SAB Biotherapeutics, Inc. Schedule 13G: Balyasny Asset Management and affiliated entities report beneficial ownership of 5,089,939 shares, representing approximately 9.99% of the outstanding common stock. The 9.99% figure is based on 50,951,037 shares outstanding as of March 2, 2026.
The reported holdings arise from BAM's investment‑manager role for Atlas Diversified Master Fund, Ltd. (direct holder of 1,450,439 shares) and Atlas Private Holdings (Cayman) Ltd. (direct holder of 2,310,000 shares), plus shares issuable upon exercise of warrants noted in the filing. The warrants are subject to a Beneficial Ownership Limitation that prevents exercises that would result in ownership exceeding 9.99%.
Positive
None.
Negative
None.
Insights
Balyasny group reports a near‑10% passive stake via investment vehicles.
The filing shows BAM and affiliated entities may be deemed beneficial owners of 5,089,939 shares or 9.99% of common stock, computed against 50,951,037 shares outstanding as of March 2, 2026
Key dependency is the Beneficial Ownership Limitation on warrants; exercise capacity is capped at 9.99%. Subsequent filings would reveal whether this position is passive or signals engagement.
The position is reported via investment manager relationships and includes exercisable warrants.
The disclosure identifies direct holdings of 1,450,439 and 2,310,000 shares held by ADMF and APHC respectively, and references additional shares issuable upon warrant exercise. Voting and dispositive powers of 5,044,139 shares are also reported for the Reporting Persons.
Cash‑flow treatment and any plans to trade are not stated in the excerpt; future Schedule 13D/SC 13 filings would show intent if changed.
Key Figures
Beneficial ownership:5,089,939 sharesPercent of class:9.99%Shares outstanding:50,951,037 shares+4 more
7 metrics
Beneficial ownership5,089,939 sharesreported beneficial ownership by Reporting Persons
Percent of class9.99%based on shares outstanding as of <date>March 2, 2026</date>
Shares outstanding50,951,037 sharesshares outstanding as of <date>March 2, 2026</date>
ADMF direct holdings1,450,439 sharesdirect holder reported for Atlas Diversified Master Fund, Ltd.
APHC direct holdings2,310,000 sharesdirect holder reported for Atlas Private Holdings (Cayman) Ltd.
Warrants issuable referenced1,329,500 shares issuableshares issuable upon exercise of warrants referenced in the filing
Sole voting/dispositive power reported5,044,139 sharessole power to vote and dispose as stated for the Reporting Persons
Key Terms
Beneficial Ownership Limitation, Schedule 13G, Sole Dispositive Power
3 terms
Beneficial Ownership Limitationregulatory
"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.
Schedule 13Gregulatory
"This statement is being filed by (1) Balyasny Asset Management L.P."
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.
Sole Dispositive Powerregulatory
"Sole Dispositive Power 5,089,939.00"
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.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
SAB Biotherapeutics, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
78397T202
(CUSIP Number)
03/31/2026
(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
5,089,939.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,089,939.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,089,939.00
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)
9.99 %
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
5,089,939.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,089,939.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,089,939.00
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)
9.99 %
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
5,089,939.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,089,939.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,089,939.00
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)
9.99 %
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
5,089,939.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,089,939.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,089,939.00
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)
9.99 %
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
5,089,939.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,089,939.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,089,939.00
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)
9.99 %
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, FL, 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, par value $0.0001 per share
(e)
CUSIP Number(s):
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 9.99% of the Shares, based on the 50,951,037 Shares outstanding as of March 2, 2026, as reported in the Issuer's annual report filed on form 10-K with the Securities and Exchange Commission on March 9, 2026. The reported amount consists of 3,760,439, shares and 1,329,500 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 5,044,139 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 vote or to direct the vote of 5,044,139 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.
How many SAB Biotherapeutics (SABS) shares does Balyasny report owning?
Balyasny and affiliated entities report beneficial ownership of 5,089,939 shares, representing approximately 9.99% of the class based on 50,951,037 shares outstanding as of March 2, 2026.
What entities hold the shares reported by Balyasny for SABS?
The filing attributes holdings to BAM as investment manager via Atlas Diversified Master Fund, Ltd. (1,450,439 shares) and Atlas Private Holdings (Cayman) Ltd. (2,310,000 shares), among affiliated entities.
Are warrants included in Balyasny's reported SABS ownership?
Yes. The reported amount references shares issuable upon exercise of warrants and notes a Beneficial Ownership Limitation that prevents exercise causing ownership above 9.99%.
What voting and disposition powers are reported by the Balyasny group for SABS?
Each Reporting Person reports sole power to vote or direct the vote of 5,044,139 shares and sole power to dispose or direct disposition of 5,044,139 shares as stated in the filing.
On what share count is the 9.99% ownership percentage based?
The 9.99% percent is calculated using 50,951,037 shares outstanding as of March 2, 2026, as reported in the issuer's annual report referenced in the filing.
