Caligan Partners LP and David Johnson filed an amended Schedule 13G reporting their beneficial ownership of common stock of SAB Biotherapeutics, Inc. Caligan, as investment manager to certain funds and accounts, and Johnson, as its managing partner, are the reporting persons.
They report beneficial ownership of 7,967,207 shares of SAB Biotherapeutics common stock, representing 8.8% of the class, based on 90,986,368 shares outstanding as of August 3, 2026. All reported shares are held with shared voting and dispositive power; neither reporting person has sole voting or sole dispositive power over these shares.
The filing notes that other persons (the underlying funds and accounts) may have rights to receive dividends or proceeds from the sale of these securities in accordance with the investment structure referenced in Item 2(a). David Johnson signs the report both in his capacity as managing partner of Caligan and in his individual capacity.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:7,967,207 sharesOwnership percentage:8.8%Shares outstanding reference:90,986,368 shares+2 more
5 metrics
Shares beneficially owned7,967,207 sharesCommon stock of SAB Biotherapeutics reported by Caligan Partners and David Johnson
Ownership percentage8.8%Percent of SAB Biotherapeutics common stock class beneficially owned
Shares outstanding reference90,986,368 sharesShares of SAB Biotherapeutics common stock outstanding as of August 3, 2026
Shared voting power7,967,207 sharesShares over which the reporting persons have shared voting power
Sole voting power0 sharesShares over which the reporting persons have sole voting power
"The information required by Item 4(a) is set forth in Row 9... Amount beneficially owned"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerfinancial
"Shared Voting Power 7,967,207.00 7 | Sole Dispositive Power 0.00 8 | Shared Voting Power"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
dispositive powerfinancial
"Sole Dispositive Power 0.00 8 | Shared Dispositive Power 7,967,207.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Schedule 13Gregulatory
"The percentages set forth in this are calculated based upon... Schedule 13G"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
investment managerfinancial
"Caligan, which serves indirectly as the investment manager to certain funds and accounts"
FAQ
What percentage of SAB Biotherapeutics (SABS) does Caligan Partners report owning?
Caligan Partners and David Johnson report beneficial ownership of 8.8% of SAB Biotherapeutics’ common stock. This is based on 90,986,368 shares outstanding as of August 3, 2026, as disclosed in the company’s Form 10-Q.
How many SAB Biotherapeutics (SABS) shares are reported as beneficially owned by Caligan Partners?
The reporting persons state they beneficially own 7,967,207 shares of SAB Biotherapeutics common stock. This stake is held through certain Caligan-managed funds and accounts, for which Caligan acts as investment manager and David Johnson is managing partner.
Does Caligan Partners have sole or shared voting power over its SABS shares?
The filing reports 0 shares with sole voting power and 7,967,207 shares with shared voting power. The same pattern applies to dispositive power, indicating decisions are shared among the reporting persons and their related investment vehicles.
Who are the reporting persons in this Schedule 13G/A for SAB Biotherapeutics (SABS)?
The reporting persons are Caligan Partners LP, a Delaware limited partnership, and David Johnson, its Managing Partner. Johnson also serves as Managing Member of Caligan Partners GP LLC, the general partner of Caligan, and signs both on behalf of Caligan and individually.
What is the reference share count used to calculate Caligan’s ownership in SABS?
The ownership percentage is calculated using 90,986,368 shares of SAB Biotherapeutics common stock outstanding. This reference share count comes from the company’s Form 10-Q for the quarter ended June 30, 2026, which reported shares outstanding as of August 3, 2026.
Where are Caligan Partners and David Johnson based according to the SABS Schedule 13G/A?
The principal business address for both Caligan Partners LP and David Johnson is 780 Third Avenue, 30th Floor, New York, NY 10017. SAB Biotherapeutics’ principal executive offices are listed separately in Miami Beach, Florida.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
SAB Biotherapeutics, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
78397T202
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
78397T202
1
Names of Reporting Persons
Caligan Partners LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,967,207.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,967,207.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,967,207.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.8 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
78397T202
1
Names of Reporting Persons
JOHNSON DAVID EDWARD
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,967,207.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,967,207.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,967,207.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.8 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SAB Biotherapeutics, Inc.
(b)
Address of issuer's principal executive offices:
777 W 41ST ST, Suite 401, MIAMI BEACH, FLORIDA, 33140
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) Caligan Partners LP, a Delaware limited partnership ("Caligan"), which serves indirectly as the investment manager to certain funds and accounts (the "Caligan Funds and Accounts"), with respect to the shares of common stock, $0.0001 par value per share ("Common Stock") of SAB Biotherapeutics, Inc., a Delaware corporation (the "Company"), held by the Caligan Funds and Accounts; and
(ii) David Johnson, the Managing Partner of Caligan and Managing Member of Caligan Partners GP LLC, the general partner of Caligan ("Mr. Johnson"), with respect to the shares of Common Stock held by the Caligan Funds and Accounts.
Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is 780 Third Avenue, 30th Floor, New York, NY 10017.
(c)
Citizenship:
Caligan is a Delaware limited partnership. Mr. Johnson is a United States citizen.
(d)
Title of class of securities:
Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
78397T202
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 90,986,368 shares of Common Stock outstanding as of August 3, 2026, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the Securities and Exchange Commission on August 6, 2026.
(b)
Percent of class:
8.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a).
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
