SAB Biotherapeutics, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Nov 5, 2026
SABS$3.03+3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-336783
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001193125-26-448600
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 81 current paragraphs.
42 unchanged; 23 reworded; 16 added; 21 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
In September 2026, the SAFEGUARD Study Data Monitoring Committee (DMC) approved the second and final stepdown, expanding enrollment to pediatric patients ages 5-11. Additionally, the adult and adolescent cohorts in SAFEGUARD are now fully enrolled and closed for screening.
Current report
In October 2026, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to SAB-142 for treatment of new-onset Stage 3 T1D. Fast Track designation is intended to facilitate the development and expedite the review of therapies for serious conditions where there is an unmet medical need and to help bring important new treatments to patients earlier. Fast Track designation does not change the standards for approval and does not ensure that SAB-142 will be approved or that the development, review or approval process will be faster than conventional FDA procedures, and the FDA may withdraw the designation.
Current report
Other Income (Expense), Net
Current report
Warrant issuance expense consists of offering costs allocated to warrants that are classified as liabilities at issuance, which are expensed as incurred. Warrant issuance expense for the prior-year period is related to the warrants issued in the Series B Offering.
Current report
Changes in fair value of warrant liabilities decreased by $59.9 million, or 97.3%, during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily due to the $62.0 million gain recognized in the prior-year period on the Release Date Warrants and Enrollment Date Warrants issued in connection with the Series B Offering. These warrants were remeasured through September 26, 2025, when they were reclassified to stockholders’ equity following stockholder approval, and are no longer remeasured. This decrease was partially offset by a gain on the change in fair value of our Preferred Tranche C Warrants.
Current report
Interest income increased by $1.0 million, or 162.7%, during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily due to higher average short-term and long-term investment balances as a result of the March 2026 Public Offering and Release Date and Enrollment Date Warrant exercises.
Current report
Other Income, Net
Current report
Warrant issuance expense decreased by $4.9 million, or 100.0%, in the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, due to issuance costs allocated to the liability classified Enrollment Date Warrants and Release Date Warrants issued in connection with the Series B Offering, which were expensed as incurred.
Current report
Changes in fair value of warrant liabilities decreased by $65.9 million, or 99.9%, during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to the $62.0 million gain recognized in the prior-year period on the Release Date Warrants and Enrollment Date Warrants issued in connection with the Series B Offering. These warrants were remeasured through September 26, 2025, when they were reclassified to stockholders’ equity following stockholder approval, and are no longer remeasured. This decrease was partially offset by a gain on the change in fair value of our Public Warrants and Private Placement Warrants.
Current report
Interest income increased by $3.7 million, or 665.2%, during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to higher average short-term and long-term investment balances as a result of the March 2026 Public Offering and Release Date and Enrollment Date Warrant exercises.
Current report
Other Income, Net
Current report
Warrant issuance expense decreased by $4.9 million, or 100.0%, in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, due to issuance costs allocated to the liability classified Enrollment Date Warrants and Release Date Warrants issued in connection with the Series B Offering, which were expensed as incurred.
Current report
Net cash used in operating activities increased by $9.1 million in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. This increase was primarily driven by higher operating expenses, including increased clinical trial expenses and related headcount as we continue to advance the development of our lead product candidate, SAB-142.
Current report
We enter into contracts in the normal course of business with contract research organizations (“CROs”), contract manufacturing organizations and other vendors for clinical trial, manufacturing and other services. These contracts are generally cancelable upon notice and do not include significant cancellation penalties. Payments due upon cancellation consist of payments for services performed or expenses incurred, including non-cancelable obligations of the service providers, through the date of cancellation.
Current report
In July 2026, we agreed to co-fund the investigator-led Phase 3 PRISE-hATG study of SAB-142, which is supported by a grant from Breakthrough T1D, and we have paid our $1.4 million funding commitment in full. We have also agreed to make contingent payments to Breakthrough T1D of up to five times the grant amount (subject to a cap on the grant amount of $3.9 million) upon the occurrence of certain events, including regulatory approval of SAB-142. We have not recorded a liability for these contingent payments because the underlying events are not considered probable.
Current report
We will cease to be an emerging growth company on December 31, 2026, the last day of the fiscal year following the fifth anniversary of the closing of the initial public offering of Big Cypress Acquisition Corp. Beginning with our Annual Report on Form 10-K for the year ending December 31, 2026, we will be required to comply with new or revised accounting standards as of the effective dates applicable to public business entities. We expect to continue to qualify as a smaller reporting company and, as such, may continue to rely on certain scaled disclosure requirements.
Removed paragraphs (21)
Previous report
In July 2026, Breakthrough T1D awarded a grant to support the investigator‑led Phase 3 clinical trial, called the PRISE‑hATG study, evaluating SAB‑142 in patients with Stage 3 T1D who are between 100 days and two years from diagnosis. We are co-funding the study. The PRISE-hATG study is a registrational clinical trial that could expand the potential future label of SAB-142 to patients with
Previous report
During Q2 2026, we began construction of a second farm facility in South Dakota to increase manufacturing capacity and establish a redundant herd to support long-term commercial supply for SAB-142.
Previous report
Other Income (expense)
Previous report
Interest income
Previous report
Interest expense
Previous report
Interest expense consists primarily of interest expense associated with finance lease arrangements.
Previous report
Changes in fair value of warrant liabilities increased by $0.5 million, or 77.2% during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to the increase in fair value of our Preferred Tranche C Warrants.
Previous report
Interest Expense
Previous report
Interest expense in the three months ended June 30, 2026 was consistent with interest expense in the three months ended June 30, 2025.
Previous report
Interest Income
Previous report
Interest income increased by $1.7 million or 12,107.1% during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to higher average investment balances as a result of the March 2026 Public Offering and the July 2025 Purchase Agreement.
Previous report
Other Income
Previous report
Changes in fair value of warrant liabilities increased by $6.0 million, or 136.1% during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to the increase in fair value of our Preferred Tranche C Warrants.
Previous report
Interest Expense
Previous report
Interest expense in the six months ended June 30, 2026 was consistent with interest expense in the six months ended June 30, 2025.
Previous report
Interest Income
Previous report
Interest income increased by $2.7 million, or 3,526.3%, during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to higher average investment balances as a result of the March 2026 Public Offering and the July 2025 Purchase Agreement.
Previous report
Other Income
Previous report
Net cash used in operating activities increased by $9.2 million in the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. This increase was primarily driven by an increase in net cash used in operations, partially offset by non-cash adjustments, including stock-based compensation and changes in fair value of warrant liabilities. The year-over-year increase in cash used was due to our continued investment in the development of our lead product candidate, SAB-142.
Previous report
We have a clinical master services agreement with Fortrea for CRO services related to our Phase 2b study of SAB-142 and expect to make ongoing payments to Fortrea over the next 12 to 18 months in connection with these services.
Previous report
We may use these provisions until the last day of our fiscal year in which the fifth anniversary of the completion of our initial public offering occurred. However, if certain events occur prior to the end of such five-year period, including if we become a “large accelerated filer,” our annual gross revenue exceeds $1.235 billion, or we issue more than $1.07 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period.
Reworded paragraphs (23)
Previous wording
This Quarterly Report on Form 10-Q (this “Quarterly Report” or “Form 10-Q”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"), that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. In addition, historic results, including results from preclinical studies and clinical trials of SAB-142 and other product candidates; do not guarantee that future research or trials will suggest the same conclusions, nor that historic results referred to herein will be interpreted in the same manner due to future preclinical and clinical trial results or otherwise. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the sections entitled “Risk Factors” in this Quarterly Report, our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other periodic reports filed with the Securities and Exchange Commission (the “SEC”) and available at https://www.sec.gov/. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as expressly required by applicable law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.
Current wording
This Quarterly Report on Form 10-Q (this “Quarterly Report” or “Form 10-Q”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact, included in this Form 10-Q, including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek,” “plan,” “may,” “will,” “could,” “should,” “would,” “potential,” “continue” and variations and similar words and expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements involve known and unknown risks, relate to future events or future performance, and reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. In addition, historic results, including results from preclinical studies and clinical trials of SAB-142 and other product candidates, do not guarantee that future research or trials will suggest the same conclusions, nor that historic results referred to herein will be interpreted in the same manner due to future preclinical and clinical trial results or otherwise. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the sections entitled “Risk Factors” in this Quarterly Report, our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other periodic reports filed with the Securities and Exchange Commission (the “SEC”) and available at https://www.sec.gov/. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as expressly required by applicable law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.
Previous wording
We received an Investigational New Drug (IND) clearance from the FDA in May 2024 and announced positive topline data from our Phase 1 clinical trial of SAB-142 in January 2025, and December 2025. We initiated our pivotal Phase 2b clinical trial, called the SAFEGUARD study, in Q3 2025 and dosed the first patient in December 2025 with enrollment ongoing across multiple clinical trial sites in U.S., Australia, New Zealand, U.K. and European Union. SAFEGUARD Part A, a dose-ranging study in adult patients, completed enrollment in Q1 2026. SAFEGUARD Part B, a randomized double-blind, placebo-controlled, dose-ranging study, is actively enrolling. Upon Part A and B completion, all patients, including the placebo-control group, with residual beta cells at 12 months are eligible for the 12-month long-term efficacy and safety extension study (Part C).
Current wording
SAB-142 is being evaluated in two clinical trials: the registrational Phase 2b SAFEGUARD study in people newly diagnosed with Stage 3 T1D and the investigator-led Phase 3 PRISE-hATG study in people up to two years from a Stage 3 T1D diagnosis. We received an Investigational New Drug (IND) clearance from the FDA in May 2024 and announced positive topline data from our Phase 1 clinical trial of SAB-142 in January 2025 and December 2025. We initiated SAFEGUARD in Q3 2025 and dosed the first patient in December 2025 with enrollment ongoing across multiple clinical trial sites in U.S., Australia, New Zealand, U.K. and European Union. SAFEGUARD Part A, a dose-ranging study in adult patients, completed enrollment in Q1 2026. SAFEGUARD Part B, a randomized double-blind, placebo-controlled, dose-ranging study, is actively enrolling. Upon Part A and B completion, all patients, including the placebo-control group, with residual beta cell function at 12 months are eligible for the 12-month long-term efficacy and safety extension study (Part C).
Previous wording
Stage 3 T1D with onset up to two years from diagnosis.
Current wording
PRISE-hATG is a randomized, double-blind, placebo-controlled study designed to assess SAB-142 in patients with Stage 3 T1D up to two years from diagnosis with residual beta cell function, extending evaluation beyond the newly diagnosed population studied in SAFEGUARD. The investigator-led study is supported by a grant from Breakthrough T1D awarded in July 2026 and is co-funded by us. There are seven clinical sites planned in U.S., Europe and U.K. If successful, PRISE-hATG could support a potential future label expansion of SAB-142 to patients with Stage 3 T1D with onset up to two years from diagnosis.
Previous wording
Other income primarily consists of income associated with the refundable portion of Australian research and development tax credits and dividend income from non-interest bearing short-term investments.
Current wording
Other income primarily consists of income associated with the refundable portion of Australian research and development tax credits, dividend income from non-interest bearing short-term investments, realized gains and losses on equity securities and investment fees.
Previous wording
Interest income consists of interest earned on our investments in debt securities, cash, and cash equivalents.
Current wording
Interest income, net consists of interest earned on our investments in debt securities, cash, and cash equivalents and interest expense associated with our financing lease arrangements.
Previous wording
Research and development expenses increased by $9.2 million, or 131.1%, for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to increased clinical trial costs and related headcount to support the advancement of SAB-142 into our Registrational Phase 2b SAFEGUARD study.
Current wording
Research and development expenses increased by $9.1 million, or 101.5%, for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily due to increased clinical trial costs and related headcount to support the advancement of SAB-142 into our Registrational Phase 2b SAFEGUARD study.
Previous wording
General and administrative expenses increased by $4.5 million or 163.4%, in the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to increased headcount costs, including related stock based compensation.
Current wording
General and administrative expenses increased by $4.1 million or 110.9%, in the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily due to increased headcount costs, including related non-cash stock-based compensation.
Previous wording
Other income, increased by $0.1 million, or 18.6%, in the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily driven by an increase in dividend and investment income due to higher average investment balances as a result of the March 2026 Public Offering and the July 2025 Purchase Agreement, partially offset by a decrease in the Australian research and development tax credit.
Current wording
Other income decreased by $0.4 million, or 55.6%, in the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily driven by a decrease in the Australian research and development tax credit.
Previous wording
The following tables set forth our results of operations for the six months ended June 30, 2026 and 2025 (in thousands):
Current wording
The following tables set forth our results of operations for the nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
The following table represents our research and development expenses for the six months ended June 30, 2026 and 2025 (in thousands):
Current wording
The following table represents our research and development expenses for the nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
Research and development expenses increased by $14.9 million, or 101.8%, for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to increased clinical trial costs and related headcount to support the advancement of SAB-142 into our Registrational Phase 2b SAFEGUARD study.
Current wording
Research and development expenses increased by $24.0 million, or 101.7%, for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to increased clinical trial costs and related headcount to support the advancement of SAB-142 into our Registrational Phase 2b SAFEGUARD study.
Previous wording
General and administrative expenses increased by $8.0 million, or 136.0%, in the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to increased headcount costs, including related stock based compensation.
Current wording
General and administrative expenses increased by $12.1 million, or 126.2%, in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to increased headcount costs, including related non-cash stock-based compensation.
Previous wording
Other income increased by $0.1 million, or 16.0% in the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily driven by an increase in dividend and investment income due to higher average investment balances as a result of the March 2026 Public Offering and the July 2025 Purchase Agreement, partially offset by a decrease in the Australian research and development tax credit.
Current wording
Other income decreased by $0.3 million, or 18.1%, in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily driven by a decrease in the Australian research and development tax credit.
Previous wording
As of June 30, 2026, we had an accumulated deficit of $152.3 million. We expect to continue to incur operating losses for the foreseeable future as we fund product development, regulatory approval efforts, clinical trials, and commercial readiness activities, and we will require additional capital to support our long-term plans.
Current wording
As of September 30, 2026, we had an accumulated deficit of $174.6 million. We expect to continue to incur operating losses for the foreseeable future as we fund product development, regulatory approval efforts, clinical trials, and commercial readiness activities, and we will require additional capital to support our long-term plans.
Previous wording
In July 2025, we completed the Series B Offering, generating approximately $175.0 million in gross proceeds before fees and expenses through the sale of Series B Preferred Stock (convertible into common stock following stockholder approval) together with the Release Date Warrants and Enrollment Date Warrants.
Current wording
In July 2025, we completed the Series B Offering, generating approximately $175.0 million in gross proceeds before fees and expenses through the sale of Series B Preferred Stock (convertible into common stock following stockholder approval) together with the Release Date Warrants and Enrollment Date Warrants. During the three and nine months ended September 30, 2026, we received gross proceeds before placement agent fees of $13.4 million and $17.4 million, respectively from the exercise of Release Date Warrants and Enrollment Date Warrants.
Previous wording
In March 2026, we completed the March 2026 Public Offering, generating aggregate net proceeds of approximately $88.7 million after underwriting discounts, commissions, and offering expenses. The net proceeds are intended to fund the Phase 2b SAFEGUARD study of SAB-142 and for general corporate purposes.
Current wording
In March 2026, we completed the March 2026 Public Offering, generating aggregate gross proceeds of approximately $95.0 million before underwriting discounts, commissions, and offering expenses. The net proceeds are intended to fund the Phase 2b SAFEGUARD study of SAB-142 and for general corporate purposes.
Previous wording
Based on our current level of operating expenses, existing resources will be sufficient to cover operating cash needs through the twelve months following the date of this report. In the future, we may seek additional funding through a combination of equity or debt financings, or other third-party financing, collaborative or other funding arrangements.
Current wording
Based on our current level of operating expenses, existing resources will be sufficient to cover operating cash needs for at least one year from the date the condensed consolidated financial statements included in this Quarterly Report are issued. In the future, we may seek additional funding through a combination of equity or debt financings, or other third-party financing, collaborative or other funding arrangements.
Previous wording
The following table summarizes our cash flows for the six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes our cash flows for the nine months ended September 30, 2026 and 2025:
Previous wording
Net cash used in investing activities increased by $80.4 million in the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to increased purchases of short-term investments, partially offset by proceeds from sales and maturities of investments.
Current wording
Net cash used in investing activities decreased by $55.5 million in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to increased proceeds from sales and maturities of investments, partially offset by an increase in purchases of short-term investments.
Previous wording
Net cash provided by financing activities increased by $92.6 million in the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to the March 2026 Public Offering and exercise of warrants.
Current wording
Net cash provided by financing activities decreased by $63.1 million in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to proceeds from the July 2025 offering in the prior-year period, partially offset by the March 2026 Public Offering and exercise of Enrollment Date Warrants and Release Date Warrants.
Previous wording
In April 2026, we entered into a Master Manufacturing Services Agreement with Emergent for manufacturing services related to SAB-142, which includes a minimum aggregate spend of $36.0 million following FDA approval, over a five-year term. We expect to make substantial payments to Emergent over the next 24 to 36 months in connection with this agreement.
Current wording
In April 2026, we entered into a Master Manufacturing Services Agreement with Emergent for the clinical and commercial manufacturing of SAB-142, which includes a minimum aggregate spend of $36.0 million over a five-year term following FDA approval. Because FDA approval has not occurred, we have not recognized any liability related to this minimum spend commitment. We expect to make substantial payments to Emergent over the next 24 to 36 months in connection with this agreement.
Previous wording
We terminated our office lease in Miami Beach, Florida and entered into a new lease for expanded space at the same location. The new lease commenced January 1, 2026 and has a five-year term. During the second quarter of 2026, we also reduced the leased space under our operating lease with Sanford Health; the terms of the original agreement remained unchanged, including the lease term ending December 31, 2029. Additionally, our office, laboratory, and warehouse space lease renewed in November 2023 has a three-year term expiring in November 2026, and we are evaluating our options with respect to renewal, extension, or relocation ahead of that expiration. As of June 30, 2026, our total operating and finance lease liabilities were approximately $1.9 million and $3.2 million, respectively. See Note 6, Leases, in our condensed consolidated financial statements for further details.
Current wording
We terminated our office lease in Miami Beach, Florida and entered into a new lease for expanded space at the same location. The new lease commenced January 1, 2026 and has a five-year term. During the second quarter of 2026, we also reduced the leased space under our operating lease with Sanford Health; the terms of the original agreement remained unchanged, including the lease term ending December 31, 2029. Additionally, our office, laboratory, and warehouse space lease renewed in November 2023 has a three-year term expiring in November 2026. In October 2026, we exercised our option to extend this lease for an additional three-year term through November 2029. As of September 30, 2026, our total operating and finance lease liabilities were approximately $1.8 million and $3.2 million, respectively. See Note 6, Leases, in our condensed consolidated financial statements for further details.
Previous wording
The Jumpstart Our Business Startups (“JOBS”) Act, enacted in April 2012, permits an “emerging growth company” such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We have and intend to continue to take advantage of all of the reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards, for an emerging growth company under Section 107 of the JOBS Act.
Current wording
The Jumpstart Our Business Startups (“JOBS”) Act, enacted in April 2012, permits an “emerging growth company” such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. Through December 31, 2026, we may continue to take advantage of the reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards, for an emerging growth company under Section 107 of the JOBS Act.