SAB Biotherapeutics, Inc.
SABSHealthcare|Biotechnology|US
$3.03
+0.09 (+3.06%)
DCF Value
$0.04
Tangible Book / Share
$2.26
Cash / Share
$1.12
Financials
Financial Snapshot
Market Cap
$275.7M
Enterprise Value
$266.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$80.5M
Cash & Investments
$104.0M
Net Cash
$99.1M
Free Cash Flow (TTM)
-$74.0M
Operating CF (TTM)
-$68.2M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$104.0M
Quarterly Burn
$17.0M
Monthly Burn
$5.7M
Est. Runway
~6.1 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $6.3M | $12.6M | $33.2M | $15.0M | $56.6M | $20.8M | $96.6M | $104.0M | |
| Operating Cash Flow | -$9.2M | $10.0M | $2.0M | -$23.5M | -$25.1M | -$34.3M | -$44.8M | -$68.2M | |
| Free Cash Flow | -$9.8M | -$2.7M | -$9.0M | -$25.6M | -$25.3M | -$34.6M | -$45.7M | -$74.0M | |
| Capital Expenditure | -$608.7K | -$12.7M | -$10.9M | -$2.2M | -$197.2K | -$337.3K | -$933.2K | -$5.8M | |
| Financing Cash Flow | $3.7M | $9.0M | $35.9M | $1.1M | $66.8M | -$1.2M | $168.3M | $195.2M |
R&D Spending
R&D (TTM)
$58.4M
R&D Intensity
—
R&D Growth vs Prior
+69.9%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4M | $55.2M | $60.9M | $23.9M | $2.2M | $1.3M | $0.00 | $0.00 | |
| R&D Expense | $8.0M | $27.9M | $57.2M | $36.4M | $16.5M | $30.2M | $34.4M | $58.4M | |
| R&D % of Revenue | 233.0% | 50.5% | 93.9% | 152.4% | 737.6% | 2281.1% | — | — | |
| SG&A | $4.1M | $6.8M | $17.1M | $16.4M | $23.8M | $9.3M | $14.6M | $25.9M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4M | $55.2M | $60.9M | $23.9M | $2.2M | $1.3M | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $1.7M | $3.3M | $3.7M | $4.8M | $3.1M | $1.5M | |
| Gross Profit | $3.4M | $55.2M | $59.2M | $20.6M | -$1.5M | -$3.5M | -$3.1M | -$1.5M | |
| R&D | $8.0M | $27.9M | $57.2M | $36.4M | $16.5M | $30.2M | $34.4M | $58.4M | |
| SG&A | $4.1M | $6.8M | $17.1M | $16.4M | $23.8M | $9.3M | $14.6M | $25.9M | |
| Operating Income | -$8.7M | $20.6M | -$13.4M | -$28.9M | -$38.1M | -$42.9M | -$49.0M | -$85.0M | |
| Interest Expense | $428.5K | $469.2K | $294.5K | $301.6K | $315.3K | $318.4K | $240.7K | $188.2K | |
| Pretax Income | -$9.0M | $20.1M | -$17.1M | -$18.7M | -$42.2M | -$34.1M | $13.3M | -$80.5M | |
| Net Income | -$9.0M | $20.1M | -$17.1M | -$18.7M | -$42.2M | -$34.1M | $13.3M | -$80.5M | |
| EPS (Diluted) | -0.22 | 7.45 | -6.30 | -4.31 | -7.64 | -3.68 | -0.79 | -1.68 | |
| EBITDA | -$8.2M | $21.1M | -$15.2M | -$15.1M | -$38.1M | -$29.0M | $16.6M | -$80.8M | |
| Shares Out. (M) | 4.35 | 2.70 | 2.73 | 4.35 | 5.52 | 9.26 | 61.34 | 93.24 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.3M | $12.6M | $33.2M | $15.0M | $56.6M | $8.9M | $10.5M | $14.4M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $11.9M | $86.1M | $89.6M | |
| Total Current Assets | $9.3M | $34.5M | $50.2M | $22.1M | $58.9M | $23.8M | $101.1M | $107.7M | |
| Total Assets | $18.0M | $56.5M | $81.1M | $50.9M | $83.9M | $44.2M | $172.8M | $235.6M | |
| Total Current Liabilities | $4.6M | $11.1M | $26.5M | $15.0M | $10.8M | $8.0M | $10.7M | $14.8M | |
| Long-Term Debt | $53.4K | $172.0K | $0.00 | $541.6K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $20.3M | $17.5M | $42.6M | $19.8M | $26.6M | $18.2M | $21.3M | $24.7M | |
| Stockholders' Equity | -$2.3M | $39.0M | $38.5M | $31.1M | $57.3M | $26.0M | $151.5M | $210.9M | |
| Retained Earnings | -$32.1M | -$12.0M | -$29.1M | -$47.9M | -$90.1M | -$124.2M | -$110.9M | -$174.6M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.2M | $10.0M | $2.0M | -$23.5M | -$25.1M | -$34.3M | -$44.8M | -$68.2M | |
| Capital Expenditure | -$608.7K | -$12.7M | -$10.9M | -$2.2M | -$197.2K | -$337.3K | -$933.2K | -$5.8M | |
| Free Cash Flow | -$9.8M | -$2.7M | -$9.0M | -$25.6M | -$25.3M | -$34.6M | -$45.7M | -$74.0M | |
| Investing Cash Flow | -$608.7K | -$12.7M | -$10.9M | -$2.1M | -$152.7K | -$12.0M | -$121.7M | -$131.8M | |
| Financing Cash Flow | $3.7M | $9.0M | $35.9M | $1.1M | $66.8M | -$1.2M | $168.3M | $195.2M | |
| Issuance of Stock | $0.00 | $9.9M | $6.8K | $7.7M | $0.00 | $20.4K | $168.7M | $363.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$5.5M | $0.00 | $0.00 | $0.00 | -$9.0K | |
| Net Debt Issuance | -$623.3K | -$917.9K | $1.5M | -$1.2M | -$390.4K | -$907.0K | -$418.4K | -$168.9M | |
| Stock Based Comp. | $371.4K | $1.3M | $2.3M | $2.7M | $2.4M | $2.9M | $5.2M | $28.8M | |
| Net Change in Cash | -$6.1M | $6.3M | $26.9M | -$24.5M | $41.5M | -$47.7M | $1.6M | -$5.0M |
Dilution Tracker
Shares outstanding grew 2171.0% over 5 years — significant dilution
Shares Outstanding
91M
5-Year Share Growth
+2171.0%
Stock Issuance (TTM)
$363.9M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.35 | 2.70 | 2.73 | 4.35 | 5.52 | 9.26 | 61.34 | 93.24 | |
| Change vs Prior % | — | -37.9% | 1.2% | 59.2% | 26.9% | 67.8% | 562.3% | 52.0% | |
| Stock Issuance | $0.00 | $9.9M | $6.8K | $7.7M | $0.00 | $20.4K | $168.7M | $363.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$5.5M | $0.00 | $0.00 | $0.00 | -$9.0K | |
| Stock Based Comp. | $371.4K | $1.3M | $2.3M | $2.7M | $2.4M | $2.9M | $5.2M | $28.8M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 97.3% | 86.2% | -67.3% | -262.4% | — | — | |
| Operating Margin % | -252.0% | 37.2% | -22.0% | -121.0% | -1700.5% | -3244.9% | — | — | |
| Net Margin % | -261.1% | 36.4% | -28.2% | -78.4% | -1884.5% | -2579.0% | — | — | |
| EBITDA Margin % | -239.2% | 38.3% | -25.0% | -63.3% | -1703.2% | -2192.5% | — | — | |
| FCF Margin % | -285.4% | -4.9% | -14.7% | -107.2% | -1130.7% | -2618.6% | — | — | |
| ROE % | 389.8% | 51.6% | -44.5% | -60.3% | -73.6% | -131.3% | 8.8% | -40.0% | |
| ROA % | -49.9% | 35.6% | -21.1% | -36.8% | -50.3% | -77.2% | 7.7% | -34.2% | |
| ROIC % | -56.6% | 43.6% | -23.2% | -77.5% | -50.8% | -115.9% | -30.0% | -38.4% | |
| R&D / Revenue % | 233.0% | 50.5% | 93.9% | 152.4% | 737.6% | 2281.1% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 1504.8% | 10.2% | -60.7% | -90.6% | -40.9% | -100.0% | |
| Gross Profit | 0.0% | 1504.8% | 7.2% | -65.2% | -107.3% | -130.4% | 11.2% | |
| Operating Income | 0.0% | 337.0% | -165.2% | -115.9% | -31.7% | -12.7% | -14.1% | |
| Net Income | 0.0% | 323.9% | -185.2% | -9.3% | -125.1% | 19.2% | 138.9% | |
| EPS (Diluted) | 0.0% | 3486.4% | -184.6% | 31.6% | -77.3% | 51.8% | 78.5% | |
| Operating Cash Flow | 0.0% | 208.6% | -80.1% | -1280.7% | -7.1% | -36.5% | -30.6% | |
| Free Cash Flow | 0.0% | 72.2% | -228.5% | -186.1% | 1.2% | -36.8% | -32.0% | |
| R&D Expense | 0.0% | 248.0% | 104.9% | -36.3% | -54.7% | 82.7% | 13.9% | |
| SG&A Expense | 0.0% | 65.3% | 152.3% | -4.1% | 45.3% | -61.0% | 57.4% | |
| Total Assets | 0.0% | 214.0% | 43.5% | -37.3% | 64.9% | -47.3% | 291.0% | |
| Book Value / Share | 0.0% | 2822.9% | -2.4% | -49.4% | 45.4% | -73.0% | 179.8% | |
| Debt | 0.0% | 6.4% | 4.8% | -30.4% | -0.4% | -21.0% | 27.5% | |
| Diluted Shares | 0.0% | -37.9% | 1.2% | 59.2% | 26.9% | 67.8% | 562.3% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High1.07 / 16.96 / 128.19
P/B1.34
10Y Low / Med / High0.48 / 1.35 / 7.03
EV/EBITDAAt Loss
10Y Low / Med / High0.33 / 4.08 / 12.76
EV/Revenue0.00
10Y Low / Med / High0.69 / 4.88 / 128.56
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.04
Tangible Book / Share
$2.26
Net Current Assets / Share
$0.91
Graham Net-Net
$0.86
Cash / Share
$1.12
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -461.36 | 13.62 | -12.40 | -1.37 | -0.90 | -1.03 | 17.00 | -3.26 | |
| P/S Ratio | 128.19 | 4.96 | 3.51 | 1.07 | 16.96 | 26.54 | 0.00 | 0.00 | |
| P/B Ratio | -191.37 | 7.03 | 5.54 | 0.83 | 0.66 | 1.35 | 0.48 | 1.34 | |
| EV/EBITDA | -53.74 | 12.76 | -12.43 | -1.09 | 0.33 | -1.06 | 4.08 | -3.30 | |
| EV/Revenue | 128.56 | 4.88 | 3.10 | 0.69 | -5.66 | 23.35 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
4.95
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $333.3K | $50.0K | $8.4M |
| Net Income | -$72.8M | -$49.8M | -$44.3M |
| EPS | $-1.21 | $-0.80 | $-0.73 |
| # Analysts (EPS) | 6 | 6 | 9 |
Revenue Segments
By Product
| Segment | 2021 | 2022 |
|---|---|---|
| Grant Revenue | $60.9M | — |
| Grant | — | $23.9M |