Caligan reports 10.4% stake in SAB Biotherapeutics

SAB Biotherapeutics disclosure: Caligan Partners LP and David Johnson report beneficial ownership of 7,967,207 shares of Common Stock, representing 10.4% of the class based on 76,464,094 shares outstanding as of May 6, 2026.

Rhea-AI Filing Summary

SAB Biotherapeutics disclosure: Caligan Partners LP and David Johnson report beneficial ownership of 7,967,207 shares of Common Stock, representing 10.4% of the class based on 76,464,094 shares outstanding as of May 6, 2026.

The statement says Caligan acts as investment manager for certain funds and accounts and that Mr. Johnson is the managing partner; voting and dispositive power are reported as sole for the stated shares. The filing is a Schedule 13G ownership disclosure.

Insights

Corporate Governance Advisor

Large passive stake disclosed by an investment manager and its managing partner.

Caligan Partners LP and David Johnson are reported as beneficial owners of 7,967,207 shares, equal to 10.4% of the outstanding common stock as of May 6, 2026. The filing identifies sole voting and dispositive power for that share count on the cover page.

As a Schedule 13G, this statement characterizes the position as passive ownership under the form's conditions; any change in intention or activism would typically require an amended filing or conversion to a different schedule.

Investor Relations Analyst

Stake size and disclosure timing provide clear baseline for investor ownership structure.

The ownership percentage is calculated using 76,464,094 shares outstanding reported in the company's Form 10-Q for the period ended March 31, 2026. The cover-page figures and Item 4 cross-reference support the share and power counts.

Future filings or amendments would show any change in voting/dispositive power or classification; cash‑flow recipients or additional beneficiary details are not specified in the provided excerpt.

Key Figures

Shares beneficially owned: 7,967,207 shares Percent of class: 10.4% Shares outstanding: 76,464,094 shares +2 more

5 metrics

Shares beneficially owned 7,967,207 shares Reported by Caligan Partners and David Johnson on cover page

Percent of class <percent>10.4%</percent> Calculated using outstanding shares as of <date>May 6, 2026</date>

Shares outstanding 76,464,094 shares Outstanding shares used to calculate percentage as of <date>May 6, 2026</date>

CUSIP 78397T202 Class of Common Stock identified on the cover page

Filing signature date 05/15/2026 Date signed by David Johnson

Key Terms

beneficially owned, sole dispositive power, Schedule 13G

3 terms

beneficially owned regulatory

"Amount beneficially owned: The information required by Item 4(a) is set forth"

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.

sole dispositive power regulatory

"Sole Dispositive Power 7,967,207.00"

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.

Schedule 13G regulatory

"This statement is filed by: Caligan Partners LP ... (Schedule 13G ownership disclosure)"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Caligan Partners hold in SAB Biotherapeutics (SABS)?

Caligan Partners and David Johnson report owning 7,967,207 shares, equal to 10.4% of the class. The percentage is calculated using 76,464,094 shares outstanding as of May 6, 2026 per the company's Form 10-Q.

Does the Schedule 13G filing show who controls the SAB Biotherapeutics shares?

Yes — the filing reports sole voting and sole dispositive power over the reported 7,967,207 shares. The cover page lists those powers as sole for both Reporting Persons.

On what record date is the ownership percentage for SABS based?

The percentage is based on 76,464,094 shares outstanding as of May 6, 2026. That outstanding share count is taken from the company's Form 10-Q for the period ended March 31, 2026.

Is the Caligan position reported as passive or active in the SABS filing?

The filing is a Schedule 13G ownership statement, which ordinarily indicates a passive investment posture under the form's rules. The statement does not assert activist intent or plans to change control.

Who signed the Schedule 13G for SAB Biotherapeutics (SABS)?

The filing is signed by David Johnson in his capacity as Managing Partner of Caligan and individually, with signature dates of 05/15/2026.

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

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Accepted by SEC EDGAR 05/15/2026 - 11:17 AM Learn about SEC filing dates

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, $0.0001 par value 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

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 7,967,207.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,967,207.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,697,207.00

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)

10.4 %

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 7,967,207.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,967,207.00
8	Shared Dispositive Power 0.00

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)

10.4 %

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 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 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: 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 76,464,094 shares of Common Stock outstanding as of May 6, 2026, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 12, 2026.
(b)	Percent of class: 10.4%
(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.

Caligan Partners LP

Signature:	/s/ David Johnson
Name/Title:	David Johnson, Managing Partner
Date:	05/15/2026

JOHNSON DAVID EDWARD

Signature:	/s/ David Johnson
Name/Title:	David Johnson, Individually
Date:	05/15/2026