SAB Biotherapeutics Announces Q1 2024 Financial Results and Provides Company Updates

MIAMI, May 20, 2024 (GLOBE NEWSWIRE) -- SAB Biotherapeutics, Inc. (Nasdaq: SABS), (“SAB” or the “Company”), a clinical-stage biopharmaceutical company with a novel immunotherapy platform that is developing human anti-thymocyte immunoglobulin (hIgG) for delaying the onset or progression of type 1 diabetes (T1D), today reported financial results for the first quarter ended March 31, 2024, and provided a company update.

“As we work towards upcoming SAB-142 milestones, I remain enthusiastic about our ongoing progress executing a focused corporate strategy centered on immunotherapy, T1D,” notes SAB chairman and CEO Samuel J. Reich, “Additionally, our recent appointment of Dr. Skyler to our Board of Directors fulfills our key objective of attracting a leading clinician scientist with a proven track record alongside experience and innovation in T1D."

Pipeline Updates and Anticipated Milestones

SAB continues to execute its corporate strategy through building partnerships and expertise that advance its program focus on T1D. This includes a recent May 1, 2024 vote by the SAB Board of Directors to appoint renowned T1D expert Dr. Jay Skyler, MD to the SAB Board of Directors. This step shifts SAB’s Board size to 11 directors, 9 of whom are independent. Additionally, the SAB executive team recently transitioned its corporate headquarters to Miami, FL, while retaining its Research and Development Campus in South Dakota.

On April 11, 2024, the company’s partnership with INNODIA was highlighted in the organization’s annual meeting in Belgium, where SAB’s executive team was invited to speak on the latest updates of SAB-142 to global T1D partners. Clinical development remains on track; on April 16, 2024, SAB disclosed a Phase 1 update for SAB-142 noting that the third cohort of SAB-142 has been fully enrolled and dosed with no observed serum sickness.

Q1 2024 Financial Results

Financial Guidance: Based on its current operating plans, SAB reaffirms it has sufficient cash, assuming the receipt of funds upon the exercise of all outstanding Tranche B warrants, that is expected to be sufficient to fund its operations into 2026.

• Cash Position: Cash, cash equivalents, and available for sale securities totaled $45.2 million as of March 31, 2024 compared to $56.6 million as of December 31, 2023, driven primarily by continued research and related expenses as we advance our lead therapeutic candidates.
• Research and Development (R&D) Expenses: R&D expenses were $7.1 million for three months ended March 31, 2024, compared to $4.5 million for the three months ended March 31, 2023. The increase was primarily due to prioritizing focus in the autoimmunity space with SAB-142, a disease-modifying fully human hIgG aimed at preventing onset or disease progression of T1D.
• General and Administrative Expense: G&A expenses were $4.2 million for the three months ended March 31, 2024, compared to $3.4 million for the three months ended March 31, 2023. G&A expenses grew primarily due to increased headcount to support our continued research activities and development of our product candidates.
• Non-operating Income: Non-operating income was $6.4 million for the three months ended March 31, 2024, compared to $48,000 for the three months ended March 31, 2023. This increase was primarily due to the change in fair value of warrant liabilities and an Australian research and development tax credit.
• Net Loss: Net loss was $4.0 million for the three months ended March 31, 2024, for an earnings per basic and diluted share of $(0.43), as compared to a net loss of $7.4 million for the three months ended March 31, 2023 for an earnings per basic and diluted share of $(0.15).