SAB Biotherapeutics, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
SABS$3.07-1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $30,134,426 | $(22,710,610) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation and amortization | 2,253,170 | 3,941,764 |
| Amortization of finance right-of-use assets | 65,117 | 65,118 |
| Stock-based compensation expense | 2,040,913 | 2,267,661 |
| Net realized and unrealized gain on equity securities | (64,038) | — |
| Changes in fair value of warrant liabilities | (66,007,621) | (7,691,363) |
| Accretion of discounts on short-term investments | (51,767) | (217,749) |
| Changes in operating assets and liabilities | ||
| Accrued interest receivable | (504,999) | (97,047) |
| Prepaid expenses and other current assets | 1,577,810 | 372,553 |
| Operating lease right-of-use assets and liabilities, net | 63,559 | (24,476) |
| Accounts payable | 1,158,266 | 332,938 |
| Deferred grant income | - | (1,207,712) |
| Accrued expense and other current liabilities | 1,336,380 | 209,102 |
| Net cash used in operating activities | (27,998,784) | (24,759,821) |
| Cash flows from investing activities: | ||
| Proceeds from the sale of equipment | 500 | — |
| Purchases of equipment | — | (281,885) |
| Purchases of investment securities | (129,991,839) | (36,137,485) |
| Sales and maturities of investments | 9,991,364 | 15,126,337 |
| Net cash used in investing activities | (119,999,975) | (21,293,033) |
| Cash flows from financing activities: | ||
| Proceeds from the 2025 PIPE, net of Series B issuance costs | 168,729,827 | — |
| Payment of deferred issuance costs | — | (261,105) |
| Principal payments of notes payable | (275,849) | (1,050,849) |
| Principal payments on finance leases | (105,888) | (98,045) |
| Proceeds from exercise of stock options | — | 20,412 |
| Tax payments for share settlement of restricted stock units | (6,953) | — |
| Net cash provided by (used in) financing activities | 168,341,137 | (1,389,587) |
| Effect of exchange rate changes on cash and cash equivalents | 184,364 | 47,550 |
| Net increase (decrease) in cash and cash equivalents | 20,526,742 | (47,394,891) |
| Cash and cash equivalents | ||
| Beginning of period | 8,897,966 | 56,566,066 |
| End of period | $29,424,708 | $9,171,175 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $178,333 | $303,309 |
| Supplemental information on non-cash investing and finance activities: | ||
| Right-of-use assets obtained in exchange for operating lease liabilities | $2,422,191 | $368,425 |
| Reclassification of warrants from liability to equity | 90,691,094 | — |
| Reclassification of Redeemable Preferred Stock to Permanent Equity upon Requisite Approval | $16,038,660 | — |
SAb Biotherapeutics, Inc. and subsidiaries
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