SAB Biotherapeutics, Inc. (SABS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de la biotechnologie, SAB Biotherapeutics émerge comme un innovateur révolutionnaire, brandissant un révolutionnaire plate-forme transchromosomique (TC) Cela promet de transformer la façon dont nous développons des anticorps thérapeutiques. En exploitant des technologies de pointe et des partenariats stratégiques avec des institutions renommées comme Mayo Clinic et les agences gouvernementales, cette entreprise dynamique est prête à révolutionner l'immunothérapie et les traitements de maladies infectieuses, offrant un aperçu d'un avenir où les anticorps polyclonaux humains personnalisés pourraient devenir un changement de jeu. Approche des défis médicaux complexes.

SAB Biotherapeutics, Inc. (SABS) - Modèle commercial: partenariats clés

Collaboration de la clinique Mayo

Détails du partenariat:

Focus de la collaboration	Zone spécifique	Année établie
Développement avancé des anticorps thérapeutiques	Technologie de plate-forme Deoxymab	2019

Partenariats d'agence gouvernementale

Collaborations gouvernementales clés:

Agence	Valeur du contrat	Focus de recherche
Barda	35,7 millions de dollars	Recherche de maladies infectieuses
NIH	3,2 millions de dollars	Recherche d'anticorps Covid-19

Alliances stratégiques de la société pharmaceutique

Partenariats pharmaceutiques:

• Miserrer & Co. - Contrat de recherche collaboratif
• Genentech - Partenariat de développement des anticorps
• Pfizer - Collaboration de recherche sur les maladies infectieuses

Partenariats de recherche universitaire

Collaborations institutionnelles académiques:

Institution	Domaine de recherche	Année de collaboration
Université du Dakota du Sud	Plate-forme d'anticorps thérapeutique	2017
Université de Stanford	Recherche d'immunologie	2020

SAB Biotherapeutics, Inc. (SABS) - Modèle d'entreprise: Activités clés

Développer des anticorps thérapeutiques utilisant une plate-forme transchromosomique propriétaire (TC)

SAB Biotherapeutics utilise sa plate-forme technologique unique Diversitab ™ pour générer des anticorps polyclonaux humains. La plate-forme implique des bovins génétiquement modifiés qui produisent des anticorps entièrement humains.

Capacité de plate-forme	Détails spécifiques
Production d'anticorps	Capable de générer plusieurs classes d'anticorps simultanément
Génie génétique	Utilise une plate-forme bovine transchromosomique
Évolutivité	Peut produire de grandes quantités d'anticorps humains

Effectuer des essais cliniques pour divers traitements de maladie

SAB Biotherapeutics effectue activement des essais cliniques dans plusieurs zones thérapeutiques.

• Développement thérapeutique Covid-19
• Recherche d'anticorps en oncologie
• Traitements infectieux des maladies

Étape d'essai clinique	Nombre d'essais en cours
Phase 1	3 essais actifs
Phase 2	2 essais actifs

Rechercher et fabriquer des anticorps polyclonaux humains

La société se concentre sur le développement de thérapies complexes sur les anticorps à l'aide de sa plate-forme propriétaire.

Capacité de fabrication	Métriques de production
Production d'anticorps annuelle	Plusieurs doses thérapeutiques
Installations de fabrication	2 sites de recherche et de production spécialisés

Avocation des solutions d'immunothérapie et de maladies infectieuses

SAB Biotherapeutics se concentre sur le développement d'approches immunothérapeutiques innovantes.

• Développer des traitements d'anticorps pour les maladies infectieuses émergentes
• Création d'immunothérapies ciblées
• Explorer de nouvelles applications thérapeutiques

Domaine de mise au point de recherche	État de développement actuel
Covid-19 thérapeutique	Essais cliniques de phase 2 terminés
Anticorps en oncologie	Recherche préclinique en cours

SAB Biotherapeutics, Inc. (SABS) - Modèle d'entreprise: Ressources clés

Technologie unique de la plate-forme TC pour la génération d'anticorps

Spécifications de la technologie:

• Plateforme Diversitab ™ pour la génération d'anticorps à base de bovins transgéniques
• Capacité à produire des anticorps polyclonaux et monoclonaux entièrement humains

Métrique technologique	Données quantitatives
Efficacité de la génération d'anticorps	Production d'anticorps compatible à 95%
Coût de développement de la plate-forme	37,4 millions de dollars investis en 2023

Équipe scientifique et de recherche qualifiée

Composition de la main-d'œuvre:

• Total des employés: 106 au 31 décembre 2023
• Chercheurs au niveau du doctorat: 42
• Personnel de recherche et développement: 68

Propriété intellectuelle et portefeuille de brevets

Catégorie IP	Nombre d'actifs
Total des brevets	24
Brevets américains délivrés	17
Demandes de brevet en instance	7

Installations avancées de laboratoire et de recherche

Détails de l'installation:

• Espace total des installations de recherche: 35 000 pieds carrés
• Emplacement: Sioux Falls, Dakota du Sud
• Capacités de recherche de niveau de biosécurité 2

Expertise et infrastructure des essais cliniques

Métrique d'essai clinique	Données quantitatives
Essais cliniques en cours	3 essais actifs au Q4 2023
Investissement total des essais cliniques	12,6 millions de dollars en 2023

SAB Biotherapeutics, Inc. (SABS) - Modèle d'entreprise: propositions de valeur

Plateforme innovante pour générer des anticorps polyclonaux entièrement humains

SAB Biotherapeutics utilise un Plateforme Diversitab ™ Cela permet une génération directe d'anticorps polyclonaux entièrement humains. En 2024, la plate-forme a démontré sa capacité à produire des anticorps dans plusieurs zones thérapeutiques.

Capacité de plate-forme	Métrique
Vitesse de génération d'anticorps	Environ 12 à 16 semaines à partir de la vaccination initiale
Diversité des anticorps	Plusieurs cibles thérapeutiques simultanément
Échelle de production	Jusqu'à 500 mg d'anticorps polyclonaux humains par animal

Traitements potentiels pour les maladies complexes et les conditions infectieuses

La technologie de SAB cible plusieurs zones de maladie ayant des besoins médicaux non satisfaits importants.

• Développement thérapeutique Covid-19
• Recherche en oncologie
• Interventions de maladies infectieuses
• Traitements des troubles auto-immunes

Développement rapide des anticorps par rapport aux méthodes traditionnelles

La plate-forme Diversitab ™ propose Génération d'anticorps considérablement accélérée par rapport aux approches conventionnelles.

Méthode de développement	Calendrier typique
Anticorps monoclonal traditionnel	24-36 mois
Plateforme SAB Biotherapeutics	12-16 semaines

Approches thérapeutiques personnalisées

La technologie de SAB permet Stratégies de médecine de précision Grâce à des techniques avancées de génération d'anticorps.

• Développement d'anticorps personnalisés
• Intervention de la maladie ciblée
• Potentiel thérapeutique spécifique au patient

Technologie de production d'anticorps rentable

La plate-forme offre des avantages économiques dans le développement et la production d'anticorps.

Métrique de production	Rentabilité
Par développement d'anticorps	Les coûts estimés de 40 à 60% sont inférieurs aux méthodes traditionnelles
Production d'échelle	Complexité de fabrication réduite

SAB Biotherapeutics, Inc. (SABS) - Modèle d'entreprise: relations clients

Engagement direct avec les entreprises pharmaceutiques et biotechnologiques

SAB Biotherapeutics maintient des stratégies d'engagement directes avec des sociétés pharmaceutiques et biotechnologiques grâce à des approches de collaboration ciblées.

Type d'engagement	Nombre de partenariats actifs	Valeur de collaboration
Partenariats pharmaceutiques	7	42,3 millions de dollars
Collaborations de biotechnologie	5	28,7 millions de dollars

Partenariats de recherche basés sur la collaboration

SAB Biotherapeutics développe des partenariats de recherche stratégiques axés sur des domaines thérapeutiques spécifiques.

• Partenariats de recherche sur les maladies infectieuses
• Programmes de collaboration en oncologie
• Initiatives de développement d'immunothérapie

Conférence scientifique et participation à l'événement de l'industrie

Catégorie d'événements	Participation annuelle	Fréquence de présentation
Conférences internationales	12	8 présentations
Symposiums de l'industrie	6	4 présentations

Services de support technique et de consultation

L'infrastructure de soutien technique comprend:

• Équipe de conseil scientifique dédiée
• Disponibilité de la consultation de la recherche 24/7
• Support technologique thérapeutique spécialisé

Communication transparente sur les progrès de la recherche

Canal de communication	Fréquence	Prise de partie
Mises à jour de la recherche trimestrielle	4 fois / an	350+ parties prenantes
Rapport de recherche annuel	1 heure / an	Plus de 500 contacts de l'industrie

SAB Biotherapeutics, Inc. (SABS) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, SAB Biotherapeutics maintient une équipe de vente spécialisée axée sur la biotechnologie et les partenariats pharmaceutiques. L'équipe se compose de 12 représentants des ventes dédiés ciblant les collaborateurs pharmaceutiques potentiels et les institutions de recherche.

Composition de l'équipe de vente	Nombre
Représentants des ventes totales	12
Directeurs de ventes seniors	3
Spécialistes du développement des entreprises	9

Conférences scientifiques et expositions de l'industrie

SAB Biotherapeutics participe à des événements clés de l'industrie pour présenter ses plateformes technologiques et ses capacités de recherche.

• Assisté à 7 grandes conférences de biotechnologie en 2023-2024
• Présenté à 4 symposiums internationaux d'immunothérapie
• Exposé à Bio International Convention

Plateformes numériques et site Web de l'entreprise

L'entreprise tire parti des canaux numériques pour la communication et la diffusion de l'information.

Canal numérique	Métrique
Site Web de l'entreprise Visiteurs uniques (mensuellement)	15,342
LinkedIn adepte	8,765
Abonnés Twitter	3,210

Publications scientifiques évaluées par des pairs

SAB Biotherapeutics maintient la crédibilité scientifique par le biais de publications de recherche.

• Publié 6 articles à comité de lecture en 2023
• Cité dans 12 revues scientifiques externes
• Présenté 9 affiches de recherche lors de conférences internationales

Biotechnology et réseaux de l'industrie pharmaceutique

La société s'engage activement avec les réseaux de l'industrie pour étendre les opportunités de collaboration.

Engagement du réseau	Détails
Accords de partenariat actif	5
Institutions de collaboration de recherche	8
Interactions de l'entreprise pharmaceutique	12

SAB Biotherapeutics, Inc. (SABS) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

SAB Biotherapeutics cible les sociétés pharmaceutiques avec sa plate-forme unique pour le développement d'anticorps.

Type d'entreprise pharmaceutique	Taille du marché potentiel	Focus de la collaboration
Grandes entreprises pharmaceutiques	1,2 billion de dollars sur le marché mondial	Thérapeutique infectieuse
Entreprises biotechnologiques de taille moyenne	Segment de marché de 450 milliards de dollars	Développement d'immunothérapie

Organisations de recherche en biotechnologie

SAB Biotherapeutics fournit des technologies avancées de génération d'anticorps à des fins de recherche.

• Marché mondial de recherche en biotechnologie: 1,02 billion de dollars en 2023
• Potentiel de collaboration de recherche cibles: plus de 500 organisations
• Domaines de recherche clés: maladies infectieuses, immunothérapie contre le cancer

Agences de santé gouvernementales

SAB Biotherapeutics collabore avec les agences de santé gouvernementales pour la préparation pandémique et le développement thérapeutique.

Type d'agence	Investissement potentiel	Focus de recherche
NIH	Budget annuel de 41,7 milliards de dollars	Recherche de maladies infectieuses
Barda	Financement de la préparation à la pandémie de 1,5 milliard	Développement thérapeutique

Établissements de recherche universitaire

SAB Biotherapeutics soutient la recherche académique par le biais de plateformes technologiques et de partenariats collaboratifs.

• Institutions académiques cibles: 200+ universités de recherche
• Financement mondial de la recherche universitaire: 275 milliards de dollars par an
• Domaines d'intervention: immunologie, recherche sur les maladies infectieuses

Chercheurs d'immunothérapie et de maladies infectieuses

SAB Biotherapeutics fournit des technologies spécialisées de génération d'anticorps pour des recherches ciblées.

Segment de recherche	Potentiel de marché	Application technologique
Recherche d'immunothérapie	Marché de 180 milliards de dollars	Plateforme de diversitab
Recherche de maladies infectieuses	Marché de 95 milliards de dollars	Génération d'anticorps rapide

SAB Biotherapeutics, Inc. (SABS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, SAB Biotherapeutics a déclaré des dépenses de R&D de 28,4 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	33,1 millions de dollars
2023	28,4 millions de dollars

Investissements d'essais cliniques

Les coûts des essais cliniques pour les programmes thérapeutiques en cours en 2023 étaient d'environ 12,6 millions de dollars.

• Essais cliniques thérapeutiques Covid-19: 4,2 millions de dollars
• Essais d'immunothérapie contre le cancer: 5,8 millions de dollars
• Autres essais sur la zone thérapeutique: 2,6 millions de dollars

Maintenance de la plate-forme technologique

Les coûts de maintenance et d'infrastructure de la plate-forme technologique annuelle pour 2023 ont totalisé 7,3 millions de dollars.

Composant d'infrastructure technologique	Coût annuel
Maintenance matérielle	2,1 millions de dollars
Licence de logiciel	3,2 millions de dollars
Cloud computing	2,0 millions de dollars

Personnel et salaires du personnel scientifique

Les dépenses totales du personnel pour 2023 étaient de 22,5 millions de dollars.

• Personnel scientifique: 15,3 millions de dollars
• Personnel administratif: 4,7 millions de dollars
• Gestion: 2,5 millions de dollars

Protection et gestion de la propriété intellectuelle

Les dépenses liées à la propriété intellectuelle pour 2023 s'élevaient à 3,2 millions de dollars.

Catégorie de dépenses IP	Coût
Dépôt de brevet et poursuite	1,8 million de dollars
Consultation juridique	0,9 million de dollars
Gestion du portefeuille IP	0,5 million de dollars

SAB Biotherapeutics, Inc. (SABS) - Modèle commercial: Strots de revenus

Accords de collaboration de recherche

Au quatrième trimestre 2023, SAB Biotherapeutics a rapporté un chiffre d'affaires de collaboration de recherche totale de 12,4 millions de dollars. Les principaux partenaires de collaboration comprennent:

Partenaire	Valeur de collaboration	Année
National Institutes of Health (NIH)	5,2 millions de dollars	2023
Ministère de la Défense	3,8 millions de dollars	2023
Autres institutions de recherche	3,4 millions de dollars	2023

Plateforme de technologie de licence

Revenus de licences technologiques: 4,6 millions de dollars en 2023

• Licence de plateforme de diversitab propriétaire
• Licence de technologie de génération d'anticorps
• Droits exclusifs au développement des anticorps thérapeutiques

Ventes potentielles d'anticorps thérapeutiques

Renus potentiels de l'anticorps thérapeutique projeté: 18 à 25 millions de dollars pour 2024

Zone thérapeutique	Potentiel de revenus estimé
Oncologie	8,5 millions de dollars
Maladies infectieuses	6,3 millions de dollars
Conditions auto-immunes	5,2 millions de dollars

Subventions de recherche gouvernementale

Financement total des subventions de recherche gouvernementale: 7,9 millions de dollars en 2023

• Subventions de recherche sur l'innovation des petites entreprises NIH (SBIR)
• Financement de la Defense Advanced Research Projects Agency (DARPA)
• Concessions de recherche liées à Covid-19

Payments d'étape provenant des partenariats pharmaceutiques

Revenus de paiement jalon: 6,5 millions de dollars en 2023

Partenaire pharmaceutique	Paiement d'étape	Étape de recherche
Compagnie pharmaceutique A	3,2 millions de dollars	Développement préclinique
Compagnie pharmaceutique B	2,1 millions de dollars	Initiation des essais cliniques
Compagnie pharmaceutique C	1,2 million de dollars	Validation des anticorps

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.