EXCLUSIVE: SAB Biotherapeutics Posts Wider Quarterly Loss, Cash Runway Expected Into Mid-2023

EXCLUSIVE: SAB Biotherapeutics Posts Wider Quarterly Loss, Cash Runway Expected Into Mid-2023
  • SAB Biotherapeutics' SABS Q3 net loss reached $(7.1) million, equivalent to an EPS loss of $(0.16), as compared to a net loss of $(4.1) million a year ago.
  • Cash and cash equivalents were $8.3 million as of September 30, 2022.
  • Guidance: Based on its current operating plans, SAB reaffirms that it expects its existing business plan, cash and cash equivalents, and anticipated cash flows will be sufficient to fund its operating expenses and capital expenditure requirements through July 2023.
  • In October, SAB and Emergent BioSolutions Inc EBS announced an exclusive manufacturing services agreement for SAB's fully-human polyclonal antibody products. 
  • Currently, SAB has clinical-stage programs in pan-influenza, acute & recurrent C. diff., prevention of Type 1 diabetes, and discovery assets in immunology & oncology.
  • Related: EXCLUSIVE: SAB Biotherapeutics Says Influenza, COVID-19 Candidates Showing Broad Efficacy Against Variants.
  • In November, SAB received $8.6 million from the DoD contract for work performed. 
  • Additionally, SAB and the DoD continue to engage in a comprehensive negotiation over several million dollars claimed by SAB as contract closeout costs. 
  • In August, SAB Biotherapeutics announced discontinuing its work with the U.S. Department of Defense (DoD) under a prototype R&D agreement.
  • The agreement, awarded in 2019, underwent significant modifications due to the COVID-19 pandemic, and the government's evolving requirements no longer align with the agreement's goals as initially contemplated
  • Price Action: SABS shares are down 10.40% at $1.13 premarket on the last check Tuesday.
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