The firm's financial position remains precarious, characterized by an accumulated deficit of $129.8 million as of 2026Q1 and a heavy concentration of value in $20.2 million of specialized biological PPE.
| Total Current Assets | 112.78M | 101.05M | 23.79M | 58.91M | 22.1M | 50.19M | 34.46M | 9.29M |
| Cash & Short-Term Investments | 107.39M | 96.59M | 20.76M | 56.57M | 15.05M | 33.21M | 12.61M | 6.35M |
| Cash Only | 20.52M | 10.5M | 8.9M | 56.57M | 15.05M | 33.21M | 12.61M | 6.35M |
| Short-Term Investments | 86.87M | 86.09M | 11.86M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.56M | 946.78K | 54.95K | 0 | 5.56M | 8.01M | 20.57M | 2.82M |
| Days Sales Outstanding | - | - | 15.17 | - | 84.85 | 48.03 | 135.92 | 298.91 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.84M | 3.51M | 2.98M | 0 | 0 | 6.34M | 0 | 0 |
| Total Non-Current Assets | 135.69M | 71.76M | 20.4M | 25.03M | 28.81M | 30.95M | 22.08M | 8.71M |
| Property, Plant & Equipment | 20.17M | 19.4M | 19.92M | 24.68M | 28.34M | 30.95M | 22.08M | 8.71M |
| Fixed Asset Turnover | 0.00x | - | 0.07x | 0.09x | 0.84x | 1.97x | 2.50x | 0.39x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 207.74M | 46.89M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 5.28M | 5.46M | 482.1K | 350.23K | 467.69K | 0 | 0 | 0 |
| Total Assets | 248.47M | 172.81M | 44.2M | 83.94M | 50.9M | 81.14M | 56.54M | 18M |
| Asset Turnover | 0.00x | - | 0.03x | 0.03x | 0.47x | 0.75x | 0.98x | 0.19x |
| Asset Growth % | 1032.5% | 291.01% | -47.35% | 64.9% | -37.26% | 43.52% | 214.04% | - |
| Total Current Liabilities | 9.85M | 10.68M | 7.98M | 10.81M | 14.99M | 26.46M | 11.06M | 4.62M |
| Accounts Payable | 3.54M | 3.15M | 1.69M | 945.93K | 3.68M | 4.46M | 7.38M | 2.17M |
| Days Payables Outstanding | 360.72 | 372.61 | 129.07 | 92.19 | 407.92 | 983.89 | - | - |
| Short-Term Debt | 920.66K | 0 | 811.84K | 1.05M | 772.66K | 1.8M | 538.73K | 1.39M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 1.32M | 0 | 100K | 100K | 0 |
| Other Current Liabilities | 5.39M | 0 | 5.47M | 4.49M | 8.1M | 8.7M | 1.17M | 248.72K |
| Current Ratio | 11.45x | 9.46x | 2.98x | 5.45x | 1.47x | 1.90x | 3.11x | 2.01x |
| Quick Ratio | 11.45x | 9.46x | 2.98x | 5.45x | 1.47x | 1.90x | 3.11x | 2.01x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 11.37M | 10.63M | 10.25M | 15.83M | 4.85M | 16.14M | 6.47M | 15.69M |
| Long-Term Debt | 5.25M | 0 | 0 | 0 | 541.64K | 0 | 172.04K | 53.45K |
| Capital Lease Obligations | 15.65M | 5M | 3.86M | 4.05M | 3.99M | 5.42M | 6.3M | 5.64M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 6.12M | 5.64M | 6.39M | 11.77M | 320.93K | 10.72M | 0 | 10M |
| Total Liabilities | 21.22M | 21.32M | 18.23M | 26.64M | 19.85M | 42.59M | 17.53M | 20.31M |
| Total Debt | 6.17M | 5.95M | 4.67M | 5.91M | 5.93M | 8.52M | 8.13M | 7.64M |
| Net Debt | -14.35M | -4.55M | -4.23M | -50.66M | -9.12M | -24.69M | -4.48M | 1.29M |
| Debt / Equity | 0.03x | 0.04x | 0.18x | 0.10x | 0.19x | 0.22x | 0.21x | - |
| Debt / EBITDA | -0.11x | - | - | - | - | - | 0.39x | - |
| Net Debt / EBITDA | 0.26x | - | - | - | - | - | -0.21x | - |
| Interest Coverage | -5.80x | 56.15x | -106.11x | -132.83x | -61.06x | -57.22x | 43.88x | -19.97x |
| Total Equity | 227.25M | 151.49M | 25.97M | 57.3M | 31.06M | 38.55M | 39.01M | -2.31M |
| Equity Growth % | 1718.27% | 483.35% | -54.68% | 84.49% | -19.43% | -1.17% | 1791.9% | - |
| Book Value per Share | 4.24 | 2.47 | 2.80 | 10.38 | 7.14 | 14.10 | 14.44 | -0.53 |
| Total Shareholders' Equity | 227.25M | 151.49M | 25.97M | 57.3M | 31.06M | 38.55M | 39.01M | -2.31M |
| Common Stock | 7.58K | 4.77K | 935 | 929 | 5.09K | 4.35K | 3.52K | 3.52K |
| Retained Earnings | -129.76M | -110.9M | -124.17M | -90.06M | -47.87M | -29.13M | -11.98M | -32.1M |
| Treasury Stock | 0 | -5.52M | -5.52M | -5.52M | -5.52M | 0 | 0 | 0 |
| Accumulated OCI | -222.76K | 186.51K | -135.41K | 26.42K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity depletion
As reported in recent SEC filings, SABS has seen total assets contract from $83.9 million in 2023Q4 to $172.8 million in 2025Q4, with a subsequent rebound to $248.5 million in 2026Q1, reflecting extreme volatility driven by capital raises rather than organic growth in the underlying business.
The erratic movement in total assets suggests that the company is heavily reliant on external financing to maintain its operations, as there is no evidence of internal asset generation. Investors should monitor whether this recent asset expansion is being deployed efficiently into the SAB-142 program or if it is merely a temporary buffer against ongoing operational losses.
Based on the company's reported figures, the cash balance plummeted from $56.6 million in 2023Q4 to a low of $3.7 million in 2025Q2, and despite a recent uptick to $20.5 million in 2026Q1, the current burn rate suggests a precarious liquidity position for the firm.
The wide fluctuations in the current ratio, which reached 11.45 in 2026Q1, appear to be a function of periodic equity infusions rather than operational liquidity. This volatility indicates that the company lacks a self-sustaining cash engine, leaving it highly vulnerable to market conditions when seeking necessary capital to fund its clinical pipeline.
According to financial statements, the company's retained earnings have deteriorated significantly, reaching a deficit of $129.8 million as of 2026Q1, which underscores the persistent destruction of equity value inherent in the firm's current clinical-stage business model and heavy reliance on external funding.
The consistent negative trajectory in retained earnings suggests that the company has yet to achieve a viable commercial path, forcing a reliance on dilutive equity financing. This trend warrants further investigation into whether future capital raises will continue to erode existing shareholder stakes without a clear path to profitability.
As indicated by the balance sheet, the company carries $20.2 million in net PPE, which is largely tied to the specialized transchromosomic bovine herd, representing a significant concentration risk should the clinical utility of the platform fail to materialize in the autoimmune space.
The valuation of these biological assets appears highly sensitive to the success of the SAB-142 program, as there is no alternative commercial use for this specialized infrastructure. If clinical data fails to meet expectations, the company may face significant impairment charges that would further weaken an already fragile balance sheet.
Quick answers to the most common questions about buying SABS stock.
As of 2025, SAB Biotherapeutics, Inc. (SABS) had total assets of $172.8M including $101.1M in current assets.
SAB Biotherapeutics, Inc. (SABS) carries total debt of $6.0M, offset by $96.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SAB Biotherapeutics, Inc. (SABS) has total shareholders' equity (book value) of $151.5M ($2.47 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SAB Biotherapeutics, Inc. (SABS) reported a current ratio of 9.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.