlacementMember2023-09-292023-09-290001833214us-gaap:FairValueInputsLevel2Membersabs:PreferredWarantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:LadenburgAgreementWarrantsMember2023-12-312023-12-310001833214sabs:LadenburgAgreementWarrantsMember2023-06-302023-06-300001833214us-gaap:SeriesAPreferredStockMembersabs:PreferredTrancheCWarrantsMemberus-gaap:MeasurementInputSharePriceMember2026-03-310001833214sabs:PipeWarrantsMember2024-12-310001833214sabs:PreferredTrancheCWarrantsMembersabs:SecuritiesPurchaseAgreementMemberus-gaap:PrivatePlacementMember2023-09-290001833214us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214us-gaap:VehiclesMember2025-12-310001833214sabs:Pre-FundedWarrantsMember2026-03-310001833214srt:MaximumMemberus-gaap:SeriesBPreferredStockMembersabs:ReleaseDateWarrantsMember2025-07-210001833214us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PublicWarrantsMember2026-03-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PublicWarrantsMember2026-03-310001833214us-gaap:RestrictedStockMember2026-01-012026-03-310001833214sabs:PreferredPIPESeriesBWarrantsEnrollmentDateMember2025-07-210001833214us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:BusinessCombinationPublicWarrantsMember2026-03-310001833214us-gaap:CommonStockMember2024-12-310001833214us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214srt:MaximumMember2026-01-012026-03-310001833214us-gaap:CommonStockMember2025-03-310001833214sabs:PreferredWarantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:OperatingSegmentsMember2025-01-012025-03-310001833214us-gaap:CommonStockMember2026-01-012026-03-310001833214us-gaap:SeriesAPreferredStockMemberus-gaap:PreferredStockMember2025-03-310001833214sabs:BusinessCombinationPublicWarrantsMember2025-12-310001833214sabs:LadenburgWarrantsMember2025-12-310001833214sabs:FourthEarnoutsMember2026-01-012026-03-310001833214us-gaap:CommonStockMember2025-01-012025-03-310001833214sabs:PreferredPIPESeriesBWarrantsMembersrt:MinimumMember2025-07-210001833214us-gaap:MeasurementInputOptionVolatilityMember2026-03-310001833214us-gaap:CorporateBondSecuritiesMember2025-12-310001833214us-gaap:RetainedEarningsMember2025-01-012025-03-310001833214sabs:TwentyTwentyOneEquityIncentivePlanMembersrt:MaximumMember2026-01-012026-03-310001833214sabs:AnimalFacilityEquipmentMember2026-03-310001833214sabs:SecuritiesPurchaseAgreementMembersabs:SeriesBConvertiblePreferredStockAndWarrantsMember2025-07-210001833214sabs:MiamiBeachFloridaMember2024-04-012024-04-010001833214sabs:PipePrivatePlacementWarrantsMember2022-12-310001833214us-gaap:WarrantMembersabs:SecuritiesPurchaseAgreementMemberus-gaap:SeriesBPreferredStockMember2025-09-300001833214sabs:SecuritiesPurchaseAgreementMembersabs:SeriesBConvertiblePreferredStockAndWarrantsMember2025-07-212025-07-210001833214us-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310001833214sabs:PreferredStockWarrantsMember2026-01-012026-03-310001833214sabs:PreferredPipePlacementAgentWarrantsMember2023-11-210001833214sabs:ReleaseDateWarrantsMember2026-01-012026-03-310001833214sabs:TwentyTwentyOneEquityIncentivePlanMembersrt:MinimumMember2026-01-012026-03-310001833214us-gaap:CommonStockMember2026-03-310001833214sabs:StockOptionsAndAwardsMember2026-01-012026-03-310001833214us-gaap:CommonStockMembersabs:Pre-FundedWarrantsMembersabs:MarchTwoThousandTwentySixPublicOfferingMember2026-03-170001833214us-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2026-03-310001833214sabs:Pre-FundedWarrantsMembersabs:MarchTwoThousandTwentySixPublicOfferingMember2026-03-170001833214us-gaap:OperatingSegmentsMembersabs:ResearchAndDevelopmentSalariesAndBenefitsMember2025-01-012025-03-310001833214us-gaap:OperatingSegmentsMembersabs:ProfessionalFeesAndTravelMember2025-01-012025-03-310001833214us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:AnimalFacilityEquipmentMember2025-12-310001833214us-gaap:LeaseholdImprovementsMember2026-01-012026-03-310001833214sabs:CorporateBonds-Long-TermMember2025-12-310001833214sabs:LaboratorySpaceMember2026-01-012026-03-310001833214us-gaap:SubsequentEventMember2026-04-012026-04-010001833214us-gaap:EquipmentMembersrt:MinimumMember2026-03-310001833214sabs:PrivatePlacementWarrantsMember2026-01-012026-03-310001833214us-gaap:CorporateBondSecuritiesMember2025-09-300001833214sabs:SeriesAOneConvertiblePreferredStockMemberus-gaap:PrivatePlacementMember2026-01-012026-03-310001833214us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2025-12-310001833214us-gaap:OperatingSegmentsMember2026-01-012026-03-310001833214sabs:EnrollmentDateWarrantsMembersrt:MaximumMemberus-gaap:SeriesBPreferredStockMember2025-07-210001833214sabs:LadenburgAgreementWarrantsMember2026-01-012026-03-310001833214sabs:EnrollmentWarrantsMember2026-01-012026-03-310001833214us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001833214us-gaap:CommonStockMembersabs:SecuritiesPurchaseAgreementMember2025-07-212025-07-210001833214us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001833214sabs:SanfordHealthMembersabs:LeaseAgreementMember2026-01-012026-03-310001833214sabs:PreferredTrancheBWarrantsMember2025-01-012025-01-010001833214sabs:LadenburgWarrantsMember2024-12-310001833214sabs:PreferredTrancheCWarrantsMembersabs:SecuritiesPurchaseAgreementMemberus-gaap:PrivatePlacementMember2023-12-310001833214sabs:SeriesATwoConvertiblePreferredStockMember2025-03-310001833214sabs:OmnibusEquityIncentivePlanMember2026-03-310001833214sabs:ReleaseDateWarrantsMember2025-07-210001833214sabs:SeriesATwoPreferredStockMember2026-01-012026-03-310001833214us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:PipePlacementAgentWarrantsMember2025-12-310001833214us-gaap:SeriesAPreferredStockMemberus-gaap:CommonStockMember2026-03-310001833214sabs:PipePlacementAgentWarrantsMember2026-03-3100018332142025-09-300001833214us-gaap:MutualFundMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214country:AUsrt:SubsidiariesMember2026-01-012026-03-310001833214sabs:LabSuppliesAndAnimalCareMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001833214us-gaap:OfficeEquipmentMember2025-12-310001833214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2026-03-310001833214us-gaap:FairValueInputsLevel3Membersabs:PreferredWarantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001833214us-gaap:OperatingSegmentsMembersabs:LabServicesConsultingAndOtherDirectResearchCostsMember2025-01-012025-03-310001833214sabs:PreferredWarantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:MarchTwoThousandTwentySixPublicOfferingMember2026-03-172026-03-170001833214us-gaap:MeasurementInputOptionVolatilityMembersabs:PreferredTrancheCWarrantsMember2026-03-310001833214us-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PublicWarrantsMember2026-03-310001833214sabs:DakotaAgPropertiesMember2018-12-310001833214us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001833214us-gaap:RestrictedStockMember2026-03-310001833214sabs:ShelfRegistrationStatementMember2026-01-072026-01-070001833214sabs:DakotaAgPropertiesMember2018-12-012018-12-310001833214sabs:AdministrativePayrollMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001833214sabs:CorporateBonds-Short-TermMember2025-12-310001833214sabs:SeriesATwoConvertiblePreferredStockMember2026-03-310001833214us-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2025-12-310001833214us-gaap:AdditionalPaidInCapitalMember2024-12-310001833214sabs:PreferredTrancheBWarrantsMember2025-12-310001833214us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:MeasurementInputOptionVolatilityMembersabs:PreferredTrancheCWarrantsMember2025-12-310001833214us-gaap:CommonStockMemberus-gaap:SeriesBPreferredStockMember2026-03-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2026-01-012026-03-310001833214us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214sabs:TwentyTwentyOneEquityIncentivePlanMember2026-01-012026-03-310001833214us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214us-gaap:CommonStockMember2025-09-262025-09-260001833214us-gaap:MeasurementInputOptionVolatilityMember2025-12-310001833214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2025-12-310001833214sabs:SeriesATwoPreferredStockMember2025-01-012025-12-310001833214sabs:FirstEarnoutMember2026-01-012026-03-310001833214us-gaap:RetainedEarningsMember2026-03-310001833214us-gaap:OverAllotmentOptionMember2026-03-170001833214us-gaap:MeasurementInputSharePriceMember2026-03-310001833214sabs:PreferredPipePlacementAgentWarrantsMember2026-03-310001833214sabs:ReleaseDateWarrantsMember2026-01-012026-03-310001833214sabs:AnimalFaciltyMember2026-03-310001833214sabs:EmployeeStockPurchasePlanMember2026-01-012026-03-310001833214sabs:ContingentlyIssuableEarnoutSharesFromUnexercisedRolloverOptionMember2026-01-012026-03-310001833214sabs:PreferredPIPESeriesBWarrantsMember2025-12-310001833214sabs:PreferredPipePlacementAgentWarrantsMember2025-12-310001833214sabs:USTreasurySecuritiesShortTermMember2025-12-310001833214us-gaap:OperatingSegmentsMembersabs:InsuranceOfficeExpenseAndOtherAdministrativeExpensesMember2026-01-012026-03-3100018332142025-12-310001833214us-gaap:PrivatePlacementMember2022-12-310001833214us-gaap:SeriesBPreferredStockMember2026-03-310001833214sabs:PreferredTrancheCWarrantsMember2026-03-310001833214us-gaap:RestrictedStockMember2025-12-310001833214sabs:PreferredTrancheCWarrantsMember2024-12-310001833214sabs:EnrollmentDateWarrantsMemberus-gaap:SeriesBPreferredStockMember2025-07-210001833214sabs:Pre-FundedWarrantsMemberus-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001833214us-gaap:FairValueInputsLevel3Membersabs:PreferredWarantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:PreferredStockWarrantsMember2025-01-012025-03-310001833214sabs:PreferredPIPESeriesBWarrantsMembersrt:MaximumMember2025-07-210001833214us-gaap:SeriesAPreferredStockMember2026-01-012026-03-310001833214sabs:ThirdEarnoutsMember2026-01-012026-03-310001833214us-gaap:TreasuryStockCommonMember2025-12-310001833214us-gaap:CommonStockMembersabs:Pre-FundedWarrantsMember2026-01-012026-03-310001833214us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2026-03-310001833214us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:LadenburgAgreementWarrantsMember2023-03-212023-03-210001833214sabs:TwentyTwentyOneEquityIncentivePlanMember2026-03-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2026-03-310001833214us-gaap:CommonStockMemberus-gaap:SeriesBPreferredStockMember2026-01-012026-03-310001833214us-gaap:CommonStockMemberus-gaap:OverAllotmentOptionMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001833214sabs:EnrollmentWarrantsMemberus-gaap:SeriesBPreferredStockMember2026-01-012026-03-310001833214us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2026-03-310001833214us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PublicWarrantsMember2025-12-310001833214sabs:CommonStockWarrantsMember2025-01-012025-03-310001833214sabs:USTreasurySecuritiesLongTermMember2026-03-310001833214us-gaap:RetainedEarningsMember2025-12-310001833214sabs:EnrollmentDateWarrantsMember2025-07-210001833214sabs:Pre-FundedWarrantsMember2026-03-310001833214us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001833214us-gaap:FairValueInputsLevel2Membersabs:PreferredWarantsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:ConstructionInProgressMember2025-12-310001833214us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214us-gaap:CommonStockMember2025-12-310001833214sabs:AdditionalEmployeeContributionsMember2026-01-012026-03-310001833214us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2025-12-310001833214us-gaap:OperatingSegmentsMemberus-gaap:StockCompensationPlanMember2025-01-012025-03-310001833214us-gaap:CommonStockMember2026-01-012026-03-310001833214us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001833214us-gaap:SeriesBPreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001833214sabs:Pre-FundedWarrantsMember2026-01-012026-03-310001833214sabs:PipeWarrantsMember2025-12-310001833214sabs:PreferredTrancheBWarrantsMembersabs:SecuritiesPurchaseAgreementMemberus-gaap:PrivatePlacementMember2023-09-290001833214sabs:PipeWarrantsMember2026-03-310001833214sabs:WarrantsEachExercisableForOneShareOfCommonStockAtExercisePriceOf11.50PerShareMember2026-01-012026-03-310001833214sabs:EmployeeStockPurchasePlanMember2025-01-012025-03-310001833214us-gaap:CommonStockMembersabs:MarchTwoThousandTwentySixPublicOfferingMember2026-03-172026-03-170001833214us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001833214sabs:TwentyTwentyOneEquityIncentivePlanMember2025-09-262025-09-260001833214sabs:PreferredWarantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:SecuritiesPurchaseAgreementMembersabs:SeriesAOneConvertiblePreferredStockMemberus-gaap:PrivatePlacementMember2023-09-290001833214sabs:EnrollmentDateWarrantsMember2026-01-012026-03-310001833214sabs:SecuritiesPurchaseAgreementMemberus-gaap:SeriesBPreferredStockMember2025-07-212025-07-210001833214sabs:PreferredPIPESeriesBWarrantsMember2026-03-310001833214us-gaap:USTreasurySecuritiesMember2026-03-310001833214us-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001833214country:AUsrt:SubsidiariesMember2025-01-012025-03-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214sabs:MiamiBeachFloridaMember2024-04-010001833214us-gaap:RetainedEarningsMember2025-03-310001833214sabs:OfficeLaboratoryAndWarehouseMember2023-11-300001833214us-gaap:CommonStockMembersabs:SecuritiesPurchaseAgreementMembersabs:SeriesBConvertiblePreferredStockAndWarrantsMember2025-07-212025-07-210001833214srt:MinimumMember2025-09-262025-09-260001833214us-gaap:MeasurementInputRiskFreeInterestRateMember2025-12-3100018332142025-03-310001833214sabs:StockOptionsAndAwardsMember2025-01-012025-03-310001833214us-gaap:SeriesAPreferredStockMembersabs:PreferredTrancheCWarrantsMemberus-gaap:MeasurementInputSharePriceMember2025-12-310001833214sabs:PipePrivatePlacementWarrantsMember2026-03-3100018332142026-05-0600018332142024-12-3100018332142025-01-012025-12-310001833214us-gaap:FairValueMeasurementsRecurringMembersabs:PublicWarrantsMember2025-12-310001833214sabs:LongTermInvestmentsMember2025-12-310001833214us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2026-01-012026-03-310001833214us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersabs:PrivatePlacementWarrantsMember2025-12-310001833214us-gaap:CommonStockMembersabs:SeriesAOneConvertiblePreferredStockMember2026-03-310001833214us-gaap:PreferredStockMembersabs:EnrollmentWarrantsMemberus-gaap:SeriesBPreferredStockMember2026-01-012026-03-310001833214us-gaap:WarrantMembersabs:SecuritiesPurchaseAgreementMember2025-09-300001833214us-gaap:EquipmentMember2025-12-310001833214us-gaap:SubsequentEventMember2026-04-282026-04-280001833214us-gaap:CommonStockMember2025-01-012025-12-310001833214us-gaap:OperatingSegmentsMemberus-gaap:StockCompensationPlanMember2026-01-012026-03-310001833214us-gaap:OperatingSegmentsMembersabs:LabServicesConsultingAndOtherDirectResearchCostsMember2026-01-012026-03-310001833214us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001833214us-gaap:PrivatePlacementMember2022-12-012022-12-310001833214us-gaap:OperatingSegmentsMembersabs:ClinicalTrialExpenseMember2025-01-012025-03-310001833214us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001833214us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001833214sabs:PublicWarrantsMember2026-03-310001833214sabs:BigCypressAcquisitionCorpMemberus-gaap:CommonStockMember2021-10-220001833214us-gaap:CommonStockMember2026-03-310001833214us-gaap:SeriesBPreferredStockMember2025-09-262025-09-260001833214sabs:PreferredTrancheAWarrantsMembersabs:SecuritiesPurchaseAgreementMembersabs:SeriesAOneConvertiblePreferredStockMemberus-gaap:PrivatePlacementMember2023-10-012023-12-310001833214us-gaap:OperatingSegmentsMembersabs:ClinicalTrialExpenseMember2026-01-012026-03-310001833214us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001833214us-gaap:TreasuryStockCommonMember2026-03-310001833214us-gaap:WarrantMembersabs:PublicWarrantsMember2026-01-012026-03-310001833214sabs:PreferredTrancheBWarrantsMember2024-12-310001833214sabs:PlacementAgentWarrantsMember2022-12-310001833214us-gaap:RetainedEarningsMember2024-12-3100018332142026-03-310001833214us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2024-12-310001833214us-gaap:MeasurementInputSharePriceMember2025-12-31sabs:Periodxbrli:puresabs:Segmentiso4217:USDxbrli:sharesutr:sqftxbrli:sharessabs:Securityiso4217:USD\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ___________________ to ___________________\n\nCommission File Number: 001-39871\n\n \n\nSAB BIOTHERAPEUTICS, INC.\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n \n\nDelaware\n\n85-3899721\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n777 W 41st St, Suite 401\n\nMiami Beach, Florida\n\n33140\n\n(Address of principal executive offices)\n\n(Zip Code)\n\nRegistrant’s telephone number, including area code: (605) 679-6980\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading\n\nSymbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon stock, $0.0001 par value per share\n\n \n\nSABS\n\n \n\nThe Nasdaq Stock Market LLC\n\nWarrants, each exercisable for one share of Common Stock\n\n \n\nSABSW\n\n \n\nThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n \n\n \n\n \n\n \n\nEmerging growth company\n\n \n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 6, 2026, the registrant had 76,464,094 shares of common stock, $0.0001 par value per share, outstanding.\n\n \n\n \n\n \n\n \n\n \n\nTable of Contents\n\n \n\n \n\n \n\nPage\n\n \n\n \n\n \n\nPART I.\n\n[FINANCIAL INFORMATION](#part_i_financial_information)\n\n2"}