SAB BIOTHERAPEUTICS INC Financials

SABS

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows SAB BIOTHERAPEUTICS INC (SABS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 37/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

SAB BIOTHERAPEUTICS INC has an operating margin of -3244.9%, meaning the company retains $-3245 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1700.6% the prior year.

Growth

SAB BIOTHERAPEUTICS INC's revenue declined 40.9% year-over-year, from $2.2M to $1.3M. This contraction results in a growth score of 0/100.

Leverage

SAB BIOTHERAPEUTICS INC carries a low D/E ratio of 0.70, meaning only $0.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.98, SAB BIOTHERAPEUTICS INC holds $2.98 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 99/100.

Cash Flow

While SAB BIOTHERAPEUTICS INC generated -$34.3M in operating cash flow, capex of $337K consumed most of it, leaving -$34.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

1/9

SAB BIOTHERAPEUTICS INC passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

1.01x

For every $1 of reported earnings, SAB BIOTHERAPEUTICS INC generates $1.01 in operating cash flow (-$34.3M OCF vs -$34.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-134.8x

SAB BIOTHERAPEUTICS INC earns $-134.8 in operating income for every $1 of interest expense (-$42.9M vs $318K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$1.3M

YoY-40.9%

SAB BIOTHERAPEUTICS INC generated $1.3M in revenue in fiscal year 2024. This represents a decrease of 40.9% from the prior year.

EBITDA

-$38.2M

YoY-11.0%

SAB BIOTHERAPEUTICS INC's EBITDA was -$38.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.0% from the prior year.

Free Cash Flow

-$34.6M

YoY-36.8%

SAB BIOTHERAPEUTICS INC generated -$34.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 36.8% from the prior year.

Net Income

-$34.1M

YoY+19.2%

SAB BIOTHERAPEUTICS INC reported -$34.1M in net income in fiscal year 2024. This represents an increase of 19.2% from the prior year.

EPS (Diluted)

$-3.68

YoY+51.8%

SAB BIOTHERAPEUTICS INC earned $-3.68 per diluted share (EPS) in fiscal year 2024. This represents an increase of 51.8% from the prior year.

Cash & Debt

$8.9M

YoY-84.3%

SAB BIOTHERAPEUTICS INC held $8.9M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.7%

SAB BIOTHERAPEUTICS INC had 9M shares outstanding in fiscal year 2024. This represents an increase of 0.7% from the prior year.

Gross Margin

N/A

Operating Margin

-3244.9%

YoY-1544.3pp

SAB BIOTHERAPEUTICS INC's operating margin was -3244.9% in fiscal year 2024, reflecting core business profitability. This is down 1544.3 percentage points from the prior year.

Net Margin

-2579.0%

YoY-694.5pp

SAB BIOTHERAPEUTICS INC's net profit margin was -2579.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 694.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$30.3M

YoY+83.2%

SAB BIOTHERAPEUTICS INC invested $30.3M in research and development in fiscal year 2024. This represents an increase of 83.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$337K

YoY+71.1%

SAB BIOTHERAPEUTICS INC invested $337K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 71.1% from the prior year.

SABS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$1.3M-40.9%	$2.2M-90.6%	$23.9M-60.7%	$60.9M+10.2%	$55.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$30.3M+83.2%	$16.5M-54.7%	$36.4M-36.3%	$57.2M+104.9%	$27.9M
SG&A Expenses	$14.0M-41.3%	$23.8M+45.3%	$16.4M-4.1%	$17.1M+152.3%	$6.8M
Operating Income	-$42.9M-12.7%	-$38.1M-31.7%	-$28.9M-115.9%	-$13.4M-165.2%	$20.6M
Interest Expense	$318K+1.0%	$315K+4.5%	$302K+2.4%	$294K-37.2%	$469K
Income Tax	$0	$0-100.0%	$26K	$0	$0
Net Income	-$34.1M+19.2%	-$42.2M-125.1%	-$18.7M-9.3%	-$17.1M-185.2%	$20.1M
EPS (Diluted)	$-3.68+51.8%	$-7.64-77.3%	$-4.31	$-0.63-185.1%	$0.74

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	N/A	N/A	$263K-72.1%	$945K+209.7%	$305K-75.9%	$1.3M+1382.0%	$86K-85.3%	$581K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.0M+14.5%	$7.8M+14.8%	$6.8M-16.3%	$8.1M+89.6%	$4.3M+6.9%	$4.0M+9.8%	$3.7M-19.3%	$4.5M
SG&A Expenses	$3.7M+6.6%	$3.5M-4.5%	$3.6M-13.0%	$4.2M-71.8%	$14.9M+478.9%	$2.6M-11.4%	$2.9M-15.9%	$3.4M
Operating Income	-$12.7M-12.1%	-$11.3M-10.9%	-$10.2M+10.4%	-$11.4M+39.6%	-$18.9M-254.6%	-$5.3M+17.8%	-$6.5M+12.5%	-$7.4M
Interest Expense	$43K-44.5%	$78K-16.2%	$93K+21.9%	$76K-1.9%	$78K+11.7%	$70K-7.5%	$75K-18.5%	$92K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Net Income	$45.4M+539.1%	-$10.3M-41.1%	-$7.3M-46.0%	-$5.0M+78.0%	-$22.9M-348.0%	-$5.1M+25.8%	-$6.9M+6.4%	-$7.4M
EPS (Diluted)	$-0.21	$-1.12-41.8%	$-0.79-46.3%	$-0.54+86.0%	$-3.85-296.9%	$-0.97+28.7%	$-1.36+6.8%	$-1.46

SABS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$44.2M-47.3%	$83.9M+64.9%	$50.9M-37.3%	$81.1M+43.5%	$56.5M
Current Assets	$23.8M-59.6%	$58.9M+166.6%	$22.1M-56.0%	$50.2M+45.7%	$34.5M
Cash & Equivalents	$8.9M-84.3%	$56.6M+275.9%	$15.0M-54.7%	$33.2M+163.3%	$12.6M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$0-100.0%	$5.6M-30.6%	$8.0M-61.1%	$20.6M
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$18.2M-31.6%	$26.6M+34.2%	$19.8M-53.4%	$42.6M+143.0%	$17.5M
Current Liabilities	$8.0M-26.2%	$10.8M-27.9%	$15.0M-43.3%	$26.5M+139.2%	$11.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$26.0M-54.7%	$57.3M+84.5%	$31.1M-19.4%	$38.5M-1.2%	$39.0M
Retained Earnings	-$124.2M-37.9%	-$90.1M-88.1%	-$47.9M-64.3%	-$29.1M-143.1%	-$12.0M

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Total Assets	$183.4M+315.1%	$44.2M-28.6%	$61.9M-13.3%	$71.4M-15.0%	$83.9M+196.2%	$28.3M-20.1%	$35.4M-16.9%	$42.7M
Current Assets	$113.3M+376.1%	$23.8M-39.9%	$39.6M-15.7%	$47.0M-20.3%	$58.9M+1783.4%	$3.1M-65.3%	$9.0M-40.1%	$15.0M
Cash & Equivalents	$29.4M+230.7%	$8.9M-48.4%	$17.2M+22.9%	$14.0M-75.2%	$56.6M+2232.2%	$2.4M-68.8%	$7.8M-40.5%	$13.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	$0	$0-100.0%	$364K-52.3%	$763K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$18.4M+0.8%	$18.2M+15.6%	$15.8M-15.0%	$18.5M-30.4%	$26.6M+103.7%	$13.1M-16.8%	$15.7M-13.9%	$18.3M
Current Liabilities	$10.8M+35.3%	$8.0M+5.7%	$7.6M-9.1%	$8.3M-23.2%	$10.8M+17.4%	$9.2M-16.3%	$11.0M-19.4%	$13.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$165.1M+535.6%	$26.0M-43.7%	$46.1M-12.7%	$52.8M-7.8%	$57.3M+275.6%	$15.3M-22.6%	$19.7M-19.2%	$24.4M
Retained Earnings	-$94.0M+24.3%	-$124.2M-21.2%	-$102.4M-7.7%	-$95.1M-5.6%	-$90.1M-34.0%	-$67.2M-8.2%	-$62.1M-12.5%	-$55.2M

SABS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$34.3M-36.5%	-$25.1M-7.1%	-$23.5M-1280.7%	$2.0M-80.1%	$10.0M
Capital Expenditures	$337K+71.1%	$197K-90.9%	$2.2M-80.2%	$10.9M-14.0%	$12.7M
Free Cash Flow	-$34.6M-36.8%	-$25.3M+1.2%	-$25.6M-186.1%	-$9.0M-228.5%	-$2.7M
Investing Cash Flow	-$12.0M-7733.6%	-$153K+92.7%	-$2.1M+80.9%	-$10.9M+14.0%	-$12.7M
Financing Cash Flow	-$1.2M-101.8%	$66.8M+6250.8%	$1.1M-97.1%	$35.9M+299.6%	$9.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Operating Cash Flow	-$13.1M-36.9%	-$9.5M-23.5%	-$7.7M+28.2%	-$10.8M+20.1%	-$13.4M-160.2%	-$5.2M-5.5%	-$4.9M-205.1%	-$1.6M
Capital Expenditures	N/A	$55K+5.5%	$53K-59.3%	$129K+90.2%	$68K-20.4%	$85K+276.1%	$23K+6.5%	$21K
Free Cash Flow	N/A	-$9.6M-23.4%	-$7.8M+28.6%	-$10.9M+19.5%	-$13.5M-157.3%	-$5.3M-6.7%	-$4.9M-202.5%	-$1.6M
Investing Cash Flow	-$129.9M-1491.8%	$9.3M-16.8%	$11.2M+135.8%	-$31.4M-46108.9%	-$68K-66.1%	-$41K-80.1%	-$23K-6.5%	-$21K
Financing Cash Flow	$168.7M+77650.8%	$217K+167.6%	-$321K+18.6%	-$394K-100.6%	$67.6M+48306.1%	-$140K+61.4%	-$364K-1.1%	-$360K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SABS Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3244.9%-1544.3pp	-1700.6%-1579.6pp	-121.0%-99.0pp	-22.0%-59.2pp	37.2%
Net Margin	-2579.0%-694.5pp	-1884.5%-1806.1pp	-78.4%-50.2pp	-28.2%-64.6pp	36.4%
Return on Equity	N/A	N/A	N/A	N/A	51.6%
Return on Assets	-77.2%-26.9pp	-50.3%-13.5pp	-36.8%-15.7pp	-21.1%-56.7pp	35.6%
Current Ratio	2.98-2.5	5.45+4.0	1.47-0.4	1.90-1.2	3.11
Debt-to-Equity	0.70+0.2	0.47-0.2	0.64-0.5	1.10+0.7	0.45
FCF Margin	-2618.7%-1487.9pp	-1130.7%-1023.5pp	-107.2%-92.5pp	-14.7%-9.8pp	-4.9%

Metric	Q3'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	-3877.0%-2671.1pp	-1205.9%+4982.0pp	-6187.9%-5767.9pp	-420.0%+7153.4pp	-7573.4%-6299.6pp	-1273.8%
Net Margin	N/A	N/A	-2787.7%-2255.6pp	-532.1%+6961.7pp	-7493.8%-7091.2pp	-402.6%+7643.5pp	-8046.1%-6780.6pp	-1265.5%
Return on Equity	27.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	24.8%+44.0pp	-19.2%-7.4pp	-11.8%-4.8pp	-7.0%+20.2pp	-27.2%-9.2pp	-18.0%+1.4pp	-19.4%-2.2pp	-17.2%
Current Ratio	10.50+7.5	2.98-2.3	5.24-0.4	5.65+0.2	5.45+5.1	0.34-0.5	0.82-0.3	1.10
Debt-to-Equity	0.11-0.6	0.70+0.4	0.340.0	0.35-0.1	0.47-0.4	0.86+0.1	0.80+0.0	0.75
FCF Margin	N/A	N/A	-2952.9%-1801.2pp	-1151.7%+3279.1pp	-4430.9%-4016.4pp	-414.5%+5340.8pp	-5755.3%-5475.3pp	-280.0%

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Frequently Asked Questions

What is SAB BIOTHERAPEUTICS INC's annual revenue?

SAB BIOTHERAPEUTICS INC (SABS) reported $1.3M in total revenue for fiscal year 2024. This represents a -40.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is SAB BIOTHERAPEUTICS INC's revenue growing?

SAB BIOTHERAPEUTICS INC (SABS) revenue declined by 40.9% year-over-year, from $2.2M to $1.3M in fiscal year 2024.

Is SAB BIOTHERAPEUTICS INC profitable?

No, SAB BIOTHERAPEUTICS INC (SABS) reported a net income of -$34.1M in fiscal year 2024, with a net profit margin of -2579.0%.

What is SAB BIOTHERAPEUTICS INC's earnings per share (EPS)?

SAB BIOTHERAPEUTICS INC (SABS) reported diluted earnings per share of $-3.68 for fiscal year 2024. This represents a 51.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is SAB BIOTHERAPEUTICS INC's EBITDA?

SAB BIOTHERAPEUTICS INC (SABS) had EBITDA of -$38.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is SAB BIOTHERAPEUTICS INC's operating margin?

SAB BIOTHERAPEUTICS INC (SABS) had an operating margin of -3244.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is SAB BIOTHERAPEUTICS INC's net profit margin?

SAB BIOTHERAPEUTICS INC (SABS) had a net profit margin of -2579.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is SAB BIOTHERAPEUTICS INC's free cash flow?

SAB BIOTHERAPEUTICS INC (SABS) generated -$34.6M in free cash flow during fiscal year 2024. This represents a -36.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is SAB BIOTHERAPEUTICS INC's operating cash flow?

SAB BIOTHERAPEUTICS INC (SABS) generated -$34.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are SAB BIOTHERAPEUTICS INC's total assets?

SAB BIOTHERAPEUTICS INC (SABS) had $44.2M in total assets as of fiscal year 2024, including both current and long-term assets.

What are SAB BIOTHERAPEUTICS INC's capital expenditures?

SAB BIOTHERAPEUTICS INC (SABS) invested $337K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does SAB BIOTHERAPEUTICS INC spend on research and development?

SAB BIOTHERAPEUTICS INC (SABS) invested $30.3M in research and development during fiscal year 2024.

How many shares does SAB BIOTHERAPEUTICS INC have outstanding?

SAB BIOTHERAPEUTICS INC (SABS) had 9M shares outstanding as of fiscal year 2024.

What is SAB BIOTHERAPEUTICS INC's current ratio?

SAB BIOTHERAPEUTICS INC (SABS) had a current ratio of 2.98 as of fiscal year 2024, which is generally considered healthy.

What is SAB BIOTHERAPEUTICS INC's debt-to-equity ratio?

SAB BIOTHERAPEUTICS INC (SABS) had a debt-to-equity ratio of 0.70 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is SAB BIOTHERAPEUTICS INC's return on assets (ROA)?

SAB BIOTHERAPEUTICS INC (SABS) had a return on assets of -77.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is SAB BIOTHERAPEUTICS INC's cash runway?

Based on fiscal year 2024 data, SAB BIOTHERAPEUTICS INC (SABS) had $8.9M in cash against an annual operating cash burn of $34.3M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is SAB BIOTHERAPEUTICS INC's Piotroski F-Score?

SAB BIOTHERAPEUTICS INC (SABS) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are SAB BIOTHERAPEUTICS INC's earnings high quality?

SAB BIOTHERAPEUTICS INC (SABS) has an earnings quality ratio of 1.01x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can SAB BIOTHERAPEUTICS INC cover its interest payments?

SAB BIOTHERAPEUTICS INC (SABS) has an interest coverage ratio of -134.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is SAB BIOTHERAPEUTICS INC?

SAB BIOTHERAPEUTICS INC (SABS) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.