0001833214-26-000003
SEC filingSAB Biotherapeutics, Inc. reported a net income of $13.3 million for fiscal year 2025, a significant improvement driven primarily by a $62.8 million non-cash gain from changes in the fair value of warrant liabilities. The company generated no revenue, with total operating expenses of $49.0 million, resulting in an operating loss of $49.0 million. Key financial activities included a $168.7 million private investment in public equity (PIPE) financing, which bolstered the balance sheet, ending the year with $56.6 million in cash and cash equivalents and total assets of $172.8 million. The company's cash flow from operations was negative $44.8 million, reflecting ongoing investment in research and development, which accounted for $34.4 million of operating expenses.
SAB Biotherapeutics, Inc. reported a net income of $13.3 million for the fiscal year ending December 31, 2025, a result significantly influenced by non-operating items. The company recorded a $62.8 million gain from changes in the fair value of warrant liabilities, which was the primary driver of profitability. Offsetting this were operating expenses of $49.0 million, leading to a loss from operations of $49.0 million. The company reported no revenue for the period. Other comprehensive income added $0.3 million, resulting in total comprehensive income of $13.6 million. Basic income per common share was $0.00, while diluted loss per common share was -$1.00, reflecting the impact of potentially dilutive securities.
The company reported total revenue of $0 for the fiscal year 2025. The XBRL data and document text explicitly state no revenue from contracts with customers, products, or services. The financial statements do not disclose any segment breakdown, geographic mix, or specific revenue drivers, indicating the company is in a pre-revenue stage focused on research and development activities.
With zero revenue, traditional margin calculations such as gross margin and operating margin are not applicable based on the provided data. The company's cost structure is dominated by operating expenses, which totaled $49.0 million. Research and development expenses constituted the largest portion at $34.4 million (approximately 70% of total operating expenses), while general and administrative expenses were $14.6 million. The net income of $13.3 million was entirely attributable to the $62.8 million non-cash gain from changes in warrant liabilities, which outweighed the operating loss and other expenses including $4.9 million in warrant issuance costs and $0.2 million in interest expense.
Net cash used in operating activities was $44.8 million, primarily reflecting the operating loss adjusted for non-cash items like depreciation ($3.0M) and stock-based compensation ($5.2M). Investing activities used $121.7 million in cash, largely due to $142.0 million in purchases of investment securities, partially offset by $21.3 million from sales and maturities. Financing activities provided $168.3 million in cash, predominantly from a $168.7 million PIPE financing. The net effect was a $1.6 million increase in cash, with ending cash and cash equivalents of $56.6 million. The balance sheet shows total assets of $172.8 million, including $101.1 million in current assets (with $86.1M in short-term investments). Total liabilities were $21.3 million, resulting in stockholders' equity of $151.5 million. The company's liquidity position appears strengthened by the recent financing.
The provided document content and XBRL data do not contain explicit management guidance, strategic priorities, or forward-looking statements regarding the fiscal year 2026 or beyond. No specific risk factors, product development timelines, or revenue projections are disclosed in the extracted financial data. The analysis is therefore limited to the historical financial results for fiscal year 2025 as presented in the 10-K filing.