Perceptive Advisors discloses 7.3% SAB Biotherapeutics (SABS) stake via Master Fund

Rhea-AI Filing Summary

Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. report beneficial ownership of SAB Biotherapeutics, Inc. common stock. The Master Fund directly holds 6,627,501 shares of common stock, representing 7.3% of the class based on 90,986,368 shares outstanding as of August 3, 2026.

Perceptive Advisors, as investment manager, and Mr. Edelman, as managing member of Perceptive Advisors, may each be deemed to beneficially own these shares. All 6,627,501 shares are reported with shared voting and shared dispositive power; no reporting person has sole voting or sole dispositive power.

Key Figures

Shares beneficially owned: 6,627,501 shares Ownership percentage: 7.3% Shares outstanding: 90,986,368 shares +3 more

6 metrics

Shares beneficially owned 6,627,501 shares Common stock directly held by Perceptive Life Sciences Master Fund, Ltd.

Ownership percentage 7.3% Beneficial ownership of SAB Biotherapeutics common stock by each reporting person

Shares outstanding 90,986,368 shares Common stock outstanding as of August 3, 2026, per SAB Biotherapeutics Form 10-Q

Shared voting power 6,627,501 shares Shares over which each reporting person has shared power to vote or direct the vote

Shared dispositive power 6,627,501 shares Shares over which each reporting person has shared power to dispose or direct disposition

Sole voting power 0 shares Shares with sole voting power reported for each reporting person

Key Terms

beneficially own, shared voting power, shared dispositive power, sole dispositive power, +1 more

5 terms

beneficially own financial

"may be deemed to beneficially own the securities directly held"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

shared voting power financial

"Shared Voting Power 6,627,501.00"

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.

shared dispositive power financial

"Shared Dispositive Power 6,627,501.00"

sole dispositive power financial

"Sole Dispositive Power 0.00"

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.

percent of class financial

"Percent of class: Perceptive Advisors: 7.3%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

What percentage of SAB Biotherapeutics (SABS) does Perceptive report owning?

Perceptive-related entities report beneficial ownership of 7.3% 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 does Perceptive’s Master Fund hold?

Perceptive Life Sciences Master Fund, Ltd. directly holds 6,627,501 shares of SAB Biotherapeutics common stock. These shares are reported with shared voting and shared dispositive power among the reporting persons.

Who are the reporting persons in this SAB Biotherapeutics (SABS) ownership report?

The reporting persons are Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd.. Perceptive Advisors manages the Master Fund, and Joseph Edelman is the managing member of Perceptive Advisors.

Does Joseph Edelman directly hold SAB Biotherapeutics (SABS) shares?

Joseph Edelman does not directly hold SAB Biotherapeutics shares. He may be deemed to beneficially own the 6,627,501 shares directly held by the Master Fund through his role as managing member of Perceptive Advisors.

What voting power do Perceptive entities have over SAB Biotherapeutics (SABS) shares?

Perceptive Advisors, Joseph Edelman, and the Master Fund each report 0 shares with sole voting power and 6,627,501 shares with shared voting power, matching their shared dispositive power over the same shares.

On what share count is the 7.3% SAB Biotherapeutics (SABS) ownership based?

The 7.3% ownership is calculated using 90,986,368 SAB Biotherapeutics common shares outstanding as of August 3, 2026, as reported by the company in its Form 10-Q filed on August 6, 2026.

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Available on EDGAR 08/14/2026 - 05:21 PM Accepted by SEC EDGAR 08/14/2026 - 05:20 PM Learn about SEC filing dates

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)

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

Perceptive Advisors 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 6,627,501.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,627,501.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,627,501.00

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)

7.3 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 78397T202

1

Names of Reporting Persons

Joseph Edelman

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 6,627,501.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,627,501.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,627,501.00

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)

7.3 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): 78397T202

1

Names of Reporting Persons

Perceptive Life Sciences Master Fund, 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 6,627,501.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,627,501.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,627,501.00

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)

7.3 %

12

Type of Reporting Person (See Instructions)

CO

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: The names of the persons filing this report (collectively, the "Reporting Persons") with respect to shares of Common Stock, $0.0001 par value per share (the "Common Stock") of SAB BIOTHERAPEUTICS, INC. (the "Issuer") are: Perceptive Advisors LLC ("Perceptive Advisors") Joseph Edelman ("Mr. Edelman") Perceptive Life Sciences Master Fund, Ltd. (the "Master Fund")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is: 51 Astor Place, 10th Floor New York, NY 10003
(c)	Citizenship: Perceptive Advisors is a Delaware limited liability company Mr. Edelman is a United States citizen The Master Fund is a Cayman Islands corporation
(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 this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Schedule 13G. The ownership percentages reported are based on 90,986,368 shares of Common Stock outstanding as of August 3, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 6, 2026. Neither Perceptive Advisors nor Mr. Edelman directly holds any shares of Common Stock. The Master Fund directly holds 6,627,501 shares of Common Stock. Perceptive Advisors serves as the investment manager of the Master Fund and may be deemed to beneficially own the securities directly held by the Master Fund. Mr. Edelman is the managing member of Perceptive Advisors and may be deemed to beneficially own the securities directly held by the Master Fund.
(b)	Percent of class: Perceptive Advisors: 7.3% Mr. Edelman: 7.3% Master Fund: 7.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(ii) Shared power to vote or to direct the vote: Perceptive Advisors: 6,627,501 Mr. Edelman: 6,627,501 Master Fund: 6,627,501
	(iii) Sole power to dispose or to direct the disposition of: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(iv) Shared power to dispose or to direct the disposition of: Perceptive Advisors: 6,627,501 Mr. Edelman: 6,627,501 Master Fund: 6,627,501
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.
	Not Applicable
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 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.

Perceptive Advisors LLC

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	08/14/2026

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman
Date:	08/14/2026

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	08/14/2026