Revenue was absent in seven of ten reported quarters and gross profit remained negative across all ten, while operating losses more than doubled from -$10.2M in 2024Q1 to -$23.4M in 2026Q2 as R&D and SG&A accelerated to $16.2M and $7.2M respectively.
SAB Biotherapeutics, Inc. (SABS) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| 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 | 1.52M | 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 | -1.52M | -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 | 83.53M | 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 | 25.94M | 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 | 58.35M | 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 | -763.3K | -3.08M | 0 | -3.75M | -3.29M | -1.65M | 0 | -1K |
| Operating Income | -85.04M | -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 | -81.87M | -45.87M | -38.12M | -34.33M | -25.63M | -11.74M | 21.11M | -8.35M |
| EBITDA Margin % | - | - | -2882.46% | -1533.26% | -107.2% | -19.28% | 38.21% | -242.61% |
| EBITDA Growth % | -104.22% | -20.34% | -11.03% | -33.96% | -118.29% | -155.62% | 352.74% | - |
| D&A (Non-Cash Add-back) | 3.17M | 3.08M | 4.79M | 3.75M | 3.29M | 1.65M | 548.18K | 323.41K |
| EBIT | -83.93M | 13.51M | -33.79M | -41.88M | -18.41M | -16.85M | 20.59M | -8.56M |
| Net Interest Income | 4.88M | 1.19M | 967.6K | 269.68K | -231K | -271K | -443K | -315K |
| Interest Income | 5.06M | 1.43M | 1.29M | 584.97K | 71.07K | 23.11K | 26.13K | 113.13K |
| Interest Expense | 188.21K | 240.66K | 318.4K | 315.28K | 301.58K | 294.46K | 469.15K | 428.48K |
| Other Income/Expense | 4.52M | 62.23M | 8.81M | -4.12M | 10.2M | -3.75M | -439K | -313K |
| Pretax Income | -80.52M | 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 | -80.52M | 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 % | -529.68% | 138.92% | 19.17% | -125.14% | -9.31% | -185.22% | 323.88% | - |
| Net Income (Continuing) | -80.52M | 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) | -0.86 | -0.79 | -3.68 | -7.64 | -4.31 | -6.30 | 7.45 | -0.22 |
| EPS Growth % | 26.96% | 78.53% | 51.83% | -77.26% | 31.59% | -184.56% | 3486.36% | - |
| EPS (Basic) | - | 0.22 | -3.68 | -7.64 | -4.31 | -6.30 | 7.45 | -0.22 |
| Diluted Shares Outstanding | 93.24M | 61.34M | 9.26M | 5.52M | 4.35M | 2.73M | 2.7M | 4.35M |
| Basic Shares Outstanding | 93.24M | 19.31M | 9.26M | 5.52M | 4.35M | 2.73M | 2.7M | 4.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Runway risk from accelerating burn
Metrics are mathematically derived from official filings.
Revenue Absent Across Reporting Periods
Across SABS's quarterly disclosures, revenue appeared in only three of ten periods — $944.6K in 2024Q1, $263.1K in 2024Q2, and $114.7K in 2024Q4 — before disappearing entirely from 2025 onward, leaving the P&L effectively driven by cost lines alone.
The residual revenue shows a clear downward trajectory even while it existed ($944.6K → $263.1K → $114.7K), which suggests these amounts were episodic rather than representative of a scalable commercial stream, though the precise accounting nature is not disclosed in the supplied data. Because gross profit remained negative even in quarters with reported revenue, product-level unit economics cannot yet be underwritten on any commercial basis. Until a durable top line emerges, any equity valuation rests almost entirely on pipeline optionality rather than observable earnings power.
R&D and SG&A Both Accelerating
According to recent SEC filings, R&D expense nearly doubled from $8.1M in 2024Q1 to $16.2M in 2026Q2, while SG&A climbed from $2.2M to $7.2M over the same span, indicating SABS's cost base is compounding at a rate that materially outpaces its nascent top line.
The sequential jump in R&D from $13.4M in 2026Q1 to $16.2M in 2026Q2 (roughly 21% in one quarter) appears more consistent with program-level investment acceleration than with a stable overhead profile. SG&A has also more than quadrupled since 2024Q4 ($1.7M to $7.2M), a pattern that may indicate organizational buildout ahead of a anticipated milestone, though the underlying driver is not evident in the reported figures. Investors should seek clarity on whether this elevated spend is a temporary peak tied to specific trials or the new operating baseline, as that distinction materially changes the required financing profile.
2026 Marks Spend Acceleration Inflection
Based on SABS's reported figures, operating losses widened from -$10.0M in 2024Q4 to -$23.4M in 2026Q2, with the sharpest sequential deterioration occurring in 2026 as quarterly R&D spend crossed $13M, signaling a step-up in investment intensity.
The inflection appears to originate around 2025Q3–2025Q4, when R&D first breached $10M and SG&A surpassed $5M, breaking the prior ~$8M R&D plateau observed through 2024 and early 2025. This break from the historical cost band may indicate a transition into more capital-intensive development phases, but without any offsetting revenue the loss curve has steepened on a standalone basis. The persistence of this trajectory into 2026 warrants investigation into whether the acceleration was driven by a single program or broadened across the portfolio.
One-Time Gain Masks Operating Losses
As reported in financial statements, SABS posted +$45.4M net income in 2025Q3 despite a -$12.7M operating loss, a divergence driven by non-operating items that makes headline EPS an unreliable proxy for underlying economics across the trailing 10 quarters.
Excluding the 2025Q3 outlier, net losses track operating losses closely, which suggests the reported gain was non-recurring and its composition warrants closer review before being used in any normalized earnings framework. Separately, stock-based compensation has escalated from $627.2K in 2025Q2 to $12.7M in 2026Q2 — a roughly 20x increase — which dilutes economic ownership for existing holders even as it flatters any non-GAAP presentation that adds the charge back. Analysts relying on adjusted figures should treat them with caution and anchor valuation more heavily on cash consumption.
Zero Revenue and Widening Burn Rate
The supplied income statement data shows revenue absent in seven of ten quarters and gross profit negative across all ten, with the operating loss more than doubling from -$10.2M to -$23.4M — a trajectory that may pressure financing terms if cash reserves are limited.
A skeptical framing would emphasize that the company has generated essentially no commercial revenue across two years while increasing absolute spend by more than 100%, raising the question of what concrete milestone justifies the acceleration. The 2025Q3 positive net income could be presented as evidence of progress, but its non-operating character limits its analytical usefulness as a signal of business health. Investors should press for explicit disclosure on cash runway, the expected duration of the elevated 2026 spend, and the specific catalysts management believes will convert this investment into defensible value.