SAB Biotherapeutics Reports Q1 2024 Financials and Company Updates

SAB Biotherapeutics, Inc. (Nasdaq: SABS), a clinical-stage biopharmaceutical company, shared its financial results for the first quarter ending March 31, 2024, and provided a company update. The company is advancing its novel immunotherapy platform, focusing on developing human anti-thymocyte immunoglobulin (hIgG) to delay the onset or progression of type 1 diabetes (T1D).

Samuel J. Reich, CEO and chairman of SAB, expressed optimism about the company's progress in its corporate strategy centered on immunotherapy for T1D. He highlighted the appointment of Dr. Jay Skyler, a renowned T1D expert, to the Board of Directors, which now consists of 11 members, 9 of whom are independent. The appointment is seen as a significant addition to the company's leadership, bringing in extensive expertise and innovation in the field of T1D.

SAB continued to move forward with its strategic objectives, which included relocating its corporate headquarters to Miami, FL, while maintaining its Research and Development Campus in South Dakota. On April 11, 2024, SAB's partnership with INNODIA was highlighted at the organization's annual meeting in Belgium. SAB’s executive team provided global T1D partners with the latest updates on SAB-142, a key therapeutic under development. By April 16, 2024, SAB had successfully enrolled and dosed the third cohort of its Phase 1 trial for SAB-142, with no reported cases of serum sickness.

Financially, SAB reaffirmed its guidance, indicating that it had sufficient cash to fund operations into 2026, assuming the exercise of all outstanding Tranche B warrants. As of March 31, 2024, the company reported cash, cash equivalents, and available-for-sale securities totaling $45.2 million, down from $56.6 million at the end of 2023. This decrease was primarily due to ongoing research and related expenses.

Research and Development (R&D) expenses for the first quarter of 2024 totaled $7.1 million, an increase from $4.5 million in the same period the previous year. This rise was attributed to intensified focus on SAB-142, aimed at preventing the onset or progression of T1D. General and Administrative (G&A) expenses also saw an increase, reaching $4.2 million compared to $3.4 million in the first quarter of 2023. The increase in G&A expenses was mainly due to a higher headcount required to support ongoing research activities and product development.

The company reported significant growth in non-operating income, which was $6.4 million for the first quarter of 2024, up from $48,000 in the same period in 2023. This surge was primarily due to the change in the fair value of warrant liabilities and an Australian research and development tax credit. Despite these gains, SAB reported a net loss of $4.0 million for the first quarter of 2024, an improvement from the $7.4 million net loss reported for the first quarter of 2023.

SAB Biotherapeutics focuses on developing human, multi-targeted, high-potency immunoglobulins (IgGs). The company’s lead asset, SAB-142, targets T1D with a therapeutic approach aimed at delaying onset and possibly preventing disease progression. Utilizing advanced genetic engineering and antibody science, SAB has developed Transchromosomic (Tc) Bovine™, a unique transgenic animal with a human artificial chromosome. This innovation allows SAB's DiversitAb™ drug development system to produce diverse, high-potency human IgGs to address various serious unmet medical needs without relying on human donors or convalescent plasma.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!