The company exhibits a lack of operating leverage, with quarterly operating losses widening to $20.0 million in 2026Q1 as R&D expenses continue to scale without any offsetting commercial revenue.
| Sales/Revenue | 0 | 0 | 1.32M | 2.24M | 23.9M | 60.88M | 55.24M | 3.44M |
| Revenue Growth % | -100% | -100% | -40.94% | -90.63% | -60.73% | 10.21% | 1504.82% | - |
| Cost of Goods Sold | 3.1M | 3.08M | 4.79M | 3.75M | 3.29M | 1.65M | 0 | 0 |
| COGS % of Revenue | - | - | 362.41% | 167.26% | 13.77% | 2.72% | - | - |
| Gross Profit | -3.1M | -3.08M | -3.47M | -1.51M | 20.61M | 59.22M | 55.24M | 3.44M |
| Gross Margin % | - | - | -262.41% | -67.26% | 86.23% | 97.28% | 100% | 100% |
| Gross Profit Growth % | - | 11.2% | -130.42% | -107.31% | -65.2% | 7.21% | 1504.82% | - |
| Operating Expenses | 55.08M | 45.87M | 39.44M | 36.57M | 49.53M | 72.62M | 34.68M | 12.12M |
| OpEx % of Revenue | - | - | 2982.46% | 1633.27% | 207.2% | 119.28% | 62.78% | 351.98% |
| Selling, General & Admin | 17.36M | 14.6M | 9.28M | 23.8M | 16.38M | 17.09M | 6.77M | 4.1M |
| SG&A % of Revenue | - | - | 701.41% | 1062.93% | 68.54% | 28.07% | 12.26% | 119% |
| Research & Development | 40.05M | 34.35M | 30.16M | 16.52M | 36.44M | 57.18M | 27.91M | 8.02M |
| R&D % of Revenue | - | - | 2281.05% | 737.61% | 152.44% | 93.94% | 50.52% | 233% |
| Other Operating Expenses | -2.33M | -3.08M | 0 | -3.75M | -3.29M | -1.65M | 0 | -1K |
| Operating Income | -58.18M | -48.95M | -42.91M | -38.08M | -28.92M | -13.39M | 20.56M | -8.67M |
| Operating Margin % | - | - | -3244.87% | -1700.54% | -120.98% | -22% | 37.22% | -252% |
| Operating Income Growth % | - | -14.08% | -12.7% | -31.67% | -115.92% | -165.15% | 337% | - |
| EBITDA | -55.08M | -45.87M | -38.12M | -34.33M | -25.63M | -11.74M | 21.11M | -8.35M |
| EBITDA Margin % | - | - | -2882.46% | -1533.27% | -107.2% | -19.28% | 38.21% | -242.61% |
| EBITDA Growth % | -42.17% | -20.34% | -11.03% | -33.97% | -118.3% | -155.62% | 352.74% | - |
| D&A (Non-Cash Add-back) | 3.1M | 3.08M | 4.79M | 3.75M | 3.29M | 1.65M | 548.18K | 323.41K |
| EBIT | -1.36M | 13.51M | -33.79M | -41.88M | -18.41M | -16.85M | 20.59M | -8.56M |
| Net Interest Income | 2.18M | 1.19M | 967.6K | 269.68K | -231K | -271K | -443K | -315K |
| Interest Income | 2.42M | 1.43M | 1.29M | 584.97K | 71.07K | 23.11K | 26.13K | 113.13K |
| Interest Expense | 233.84K | 240.66K | 318.4K | 315.28K | 301.58K | 294.46K | 469.15K | 428.48K |
| Other Income/Expense | 57.78M | 62.23M | 8.81M | -4.12M | 10.2M | -3.75M | -439K | -313K |
| Pretax Income | -398.43K | 13.27M | -34.11M | -42.19M | -18.72M | -17.14M | 20.12M | -8.99M |
| Pretax Margin % | - | - | -2579.03% | -1884.5% | -78.29% | -28.16% | 36.42% | -261.07% |
| Income Tax | 0 | 0 | 0 | 0 | 25.63K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -0.14% | 0% | 0% | 0% |
| Net Income | -398.43K | 13.27M | -34.11M | -42.19M | -18.74M | -17.14M | 20.12M | -8.99M |
| Net Margin % | - | - | -2579.03% | -1884.5% | -78.4% | -28.16% | 36.42% | -261.07% |
| Net Income Growth % | 98.84% | 138.92% | 19.17% | -125.14% | -9.31% | -185.22% | 323.88% | - |
| Net Income (Continuing) | -398.43K | 13.27M | -34.11M | -42.19M | -18.74M | -17.14M | 20.12M | -8.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.01 | -0.79 | -3.68 | -7.64 | -4.31 | -6.30 | 7.45 | -0.22 |
| EPS Growth % | 33.51% | 78.53% | 51.83% | -77.26% | 31.59% | -184.56% | 3486.36% | - |
| EPS (Basic) | - | 0.22 | -3.68 | -7.64 | -4.31 | -3.94 | 4.63 | -0.22 |
| Diluted Shares Outstanding | 53.56M | 61.34M | 9.26M | 5.52M | 4.35M | 2.73M | 2.7M | 4.35M |
| Basic Shares Outstanding | 53.56M | 19.31M | 9.26M | 5.52M | 4.35M | 4.35M | 4.35M | 4.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent liquidity depletion
As indicated by the company's recent financial disclosures, SABS has experienced a complete cessation of commercial revenue, with quarterly figures consistently reporting zero since 2025Q1, marking a total departure from the project-based government funding that previously characterized the firm's top-line performance during the pandemic-era biodefense initiatives.
The transition to a zero-revenue state underscores the company's pivot away from infectious disease contracts toward its autoimmune pipeline. Investors should monitor whether this lack of top-line activity is a temporary bridge to clinical milestones or a sign of long-term commercial viability challenges.
Based on the provided income statement data, R&D expenditures have remained elevated, reaching $13.4 million in 2026Q1, which highlights the heavy financial burden of maintaining the proprietary transchromosomic bovine herd and ongoing clinical trial activities despite the absence of any offsetting commercial product revenue streams.
The persistence of high R&D spending relative to the company's limited cash reserves suggests an aggressive, albeit high-risk, approach to clinical development. This cost structure appears to be largely fixed, leaving little room for operational flexibility should the next clinical data readouts fail to meet expectations.
As reported in financial statements, the company's operating losses have widened to $20.0 million in 2026Q1, demonstrating a lack of operating leverage as R&D and SG&A expenses continue to scale without any corresponding growth in gross profit to absorb these significant fixed overhead costs.
The widening gap between operating expenses and revenue suggests that the company is currently in a pure cash-burn phase with no immediate path to operational self-sufficiency. This trend warrants further investigation into how management intends to bridge the funding gap without further diluting existing shareholders.
According to the latest quarterly filings, the company's cash position of approximately $10.5 million against a quarterly burn rate exceeding $15 million suggests a precarious financial state that may force management into highly dilutive financing or a distressed strategic partnership in the near term.
Short-sellers would likely focus on the 'going concern' risk inherent in the current burn rate and the lack of commercial validation for the Tc bovine platform. The market appears to be pricing in a high probability of failure, making the success of the SAB-142 program the only potential catalyst for a re-rating.
Quick answers to the most common questions about buying SABS stock.
For fiscal year 2025, SAB Biotherapeutics, Inc. (SABS) reported total revenue of $0.0M. This represents a 100.0% decline compared to $3.4M in 2019.
SAB Biotherapeutics, Inc. (SABS) is profitable, generating $13.3M in net income for the fiscal year ending 2025.