SAB BIOTHERAPEUTICS INC SEC Filings

SAB Biotherapeutics, Inc. reported a new stock option award to one of its directors, Scott Giberson. On 12/16/2025, he received a stock option (right to buy) covering 150,000 shares of the company’s common stock with an exercise price of $3.99 per share, expiring on 12/16/2035.

The filing states this is the director’s 2025 annual grant for service on the Board of Directors. The options vest in two equal annual installments on December 16, 2026 and December 16, 2027, and were granted under SAB Biotherapeutics’ 2021 Omnibus Equity Incentive Plan, as amended.

SAB Biotherapeutics director reports new stock option grant. A member of the Board of Directors received a stock option covering 150,000 shares of SAB Biotherapeutics, Inc. common stock on 12/16/2025 at an exercise price of $3.99 per share. The option expires on 12/16/2035 and represents the director’s 2025 annual equity grant. The underlying shares vest in two equal annual installments on December 16, 2026 and December 16, 2027. The award was granted under the company’s 2021 Omnibus Equity Incentive Plan, as amended, and is held directly by the reporting person.

SAB Biotherapeutics, Inc. filed a Form S-8 registration statement to register 24,180,000 additional shares of common stock for issuance under its 2021 Omnibus Equity Incentive Plan, as amended.

The registration covers the same class of securities as earlier S-8 statements and incorporates the company’s latest annual, quarterly, and current reports by reference, so the equity compensation plan remains supplied with stock for future grants to eligible participants.

SAB Biotherapeutics, Inc. reported an insider equity transaction by its Chief Medical Officer, Alexandra Kropotova. On 12/11/2025, 988 shares of common stock were withheld to satisfy tax withholding obligations tied to the vesting of previously granted restricted stock units (RSUs).

After this transaction, Kropotova beneficially owned a total of 44,284 shares of common stock. This amount includes 31,946 shares of common stock and 12,338 shares that remain subject to vesting of RSUs granted under the company’s 2021 Equity Incentive Plan, as amended. Each RSU represents a contingent right to receive one share of common stock.

SAB Biotherapeutics, Inc. reported Q3 results showing a swing to net income, driven by non‑cash warrant valuation effects and a mid‑year capital raise. For the quarter, the company recorded net income of $45.4 million, while operating activities remained in investment mode with loss from operations of $12.7 million as R&D and G&A totaled $12.7 million. No revenue was recognized in the period.

The balance sheet strengthened markedly. As of September 30, 2025, cash and cash equivalents were $29.4 million, with short‑term investments of $81.5 million and long‑term investments of $50.6 million. Total assets rose to $183.4 million and stockholders’ equity to $165.1 million, reflecting proceeds from the 2025 private placement and equity reclassifications. The quarter included a $61.6 million gain from changes in fair value of warrant liabilities and $4.9 million of warrant issuance costs.

Year to date, net cash used in operations was $28.0 million, offset by $168.7 million provided by financing activities from the 2025 PIPE. The company noted existing resources are sufficient to cover operating cash needs for the twelve months following the report date. Common shares outstanding were 47,606,851 as of November 10, 2025.

SAB Biotherapeutics filed a prospectus supplement for a resale registration covering up to 250,000,000 shares of common stock to be offered by selling stockholders. The Resale Shares consist of common stock issuable upon conversion of Series B Convertible Preferred Stock and upon exercise of related Series B preferred stock purchase warrants that yield additional Series B shares for conversion.

This supplement states it is solely to update a footnote in the selling stockholders table. The selling stockholder list includes large allocations, including SESSA CAPITAL (MASTER) L.P. 57,125,000 and RA Capital Healthcare Fund, L.P. 42,850,000. Several holders are subject to beneficial ownership limits of 4.99% or 9.99% that cap conversions. The company’s common stock trades on Nasdaq as SABS; on November 5, 2025, the closing price was $3.18. The Series B Preferred Stock is not listed and is not intended to be listed.

SAB Biotherapeutics, Inc. Schedule 13G filings show affiliated Vivo Opportunity entities report beneficial ownership tied to convertible Series B Preferred Stock, Enrollment Warrants and Data Release Warrants. On September 29, 2025 4,401,500 shares of Common Stock were converted automatically from Series B Preferred Stock (4,000,000 and 401,500 shares by two Vivo groups). The filings report an aggregate of 25,931,000 shares attributable to Vivo Opportunity Fund Holdings/manager entities and 2,619,000 shares attributable to Vivo Opportunity Cayman entities, each disclosed as representing 9.99% of the class. Many additional shares are reported as issuable upon conversion/exercise within 60 days, but the securities include blocking provisions that prevent conversion or exercise that would raise ownership above 9.99%. Signatures show the filings were executed by Kevin Dai on October 3, 2025.

RA Capital and affiliated persons report owning 4,401,500 shares of SAB Biotherapeutics common stock, representing 9.99% of the outstanding shares following an automatic conversion tied to a private placement.

The position arose from the Fund's purchase of 171,400 Series B Preferred Shares on July 22, 2025 at $175 per share (aggregate $29,995,000). Upon stockholder approval at a special meeting, 44,015 Preferred Shares converted into 4,401,500 common shares. The Preferred Stock includes a Beneficial Ownership Blocker preventing conversion above 9.99% (adjustable up to 19.99% with 61 days' notice).

Commodore Capital LP and related filers report beneficial ownership of 4,522,977 shares of SAB Biotherapeutics, Inc. common stock, representing 9.9% of the outstanding class based on 45,108,294 shares reported by the issuer. The position includes 4,401,500 shares issued to Commodore Capital Master LP upon conversion of Series B Convertible Preferred Stock after stockholder approval on September 26, 2025, plus 121,477 additional shares issuable upon conversion but subject to a 9.99% ownership limitation (the "Ownership Blocker"). The filing discloses that larger pools of shares issuable on conversion and under warrants are excluded from the reported aggregate because they are constrained by the Ownership Blocker. Voting and dispositive power over the reported shares is shared among the filers; no filer reports sole voting or dispositive power.