SAB Biotherapeutics reports a 5/12/2026 ownership disclosure by Perceptive Advisors and affiliated entities. The filing states that Perceptive Life Sciences Master Fund, Perceptive Advisors LLC and Joseph Edelman each may be deemed to beneficially own 6,431,743 shares of Common Stock, representing 8.4% of the class based on 76,464,094 shares outstanding as reported in the issuer's Form 10-Q filed on 5/12/2026.
The Master Fund directly holds 6,431,743 shares; Perceptive Advisors is the Master Fund's investment manager and Mr. Edelman is the managing member of Perceptive Advisors, each reported with shared voting and dispositive power over those shares.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed; filing signals institutional influence but not control.
The Schedule 13G/A lists a 6,431,743-share position held directly by the Master Fund and attributed to Perceptive Advisors and Joseph Edelman as manager. The filing shows shared voting and dispositive power, not sole control.
Key dependencies include any subsequent amendments or conversion of this disclosure to a Schedule 13D if intent or control changes; timing for further disclosures would follow regulatory triggers.
Position equals 8.4% of the outstanding shares; material as an ownership disclosure only.
The ownership percent is calculated from 76,464,094 shares outstanding reported in the issuer's Form 10-Q dated 5/12/2026. The Master Fund is the direct holder; manager attribution is disclosed by agency relationship.
Cash‑flow treatment is not stated; market impact will depend on any future Schedule 13D amendment or open‑market trading disclosed in subsequent filings.
Key Figures
Shares held by Master Fund:6,431,743 sharesReported percent of class:8.4%Shares outstanding used:76,464,094 shares+1 more
4 metrics
Shares held by Master Fund6,431,743 sharesdirect holding reported in Schedule 13G/A
Reported percent of class8.4%calculated from 76,464,094 shares outstanding (Form 10-Q, <date>5/12/2026</date>)
Shares outstanding used76,464,094 sharesissuer's Form 10-Q cited in filing (<date>5/12/2026</date>)
Shared voting power6,431,743 sharesReporting Persons report shared voting power over these shares
Key Terms
Schedule 13G/A, beneficially own, shared dispositive power
3 terms
Schedule 13G/Aregulatory
"The names of the persons filing this report (collectively, the "Reporting Persons")"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficially ownregulatory
"The Master Fund directly holds 6,431,743 shares of Common Stock"
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.
What stake does Perceptive Advisors report in SABS?
Perceptive Advisors and affiliated entities are reported as beneficial owners of 6,431,743 shares, representing 8.4% of the class based on 76,464,094 shares outstanding reported on 5/12/2026.
Who directly holds the 6,431,743 shares reported in the filing for SABS?
The filing states the Perceptive Life Sciences Master Fund, Ltd. directly holds 6,431,743 shares. Perceptive Advisors is the Master Fund's investment manager and is attributed beneficial ownership.
Does the Schedule 13G/A indicate sole control over SABS shares?
No. The filing reports 0 sole voting power and 6,431,743 shared voting power for the Reporting Persons, indicating shared voting and dispositive powers rather than sole control.
What outstanding share count does the filing use to compute the 8.4% stake in SABS?
The 8.4% figure is based on 76,464,094 shares outstanding as reported by the issuer in its Form 10-Q filed on 5/12/2026, per the Schedule 13G/A disclosure.
Will this Schedule 13G/A trigger further disclosures about Perceptive's intentions for SABS?
The filing is a passive ownership disclosure under Schedule 13G/A; any change in intent or acquisition of control that meets thresholds would require amendment, potentially on Schedule 13D, as provided by applicable rules.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
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
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
6,431,743.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,431,743.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,431,743.00
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)
8.4 %
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
6,431,743.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,431,743.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,431,743.00
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)
8.4 %
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
6,431,743.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,431,743.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,431,743.00
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)
8.4 %
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 76,464,094 shares of Common Stock outstanding, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 12, 2026.
The Master Fund directly holds 6,431,743 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: 8.4%
Mr. Edelman: 8.4%
Master Fund: 8.4%
(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: 6,431,743
Mr. Edelman: 6,431,743
Master Fund: 6,431,743
(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: 6,431,743
Mr. Edelman: 6,431,743
Master Fund: 6,431,743
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.
