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SAB Biotherapeutics (SABSW) Financials

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$0.0074 0.00 (-26.87%)
As of 03:05 PM Eastern
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Annual Income Statements for SAB Biotherapeutics

Annual Income Statements for SAB Biotherapeutics

This table shows SAB Biotherapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 20 -17 -19 -42 -34 13
Consolidated Net Income / (Loss)		 20 -17 -19 -42 -34 13
Net Income / (Loss) Continuing Operations		 20 -17 -19 -42 -34 13
Total Pre-Tax Income 		20 -17 -19 -42 -34 13
Total Operating Income		 21 -13 -29 -38 -43 -49
Total Gross Profit		 55 61 24 2.24 1.32 0.00
Total Revenue		 55 61 24 2.24 1.32 0.00
Operating Revenue		 55 61 24 2.24 1.32 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 35 74 53 40 44 49
Selling, General & Admin Expense		 6.77 17 16 24 14 15
Research & Development Expense		 28 57 36 17 30 34
Total Other Income / (Expense), net		 -0.44 -3.76 10 -4.12 8.81 62
Interest Expense		 0.47 -0.37 0.30 0.32 0.32 0.24
Interest & Investment Income		 0.03 0.02 0.07 0.58 1.29 1.43
Other Income / (Expense), net		 0.00 -4.15 10 -4.39 7.84 61
Basic Earnings per Share		 $0.79 ($0.63) ($4.31) ($7.64) ($3.68) $0.22
Weighted Average Basic Shares Outstanding		 25.39M 27.34M 4.35M 5.52M 9.26M 19.31M
Diluted Earnings per Share		 $0.74 ($0.63) ($4.31) ($7.64) ($3.68) ($0.79)
Weighted Average Diluted Shares Outstanding		 27.01M 27.34M 4.35M 5.52M 9.26M 61.34M
Weighted Average Basic & Diluted Shares Outstanding		 - 42.96M 50.40M 9.23M 9.29M 50.95M

Quarterly Income Statements for SAB Biotherapeutics

This table shows SAB Biotherapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -23 -5.03 -7.34 -10 -11 -5.20 -10 45 -17 -19 -22
Consolidated Net Income / (Loss)		 -23 -5.03 -7.34 -10 -11 -5.20 -10 45 -17 -19 -22
Net Income / (Loss) Continuing Operations		 -23 -5.03 -7.34 -10 -11 -5.20 -10 45 -17 -19 -22
Total Pre-Tax Income 		-23 -5.03 -7.34 -10 -11 -5.20 -10 45 -17 -19 -22
Total Operating Income		 -19 -11 -10 -11 -10 -11 -9.73 -13 -16 -20 -23
Total Gross Profit		 0.31 0.94 0.26 0.00 0.11 0.00 0.00 0.00 - 0.00 0.00
Total Revenue		 0.31 0.94 0.26 0.00 0.11 0.00 0.00 0.00 - 0.00 0.00
Operating Revenue		 0.31 0.94 0.26 0.00 0.11 0.00 0.00 0.00 - 0.00 0.00
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 19 12 10 11 10 11 9.73 13 16 20 23
Selling, General & Admin Expense		 15 4.19 3.64 3.48 2.67 3.11 2.74 3.71 5.04 6.60 7.21
Research & Development Expense		 4.30 8.15 6.82 7.83 7.45 7.66 7.00 8.97 11 13 16
Total Other Income / (Expense), net		 -3.98 6.36 2.87 0.96 -1.39 5.58 -0.38 58 -1.09 1.13 0.89
Interest Expense		 0.08 0.08 0.09 0.08 0.07 0.07 0.06 0.04 0.06 0.06 0.06
Interest & Investment Income		 0.48 0.50 0.37 0.28 0.14 0.06 0.01 0.66 0.70 1.05 1.71
Other Income / (Expense), net		 -4.39 5.94 2.58 0.76 -1.45 5.58 -0.33 58 -1.73 0.14 -0.76
Basic Earnings per Share		 ($4.14) ($0.54) ($0.79) ($1.12) ($1.23) ($0.56) ($1.09) $0.50 ($0.87) ($0.35) ($0.28)
Weighted Average Basic Shares Outstanding		 5.52M 9.24M 9.26M 9.26M 9.26M 9.29M 9.29M 10.66M 19.31M 53.56M 79.75M
Diluted Earnings per Share		 ($4.14) ($0.54) ($0.79) ($1.12) ($1.23) ($0.56) ($1.09) ($0.21) ($0.87) ($0.35) ($0.28)
Weighted Average Diluted Shares Outstanding		 5.52M 9.24M 9.26M 9.26M 9.26M 9.29M 9.29M 77.86M 61.34M 53.56M 79.75M
Weighted Average Basic & Diluted Shares Outstanding		 9.23M 9.23M 9.23M 9.23M 9.29M 9.29M 10.41M 47.61M 50.95M 76.46M 90.99M

Annual Cash Flow Statements for SAB Biotherapeutics

This table details how cash moves in and out of SAB Biotherapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 6.26 27 -24 42 -48 1.60
Net Cash From Operating Activities		 10 1.99 -23 -25 -34 -45
Net Cash From Continuing Operating Activities		 10 1.99 -23 -25 -34 -45
Net Income / (Loss) Continuing Operations		 20 -17 -19 -42 -34 13
Consolidated Net Income / (Loss)		 20 -17 -19 -42 -34 13
Depreciation Expense		 0.38 1.49 3.17 3.65 4.71 2.99
Amortization Expense		 0.17 0.16 0.12 0.09 -0.15 -0.00
Non-Cash Adjustments To Reconcile Net Income		 1.52 5.73 -7.78 11 -2.44 -57
Changes in Operating Assets and Liabilities, net		 -12 12 -0.24 1.94 -2.30 -3.69
Net Cash From Investing Activities		 -13 -11 -2.09 -0.15 -12 -122
Net Cash From Continuing Investing Activities		 -13 -11 -2.09 -0.15 -12 -122
Purchase of Property, Plant & Equipment		 -13 -11 -2.17 -0.20 -0.34 -0.93
Purchase of Investments		 - - - 0.00 -37 -142
Sale of Property, Plant & Equipment		 0.01 0.00 0.08 0.04 0.00 0.00
Sale and/or Maturity of Investments		 - - - 0.00 26 21
Net Cash From Financing Activities		 8.98 36 1.05 67 -1.17 168
Net Cash From Continuing Financing Activities		 8.98 36 1.05 67 -1.17 168
Repayment of Debt		 -1.40 -1.09 -5.52 -1.03 -1.29 -0.28
Issuance of Debt		 0.66 2.84 1.24 0.77 0.52 169
Other Financing Activities, net		 -0.18 34 -2.34 60 -0.40 -0.15
Effect of Exchange Rate Changes		 - - - 0.02 - -0.21
Cash Interest Paid		 - - 0.29 0.25 0.37 0.24

Quarterly Cash Flow Statements for SAB Biotherapeutics

This table details how cash moves in and out of SAB Biotherapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 54 -43 3.21 -8.07 -0.27 -3.26 -1.95 26 -19 10 -12
Net Cash From Operating Activities		 -13 -11 -7.72 -6.29 -9.53 -7.80 -7.15 -13 -17 -14 -9.84
Net Cash From Continuing Operating Activities		 -14 -11 -7.73 -6.28 -9.53 -7.80 -7.16 -13 -17 -14 -9.84
Net Income / (Loss) Continuing Operations		 -23 -5.03 -7.34 -10 -11 -5.20 -10 45 -17 -19 -22
Consolidated Net Income / (Loss)		 -23 -5.03 -7.34 -10 -11 -5.20 -10 45 -17 -19 -22
Depreciation Expense		 0.92 1.96 1.03 0.95 0.76 0.76 0.75 0.74 0.74 0.73 0.81
Amortization Expense		 0.02 -0.06 -0.06 -0.03 0.00 0.00 0.01 -0.00 -0.02 0.03 0.01
Non-Cash Adjustments To Reconcile Net Income		 8.67 -4.87 -1.64 1.06 3.00 -4.42 1.25 -61 6.61 5.82 8.66
Changes in Operating Assets and Liabilities, net		 -0.42 -2.76 0.28 2.09 -1.91 1.06 0.94 1.62 -7.25 -1.99 3.17
Net Cash From Investing Activities		 -0.07 -31 11 -1.15 9.33 4.67 5.20 -130 -1.71 -66 -4.88
Net Cash From Continuing Investing Activities		 -0.07 -31 11 -1.15 9.33 4.67 5.20 -130 -1.71 -66 -4.88
Purchase of Property, Plant & Equipment		 -0.07 -0.13 -0.05 -0.10 -0.06 0.00 - - -0.93 -0.98 -1.59
Purchase of Investments		 - -31 -0.11 -4.80 -1.31 -0.07 -0.05 -130 -12 -139 -13
Sale of Property, Plant & Equipment		 - 0.00 - - - 0.00 - - - 0.00 0.00
Sale and/or Maturity of Investments		 - 0.00 11 3.75 11 4.74 5.25 - 11 75 9.71
Net Cash From Financing Activities		 68 -0.39 -0.32 -0.67 0.22 -0.17 -0.17 169 -0.04 90 2.36
Net Cash From Continuing Financing Activities		 68 -0.39 -0.32 -0.67 0.22 -0.17 -0.17 169 -0.04 90 2.36
Other Financing Activities, net		 60 -0.18 -0.10 -0.06 -0.06 -0.17 -0.04 169 -169 3.05 0.54
Cash Interest Paid		 0.07 0.07 0.08 0.15 0.07 0.07 0.06 0.04 0.06 0.06 0.06

Annual Balance Sheets for SAB Biotherapeutics

This table presents SAB Biotherapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 57 81 51 84 44 173
Total Current Assets		 34 50 22 59 24 101
Cash & Equivalents		 13 33 15 57 8.90 11
Short-Term Investments		 - - - 0.00 12 86
Prepaid Expenses		 1.28 2.64 1.49 2.34 2.98 3.51
Other Current Assets		 - - - 0.00 0.05 0.95
Plant, Property, & Equipment, net		 15 24 23 20 15 13
Total Noncurrent Assets		 7.24 6.63 5.56 5.30 5.04 58
Long-Term Investments		 - - - - 0.00 47
Noncurrent Note & Lease Receivables		 4.18 4.02 3.90 3.67 3.58 3.50
Other Noncurrent Operating Assets		 3.05 2.62 1.66 1.63 1.45 8.06
Total Liabilities & Shareholders' Equity		 57 81 51 84 44 173
Total Liabilities		 18 43 20 27 18 21
Total Current Liabilities		 11 26 15 11 7.98 11
Short-Term Debt		 0.54 1.80 0.77 1.05 0.28 0.00
Accounts Payable		 9.29 17 14 7.64 7.17 9.73
Other Current Liabilities		 1.14 7.64 0.62 0.80 0.54 0.95
Total Noncurrent Liabilities		 6.47 16 4.85 16 10 11
Other Noncurrent Operating Liabilities		 6.30 16 4.31 16 10 11
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 39 39 31 57 26 151
Total Preferred & Common Equity		 39 39 31 57 26 151
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 39 39 31 57 26 151
Common Stock		 51 68 84 153 156 268
Retained Earnings		 -12 -29 -48 -90 -124 -111
Treasury Stock		 - - -5.52 -5.52 -5.52 -5.52
Accumulated Other Comprehensive Income / (Loss)		 - - 0.00 0.03 -0.14 0.19

Quarterly Balance Sheets for SAB Biotherapeutics

This table presents SAB Biotherapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 28 71 62 54 38 30 183 248 238
Total Current Assets		 3.13 47 40 33 16 9.31 113 113 108
Cash & Equivalents		 2.43 14 17 9.17 5.64 3.69 29 21 8.27
Short-Term Investments		 - 30 20 21 7.21 2.02 81 87 94
Prepaid Expenses		 0.70 2.70 2.03 2.04 3.42 3.59 1.84 3.84 3.46
Other Current Assets		 - 0.19 0.22 0.10 0.02 0.00 0.56 1.56 1.84
Plant, Property, & Equipment, net		 21 18 17 16 15 14 13 14 14
Total Noncurrent Assets		 4.59 6.52 5.39 5.18 7.21 6.96 57 122 116
Long-Term Investments		 - 1.24 0.00 0.00 - - 51 110 105
Noncurrent Note & Lease Receivables		 3.72 3.65 3.63 3.60 3.56 3.54 3.52 3.47 3.45
Other Noncurrent Operating Assets		 0.86 1.63 1.76 1.58 3.65 3.42 2.93 8.17 7.25
Total Liabilities & Shareholders' Equity		 28 71 62 54 38 30 183 248 238
Total Liabilities		 13 19 16 17 17 18 18 21 23
Total Current Liabilities		 9.21 8.30 7.55 8.82 9.65 11 11 9.85 12
Short-Term Debt		 0.54 0.84 0.62 0.00 0.14 0.00 0.00 0.00 0.00
Accounts Payable		 6.38 6.41 6.23 8.18 8.58 9.71 9.81 8.93 11
Other Current Liabilities		 0.66 0.68 0.60 0.52 0.94 0.96 0.99 0.92 0.64
Total Noncurrent Liabilities		 3.87 10 8.22 8.08 7.06 7.44 7.58 11 12
Other Noncurrent Operating Liabilities		 3.87 10 8.22 8.08 7.06 7.44 7.58 11 12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 15 53 46 37 21 12 165 227 215
Total Preferred & Common Equity		 15 53 46 37 21 12 165 227 215
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 15 53 46 37 21 12 165 227 215
Common Stock		 88 153 154 155 156 157 265 363 373
Retained Earnings		 -67 -95 -102 -113 -129 -139 -94 -130 -152
Treasury Stock		 -5.52 -5.52 -5.52 -5.52 -5.52 -5.52 -5.52 -5.52 -5.52
Accumulated Other Comprehensive Income / (Loss)		 - -0.06 -0.03 0.05 -0.11 -0.02 0.07 -0.22 -0.93

Annual Metrics And Ratios for SAB Biotherapeutics

This table displays calculated financial ratios and metrics derived from SAB Biotherapeutics' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 43,474,779.00 43,030,885.00 52,319,156.00 9,229,274.00 47,606,851.00
DEI Adjusted Shares Outstanding		 0.00 4,347,478.00 4,303,088.00 5,231,916.00 9,229,274.00 47,606,851.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -3.94 -4.36 -8.06 -3.70 0.28
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 10.21% -60.73% -90.63% -40.94% -100.00%
EBITDA Growth		 0.00% -175.29% 4.39% -154.85% 21.18% 149.40%
EBIT Growth		 0.00% -185.35% -5.36% -129.72% 17.40% 134.45%
NOPAT Growth		 0.00% -145.61% -115.91% -31.67% -12.70% -62.97%
Net Income Growth		 0.00% -185.22% -9.31% -125.14% 19.17% 138.92%
EPS Growth		 0.00% -185.14% -9.31% -125.14% 51.83% 78.53%
Operating Cash Flow Growth		 0.00% -80.14% -1,280.73% -7.08% -36.52% -30.57%
Free Cash Flow Firm Growth		 0.00% 0.00% -317.15% 69.78% -203.63% -52.58%
Invested Capital Growth		 0.00% -97.04% 2,061.32% -89.70% 207.40% 46.02%
Revenue Q/Q Growth		 0.00% 0.00% -27.12% -45.32% -12.58% -100.00%
EBITDA Q/Q Growth		 0.00% 0.00% 20.72% -66.41% 27.58% -28.73%
EBIT Q/Q Growth		 0.00% 0.00% 16.71% -57.32% 25.18% -33.32%
NOPAT Q/Q Growth		 0.00% 0.00% -1.82% -40.70% 17.12% -13.34%
Net Income Q/Q Growth		 0.00% 0.00% 16.40% -55.06% 25.15% -29.17%
EPS Q/Q Growth		 0.00% 0.00% 16.40% -55.06% 25.20% -144.89%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 12.41% -89.90% 10.25% -19.30%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -5.82% -14.86% -27.82%
Invested Capital Q/Q Growth		 0.00% 0.00% -20.58% -86.66% -15.65% 123.40%
Profitability Metrics		 - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 0.00%
EBITDA Margin		 38.21% -26.10% -63.56% -1,729.27% -2,307.71% 0.00%
Operating Margin		 37.22% -22.00% -120.97% -1,700.56% -3,244.87% 0.00%
EBIT Margin		 37.22% -28.82% -77.33% -1,896.54% -2,652.20% 0.00%
Profit (Net Income) Margin		 36.42% -28.16% -78.40% -1,884.50% -2,579.03% 0.00%
Tax Burden Percent		 100.02% 99.97% 100.14% 100.00% 100.00% 100.00%
Interest Burden Percent		 97.84% 97.75% 101.25% 99.36% 97.24% 109.86%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 75.83% -67.18% -223.34% -278.94% -826.46% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 79.52% -35.88% -229.17% -234.06% -815.75% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -24.26% 22.97% 169.49% 183.44% 744.54% 0.00%
Return on Equity (ROE)		 51.57% -44.21% -53.85% -95.51% -81.92% 14.96%
Cash Return on Invested Capital (CROIC)		 0.00% 121.33% -405.65% -116.29% -928.27% -762.99%
Operating Return on Assets (OROA)		 36.36% -25.49% -28.00% -62.98% -54.74% 0.00%
Return on Assets (ROA)		 35.58% -24.91% -28.39% -62.58% -53.23% 0.00%
Return on Common Equity (ROCE)		 51.57% -44.21% -53.85% -95.51% -81.92% 14.96%
Return on Equity Simple (ROE_SIMPLE)		 51.57% -44.47% -60.34% -73.64% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 21 -9.38 -20 -27 -30 -49
NOPAT Margin		 37.22% -15.40% -84.68% -1,190.39% -2,271.41% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -3.69% -31.30% 5.83% -44.89% -10.71% 75.90%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -45.68% -114.45% -32.31%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 12.26% 28.07% 68.54% 1,062.95% 1,057.26% 0.00%
R&D to Revenue		 50.52% 93.93% 152.44% 737.61% 2,287.62% 0.00%
Operating Expenses to Revenue		 62.78% 122.00% 220.97% 1,800.56% 3,344.87% 0.00%
Earnings before Interest and Taxes (EBIT)		 21 -18 -18 -42 -35 12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 21 -16 -15 -39 -31 15
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 2.56 8.81 0.82 0.63 1.35 1.18
Price to Tangible Book Value (P/TBV)		 2.56 8.81 0.82 0.63 1.35 1.18
Price to Revenue (P/Rev)		 1.81 5.58 1.06 16.07 26.48 0.00
Price to Earnings (P/E)		 4.97 0.00 0.00 0.00 0.00 13.41
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 20.12% 0.00% 0.00% 0.00% 0.00% 7.46%
Enterprise Value to Invested Capital (EV/IC)		 3.25 376.48 0.67 0.00 2.65 4.32
Enterprise Value to Revenue (EV/Rev)		 1.59 4.96 0.49 0.00 10.99 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 4.17 0.00 0.00 0.00 0.00 2.29
Enterprise Value to EBIT (EV/EBIT)		 4.29 0.00 0.00 0.00 0.00 2.86
Enterprise Value to NOPAT (EV/NOPAT)		 4.29 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.81 151.89 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 17.82 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.02 0.05 0.04 0.02 0.01 0.00
Long-Term Debt to Equity		 0.00 0.00 0.02 0.00 0.00 0.00
Financial Leverage		 -0.31 -0.64 -0.74 -0.78 -0.91 -0.92
Leverage Ratio		 1.45 1.78 1.90 1.53 1.54 1.22
Compound Leverage Factor		 1.42 1.74 1.92 1.52 1.50 1.34
Debt to Total Capital		 1.79% 4.45% 4.06% 1.80% 1.05% 0.00%
Short-Term Debt to Total Capital		 1.36% 4.45% 2.39% 1.80% 1.05% 0.00%
Long-Term Debt to Total Capital		 0.43% 0.00% 1.67% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 98.21% 95.55% 95.94% 98.20% 98.95% 100.00%
Debt to EBITDA		 0.03 -0.11 -0.09 -0.03 -0.01 0.00
Net Debt to EBITDA		 -0.56 2.38 0.90 1.43 0.67 0.00
Long-Term Debt to EBITDA		 0.01 0.00 -0.04 0.00 0.00 0.00
Debt to NOPAT		 0.03 -0.19 -0.06 -0.04 -0.01 0.00
Net Debt to NOPAT		 -0.58 4.03 0.68 2.08 0.68 0.00
Long-Term Debt to NOPAT		 0.01 0.00 -0.03 0.00 0.00 0.00
Altman Z-Score		 5.80 4.67 -1.11 -1.65 -4.94 4.97
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 3.11 1.90 1.47 5.45 2.98 9.46
Quick Ratio		 3.00 1.56 1.37 5.23 2.60 9.04
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 17 -37 -11 -34 -51
Operating Cash Flow to CapEx		 78.64% 18.16% -1,122.45% -16,449.74% -10,167.77% -4,800.82%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -121.91 -35.24 -105.96 -213.90
Operating Cash Flow to Interest Expense		 21.33 0.00 -77.79 -79.67 -107.70 -186.05
Operating Cash Flow Less CapEx to Interest Expense		 -5.79 0.00 -84.72 -80.16 -108.76 -189.92
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.98 0.88 0.36 0.03 0.02 0.00
Accounts Receivable Turnover		 2.69 4.26 3.52 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 3.72 3.11 1.01 0.10 0.08 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 135.92 85.68 103.58 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 135.92 85.68 103.58 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - -
Invested Capital		 27 0.80 17 1.78 5.48 8.01
Invested Capital Turnover		 2.04 4.36 2.64 0.23 0.36 0.00
Increase / (Decrease) in Invested Capital		 0.00 -26 17 -16 3.70 2.52
Enterprise Value (EV)		 88 302 12 -20 15 35
Market Capitalization		 100 340 25 36 35 178
Book Value per Share		 $1.54 $0.89 $0.72 $1.10 $2.81 $3.18
Tangible Book Value per Share		 $1.54 $0.89 $0.72 $1.10 $2.81 $3.18
Total Capital		 40 40 32 58 26 151
Total Debt		 0.71 1.80 1.31 1.05 0.28 0.00
Total Long-Term Debt		 0.17 0.00 0.54 0.00 0.00 0.00
Net Debt		 -12 -38 -14 -56 -20 -143
Capital Expenditures (CapEx)		 13 11 2.09 0.15 0.34 0.93
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 11 -14 -7.17 -7.42 -4.67 -6.22
Debt-free Net Working Capital (DFNWC)		 24 26 7.88 49 16 90
Net Working Capital (NWC)		 23 24 7.10 48 16 90
Net Nonoperating Expense (NNE)		 0.44 7.77 -1.50 16 4.07 -62
Net Nonoperating Obligations (NNO)		 -12 -38 -14 -56 -20 -143
Total Depreciation and Amortization (D&A)		 0.55 1.65 3.29 3.75 4.56 2.99
Debt-free, Cash-free Net Working Capital to Revenue		 20.50% -23.02% -30.00% -331.47% -353.31% 0.00%
Debt-free Net Working Capital to Revenue		 43.33% 41.94% 32.95% 2,194.93% 1,216.60% 0.00%
Net Working Capital to Revenue		 42.35% 38.99% 29.72% 2,148.00% 1,195.74% 0.00%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($6.30) $0.00 ($7.64) ($3.68) $0.22
Adjusted Weighted Average Basic Shares Outstanding		 0.00 2.73M 0.00 5.52M 9.26M 19.31M
Adjusted Diluted Earnings per Share		 $0.00 ($6.30) $0.00 ($7.64) ($3.68) ($0.79)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 2.73M 0.00 5.52M 9.26M 61.34M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 4.30M 0.00 9.23M 9.29M 50.95M
Normalized Net Operating Profit after Tax (NOPAT)		 14 -9.38 -20 -27 -30 -34
Normalized NOPAT Margin		 26.05% -15.40% -84.68% -1,190.39% -2,271.41% 0.00%
Pre Tax Income Margin		 36.41% -28.17% -78.29% -1,884.50% -2,579.03% 0.00%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 43.82 0.00 -61.29 -134.68 -110.15 50.20
NOPAT to Interest Expense		 43.82 0.00 -67.12 -84.54 -94.34 -203.41
EBIT Less CapEx to Interest Expense		 16.70 0.00 -68.22 -135.17 -111.21 46.33
NOPAT Less CapEx to Interest Expense		 16.70 0.00 -74.05 -85.02 -95.40 -207.28
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for SAB Biotherapeutics

This table displays calculated financial ratios and metrics derived from SAB Biotherapeutics' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 52,319,156.00 9,225,494.00 9,229,274.00 9,229,274.00 9,229,274.00 9,288,868.00 9,291,697.00 10,411,061.00 47,606,851.00 50,951,037.00 76,464,094.00
DEI Adjusted Shares Outstanding		 5,231,916.00 9,225,494.00 9,229,274.00 9,229,274.00 9,229,274.00 9,288,868.00 9,291,697.00 10,411,061.00 47,606,851.00 50,951,037.00 76,464,094.00
DEI Earnings Per Adjusted Shares Outstanding		 -4.37 -0.54 -0.79 -1.12 -1.23 -0.56 -1.09 4.37 -0.35 -0.37 -0.29
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -85.88% 62.55% 207.70% -100.00% -62.40% -100.00% -100.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -224.98% 44.55% -11.87% -137.10% 52.09% -24.94% -39.88% 573.26% -56.83% -330.85% -151.47%
EBIT Growth		 -198.58% 25.58% -11.45% -109.01% 50.74% 4.73% -32.12% 525.02% -52.69% -282.55% -139.85%
NOPAT Growth		 -140.12% -53.89% -57.52% -112.47% 46.97% 5.43% 4.60% -60.16% -57.56% -85.64% -140.21%
Net Income Growth		 -190.26% 31.66% -6.61% -102.84% 50.15% -3.40% -37.88% 539.11% -47.97% -263.09% -122.37%
EPS Growth		 -190.26% 63.01% 41.91% -15.46% 70.29% -3.70% -37.97% 81.25% 29.27% 37.50% 74.31%
Operating Cash Flow Growth		 -764.73% -569.48% -57.53% -21.75% 29.11% 27.47% 7.34% -107.41% -76.00% -83.03% -37.58%
Free Cash Flow Firm Growth		 110.58% -393.78% -238.03% -122.19% -559.57% -96.30% 6.31% -832.79% -26.68% -89.60% -355.22%
Invested Capital Growth		 -89.70% -32.15% -25.29% -51.38% 207.40% 3.95% -33.02% -44.86% 46.02% 10.64% 8.00%
Revenue Q/Q Growth		 -75.93% 209.69% -72.14% -100.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -449.51% 84.11% -87.42% -44.88% -11.05% 58.57% -109.84% 590.19% -136.80% -13.83% -22.12%
EBIT Q/Q Growth		 -360.93% 76.58% -39.83% -38.49% -8.64% 54.72% -93.91% 545.51% -139.03% -13.46% -21.58%
NOPAT Q/Q Growth		 -254.58% 39.65% 10.44% -10.86% 11.50% -7.63% 9.65% -86.11% 12.93% -26.81% -16.90%
Net Income Q/Q Growth		 -347.97% 78.01% -45.96% -41.09% -10.10% 54.39% -94.63% 549.32% -137.10% -11.91% -19.20%
EPS Q/Q Growth		 -347.97% 86.96% -46.30% -41.77% -9.82% 54.47% -94.64% 80.73% -314.29% 59.77% 20.00%
Operating Cash Flow Q/Q Growth		 -160.20% 20.05% 28.21% 18.47% -51.50% 18.20% 8.28% -82.48% -28.55% 14.93% 31.04%
Free Cash Flow Firm Q/Q Growth		 -50.61% -272.12% 1.36% 73.54% -923.04% 26.48% 52.92% -163.44% -38.94% -10.03% -13.03%
Invested Capital Q/Q Growth		 -86.66% 368.83% 12.49% -30.90% -15.65% 58.54% -27.52% -43.12% 123.40% 20.13% -29.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 -7,317.29% -375.46% -2,526.07% 0.00% -9,323.47% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 -6,187.90% -1,205.90% -3,876.95% 0.00% -8,726.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 -7,626.92% -576.69% -2,894.65% 0.00% -9,991.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -7,493.75% -532.06% -2,787.69% 0.00% -9,934.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 98.25% 92.26% 96.31% 98.11% 99.43% 100.14% 100.50% 101.36% 96.36% 95.04% 93.18%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -1,015.00% -212.32% -685.73% 0.00% -2,222.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -987.15% -222.75% -684.85% 0.00% -2,211.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 773.65% 163.06% 455.94% 0.00% 2,017.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -241.35% -49.26% -229.79% 0.00% -204.56% 0.00% 0.00% 0.00% 14.96% -0.32% -11.27%
Cash Return on Invested Capital (CROIC)		 -116.29% -246.27% -262.36% -295.59% -928.27% -350.93% -333.10% -798.55% -762.99% -454.78% -774.71%
Operating Return on Assets (OROA)		 -253.28% -26.32% -165.36% 0.00% -206.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 -248.85% -24.28% -159.25% 0.00% -205.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -241.35% -49.26% -229.79% 0.00% -204.56% 0.00% 0.00% 0.00% 14.96% -0.32% -11.27%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -75.47% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -7.97 -7.14 -7.92 -7.01 -7.54 -6.81 -13 -11 -14 -16
NOPAT Margin		 -4,331.53% -844.13% -2,713.87% 0.00% -6,108.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -27.86% 10.43% -0.89% -15.07% -11.55% 8.20% -15.57% 60.58% -7.10% -4.23% -5.73%
Return On Investment Capital (ROIC_SIMPLE)		 -22.64% -14.86% -15.28% -21.45% -26.69% -35.00% -56.69% -7.68% -7.29% -6.16% -7.62%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 4,878.95% 443.49% 1,384.31% 0.00% 2,328.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 1,408.94% 862.41% 2,592.64% 0.00% 6,497.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 6,287.90% 1,305.90% 3,976.95% 0.00% 8,826.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -23 -5.45 -7.62 -11 -11 -5.19 -10 45 -17 -20 -24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -22 -3.55 -6.65 -9.63 -11 -4.43 -9.30 46 -17 -19 -23
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.63 0.79 0.62 0.68 1.35 0.59 1.36 0.13 1.18 0.86 1.39
Price to Tangible Book Value (P/TBV)		 0.63 0.79 0.62 0.68 1.35 0.59 1.36 0.13 1.18 0.86 1.39
Price to Revenue (P/Rev)		 16.07 16.09 10.29 16.47 26.48 33.43 142.17 182.45 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.12 13.41 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 89.55% 7.46% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 2.65 0.00 1.68 0.00 4.32 0.00 13.26
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 10.99 0.00 92.36 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.29 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.86 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.02 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.78 -0.73 -0.67 -0.62 -0.91 -0.77 -0.73 -0.95 -0.92 -0.93 -0.94
Leverage Ratio		 1.53 1.48 1.48 1.57 1.54 1.48 1.58 1.17 1.22 1.15 1.18
Compound Leverage Factor		 1.50 1.36 1.42 1.55 1.53 1.48 1.59 1.19 1.18 1.10 1.10
Debt to Total Capital		 1.80% 1.56% 1.32% 0.00% 1.05% 0.64% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 1.80% 1.56% 1.32% 0.00% 1.05% 0.64% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 98.20% 98.44% 98.68% 100.00% 98.95% 99.36% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 -0.03 -0.02 -0.02 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 1.43 1.24 1.00 0.00 0.67 0.40 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.04 -0.03 -0.02 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 2.08 1.51 1.15 0.00 0.68 0.43 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -0.89 -0.08 -0.97 -2.14 -3.18 -4.53 -7.09 1.44 4.41 5.02 6.89
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.45 5.65 5.24 3.69 2.98 1.69 0.87 10.50 9.46 11.45 9.22
Quick Ratio		 5.23 5.30 4.94 3.45 2.60 1.33 0.54 10.27 9.04 10.90 8.77
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2.33 -4.01 -3.96 -1.05 -11 -7.87 -3.71 -9.76 -14 -15 -17
Operating Cash Flow to CapEx		 -19,814.21% -8,328.56% -14,697.46% -6,273.21% -17,213.26% 0.00% 0.00% 0.00% -1,797.81% -1,454.69% -620.89%
Free Cash Flow to Firm to Interest Expense		 29.91 -52.50 -42.47 -13.41 -151.06 -113.15 -57.59 -225.50 -213.73 -237.85 -272.07
Operating Cash Flow to Interest Expense		 -172.66 -140.76 -82.88 -80.63 -134.49 -112.09 -111.14 -301.44 -264.35 -227.45 -158.72
Operating Cash Flow Less CapEx to Interest Expense		 -173.53 -142.45 -83.44 -81.92 -135.27 -112.08 -111.14 -301.44 -279.06 -243.08 -184.29
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.05 0.06 0.04 0.02 0.01 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.10 0.13 0.14 0.08 0.08 0.02 0.01 0.01 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1.78 8.36 9.41 6.50 5.48 8.70 6.30 3.59 8.01 9.62 6.81
Invested Capital Turnover		 0.23 0.25 0.25 0.15 0.36 0.04 0.01 0.02 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -16 -3.96 -3.19 -6.87 3.70 0.33 -3.11 -2.92 2.52 0.93 0.50
Enterprise Value (EV)		 -20 -2.57 -8.10 -5.48 15 -0.08 11 -141 35 -22 90
Market Capitalization		 36 42 29 25 35 13 16 21 178 195 298
Book Value per Share		 $1.10 $5.73 $5.00 $4.00 $2.81 $2.30 $1.29 $15.86 $3.18 $4.46 $2.81
Tangible Book Value per Share		 $1.10 $5.73 $5.00 $4.00 $2.81 $2.30 $1.29 $15.86 $3.18 $4.46 $2.81
Total Capital		 58 54 47 37 26 22 12 165 151 227 215
Total Debt		 1.05 0.84 0.62 0.00 0.28 0.14 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -56 -44 -37 -30 -20 -13 -5.71 -161 -143 -218 -208
Capital Expenditures (CapEx)		 0.07 0.13 0.05 0.10 0.06 -0.00 0.00 0.00 0.93 0.98 1.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.42 -4.58 -4.68 -6.68 -4.67 -6.07 -7.08 -8.40 -6.22 -4.46 -6.40
Debt-free Net Working Capital (DFNWC)		 49 39 33 24 16 6.78 -1.37 102 90 103 96
Net Working Capital (NWC)		 48 39 32 24 16 6.64 -1.37 102 90 103 96
Net Nonoperating Expense (NNE)		 9.65 -2.95 0.19 2.43 4.39 -2.34 3.30 -58 5.82 4.87 6.13
Net Nonoperating Obligations (NNO)		 -56 -44 -37 -30 -20 -13 -5.71 -161 -143 -218 -208
Total Depreciation and Amortization (D&A)		 0.94 1.90 0.97 0.92 0.77 0.76 0.77 0.74 0.73 0.76 0.82
Debt-free, Cash-free Net Working Capital to Revenue		 -331.47% -175.80% -168.40% -441.57% -353.31% -1,606.11% -6,175.15% -7,321.14% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 2,194.93% 1,517.09% 1,174.22% 1,568.09% 1,216.60% 1,794.94% -1,193.76% 89,350.67% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 2,148.00% 1,484.99% 1,152.07% 1,568.09% 1,195.74% 1,758.27% -1,193.76% 89,350.67% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($41.40) ($0.54) ($0.79) ($1.12) ($1.23) ($0.56) ($1.09) $0.50 ($0.87) ($0.35) ($0.28)
Adjusted Weighted Average Basic Shares Outstanding		 552.15K 9.24M 9.26M 9.26M 9.26M 9.29M 9.29M 10.66M 19.31M 53.56M 79.75M
Adjusted Diluted Earnings per Share		 ($41.40) ($0.54) ($0.79) ($1.12) ($1.23) ($0.56) ($1.09) ($0.21) ($0.87) ($0.35) ($0.28)
Adjusted Weighted Average Diluted Shares Outstanding		 552.15K 9.24M 9.26M 9.26M 9.26M 9.29M 9.29M 77.86M 61.34M 53.56M 79.75M
Adjusted Basic & Diluted Earnings per Share		 ($41.40) $0.00 $0.00 $0.00 ($1.23) $0.00 $0.00 $0.00 ($0.87) $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 922.55K 9.23M 9.23M 9.23M 9.29M 9.29M 10.41M 47.61M 50.95M 76.46M 90.99M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -7.97 -7.14 -7.92 -7.01 -7.54 -6.81 -8.88 -11 -14 -16
Normalized NOPAT Margin		 -4,331.53% -844.13% -2,713.87% 0.00% -6,108.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -7,493.75% -532.06% -2,787.69% 0.00% -9,934.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -298.71 -71.33 -81.80 -135.18 -161.70 -74.60 -156.40 1,035.61 -275.72 -316.41 -389.32
NOPAT to Interest Expense		 -169.64 -104.40 -76.69 -101.45 -98.85 -108.39 -105.87 -292.87 -173.95 -223.10 -263.93
EBIT Less CapEx to Interest Expense		 -299.58 -73.02 -82.36 -136.46 -162.48 -74.60 -156.40 1,035.61 -290.43 -332.05 -414.89
NOPAT Less CapEx to Interest Expense		 -170.51 -106.09 -77.25 -102.73 -99.63 -108.39 -105.87 -292.87 -188.65 -238.74 -289.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

SAB Biotherapeutics’ latest statements show a well-capitalized but pre-revenue biotechnology company that continues to fund significant research and development spending through financing and investment assets. The company reported no revenue in either the first or second quarter of 2026, while its operating expenses increased to $23.4 million in Q2 from $20.0 million in Q1 and $15.8 million in Q4 2025.

Liquidity remains the strongest feature of the balance sheet. As of June 30, 2026, SAB held $8.3 million in cash, $94.4 million in short-term investments and $105.3 million in long-term investments. Total assets were $238.2 million, compared with $248.5 million at the end of Q1 2026. The company had no short-term debt, and total liabilities were $23.4 million against $214.8 million of equity.

  • Substantial liquidity: Cash and investments totaled approximately $208.0 million at the end of Q2 2026, providing a meaningful financial cushion for ongoing research and development.
  • Low near-term leverage: SAB reported no short-term debt, while total liabilities were only about 9.8% of total assets. The current ratio was approximately 9.2, indicating considerable coverage of current obligations.
  • Investment income is helping offset losses: Interest and investment income increased to $1.7 million in Q2 2026 from $1.0 million in Q1 and $0.7 million in Q4 2025.
  • Financing replenished capital: Financing activities provided $89.9 million in Q1 2026, primarily from debt issuance, followed by another $2.4 million in Q2. This helped preserve the company’s overall liquidity despite operating losses.
  • Research spending remains substantial: R&D expense rose to $16.2 million in Q2 2026 from $13.4 million in Q1, suggesting the company continues to invest heavily in its pipeline and development programs.

There are also several items investors should monitor closely. The company’s cash balance declined by $12.3 million during Q2, from $20.5 million at March 31 to $8.3 million at June 30. However, this decline partly reflects the movement of funds into investments; total short- and long-term investments remained near $200 million. The statements also show significant historical volatility, including a $45.4 million net gain in Q3 2025 that was driven by other income rather than recurring operating revenue.

  • Investment portfolio is a major source of liquidity: SAB frequently purchases, sells and matures investments. This provides flexibility, but the company’s cash position should be evaluated together with its investment balances rather than cash alone.
  • Q3 2025 results were unusually affected by non-operating gains: The company reported $45.4 million of net income in that quarter despite having no operating revenue. That result was not representative of the underlying operating business.
  • Balance sheet values have changed significantly: Total assets increased from $30.1 million in Q2 2025 to $248.5 million in Q1 2026, largely reflecting financing and investment activity. Investors should distinguish between liquid capital raised and internally generated business growth.

Profitability and cash generation remain the primary risks. SAB has reported no revenue in the available 2026 quarters, and its latest net loss widened to $22.5 million in Q2 from $18.9 million in Q1. Operating cash flow was negative $9.8 million in Q2 and negative $14.3 million in Q1, bringing first-half operating cash outflow to approximately $24.1 million.

  • No operating revenue in 2026: SAB reported zero revenue in both Q1 and Q2 2026, leaving the company dependent on financing, investment income and its existing capital base.
  • Losses are widening: The Q2 2026 net loss of $22.5 million was larger than the $18.9 million loss in Q1 2026 and the $16.9 million loss in Q4 2025. Retained earnings reached a deficit of $152.3 million.
  • Operating cash burn remains heavy: The company used $9.8 million of cash in operations during Q2 and $14.3 million in Q1, indicating that its current activities are not self-funding.
  • Dependence on external capital: Large financing inflows in Q3 2025, Q4 2025 and Q1 2026 were important to the company’s liquidity. Continued losses could require additional debt or equity financing.
  • Potential dilution and financing risk: Weighted-average basic shares increased from 9.3 million in Q4 2025 to 79.8 million in Q2 2026. Although this may reflect corporate or capital-structure changes, it highlights the risk that future funding could dilute existing shareholders.

Overall, SAB’s balance sheet currently provides significant liquidity relative to its liabilities, but the company has not yet demonstrated recurring commercial revenue or positive operating cash flow. For investors, the key catalysts will be evidence of revenue generation, progress in reducing cash burn and whether future financing can be obtained without substantial dilution.

10/16/26 11:25 PM ETAI Generated. May Contain Errors.

SAB Biotherapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, SAB Biotherapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

SAB Biotherapeutics' net income appears to be on a downward trend, with a most recent value of $13.27 million in 2025, falling from $20.12 million in 2020. The previous period was -$34.11 million in 2024.

SAB Biotherapeutics' total operating income in 2025 was -$48.95 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $48.95 million

Over the last 5 years, SAB Biotherapeutics' total revenue changed from $55.24 million in 2020 to $0.00 in 2025, a change of -100.0%.

In the past 11 quarters, SAB Biotherapeutics' cash and equivalents has ranged from $2.43 million in Q3 2023 to $29.42 million in Q3 2025, and is currently $8.27 million as of their latest financial filing in Q2 2026.

SAB Biotherapeutics had total debt of $0.00 at the end of 2025, a 100.0% decrease from 2024, and a 100.0% decrease since 2020.

Over the last 5 years, SAB Biotherapeutics' book value per share changed from 1.54 in 2020 to 3.18 in 2025, a change of 107.1%.


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Financial statements for NASDAQ:SABSW last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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