SAB Biotherapeutics, Inc. (SABS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la biotecnología, SAB Bioterapeutics surge como un innovador innovador, empuñando un revolucionario plataforma de transcromosómica (TC) Eso promete transformar cómo desarrollamos anticuerpos terapéuticos. Al aprovechar la tecnología de vanguardia y las asociaciones estratégicas con instituciones de renombre como Mayo Clinic y agencias gubernamentales, esta compañía dinámica está preparada para revolucionar la inmunoterapia y los tratamientos de enfermedades infecciosas, ofreciendo un vistazo a un futuro donde los anticuerpos policlonales humanos personalizados y personalizados podrían convertirse en un juego de juego que se puede poner en marcha del juego. Enfoque de desafíos médicos complejos.

SAB BIOTERAPEUTICS, Inc. (SABS) - Modelo de negocios: asociaciones clave

Mayo Clinic Collaboration

Detalles de la asociación:

Enfoque de colaboración	Área específica	Año establecido
Desarrollo de anticuerpos terapéuticos avanzados	Tecnología de plataforma de Deoxymab	2019

Asociaciones de agencia gubernamental

Colaboraciones del gobierno clave:

Agencia	Valor de contrato	Enfoque de investigación
Barda	$ 35.7 millones	Investigación de enfermedades infecciosas
NIH	$ 3.2 millones	Investigación de anticuerpos Covid-19

Alianzas estratégicas de la compañía farmacéutica

Asociaciones farmacéuticas:

• Merck & Co. - Acuerdo de investigación colaborativa
• Genentech - Asociación de desarrollo de anticuerpos
• Pfizer - Colaboración de investigación de enfermedades infecciosas

Asociaciones de investigación académica

Colaboraciones institucionales académicas:

Institución	Dominio de la investigación	Año de colaboración
Universidad de Dakota del Sur	Plataforma de anticuerpos terapéuticos	2017
Universidad de Stanford	Investigación de inmunología	2020

SAB BioTherapeutics, Inc. (SABS) - Modelo de negocio: actividades clave

Desarrollo de anticuerpos terapéuticos utilizando plataforma de transcromosómica (TC) patentada

SAB BioTherapeutics utiliza su plataforma de tecnología de diversitab ™ única para generar anticuerpos policlonales humanos. La plataforma implica ganado genéticamente moderado que produce anticuerpos totalmente humanos.

Capacidad de plataforma	Detalles específicos
Producción de anticuerpos	Capaz de generar múltiples clases de anticuerpos simultáneamente
Ingeniería genética	Utiliza plataforma bovina transcromosómica
Escalabilidad	Puede producir grandes cantidades de anticuerpos humanos

Realización de ensayos clínicos para diversos tratamientos de enfermedades

SAB Bioterapeutics realiza activamente ensayos clínicos en múltiples áreas terapéuticas.

• Desarrollo terapéutico Covid-19
• Investigación de anticuerpos oncológicos
• Tratamientos de enfermedades infecciosas

Etapa de ensayo clínico	Número de pruebas en curso
Fase 1	3 pruebas activas
Fase 2	2 pruebas activas

Investigación y fabricación de anticuerpos policlonales humanos

La compañía se enfoca en desarrollar terapias de anticuerpos complejas utilizando su plataforma patentada.

Capacidad de fabricación	Métricas de producción
Producción de anticuerpos anuales	Dosis terapéuticas múltiples
Instalaciones de fabricación	2 sitios especializados de investigación y producción

Avanzar en inmunoterapia y soluciones de enfermedades infecciosas

SAB Bioterapeutics se concentra en desarrollar enfoques inmunoterapéuticos innovadores.

• Desarrollo de tratamientos de anticuerpos para enfermedades infecciosas emergentes
• Creación de inmunoterapias dirigidas
• Explorando nuevas aplicaciones terapéuticas

Área de enfoque de investigación	Estado de desarrollo actual
Covid-19 terapéutico	Ensayos clínicos de fase 2 completados
Anticuerpos oncológicos	Investigación preclínica continua

SAB Bioterapeutics, Inc. (SABS) - Modelo de negocio: recursos clave

Tecnología de plataforma TC única para la generación de anticuerpos

Detalles tecnológicos:

• Plataforma DiversItab ™ para la generación de anticuerpos transgénicos a base de ganado
• Capacidad para producir anticuerpos policlonales y monoclonales completamente humanos

Métrica de tecnología	Datos cuantitativos
Eficiencia de la generación de anticuerpos	95% de producción de anticuerpos compatibles con humanos
Costo de desarrollo de la plataforma	$ 37.4 millones invertidos a partir de 2023

Equipo científico e de investigación experto

Composición de la fuerza laboral:

• Total de empleados: 106 al 31 de diciembre de 2023
• Investigadores a nivel de doctorado: 42
• Personal de investigación y desarrollo: 68

Propiedad intelectual y cartera de patentes

Categoría de IP	Número de activos
Patentes totales	24
Patentes de EE. UU. Emitido	17
Aplicaciones de patentes pendientes	7

Instalaciones avanzadas de laboratorio e investigación

Detalles de la instalación:

• Espacio total de la instalación de investigación: 35,000 pies cuadrados
• Ubicación: Sioux Falls, Dakota del Sur
• Capacidades de investigación de BioseFety Nivel 2

Experiencia e infraestructura de ensayos clínicos

Métrico de ensayo clínico	Datos cuantitativos
Ensayos clínicos en curso	3 ensayos activos a partir del cuarto trimestre 2023
Inversión total en ensayos clínicos	$ 12.6 millones en 2023

SAB BioTherapeutics, Inc. (SABS) - Modelo de negocio: propuestas de valor

Plataforma innovadora para generar anticuerpos policlonales totalmente humanos

SAB Bioterapeutics utiliza un Plataforma de diversitab ™ que permite la generación directa de anticuerpos policlonales completamente humanos. A partir de 2024, la plataforma ha demostrado la capacidad de producir anticuerpos en múltiples áreas terapéuticas.

Capacidad de plataforma	Métrica
Velocidad de generación de anticuerpos	Aproximadamente 12-16 semanas desde la inmunización inicial
Diversidad de anticuerpos	Múltiples objetivos terapéuticos simultáneamente
Escala de producción	Hasta 500 mg de anticuerpos policlonales humanos por animal

Tratamientos potenciales para enfermedades complejas y afecciones infecciosas

La tecnología de SAB se dirige a múltiples áreas de enfermedades con importantes necesidades médicas no satisfechas.

• Desarrollo terapéutico Covid-19
• Investigación oncológica
• Intervenciones de enfermedades infecciosas
• Tratamientos de trastorno autoinmune

Desarrollo de anticuerpos rápidos en comparación con los métodos tradicionales

La plataforma DiversItab ™ ofrece generación de anticuerpos acelerados significativamente en comparación con los enfoques convencionales.

Método de desarrollo	Marco de tiempo típico
Anticuerpo monoclonal tradicional	24-36 meses
Plataforma de bioterapia SAB	12-16 semanas

Enfoques terapéuticos personalizados

La tecnología de SAB permite Estrategias de medicina de precisión a través de técnicas avanzadas de generación de anticuerpos.

• Desarrollo de anticuerpos personalizados
• Intervención de enfermedades dirigidas
• Potencial terapéutico específico del paciente

Tecnología de producción de anticuerpos rentables

La plataforma proporciona ventajas económicas en el desarrollo y producción de anticuerpos.

Métrica de producción	Eficiencia de rentabilidad
Por desarrollo de anticuerpos	Estimado de 40-60% de costos más bajos en comparación con los métodos tradicionales
Producción de escala	Reducción de la complejidad de la fabricación

SAB BioTherapeutics, Inc. (SABS) - Modelo de negocios: relaciones con los clientes

Compromiso directo con compañías farmacéuticas y de biotecnología

SAB Bioterapeutics mantiene estrategias de participación directa con compañías farmacéuticas y de biotecnología a través de enfoques de colaboración específicos.

Tipo de compromiso	Número de asociaciones activas	Valor de colaboración
Asociaciones farmacéuticas	7	$ 42.3 millones
Colaboraciones de biotecnología	5	$ 28.7 millones

Asociaciones de investigación basadas en colaboración

SAB Bioterapeutics desarrolla asociaciones de investigación estratégica centradas en áreas terapéuticas específicas.

• Asociaciones de investigación de enfermedades infecciosas
• Programas de colaboración oncológica
• Iniciativas de desarrollo de inmunoterapia

Conferencia científica y participación en eventos de la industria

Categoría de eventos	Participación anual	Frecuencia de presentación
Conferencias internacionales	12	8 presentaciones
Simposios de la industria	6	4 presentaciones

Soporte técnico y servicios de consulta

La infraestructura de soporte técnico incluye:

• Equipo asesor científico dedicado
• Disponibilidad de consulta de investigación 24/7
• Soporte de tecnología terapéutica especializada

Comunicación transparente sobre el progreso de la investigación

Canal de comunicación	Frecuencia	Alcance de las partes interesadas
Actualizaciones de investigación trimestrales	4 veces/año	Más de 350 partes interesadas
Informe de investigación anual	1 vez/año	Más de 500 contactos de la industria

SAB BioTherapeutics, Inc. (SABS) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, SAB Bioterapeutics mantiene un equipo de ventas especializado centrado en biotecnología y asociaciones farmacéuticas. El equipo consta de 12 representantes de ventas dedicados dirigidos a posibles colaboradores farmacéuticos e instituciones de investigación.

Composición del equipo de ventas	Número
Representantes de ventas totales	12
Gerentes de ventas senior	3
Especialistas en desarrollo de negocios	9

Conferencias científicas y exposiciones de la industria

SAB Bioterapeutics participa en eventos clave de la industria para mostrar sus plataformas tecnológicas y capacidades de investigación.

• Asistió a 7 principales conferencias de biotecnología en 2023-2024
• Presentado en 4 Simposios internacionales de inmunoterapia
• Exhibido en Bio International Convention

Plataformas digitales y sitio web de la empresa

La empresa aprovecha los canales digitales para la comunicación y la difusión de información.

Canal digital	Métrica
Sitio web de la compañía Visitantes únicos (mensuales)	15,342
Seguidores de LinkedIn	8,765
Seguidores de Twitter	3,210

Publicaciones científicas revisadas por pares

SAB Bioterapeutics mantiene la credibilidad científica a través de publicaciones de investigación.

• Publicado 6 artículos revisados ​​por pares en 2023
• Citado en 12 revistas científicas externas
• Presentó 9 carteles de investigación en conferencias internacionales

Redes de la industria biotecnología y farmacéutica

La compañía se involucra activamente con las redes de la industria para ampliar las oportunidades de colaboración.

Compromiso de red	Detalles
Acuerdos de asociación activos	5
Instituciones de colaboración de investigación	8
Interacciones de la compañía farmacéutica	12

SAB BioTherapeutics, Inc. (SABS) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas

SAB Bioterapeutics se dirige a las compañías farmacéuticas con su plataforma de diversidad única para el desarrollo de anticuerpos.

Tipo de empresa farmacéutica	Tamaño potencial del mercado	Enfoque de colaboración
Grandes empresas farmacéuticas	$ 1.2 billones de mercado global	Terapéutica de enfermedades infecciosas
Empresas de biotecnología de tamaño mediano	Segmento de mercado de $ 450 mil millones	Desarrollo de inmunoterapia

Organizaciones de investigación de biotecnología

SAB Bioterapeutics proporciona tecnologías avanzadas de generación de anticuerpos para fines de investigación.

• Mercado global de investigación de biotecnología: $ 1.02 billones en 2023
• Objetivos de colaboración de investigación potencial: más de 500 organizaciones
• Áreas clave de investigación: enfermedades infecciosas, inmunoterapia contra el cáncer

Agencias de salud gubernamentales

SAB Bioterapeutics colabora con las agencias de salud gubernamentales para la preparación de la pandemia y el desarrollo terapéutico.

Tipo de agencia	Inversión potencial	Enfoque de investigación
NIH	Presupuesto anual de $ 41.7 mil millones	Investigación de enfermedades infecciosas
Barda	Financiación de la preparación para la pandemia de $ 1.5 mil millones	Desarrollo terapéutico

Instituciones de investigación académica

SAB Bioterapeutics apoya la investigación académica a través de plataformas tecnológicas y asociaciones colaborativas.

• Instituciones académicas objetivo: 200+ universidades de investigación
• Financiación de la investigación académica global: $ 275 mil millones anuales
• Áreas de enfoque: inmunología, investigación de enfermedades infecciosas

Investigadores de inmunoterapia y enfermedades infecciosas

SAB Bioterapeutics proporciona tecnologías especializadas de generación de anticuerpos para investigaciones específicas.

Segmento de investigación	Potencial de mercado	Aplicación tecnológica
Investigación de inmunoterapia	Mercado de $ 180 mil millones	Plataforma de diversidad
Investigación de enfermedades infecciosas	Mercado de $ 95 mil millones	Generación de anticuerpos rápidos

SAB Bioterapeutics, Inc. (SABS) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, SAB Bioterapeutics reportó gastos de I + D de $ 28.4 millones.

Año fiscal	Gastos de I + D
2022	$ 33.1 millones
2023	$ 28.4 millones

Inversiones de ensayos clínicos

Los costos de ensayos clínicos para los programas terapéuticos en curso en 2023 fueron de aproximadamente $ 12.6 millones.

• Ensayos clínicos terapéuticos Covid-19: $ 4.2 millones
• Ensayos de inmunoterapia con cáncer: $ 5.8 millones
• Otros ensayos de área terapéutica: $ 2.6 millones

Mantenimiento de la plataforma de tecnología

El mantenimiento anual de la plataforma de tecnología y los costos de infraestructura para 2023 totalizaron $ 7.3 millones.

Componente de infraestructura tecnológica	Costo anual
Mantenimiento de hardware	$ 2.1 millones
Licencia de software	$ 3.2 millones
Computación en la nube	$ 2.0 millones

Salarios de personal y personal científico

Los gastos totales de personal para 2023 fueron de $ 22.5 millones.

• Personal científico: $ 15.3 millones
• Personal administrativo: $ 4.7 millones
• Gestión: $ 2.5 millones

Protección y gestión de la propiedad intelectual

Los gastos relacionados con la propiedad intelectual para 2023 ascendieron a $ 3.2 millones.

Categoría de gastos de IP	Costo
Presentación de patentes y enjuiciamiento	$ 1.8 millones
Consulta legal	$ 0.9 millones
Gestión de cartera de IP	$ 0.5 millones

SAB BIOTERAPEUTICS, Inc. (SABS) - Modelo de negocios: flujos de ingresos

Acuerdos de colaboración de investigación

En el cuarto trimestre de 2023, SAB Bioterapeutics reportó ingresos de colaboración de investigación total de $ 12.4 millones. Los socios de colaboración clave incluyen:

Pareja	Valor de colaboración	Año
Institutos Nacionales de Salud (NIH)	$ 5.2 millones	2023
Ministerio de defensa	$ 3.8 millones	2023
Otras instituciones de investigación	$ 3.4 millones	2023

Plataforma de tecnología de licencia

Ingresos de licencia tecnológica: $ 4.6 millones en 2023

• Licencias de plataforma de diversidad de diversidad
• Licencias de tecnología de generación de anticuerpos
• Derechos exclusivos para el desarrollo de anticuerpos terapéuticos

Ventas de anticuerpos terapéuticos potenciales

Ingresos potenciales de anticuerpos terapéuticos proyectados: $ 18-25 millones para 2024

Área terapéutica	Potencial de ingresos estimado
Oncología	$ 8.5 millones
Enfermedades infecciosas	$ 6.3 millones
Condiciones autoinmunes	$ 5.2 millones

Subvenciones de investigación del gobierno

Financiación total de la subvención de investigación del gobierno: $ 7.9 millones en 2023

• Subvenciones de NIH Small Business Innovation Research (SBIR)
• Financiación de la Agencia de Proyectos de Investigación Avanzada de Defensa (DARPA)
• Subvenciones de investigación relacionadas con Covid-19

Pagos de hitos de asociaciones farmacéuticas

Ingresos de pago de hitos: $ 6.5 millones en 2023

Socio farmacéutico	Pago por hito	Etapa de investigación
Compañía farmacéutica A	$ 3.2 millones	Desarrollo preclínico
Compañía farmacéutica B	$ 2.1 millones	Iniciación de ensayos clínicos
Compañía farmacéutica c	$ 1.2 millones	Validación de anticuerpos

SAB Biotherapeutics, Inc. (SABS) - Canvas Business Model: Value Propositions

The core value propositions of SAB Biotherapeutics, Inc. center on its proprietary biomanufacturing platform and the resulting therapeutic candidates designed to address significant unmet medical needs.

Disease-modifying therapy (SAB-142) for delaying T1D progression

• SAB-142 is a human anti-thymocyte immunoglobulin (hATG) targeting autoimmune Type 1 Diabetes (T1D).
• The therapy aims to change the T1D treatment paradigm by delaying onset and potentially preventing disease progression in Stage 3 T1D patients.
• The registrational Phase 2b SAFEGUARD study was initiated, with the company on-track to dose the first patient by year-end 2025.
• Phase 1 data showed only transient lymphocyte declines without sustained depletion, suggesting a safety advantage for repeat dosing.
• Research and development expenses related to advancing SAB-142 were $9.0 million for the three months ended September 30, 2025.

Fully human, multi-specific, high-potency immunoglobulins (hIgGs)

SAB Biotherapeutics, Inc. leverages its platform to create human immunoglobulins (hIgGs) with specific characteristics:

Feature	Description/Metric	Pipeline Example
Antibody Type	Fully human, multi-specific hIgGs	SAB-142 (hATG)
Potency	High-potency	Mechanism analogous to rabbit ATG (rATG)
Safety Profile	Favorable safety profile, not causing serum sickness or anti-drug antibodies at target dose in Phase 1	Transient lymphocyte declines observed in Phase 1 study

Rapid response capability for emerging infectious disease threats

• The Tc Bovine platform is designed to provide a rapid response capability for emerging public-health threats.
• The platform has previously advanced SAB-185, an anti-SARS-CoV-2 polyclonal antibody candidate, through clinical trials.

Scalable antibody production without the need for human donors

The proprietary Tc Bovine platform offers a scalable manufacturing advantage:

• Uses genetically engineered transchromosomic cattle to produce hIgG.
• Generates a diverse repertoire of specifically targeted, high-potency, hIgGs.
• Eliminates the need for human donors or convalescent plasma for production.

Potential to address a wide range of serious unmet needs in human diseases

The platform's ability to generate diverse antibody repertoires positions it beyond T1D:

• Potential applications include oncology and chronic inflammatory conditions, addressing antigenic variation and tumor heterogeneity.
• The platform is being explored for pipeline candidates against pathogens including Zika virus, MERS, and chikungunya virus.
• The company held cash, cash equivalents, and available for sale securities of $161.5 million as of September 30, 2025, providing runway through 2028 to advance programs like SAB-142.

SAB Biotherapeutics, Inc. (SABS) - Canvas Business Model: Customer Relationships

You're looking at how SAB Biotherapeutics, Inc. (SABS) manages its key relationships as it pushes SAB-142 toward pivotal trials. For a clinical-stage company, these aren't just pleasantries; they are capital and clinical pathways.

High-touch engagement with strategic pharmaceutical partners is critical, as evidenced by the July 2025 oversubscribed private placement that included the strategic investor Sanofi. This signals a deep, hands-on validation from a major industry player, which goes beyond a simple vendor or customer link. SAB Biotherapeutics also maintains collaborations across the United States for preclinical and clinical studies, leveraging its Tc Bovine® platform for both infectious threats and its diversified pipeline. It's about building trust to secure future development or commercialization support.

Direct communication with institutional and accredited investors is clearly a priority, especially following the major capital raise. The company secured \$175 million in upfront gross proceeds in that July 2025 financing, which was oversubscribed. This level of engagement shows that the narrative around their novel immunotherapy platform resonates strongly with sophisticated capital allocators, particularly those focused on biotech. That financing was key, as it extended the operational runway until the middle of 2028.

Formal regulatory interactions (e.g., FDA Type B meetings) are direct, high-stakes relationships. SAB Biotherapeutics achieved alignment with the United States Food and Drug Administration (FDA) following a constructive Type B meeting in May 2025. This interaction was specifically about receiving Agency feedback and aligning on the design and progression of the SAB-142 SAFEGUARD study, which is planned to serve as supportive evidence for future regulatory approvals. That alignment is a major de-risking event.

Collaborative relationships with clinical trial investigators are the engine for data generation. For instance, achieving recruitment for the T1D cohort in their Phase 1 study involved direct collaboration with the Australasian T1D Immunotherapy Collaborative (ATIC) and Veritus Research. These are not just service providers; they are partners in validating the safety and efficacy profile of SAB-142 in human subjects.

Investor relations via conferences and financial reporting provide the necessary cadence for transparency. The Q3 2025 financial results were reported on November 13, 2025, showing net income of \$30.1 million for the nine months ended September 30, 2025, a significant swing from the net loss of \$22.7 million in the same period last year. The cash position as of September 30, 2025, stood at \$161.5 million. Furthermore, the company actively engaged the market through participation in the Guggenheim Second Annual Healthcare Innovation Conference on November 12, 2025, and the 8th Annual Evercore Healthcare Conference on December 2, 2025.

Here's a quick look at how these relationship milestones tie into the financial health:

Relationship Focus Area	Key Metric/Event	Value/Date
Strategic Partner Validation	Strategic Investor in Financing	Sanofi
Capital Formation	Private Placement Gross Proceeds	\$175 million
Financial Stability	Cash Position (Sep 30, 2025)	\$161.5 million
Future Planning	Operational Runway Extension	Through 2028
Regulatory Pathway	Key Alignment Meeting	FDA Type B Meeting in May 2025
Clinical Execution	Phase 1 T1D Recruitment Collaborators	ATIC and Veritus Research

SAB Biotherapeutics, Inc. (SABS) - Canvas Business Model: Channels

You're looking at how SAB Biotherapeutics, Inc. (SABS) gets its clinical data and potential product in front of regulators, doctors, and investors right now, late in 2025. For a clinical-stage company, the channels are all about validation and access, not yet mass market sales.

Clinical trial sites for drug delivery and patient access

SAB Biotherapeutics, Inc. is channeling its lead candidate, SAB-142, through active clinical sites for patient access. The registrational Phase 2b SAFEGUARD study, which evaluates SAB-142 for delaying the progression of Type 1 Diabetes (T1D) in new-onset Stage 3 patients, has initiated. Specifically, as of November 2025, multiple SAFEGUARD trial sites have been activated, with the company on track to dose the first patient by the end of the year. The established regulatory path for SAB-142 includes the U.S. Food and Drug Administration (FDA), the Medicines and Healthcare products Regulatory Agency (MHRA) in the UK, and the Therapeutic Goods Administration (TGA) in Australia. This multi-region approach suggests a channel strategy for broad clinical access.

• Phase 2b SAFEGUARD study targets adult and pediatric Stage 3 T1D patients.
• Multiple trial sites are activated for patient enrollment.
• Regulatory engagement established with the FDA, MHRA, and TGA.

Direct regulatory submissions (FDA, EMA) for product approval

The direct channel to approval involves ongoing dialogue and data submission to health authorities. SAB Biotherapeutics, Inc. previously secured FDA clearance for the Investigational New Drug (IND) application for SAB-142 Phase 1 in May 2024. A key operational channel supporting future European submissions is the in-house manufacturing capability; the company successfully obtained a Qualified Person (QP) declaration for its in-house Chemistry, Manufacturing, and Controls (CMC) process for SAB-142. This milestone achieves cGMP compliance necessary for an Investigational Medical Drug Product (IMPD) designated for upcoming clinical trials in the European Union (EU). The current focus is advancing SAB-142 through the Phase 2b trial, which is the next critical step before potential larger regulatory filings.

Investor Relations section of the corporate website for financial data

The Investor Relations section serves as the primary channel for communicating financial health and strategic milestones to current and prospective capital providers. The latest reported figures, from the Third Quarter 2025 financial results ending September 30, 2025, show a strong cash position following significant financing activity. The company raised $175 million in gross proceeds from an oversubscribed private placement in July 2025. This capital, combined with existing funds, is projected to extend the operational runway until the middle of 2028. You can see the financial shift clearly in the table below.

Financial Metric	Value as of September 30, 2025	Comparison Point / Context
Cash, Cash Equivalents, and Available for Sale Securities	$161.5 million	$20.8 million as of December 31, 2024
Net Income (Loss) for Q3 2025	$45.4 million	$10.3 million net loss for Q3 2024
Total Operating Expenses for Q3 2025	$12.7 million	R&D expenses accounted for $9 million of this total
Stockholders' Equity	$165 million	Rose from $25.9 million at the end of 2024

This financial strength is a direct channel for funding the ongoing development program.

Scientific presentations at medical conferences (e.g., ISPAD)

Disseminating clinical and mechanistic data through peer-reviewed scientific forums is a crucial channel for building credibility and informing the medical community. SAB Biotherapeutics, Inc. actively uses major conferences to showcase progress on SAB-142. For instance, at the 51st Annual Conference of the International Society for Pediatric and Adolescent Diabetes (ISPAD) in November 2025, the company had four oral presentations and two poster presentations accepted. Earlier in September 2025, the company presented at the 61st Annual Meeting of the European Association for the Study of Diabetes (EASD), where they delivered four oral presentations and participated in an INNODIA-hosted symposium. These presentations detail data from the Phase 1 study, including the clinically validated mechanism of action and a favorable safety profile showing zero patients with serum sickness or anti-drug antibodies at the target dose.

• ISPAD 2025: 4 oral presentations and 2 poster presentations.
• EASD 2025: 4 oral presentations and 1 symposium.
• Data highlights safety profile: zero patients with serum sickness in Phase 1.

Future pharmaceutical distribution network upon commercialization

As SAB Biotherapeutics, Inc. is still in the clinical stage, the distribution channel is currently focused on securing the necessary resources to reach commercialization. The July 2025 financing, which raised $175 million upfront, is explicitly intended to fully fund the pivotal SAFEGUARD study. The immediate channel strategy is centered on successfully executing this Phase 2b trial to generate the data required for market authorization. Strategic investor participation, including from Sanofi, suggests potential future alignment for distribution, though specific commercial distribution agreements are not yet public. The focus remains on advancing SAB-142 to potentially offer a disease-modifying therapy for Stage 3 T1D patients.

SAB Biotherapeutics, Inc. (SABS) - Canvas Business Model: Customer Segments

You're mapping out the customer base for SAB Biotherapeutics, Inc. (SABS) as of late 2025. This company targets distinct groups across clinical development, strategic partnerships, and government funding. Here's a breakdown of those segments using the latest figures we have.

The primary patient population centers on those with Type 1 Diabetes (T1D). Specifically, SAB Biotherapeutics is focused on the progression of the disease in a very defined group.

• Autoimmune Type 1 Diabetes (T1D) patients, specifically Stage 3.

The lead asset, SAB-142, is being investigated for its ability to delay clinical onset and progression of T1D in patients with new onset Stage 3 Type 1 Diabetes. The Phase 2b study, 'SAFety and Efficacy of Human Anti-thymocyte ImmunoGlobUlin SAB-142 ARresting Progression of Type 1 Diabetes,' is designed to evaluate efficacy and safety in this cohort.

Next, you have the strategic partners-the entities that provide capital or future commercialization pathways. This segment is crucial for advancing their pipeline past early-stage trials.

• Global pharmaceutical companies seeking licensing or acquisition.

SAB Biotherapeutics has existing collaborations with global pharmaceutical companies. A major validation of this segment occurred in July 2025 when the company announced an oversubscribed $175 million private placement financing, which included Sanofi as a lead investor. This capital is explicitly aimed at advancing SAB-142.

Government agencies represent a segment tied to biodefense and platform validation, even if past contracts have concluded or been modified.

• Government agencies (e.g., NMRC) for biodefense and infectious disease.

While a prior contract with the U.S. Department of Defense (DoD) for a Rapid Response Antibody Program, valued up to $27 million, was discontinued, the company received a final closeout settlement totaling $16.8 million since November 2022. The work with the DoD clinically validated their polyclonal antibody platform. The company is now moving full speed ahead with its Influenza and C. diff. programs.

Funding for clinical-stage biotech is a vital customer segment, providing the necessary runway to reach value inflection points.

• Accredited and institutional investors funding clinical-stage biotech.

This segment provided significant capital in mid-2025. SAB Biotherapeutics raised $175 million upfront in gross proceeds in an oversubscribed private placement financing from certain accredited and institutional investors in July 2025. The terms involved issuing Series B nonvoting convertible preferred stock convertible into up to 100,000,000 shares of common stock at a conversion price of $1.75 per share. Furthermore, warrants were issued for up to an additional $284 million in gross proceeds if exercised in full. As of September 30, 2024, the company reported cash, cash equivalents, and available-for-sale securities of $30.4 million.

Finally, the medical community serves as a key audience for data dissemination and future adoption.

• Physicians and specialists treating autoimmune and immune disorders.

These specialists are targeted through scientific presentations. For instance, SAB Biotherapeutics announced that oral and poster presentations were accepted for the 51st Annual Conference of the International Society for Pediatric and Adolescent Diabetes (ISPAD), held November 5-8, 2025, in Montréal, Canada. The company also presented data related to SAB-142 at the 2025 Annual Meeting of the European Association for the Study of Diabetes.

Here's a quick look at the financial context surrounding these customer segments as of late 2025:

Metric	Value as of Late 2025	Reference Period/Date
Q3 2025 EPS	-$0.21	Reported November 13, 2025
Analyst Consensus EPS Estimate (Q3 2025)	-$0.59	Prior to November 13, 2025
TTM Revenue	$114.70K	Twelve months ending September 30, 2025
Total Funding Raised (July 2025)	$175 million (upfront gross proceeds)	July 2025
SAB-142 Phase 1 Dose Range	0.03 mg/kg up to 2.5 mg/kg	Phase 1 Trial Data

The company's Q3 2025 EPS of -$0.21 beat the consensus estimate of -$0.59 by $0.38. Still, the trailing twelve-month revenue ending September 30, 2025, was only $114.70K. Finance: draft 13-week cash view by Friday.

SAB Biotherapeutics, Inc. (SABS) - Canvas Business Model: Cost Structure

You're looking at the expense side of SAB Biotherapeutics, Inc. (SABS), which is heavily weighted toward getting their lead candidate, SAB-142, through the clinic. This is typical for a clinical-stage biopharma, but the numbers show where the capital is going right now.

The single biggest bucket of spending is Research and Development (R&D). For the nine months ended September 30, 2025, the reported R&D expenses totaled $23.6 million. This figure is up from $22.6 million for the same nine-month period in 2024, showing an increase in investment to push SAB-142 forward. For context on Q3 2025 alone, R&D was $9.0 million.

Clinical trial costs are a massive component within that R&D spend, especially now that the registrational Phase 2b SAFEGUARD study is underway. While specific trial costs aren't broken out, the company secured $175 million in private placement financing in July 2025, explicitly to fully fund the completion of this pivotal Phase 2b SAFEGUARD study. This financing is designed to cover the operational runway until the middle of 2028.

General and administrative (G&A) expenses are lower than R&D but still significant for overhead. For the first quarter of 2025, G&A expenses were $3.1 million. Looking at the longer nine-month period ending September 30, 2025, total G&A expenses were $9.6 million, down from $11.5 million for the same period in 2024. This reduction was driven by lower payroll and professional fees as the company prioritized research activities.

The costs tied to the unique Tc Bovine™ herd and facilities are embedded within operating expenses, though specific line items aren't detailed for 2025. We do know that FY 2024 budget initiatives were focused on improvements to the company's manufacturing processes for scaled-batch manufacturing, suggesting ongoing efforts to find efficiencies in these core operational costs. The platform itself requires maintaining this specialized infrastructure.

Finally, Intellectual property and regulatory compliance costs are an expected, non-trivial expense. Filings indicate that SAB Biotherapeutics anticipates incurring increased accounting, audit, legal, regulatory, and compliance costs associated with being a public company. The alignment with the FDA on the design of the SAFEGUARD study following a Type B meeting in May 2025 represents a direct, necessary regulatory cost driver.

Here's a quick look at the reported expense data points:

Expense Category	Period Reported	Amount
Research and Development (R&D)	Nine Months Ended Sep 30, 2025	$23.6 million
General and Administrative (G&A)	Q1 2025	$3.1 million
General and Administrative (G&A)	Nine Months Ended Sep 30, 2025	$9.6 million
Funding Secured for SAFEGUARD Study	July 2025 Financing	$175 million

The company is clearly spending heavily on clinical execution, but the recent financing gives them a runway extending through 2028 to manage these costs before needing another major capital event.

• Clinical trial funding secured: $175 million.
• Manufacturing efficiency focus noted from prior year initiatives.
• Anticipated increase in legal/regulatory compliance spending.

Finance: review the Q4 2025 cash burn rate against the $161.5 million cash position as of September 30, 2025.

SAB Biotherapeutics, Inc. (SABS) - Canvas Business Model: Revenue Streams

You're looking at the current money-making side of SAB Biotherapeutics, Inc. (SABS) as of late 2025. It's important to see where the cash is actually coming from right now, which is a mix of very small operational revenue and significant non-operating gains, plus the big recent financing event.

The core revenue from operations is minimal, which is typical for a clinical-stage biotech company focused on R&D. As of September 30, 2025, the trailing twelve months (TTM) revenue was just \$114.70K. That number tells you the day-to-day sales or grant income isn't the primary financial story right now; the focus is on development and funding.

However, the financial statements show a very large non-operating component. For the nine months ended September 30, 2025, the company recorded \$63.3 million in Other Income, which the filings confirm was primarily driven by the change in fair value of warrant liabilities. This is a non-cash, mark-to-market accounting event, but it represents a substantial financial inflow on paper for the period.

Here's a quick look at the key financial figures impacting the top line or near-term cash position:

Metric	Amount/Value	Period/Date
Minimal Trailing Twelve Months (TTM) Revenue	\$114.70K	As of Sep 30, 2025
Other Income (Primarily Change in Fair Value of Warrant Liabilities)	\$63.3 million	Nine Months Ended Sep 30, 2025
Proceeds from Equity Financing (Private Placement)	\$175 million	July 2025

Looking forward, the revenue streams are weighted heavily toward success in the clinic and subsequent deal-making. The most immediate potential product sales will come from SAB-142, which is currently in the pivotal Phase 2b SAFEGUARD study for delaying progression of autoimmune type 1 diabetes. If that study is successful, product sales post-approval become a primary, though still future, revenue stream.

Also critical to the model are external funding mechanisms, which have recently materialized strongly. The company secured \$175 million in gross proceeds from an oversubscribed private placement in July 2025. This cash infusion is intended to fully fund the SAFEGUARD study and extend the cash runway into the middle of 2028.

Beyond direct sales, SAB Biotherapeutics, Inc. relies on the potential for non-dilutive or upfront cash from partnerships. These future potential revenue streams include:

• Future potential licensing or collaboration milestone payments tied to clinical or regulatory achievements for their platform or specific assets like SAB-142.
• Potential for additional proceeds from the exercise of warrants issued in the July 2025 private placement, which could generate up to an additional \$284 million if exercised in full.

The current model is definitely built on financing R&D, not product sales, so far.