Biotechnology Value Fund group discloses 9.1% stake in SAB Biotherapeutics (SABS)

Rhea-AI Filing Summary

Biotechnology Value Fund–affiliated investors reported a significant ownership position in SAB Biotherapeutics, Inc. As of the close of business on December 31, 2025, their funds and a managed account held 30,000 Tranche C warrants for Series A-3 Preferred Stock, convertible into 4,761,906 common shares.

The preferred shares convert at $6.30 per common share, based on a $1,000 per preferred share value, and the warrants are exercisable beginning November 23, 2023 for five years. Using 47,606,851 common shares outstanding as of November 10, 2025, the filing states BVF-related entities may be deemed to beneficially own up to approximately 9.1% of the class.

The structure includes a 9.99% “Maximum Percentage” cap that limits conversions so no holder, together with its affiliates and attribution parties, crosses that ownership threshold.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

SAB Biotherapeutics, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

78397T202

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

BIOTECHNOLOGY VALUE FUND 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 0.00
6	Shared Voting Power 2,540,159.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,540,159.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,540,159.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

BVF I 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 0.00
6	Shared Voting Power 2,540,159.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,540,159.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,540,159.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

BIOTECHNOLOGY VALUE FUND II 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 1,931,905.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,931,905.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,931,905.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

BVF II 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 0.00
6	Shared Voting Power 1,931,905.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,931,905.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,931,905.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

Biotechnology Value Trading Fund OS 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 225,556.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 225,556.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

225,556.00

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)

0.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

BVF Partners OS Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 225,556.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 225,556.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

225,556.00

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)

0.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

BVF GP HOLDINGS 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 0.00
6	Shared Voting Power 4,472,064.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,472,064.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,472,064.00

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)

8.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

BVF PARTNERS L P/IL

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 4,761,906.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,761,906.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,761,906.00

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)

9.1 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

BVF INC/IL

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 4,761,906.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,761,906.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,761,906.00

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)

9.1 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 78397T202

1

Names of Reporting Persons

LAMPERT MARK N

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 4,761,906.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,761,906.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,761,906.00

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)

9.1 %

12

Type of Reporting Person (See Instructions)

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, FL 33140
Item 2.
(a)	Name of person filing: Biotechnology Value Fund, L.P. ("BVF") BVF I GP LLC ("BVF GP") Biotechnology Value Fund II, L.P. ("BVF2") BVF II GP LLC ("BVF2 GP") Biotechnology Value Trading Fund OS LP ("Trading Fund OS") BVF Partners OS Ltd. ("Partners OS") BVF GP Holdings LLC ("BVF GPH") BVF Partners L.P. ("Partners") BVF Inc. Mark N. Lampert ("Mr. Lampert") 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: Biotechnology Value Fund, L.P. ("BVF") 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF I GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund II, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF II GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Trading Fund OS LP PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF Partners OS Ltd. PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF GP Holdings LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Partners L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Mark N. Lampert 44 Montgomery St., 40th Floor San Francisco, California 94104
(c)	Citizenship: Biotechnology Value Fund, L.P. Delaware BVF I GP LLC Delaware Biotechnology Value Fund II, L.P. Delaware BVF II GP LLC Delaware Biotechnology Value Trading Fund OS LP Cayman Islands BVF Partners OS Ltd. Cayman Islands BVF GP Holdings LLC Delaware BVF Partners L.P. Delaware BVF Inc. Delaware Mark N. Lampert United States
(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: As of the close of business on December 31, 2025, the Reporting Persons and a certain Partners managed account (the "Partners Managed Account") held an aggregate of 30,000 tranche C warrants (the "Tranche C Warrants") to purchase shares of Series A-3 Preferred Stock, $0.0001 par value per share (the "Series A-3 Preferred Stock"), which are, in turn, convertible into an aggregate of 4,761,906 of the Issuer's shares of Common Stock, $0.0001 par value per share (the "Shares"), subject to the Maximum Percentage (as defined below). The Tranche C Warrants are exercisable at any time beginning on November 23, 2023, at an exercise price of $1,000 per share of Series A-3 Preferred Stock and expire on the five-year anniversary of November 23, 2023. The shares of Series A-3 Preferred Stock are convertible into Shares at the conversion price of $6.30 per Share (the "Series A-3 Conversion Price"), rounded down to the nearest whole Share, by converting into the number of Shares equal to the quotient of (A) $1,000 per share divided by (B) the Series A-3 Conversion Price. A holder of shares of Series A-3 Preferred Stock shall not have the right to convert any portion of the shares of Series A-3 Preferred Stock and such shares of Series A-3 Preferred Stock shall not be automatically converted, to the extent that after giving effect to such conversion, such holder of shares of Series A-3 Preferred Stock (together with such holder's Affiliates (as defined in the Certificate of Designation of Preferences, Rights and Limitation of Series A Convertible Voting Preferred Stock (the "Series A COD")), any other Persons (as defined in the Series A COD) acting as a group together, and any other Persons whose beneficial ownership of Shares would be aggregated with the holder's and the other Attribution Parties (as defined in the Series A COD) for purposes of Section 13(d) of the Exchange Act) would beneficially own in excess of 9.99% of the Shares outstanding immediately after giving effect to such conversion (the "Maximum Percentage"). As of the close of business on December 31, 2025, assuming all of the Tranche C Warrants held in the aggregate by the Reporting Persons and the Partners Managed Account were exercised for shares of Series A-3 Preferred Stock, the Maximum Percentage would not limit the conversion of any such shares of Series A-3 Preferred Stock by the Reporting Persons or the Partners Managed Account into Shares. As of the close of business on December 31, 2025, (i) BVF beneficially owned 2,540,159 Shares, consisting of the 2,540,159 Shares underlying the shares of Series A-3 Preferred Stock, which, in turn, are underlying the Tranche C Warrants held by it; (ii) BVF2 beneficially owned 1,931,905 Shares, consisting of the 1,931,905 Shares underlying the shares of Series A-3 Preferred Stock, which, in turn, are underlying the Tranche C Warrants held by it; (iii) Trading Fund OS beneficially owned 225,556 Shares, consisting of the 225,556 Shares underlying the shares of Series A-3 Preferred Stock, which, in turn, are underlying the Tranche C Warrants held by it BVF GP, as the general partner of BVF, may be deemed to beneficially own the 2,540,159 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 1,931,905 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 225,556 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 4,472,064 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 4,761,906 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, including 64,286 Shares held by the Partners Managed Account, which consists of the 64,286 Shares underlying the Shares of Series A-3 Preferred Stock, which, in turn, are underlying the Tranche C Warrants held by the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 4,761,906 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 4,761,906 Shares beneficially owned by BVF Inc. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.
(b)	Percent of class: The following percentages are based upon a denominator which is the sum of: (i) 47,606,851 Shares outstanding as of November 10, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025, and (ii) certain or all of the 4,761,906 Shares issuable upon the conversion of the shares of Series A-3 Preferred Stock, which, in turn, are underlying certain Tranche C Warrants held by the Reporting Persons and Partners Managed Account, as applicable. As of the close of business on December 31, 2025, (i) BVF beneficially owned approximately 5.1% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 3.9% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 5.1% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 3.9% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 8.6% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 9.1% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
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. BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account.
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1 to the Schedule 13G filed with the Securities and Exchange Commission on December 4, 2023.
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 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.

BIOTECHNOLOGY VALUE FUND L P

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

BVF I GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

BIOTECHNOLOGY VALUE FUND II LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

BVF II GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

Biotechnology Value Trading Fund OS LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

BVF Partners OS Ltd.

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

BVF GP HOLDINGS LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

BVF PARTNERS L P/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

BVF INC/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	02/17/2026

LAMPERT MARK N

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert
Date:	02/17/2026

FAQ

What ownership stake in SAB Biotherapeutics (SABS) does Biotechnology Value Fund report?

Affiliates of Biotechnology Value Fund may be deemed to beneficially own about 9.1% of SAB Biotherapeutics’ common stock. This percentage is based on existing shares outstanding plus up to 4,761,906 shares issuable from convertible preferred stock underlying Tranche C warrants.

How many SAB Biotherapeutics shares are tied to the BVF Tranche C warrants?

The filing states BVF-related holders have Tranche C warrants ultimately convertible into 4,761,906 SAB Biotherapeutics common shares. These arise from Series A-3 Preferred Stock, with each preferred share effectively representing $1,000 of value at a $6.30 per share conversion price.

What is the Maximum Percentage conversion cap mentioned for SAB Biotherapeutics (SABS)?

The Series A-3 Preferred Stock includes a 9.99% “Maximum Percentage” cap on beneficial ownership after conversion. Holders cannot convert if doing so would push them, together with affiliates and attribution parties, above 9.99% of SAB’s outstanding common shares.

How are the BVF entities’ individual SAB Biotherapeutics stakes broken down?

As of December 31, 2025, the filing reports BVF at about 5.1%, BVF2 at about 3.9%, and Biotechnology Value Trading Fund OS at less than 1% of SAB common stock, with higher aggregate percentages attributed to certain parent and manager entities.

What share count did SAB Biotherapeutics report outstanding for these ownership calculations?

Percentages use a denominator including 47,606,851 common shares outstanding as of November 10, 2025, as disclosed in SAB Biotherapeutics’ Form 10-Q, plus certain or all of the 4,761,906 shares issuable upon conversion of Series A-3 Preferred Stock.

When do the SAB Biotherapeutics Tranche C warrants held by BVF become exercisable and when do they expire?

The Tranche C warrants became exercisable on November 23, 2023 at an exercise price of $1,000 per share of Series A-3 Preferred Stock. According to the filing, these warrants expire on the five-year anniversary of November 23, 2023.