SAB Biotherapeutics Inc (NASDAQ: SABS) is a clinical-stage biopharmaceutical company that develops fully human polyclonal antibodies using a proprietary transgenic cattle platform called Tc Bovine. The company has historically generated revenue through government research grants and contracts, most recently a JPEO Rapid Response Contract that was terminated prior to FY2025, resulting in zero revenue recognized for the year ended December 31, 2025. SAB was incorporated in April 2014 as a Delaware corporation and acquired the intellectual property rights to the Tc Bovine platform from Sanford Applied Biosciences, a subsidiary of Sanford Health. The company has never declared or paid a cash dividend and funds operations through equity issuances and grant funding. As of the 10-K filed March 9, 2026, the company reported general and administrative expenses of $14.6 million and net cash used in operating activities of $44.8 million for FY2025. Samuel J. Reich has served as Chief Executive Officer since January 2024.

Revenue model

Grant and government contract revenue. The sole disclosed revenue source was a JPEO Rapid Response Contract, which was terminated before FY2025, leaving zero revenue recognized for the year ended December 31, 2025. Other income includes refundable Australian R&D tax credits and interest income on debt securities and cash equivalents.

Products and services

Tc Bovine, a transgenic cattle-based platform for producing fully human polyclonal antibodies. The company develops antibody-based therapeutic candidates using this platform for infectious disease and other indications.

Customers and end markets

Government and defense agencies, specifically the U.S. Department of Defense (JPEO), have been the sole disclosed revenue-generating customers. The end market is human therapeutics, focused on infectious disease.

Value-chain role

Early-stage drug developer and platform technology owner. Positioned upstream of commercialization, with no products approved or commercially sold as of the filing date.

Geographic exposure

Primarily United States operations. The company also conducts research activities in Australia, generating refundable R&D tax credits under Australian law. Regulatory filings reference the U.S. FDA as the primary authority, with references to future potential filings in foreign jurisdictions including Europe and Japan.

Source: SEC 10-K, filed 2026-03-09

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