SAB Biotherapeutics Reports Q1 Grant Revenue, Details Warrant Activity

TL;DR

SAB Bio Q1 revenue $0.1M, lots of warrants being valued. Still early days.

AI Summary

SAB Biotherapeutics, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported grant revenue of $0.1 million for the three months ended March 31, 2024. The filing also details various warrant issuances and valuations, including Tranche B and Tranche C warrants, and mentions the Ladenburg Agreement Warrants. SAB Biotherapeutics was formerly known as Big Cypress Acquisition Corp. and changed its name on November 20, 2020.

Why It Matters

This filing provides insight into SAB Biotherapeutics' early-stage revenue generation and the financial instruments impacting its capital structure, which are crucial for investors assessing its financial health and future prospects.

Risk Assessment

Risk Level: high — The company is in the early stages of revenue generation and its financial structure involves complex warrant valuations, indicating significant financial risk.

Key Numbers

• $0.1M — Grant Revenue (Revenue for the three months ended March 31, 2024)
• 2024-03-31 — Reporting Period End (The end date for the financial information presented in the 10-Q)

Key Players & Entities

• SAB Biotherapeutics, Inc. (company) — Filer of the 10-Q
• $0.1 million (dollar_amount) — Grant revenue for Q1 2024
• March 31, 2024 (date) — End of reporting period
• Big Cypress Acquisition Corp. (company) — Former name of SAB Biotherapeutics
• November 20, 2020 (date) — Date of name change

FAQ

Key Financial Figures

• $0.0001 — t had 9,229,274 shares of common stock, $0.0001 par value per share, outstanding. Tab

Filing Documents

• sabs-20240331.htm (10-Q) — 1838KB
• sabs-ex31_1.htm (EX-31.1) — 22KB
• sabs-ex31_2.htm (EX-31.2) — 22KB
• sabs-ex32_1.htm (EX-32.1) — 9KB
• sabs-ex32_2.htm (EX-32.2) — 10KB
• img153674639_0.jpg (GRAPHIC) — 35KB
• 0000950170-24-062367.txt ( ) — 9701KB
• sabs-20240331.xsd (EX-101.SCH) — 1698KB
• sabs-20240331_htm.xml (XML) — 1653KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40 PART II. OTHER INFORMATION 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited). SAB Biotherapeutics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 14,034,162 $ 56,566,066 Short-term investments 30,022,916 — Accrued interest receivable 193,232 — Prepaid expenses and other current assets 2,701,040 2,340,797 Total current assets 46,951,350 58,906,863 Deferred issuance cost 236,105 — Long-term prepaid insurance 317,922 350,230 Long-term investments 1,235,150 — Operating lease right-of-use assets 1,080,049 1,277,982 Financing lease right-of-use assets 3,647,953 3,669,659 Property, plant and equipment, net 17,902,553 19,736,519 Total assets $ 71,371,082 $ 83,941,253 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,239,943 $ 945,927 Notes payable 835,467 1,050,849 Operating lease liabilities, current portion 542,841 669,946 Finance lease liabilities, current portion 134,568 132,004 Deferred grant income 377,835 1,322,410 Accrued expenses and other current liabilities 5,174,316 6,692,181 Total current liabilities 8,304,970 10,813,317 Operating lease liabilities, noncurrent 554,547 635,777 Finance lease liabilities, noncurrent 3,383,864 3,418,483 Warrant liabilities 6,306,016 11,774,235 Total liabilities 18,549,397 26,641,812 Commitments and contingencies (Note 18) Stockholders' equity Preferred stock; $ 0.0001 par value; 10,000,000 shares authorized, 42,236 shares issued and outstanding at March 31, 2024 and December 31, 2023 5 5 Common stock; $ 0.0001 par value; 800,000,000 shares authorized at March 31, 2024 and December 31, 2023; 9,283,939 and 9,280,159 shares issued, respectively, and 9,229,274 and 9,225,494 outstanding at March 31, 2024 and December 31, 2023, respectively

View Full Filing

View this 10-Q filing on SEC EDGAR