Perceptive funds disclose 7.3% SAB Biotherapeutics (SABS) ownership

Rhea-AI Filing Summary

SAB Biotherapeutics, Inc. is the subject of a Schedule 13G showing that Perceptive Advisors LLC, its Perceptive Life Sciences Master Fund, Ltd., and Joseph Edelman collectively report beneficial ownership of 3,471,861 shares of SAB’s common stock, representing 7.3% of the class.

The Master Fund directly holds the 3,471,861 shares, and the ownership percentage is based on 47,606,851 outstanding shares as of November 10, 2025, as disclosed in SAB’s Form 10-Q. Perceptive Advisors, as investment manager, and Mr. Edelman, as managing member, share voting and dispositive power over these shares. The filers certify the position was not acquired to change or influence control of SAB Biotherapeutics.

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)

01/14/2026

(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)

SCHEDULE 13G

CUSIP No. 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 3,471,861.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,471,861.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,471,861.00

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 No. 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 3,471,861.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,471,861.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,471,861.00

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 No. 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 3,471,861.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,471,861.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,471,861.00

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 47,606,851 outstanding shares of Common Stock as of November 10, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025. The Master Fund directly holds 3,471,861 shares of Common Stock. Perceptive Advisors serves as the investment manager to 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: 3,471,861 Mr. Edelman: 3,471,861 Master Fund: 3,471,861
	(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: 3,471,861 Mr. Edelman: 3,471,861 Master Fund: 3,471,861
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:	01/22/2026

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman
Date:	01/22/2026

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	01/22/2026

FAQ

What stake in SAB Biotherapeutics (SABS) does Perceptive report on this Schedule 13G?

Perceptive Advisors LLC, its Perceptive Life Sciences Master Fund, Ltd., and Joseph Edelman report beneficial ownership of 3,471,861 shares of SAB Biotherapeutics common stock, representing 7.3% of the class.

Which Perceptive entity directly holds SAB Biotherapeutics (SABS) shares?

The Perceptive Life Sciences Master Fund, Ltd. directly holds 3,471,861 shares of SAB Biotherapeutics common stock, with Perceptive Advisors and Joseph Edelman deemed beneficial owners through control relationships.

How was the 7.3% ownership in SAB Biotherapeutics (SABS) calculated?

The 7.3% ownership is based on 47,606,851 outstanding shares of SAB Biotherapeutics common stock as of November 10, 2025, as reported in the company’s Form 10-Q.

Do Perceptive Advisors and Joseph Edelman control voting and disposition of SAB Biotherapeutics (SABS) shares?

Perceptive Advisors, Joseph Edelman, and the Master Fund each report 0 shares with sole voting or dispositive power and 3,471,861 shares with shared voting and dispositive power.

Is Perceptive’s SAB Biotherapeutics (SABS) position intended to influence control of the company?

The Reporting Persons certify that the securities were not acquired and are not held for the purpose of changing or influencing the control of SAB Biotherapeutics.

Who are the reporting persons on this SAB Biotherapeutics (SABS) Schedule 13G?

The reporting persons are Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd., all reporting beneficial ownership of the same share amount and percentage.