SAB Biotherapeutics Reports $10.1 Million Net Loss in Q2 2025, Seeks Funding for Clinical Trials

SAB Biotherapeutics, Inc. reported significant financial challenges in its latest quarterly filing, revealing a net loss of $10.1 million for the three months ended June 30, 2025, compared to a loss of $7.3 million during the same period in 2024. For the first half of 2025, the company recorded a net loss of $15.3 million, up from $12.4 million in the prior year. The company did not generate any revenue during the second quarter of 2025, a stark contrast to the $263,137 in grant revenue reported in the same quarter of 2024. This decline in revenue is attributed to the termination of the JPEO Rapid Response Contract, which had previously provided funding.

Operating expenses for the second quarter of 2025 totaled $9.7 million, a decrease from $10.5 million in the previous year. Research and development expenses slightly increased to $7.0 million, primarily due to higher salaries and clinical trial costs, while general and administrative expenses decreased significantly to $2.7 million, reflecting cost-cutting measures. The company’s accumulated deficit reached $139.5 million as of June 30, 2025, indicating ongoing financial strain.

In terms of strategic developments, SAB Biotherapeutics has been actively pursuing funding to support its operations. On July 21, 2025, the company entered into a securities purchase agreement, raising approximately $175 million through the issuance of Series B Convertible Preferred Stock. This capital is intended to fund the Phase 2b SAFEGUARD study of its lead product candidate, SAB-142, which is aimed at preventing or delaying the progression of type 1 diabetes. The company has also established a new subsidiary in Australia to leverage tax credits for research and development activities.

Operationally, SAB Biotherapeutics has maintained a workforce of 10,411,061 shares of common stock outstanding as of August 1, 2025. The company continues to focus on advancing its clinical trials and product development, despite the financial losses. The management anticipates that losses will continue as they seek regulatory approvals and begin commercialization efforts. The company’s outlook remains cautious, with plans to explore additional funding options to support its long-term objectives, including potential partnerships and co-development opportunities.