SAB Biotherapeutics, Inc.
For the period ended Mar 31, 2026. Filed May 12, 2026.
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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.
Mar 31, 2026 · Filed May 12, 2026
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
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net loss | $(18,868,885) | $(5,196,773) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 730,965 | 756,595 |
| Amortization of finance right-of-use assets | 21,705 | 21,706 |
| Stock-based compensation expense | 5,459,911 | 612,951 |
| Gain on the sale of equipment | (2,217) | — |
| Net realized and unrealized (gain) loss on equity securities | 9,587 | (961) |
| Net realized gain on debt securities | (47,089) | — |
| Changes in fair value of warrant liabilities | 482,474 | (5,035,769) |
| Accretion of discounts on investments | 10,075 | (19,489) |
| Gain in early termination of lease liability | (7,042) | — |
| Changes in operating assets and liabilities | ||
| Accrued interest receivable | (608,280) | 33,569 |
| Prepaid expenses and other current assets | (297,263) | (291,075) |
| Operating lease right-of-use assets and liabilities, net | (74,224) | 54,785 |
| Accounts payable | 114,119 | 684,171 |
| Accrued expense and other current liabilities | (1,194,966) | 583,073 |
| Net cash used in operating activities | (14,271,130) | (7,797,217) |
| Cash flows from investing activities: | ||
| Proceeds from the sale of equipment | 2,217 | 500 |
| Purchases of equipment | (983,257) | — |
| Purchases of investments | (139,262,781) | (70,905) |
| Proceeds from sales and maturities of investments | 74,596,145 | 4,741,508 |
| Net cash provided by (used in) investing activities | (65,647,676) | 4,671,103 |
| Cash flows from financing activities: | ||
| Proceeds from the March 2026 Public Offering, net of issuance costs | 79,636,964 | — |
| Proceeds from the March 2026 Public Offering Underwriters Option, net of issuance costs | 7,238,000 | — |
| Proceeds from exercised warrants | 2,975,000 | — |
| Principal payments on financed director and officer insurance | — | (137,295) |
| Principal payments on finance leases | (37,388) | (34,618) |
| Proceeds from exercise of stock options | 113,116 | — |
| Tax payments for share settlement of restricted stock units | (4,571) | (2,072) |
| Net cash provided by (used in) financing activities | 89,921,121 | (173,985) |
| Effect of exchange rate changes on cash and cash equivalents | 14,729 | 42,500 |
| Net increase (decrease) in cash and cash equivalents | 10,017,044 | (3,257,599) |
| Cash and cash equivalents | ||
| Beginning of period | 10,502,680 | 8,897,966 |
| End of period | $20,519,724 | $5,640,367 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $62,986 | $70,011 |
| Supplemental information on non-cash investing and finance activities: | ||
| Right-of-use asset written off due to early termination of lease | $368,425 | $— |
| Operating lease liability written off due to early termination of lease | 280,415 | — |
| Right-of-use assets obtained in exchange for operating lease liabilities | 775,143 | 2,422,191 |
| March 2026 Public Offering Issuance Costs included in accrued expenses | 386,335 | — |
| Purchases of equipment included in accounts payable | 255,376 | — |
SAb Biotherapeutics, Inc. and subsidiaries
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