SAB Biotherapeutics Reports Zero Revenue and Increased Losses in Q1 2025

SAB Biotherapeutics, Inc. reported a significant decline in financial performance for the first quarter of 2025, with total revenue dropping to zero from $944,575 in the same period last year. This decrease is attributed to the termination of the JPEO Rapid Response Contract, which had previously provided grant revenue. The company’s operating expenses also decreased to $10.77 million from $12.34 million year-over-year, primarily due to reduced general and administrative costs and lower research and development expenses.

The company’s net loss for the quarter was $5.20 million, slightly higher than the $5.03 million loss reported in the first quarter of 2024. The loss per share increased to $0.56 from $0.54, reflecting a slight increase in the weighted average number of shares outstanding. SAB Biotherapeutics continues to face challenges in generating revenue as it focuses on the development of its lead candidate, SAB-142, for type 1 diabetes, which remains independently financed while the company explores potential partnerships and licensing arrangements.

Operationally, SAB Biotherapeutics has made strategic moves, including the establishment of a subsidiary in Australia to conduct preclinical and clinical activities, which qualifies for a government tax credit. The company’s cash and cash equivalents stood at $5.64 million as of March 31, 2025, down from $8.90 million at the end of 2024. This decline raises concerns about the company’s liquidity, as it anticipates needing additional capital to fund ongoing operations and product development.

Looking ahead, SAB Biotherapeutics expects to continue incurring losses as it advances its clinical trials and seeks regulatory approvals for its product candidates. The company has indicated that it will require additional funding through equity or debt financing to support its long-term plans. The current financial situation raises substantial doubt about the company’s ability to continue as a going concern, as its existing resources may not be sufficient to cover operating expenses for more than 12 months from the date of the financial statements.

In summary, while SAB Biotherapeutics is actively pursuing its clinical development goals, the lack of revenue and ongoing financial losses present significant challenges. The company is focused on securing additional capital and advancing its product pipeline, particularly SAB-142, which it plans to move into Phase 2b trials later this year.