Balyasny Asset Management (SABS) discloses 7.2M-share SAB Biotherapeutics position capped at 9.99%

Rhea-AI Filing Summary

Balyasny Asset Management and related entities reported significant ownership in SAB Biotherapeutics, Inc. common stock. Through Atlas Diversified Master Fund, Ltd. and Atlas Private Holdings (Cayman) Ltd., they beneficially own 7,225,439 shares, including 3,465,000 shares issuable upon exercise of 34,650 warrants.

This position represents approximately 9.45% of SAB Biotherapeutics’ 76,464,094 shares outstanding as of May 6, 2026. The warrants are subject to a Beneficial Ownership Limitation that blocks exercises which would result in ownership above 9.99% of outstanding shares.

Key Figures

Beneficially owned shares: 7,225,439 shares Percent of class: 9.45% Shares currently held: 3,760,439 shares +4 more

7 metrics

Beneficially owned shares 7,225,439 shares Shares over which the Balyasny reporting persons have sole voting and dispositive power

Percent of class 9.45% Ownership percentage based on 76,464,094 shares outstanding as of May 6, 2026

Shares currently held 3,760,439 shares Common shares held by ADMF and APHC excluding warrant shares

Shares issuable upon exercise 3,465,000 shares Shares issuable upon exercise of 34,650 warrants held by APHC

Warrants held 34,650 Warrants Warrants subject to a 9.99% Beneficial Ownership Limitation blocker

Shares outstanding 76,464,094 Shares Issuer’s common shares outstanding as of May 6, 2026, from Form 10-Q

Beneficial Ownership Limitation 9.99% Blocker threshold for exercising warrants without exceeding this ownership level

Key Terms

Beneficial Ownership Limitation, sole voting power, sole dispositive power, Cayman Islands exempted companies, +1 more

5 terms

Beneficial Ownership Limitation regulatory

"The Warrants are subject to a blocker which prevents the holder from exercising..."

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

sole voting power regulatory

"Each of the Reporting Persons has the sole power to vote or to direct the vote..."

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power regulatory

"Each of the Reporting Persons has the sole power to dispose or to direct the disposition..."

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Cayman Islands exempted companies financial

"ADMF and APHC, are both Cayman Islands exempted companies that are investment..."

beneficial owner regulatory

"Each of the Reporting Persons may be deemed to be the beneficial owner of approximately..."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

FAQ

What percentage of SAB Biotherapeutics (SABS) shares does Balyasny Asset Management report owning?

Balyasny Asset Management and related entities report beneficial ownership of approximately 9.45% of SAB Biotherapeutics’ common stock, based on 76,464,094 shares outstanding as of May 6, 2026, as referenced in the issuer’s Form 10-Q.

How many SAB Biotherapeutics (SABS) shares are beneficially owned by the Balyasny reporting group?

The Balyasny reporting group beneficially owns 7,225,439 SAB Biotherapeutics common shares. This includes 3,760,439 shares currently held and 3,465,000 shares issuable upon exercise of 34,650 warrants, subject to an ownership blocker.

What is the Beneficial Ownership Limitation affecting Balyasny’s SAB Biotherapeutics (SABS) warrants?

The warrants held by Balyasny-related entities have a 9.99% Beneficial Ownership Limitation. This blocker prevents exercising the warrants if, after exercise, the holder would beneficially own more than 9.99% of SAB Biotherapeutics’ outstanding common shares.

Which entities hold SAB Biotherapeutics (SABS) shares managed by Balyasny Asset Management?

The reported SAB Biotherapeutics shares are held by Atlas Diversified Master Fund, Ltd. (ADMF) and Atlas Private Holdings (Cayman) Ltd. (APHC), both Cayman Islands exempted companies that are investment management clients of Balyasny Asset Management L.P.

What voting and dispositive power does the Balyasny group report over SAB Biotherapeutics (SABS) shares?

Each reporting person in the Balyasny group has sole voting power and sole dispositive power over 7,225,439 SAB Biotherapeutics shares, with 0 shares reported as having shared voting or shared dispositive power.

Who are the reporting persons in the Balyasny group for SAB Biotherapeutics (SABS)?

The reporting persons are Balyasny Asset Management L.P., BAM GP LLC, Balyasny Asset Management Holdings LP, Dames GP LLC, and Dmitry Balyasny, connected through general partner and managing member relationships.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 08/14/2026 - 06:09 AM Accepted by SEC EDGAR 08/14/2026 - 06:08 AM Learn about SEC filing dates

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

(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

BALYASNY ASSET MANAGEMENT L.P.

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 7,225,439.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,225,439.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,225,439.00

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)

9.45 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 78397T202

1

Names of Reporting Persons

BAM GP LLC

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 7,225,439.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,225,439.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,225,439.00

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)

9.45 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 78397T202

1

Names of Reporting Persons

Balyasny Asset Management Holdings 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 7,225,439.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,225,439.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,225,439.00

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)

9.45 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP Number(s): 78397T202

1

Names of Reporting Persons

Dames GP LLC

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 7,225,439.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,225,439.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,225,439.00

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)

9.45 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 78397T202

1

Names of Reporting Persons

Dmitry Balyasny

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 7,225,439.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,225,439.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,225,439.00

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)

9.45 %

12

Type of Reporting Person (See Instructions)

HC, IN

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 being filed by (1) Balyasny Asset Management L.P., a Delaware limited partnership ("BAM"), (2) BAM GP LLC, a Delaware limited liability company ("BAM GP"), (3) Balyasny Asset Management Holdings LP, a Delaware limited partnership ("BAM Holdings"), (4) Dames GP LLC, a Delaware limited liability company ("Dames"), and (5) Dmitry Balyasny, a United States citizen (collectively, the "Reporting Persons"). BAM GP is the General Partner of BAM. BAM Holdings is the Sole Member of BAM GP. Dames is the General Partner of BAM Holdings. Dmitry Balyasny is the Managing Member of Dames.
(b)	Address or principal business office or, if none, residence: The principal business address of each of BAM, BAM GP, BAM Holdings, Dames, and Mr. Balyasny is located at 444 West Lake Street, 50th Floor, Chicago, IL 60606.
(c)	Citizenship: (1) BAM is a Delaware limited partnership, (2) BAM GP is a Delaware limited liability company, (3) BAM Holdings is a Delaware limited partnership, (4) Dames is a Delaware limited liability company, and (5) Mr. Balyasny is a United States citizen.
(d)	Title of class of securities: Common Stock
(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: By virtue of its position as the investment manager of Atlas Diversified Master Fund, Ltd ("ADMF"), the direct holder of 1,450,439 shares of common stock, par value $0.0001 per share ("Shares"), reported herein, and by virtue of its position as the investment manager of Atlas Private Holdings (Cayman) Ltd. ("APHC"), is the direct holder of the 2,310,000 shares of common stock (including an additional 3,465,000 shares issued upon the exercise of warrants), par value $0.0001 per share, reported herein, BAM may be deemed to exercise voting and investment power over such Shares held by ADMF and APHC and thus may be deemed to beneficially own such Shares. By virtue of its position as the General Partner of BAM, BAM GP may be deemed to exercise voting and investment power over the Shares held directly by ADMF and APHC and thus may be deemed to beneficially own such Shares. By virtue of its position as the Sole Member of BAM GP, BAM Holdings may be deemed to exercise voting and investment power over the Shares held directly by ADMF and APHC and thus may be deemed to beneficially own such Shares. By virtue of its position as the General Partner of BAM Holdings, Dames may be deemed to exercise voting and investment power over the Shares held directly by ADMF and APHC and thus may be deemed to beneficially own such Shares. By virtue of his position as the Managing Member of Dames, Mr. Balyasny may be deemed to exercise voting and investment power over the Shares held directly by ADMF and APHC and thus may be deemed to beneficially own such Shares.
(b)	Percent of class: Each of the Reporting Persons may be deemed to be the beneficial owner of approximately 9.45% of the Shares, based on the 76,464,094 Shares outstanding as of May 6, 2026, as reported in the Issuer's report filed on form 10-Q with the Securities and Exchange Commission on May 12, 2026. The reported amount consists of 3,760,439 shares and 3,465,000 shares issuable upon the exercise of 34,650 Warrants subject to the Beneficial Ownership Limitation (as defined herein). The Warrants are subject to a blocker which prevents the holder from exercising the Warrants to the extent that, upon such exercise, the holder would beneficially own in excess of 9.99% of the Shares outstanding as a result of the exercise (the "Beneficial Ownership Limitation").
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Each of the Reporting Persons has the sole power to vote or to direct the vote of 7225439 shares.
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: Each of the Reporting Persons has the sole power to dispose or to direct the disposition of 7225439 shares.
	(iv) Shared power to dispose or to direct the disposition of: 0
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. ADMF and APHC, are both Cayman Islands exempted companies that are investment management clients of BAM, have the right to receive dividends from, or the proceeds from the sale of, the reported securities.
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.

BALYASNY ASSET MANAGEMENT L.P.

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/14/2026

BAM GP LLC

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/14/2026

Balyasny Asset Management Holdings LP

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/14/2026

Dames GP LLC

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/14/2026

Dmitry Balyasny

Signature:	/s/ Dmitry Balyasny
Name/Title:	Dmitry Balyasny / Self
Date:	08/14/2026