SAB Biotherapeutics, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 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
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $(63,660) | $30,134 |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation and amortization | 2,345 | 2,253 |
| Amortization of finance right-of-use assets | 65 | 65 |
| Stock-based compensation expense | 20,144 | 2,041 |
| Changes in fair value of warrant liabilities | (58) | (66,007) |
| Gain on sale of equipment | (66) | — |
| Other non-cash items, net | 204 | (116) |
| Changes in operating assets and liabilities | ||
| Accrued interest receivable | (557) | (505) |
| Prepaid expenses and other current assets | 890 | 1,578 |
| Operating lease right-of-use assets and liabilities, net | 28 | 64 |
| Accounts payable | (1,416) | 1,158 |
| Accrued expenses and other current liabilities | 4,946 | 1,336 |
| Net cash used in operating activities | (37,135) | (27,999) |
| Cash flows from investing activities: | ||
| Proceeds from the sale of equipment | 20 | 1 |
| Purchases of property, plant and equipment | (3,912) | — |
| Purchases of investments | (159,588) | (129,991) |
| Proceeds from sales and maturities of investments | 99,018 | 9,991 |
| Net cash used in investing activities | (64,462) | (119,999) |
| Cash flows from financing activities: | ||
| Proceeds from the March 2026 Public Offering and Underwriters' Option, net of issuance costs | 88,692 | — |
| Proceeds from exercise of Enrollment Date and Release Date Warrants, net of fees | 16,564 | — |
| Proceeds from the 2025 PIPE, net of Series B issuance costs | — | 168,730 |
| Principal payments on financed director and officer insurance and finance leases | (114) | (382) |
| Proceeds from exercise of stock options and issuance of common stock, net of taxes paid related to net share settlement | 144 | (7) |
| Net cash provided by financing activities | 105,286 | 168,341 |
| Effect of exchange rate changes on cash and cash equivalents | 246 | 184 |
| Net increase in cash and cash equivalents | 3,935 | 20,527 |
| Cash and cash equivalents | ||
| Beginning of period | 10,503 | 8,898 |
| End of period | $14,438 | $29,425 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $187 | $178 |
| Supplemental information on non-cash investing and finance activities: | ||
| Right-of-use asset written off due to early and partial termination of lease | $1,346 | $— |
| Operating lease liability written off due to early and partial termination of lease | 1,113 | — |
| Right-of-use assets obtained in exchange for operating lease liabilities | 775 | 2,422 |
| Purchases of property, plant and equipment included in accounts payable | 682 | — |
| Reclassification of warrants from liability to equity | — | 90,691 |
| Reclassification of Redeemable Preferred Stock to Permanent Equity upon Requisite Approval | — | 16,039 |
| Offering costs and warrant exercise fees included in accrued expenses | 235 | — |
| Trade-in of property, plant and equipment | 78 | — |
SAb Biotherapeutics, Inc. and subsidiaries
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