Persistent negative free cash flow, which reached $15.3 million in 2026Q1, underscores a total reliance on external financing to sustain operations in the absence of predictable revenue cycles.
| Cash from Operations | -51.25M | -44.78M | -34.29M | -25.12M | -23.46M | 1.99M | 10M | -9.21M |
| Operating CF Margin % | - | - | -2593.14% | -1121.9% | -98.14% | 3.26% | 18.11% | -267.71% |
| Operating CF Growth % | -263.23% | -30.57% | -36.52% | -7.08% | -1280.73% | -80.14% | 208.58% | - |
| Net Income | -398.43K | 13.27M | -34.11M | -42.19M | -18.74M | -17.14M | 20.12M | -8.99M |
| Depreciation & Amortization | 3.06M | 3.08M | 4.79M | 3.75M | 3.29M | 1.65M | 548.18K | 323.41K |
| Stock-Based Compensation | 3.8M | 5.21M | 2.94M | 2.42M | 2.67M | 2.31M | 1.3M | 371.39K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -10.79M | -62.66M | -5.62M | 8.58M | -10.45M | 3.48M | -2.25K | 422 |
| Working Capital Changes | -6.81M | -3.69M | -2.3M | 2.33M | -237.57K | 11.68M | -11.95M | -923.37K |
| Change in Receivables | -1.53M | -891.83K | -54.95K | 5.56M | 2.45M | 12.56M | -17.75M | -2.56M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 912.74K | 1.48M | 923.32K | -2.7M | -779.42K | -2.94M | 5.21M | 1.56M |
| Cash from Investing | -192.02M | -121.71M | -11.96M | -152.7K | -2.09M | -10.94M | -12.72M | -608.75K |
| Capital Expenditures | -1.92M | -933.16K | -337.26K | -197.15K | -2.17M | -10.94M | -12.73M | -608.75K |
| CapEx % of Revenue | - | - | 25.5% | 8.81% | 9.06% | 17.98% | 23.05% | 17.69% |
| Acquisitions | 2.22K | 500 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 44.45K | 76.39K | 0 | 9K | 0 |
| Cash from Financing | 258.39M | 168.3M | -1.17M | 66.77M | 1.05M | 35.89M | 8.98M | 3.68M |
| Debt Issued (Net) | -283.89K | -418.41K | -907K | -390.44K | -1.19M | 1.54M | -917.88K | -623.27K |
| Equity Issued (Net) | 258.69M | 168.73M | 20.41K | 7.5M | 2.16M | 6.75K | 19.8M | 4.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -5.52M | 0 | 0 | 0 |
| Other Financing | -14.46K | -11.96K | -286.04K | 59.66M | 76.97K | 34.34M | -9.9M | 0 |
| Net Change in Cash | 14.88M | 1.6M | -47.67M | 41.52M | -24.5M | 26.93M | 6.26M | -6.14M |
| Free Cash Flow | -53.17M | -45.71M | -34.63M | -25.32M | -25.63M | -8.96M | -2.73M | -9.82M |
| FCF Margin % | - | - | -2618.65% | -1130.71% | -107.2% | -14.71% | -4.94% | -285.39% |
| FCF Growth % | -69.56% | -32% | -36.79% | 1.21% | -186.11% | -228.46% | 72.24% | - |
| FCF per Share | -0.99 | -0.75 | -3.74 | -4.59 | -5.89 | -3.28 | -1.01 | -2.26 |
| FCF Conversion (FCF/Net Income) | 133.44x | -3.37x | 1.01x | 0.60x | 1.25x | -0.12x | 0.50x | 1.03x |
| Interest Paid | 64.8K | 0 | 0 | 245.48K | 293.39K | 0 | 469.15K | 428.48K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity depletion
According to reported financial statements, SABS exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a 0.76 reading in 2026Q1, which suggests that accounting losses are not fully capturing the underlying cash-based operational requirements of the business.
The volatility in the OCF/NI ratio indicates that non-cash items and accruals are significantly distorting the perceived profitability of the firm. Investors should monitor this divergence, as it implies that the company's reported net income is a poor proxy for the actual cash resources required to sustain its clinical-stage operations.
Based on the provided cash flow data, SABS has maintained a consistent negative free cash flow trajectory, with quarterly outflows reaching $15.3 million in 2026Q1, underscoring the company's total reliance on external financing to fund its ongoing research and development activities in the absence of commercial revenue.
The lack of positive free cash flow generation suggests that the company remains in a high-risk phase where capital is consumed rather than generated. This trend warrants further investigation into how long the current cash runway can support the development of the SAB-142 program before additional dilution becomes inevitable.
As reported in recent filings, working capital changes have been highly erratic, including a significant $7.3 million outflow in 2025Q4, which suggests that the company's cash management is subject to the timing of project-based government milestones rather than stable, predictable operational cycles.
These fluctuations in working capital appear to reflect the company's dependence on irregular grant funding and the timing of clinical trial expenditures. Such instability in cash conversion cycles may indicate that the firm lacks the operational maturity to manage liquidity effectively during periods of clinical transition.
Based on the provided financial data, the company has utilized stock-based compensation, such as the $3.2 million recorded in 2025Q4, to preserve cash, which effectively obscures the true economic cost of talent retention and may lead to significant future dilution for existing shareholders.
While stock-based compensation provides a temporary reprieve for the cash balance, it does not eliminate the underlying operational burn. Analysts should interpret this as a signal that the company is prioritizing short-term survival over long-term equity preservation, which may impact the terminal value of the firm.
Quick answers to the most common questions about buying SABS stock.
SAB Biotherapeutics, Inc. (SABS) generated $-44.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SAB Biotherapeutics, Inc. (SABS) reported negative free cash flow of $45.7M in 2025, indicating capital requirements exceeded cash from operations.
SAB Biotherapeutics, Inc. (SABS) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.