SAB BIO Q2 2024 Financial Results and Company Updates

SAB BIO, a biopharmaceutical company focused on developing novel immunotherapy platforms, shared its financial results for the second quarter ending June 30, 2024, and provided a company update. The company is advancing human anti-thymocyte immunoglobulin (hIgG) aimed at delaying the onset or progression of type 1 diabetes (T1D).

Samuel J. Reich, SAB's chairman and CEO, emphasized the urgency for transformative therapies in T1D. He highlighted the advancement of their lead candidate, SAB-142, which is on track for a Phase 1 data readout by the end of the year. Reich also mentioned the company's efforts to build partnerships with clinical and strategic advisors who have deep expertise in T1D research and development.

SAB has made significant pipeline and corporate updates. On May 21, 2024, the FDA cleared SAB's IND application for SAB-142, allowing clinical development for T1D patients in the U.S. The company rebranded as SAB BIO on June 20, 2024, and continues to focus on T1D, as demonstrated by their presentation at the American Diabetes Association 84th Scientific Session on June 23.

Furthermore, on July 31, 2024, SAB announced the appointment of Lucy To as Chief Financial Officer, effective August 12, 2024. Ms. To was previously managing healthcare investments at Wells Fargo Securities. Additionally, on August 5, 2024, SAB announced the formation of a new Clinical Advisory Board comprising renowned experts in T1D and disease-modifying therapeutic development. This board will collaborate with SAB's leadership to advance the clinical development program for SAB-142.

Financially, SAB provided the following updates for Q2 2024:

- Financial Guidance: SAB has sufficient cash to fund operations into 2026, assuming funds are received from all outstanding Tranche B warrants.
- Cash Position: As of June 30, 2024, SAB had $37.3 million in cash, cash equivalents, and available-for-sale securities, down from $56.6 million as of December 31, 2023. The decrease is mainly due to ongoing research and related expenses.
- R&D Expenses: R&D expenses were $6.8 million for Q2 2024, up from $3.7 million in Q2 2023. For the first half of 2024, R&D expenses totaled $14.8 million, up from $8.2 million in the same period of 2023. The increase is attributed to a focus on SAB-142.
- General and Administrative Expenses: G&A expenses were $3.6 million for Q2 2024, compared to $2.9 million in Q2 2023. For the first half of 2024, G&A expenses were $8.0 million, up from $6.3 million in the first half of 2023. The rise is due to increased headcount to support ongoing research.
- Non-operating Income: Non-operating income was $2.9 million for Q2 2024, compared to a $0.4 million expense in Q2 2023. For the first half of 2024, non-operating income was $9.2 million, compared to a $0.4 million expense in the first half of 2023. This increase is mainly due to changes in the fair value of warrant liabilities and an Australian R&D tax credit.
- Net Loss: The net loss for Q2 2024 was $7.3 million, equating to $(0.79) per share, compared to a net loss of $6.9 million or $(1.36) per share in Q2 2023. For the first half of 2024, the net loss was $12.4 million or $(1.34) per share, compared to a net loss of $14.2 million or $(2.82) per share in the first half of 2023.

SAB BIO focuses on developing human, multi-targeted, high-potency immunoglobulins (IgGs) to treat and prevent immune and autoimmune disorders without needing human donors or convalescent plasma. The company’s lead asset, SAB-142, is designed to delay onset and potentially prevent the progression of type 1 diabetes. Using advanced genetic engineering and antibody science, SAB's DiversitAb™ system can create high-potency human IgGs to address various serious unmet needs in human diseases.

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