SAB Biotherapeutics, Inc. (NASDAQ:SABS) filed its quarterly report for the period ended September 30, 2026, with the SEC on November 5, 2026, disclosing a net loss of $22.3 million for the third quarter and a cumulative net loss of $63.7 million for the first nine months of the year.

Key Highlights

  • Q3 2026 net loss: $22.3 million, compared to net income of $45.4 million in Q3 2025, according to the filing.
  • Nine-month net loss: $63.7 million for the nine months ended September 30, 2026, versus net income of $30.1 million for the same period in 2025.
  • Total operating expenses: $25.9 million in Q3 2026, up from $12.7 million in Q3 2025, driven by higher research and development and general and administrative costs.
  • Total assets: $235.6 million as of September 30, 2026, compared to $172.8 million at December 31, 2025.
  • March 2026 public offering: The company raised net proceeds recorded as $86.5 million through the issuance of common stock and pre-funded warrants, net of issuance costs.
  • Shares outstanding: 90,088,831 shares of common stock as of November 2, 2026, up from 47,609,899 at December 31, 2025.
  • Warrant delisting: The company's publicly traded warrants (SABSW) expired on October 22, 2026, and trading was suspended on October 23, 2026.

Financial Results and Balance Sheet Shifts for SAB Biotherapeutics Through September 2026

SAB Biotherapeutics, a Delaware-incorporated biopharmaceutical company headquartered in Miami Beach, Florida, reported a significant increase in operating expenses during the first nine months of 2026. According to the filing, research and development expenses reached $47.6 million for the nine months ended September 30, 2026, compared to $23.6 million in the same period of 2025. General and administrative expenses rose to $21.6 million from $9.6 million over the same intervals, bringing total operating expenses to $69.3 million for the nine-month period versus $33.2 million a year earlier.

The company's other income items partially offset operating losses. The filing reported interest income, net, of $4.2 million for the nine months ended September 30, 2026, compared to $554 thousand in the prior-year period. Changes in the fair value of warrant liabilities contributed $58 thousand of other income in the nine-month period of 2026, a substantial decline from $66.0 million in the comparable 2025 period, which had been a primary driver of net income then. Cash and cash equivalents stood at $14.4 million as of September 30, 2026, alongside short-term investments of $89.6 million and long-term investments of $101.3 million.

On the equity side, the filing disclosed that the March 2026 public offering - including the underwriters' option - resulted in the issuance of 21,324,677 shares of common stock and pre-funded warrants, contributing $86.5 million net of issuance costs to additional paid-in capital. Accumulated deficit grew to $174.6 million as of September 30, 2026, from $110.9 million at December 31, 2025. Total stockholders' equity was reported at $210.9 million, up from $151.5 million at year-end 2025. The company is classified as a non-accelerated filer, smaller reporting company, and emerging growth company under SEC definitions.

What Was Disclosed

SAB Biotherapeutics reported a net loss of $22.3 million for Q3 2026 and $63.7 million for the nine months ended September 30, 2026, alongside rising R&D and G&A expenses, a March 2026 equity offering, and the expiration and delisting of its publicly traded warrants.