| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
| Net loss | -18,868,885 | -16,860,743 | 30,134,426 |
| Depreciation and amortization | 730,965 | 741,593 | 2,253,170 |
| Amortization of finance right-of-use assets | 21,705 | 21,706 | 65,117 |
| Stock-based compensation expense | 5,459,911 | 3,169,734 | 2,040,913 |
| Gain on the sale of equipment | 2,217 | NaN | NaN |
| Net realized and unrealized (gain) loss on equity securities | -9,587 | 9,929 | 64,038 |
| Net realized gain on debt securities | 47,089 | NaN | NaN |
| Changes in fair value of warrant liabilities | 482,474 | 3,253,435 | -66,007,621 |
| Accretion of discounts on investments | -10,075 | 36,864 | 51,767 |
| Write-off of deferred issuance costs | NaN | 261,105 | NaN |
| Gain in early termination of lease liability | 7,042 | NaN | NaN |
| Accrued interest receivable | 608,280 | 386,827 | 504,999 |
| Prepaid expenses and other current assets | 297,263 | 6,863,069 | -1,577,810 |
| Operating lease right-of-use assets and liabilities, net | 74,224 | -3,861 | -63,559 |
| Accounts payable | 114,119 | 324,527 | 1,158,266 |
| Accrued expense and other current liabilities | -1,194,966 | -394,856 | 1,336,380 |
| Net cash used in operating activities | -14,271,130 | -16,776,327 | -27,998,784 |
| Proceeds from the sale of equipment | 2,217 | 0 | 500 |
| Purchases of equipment | 983,257 | 933,156 | NaN |
| Purchases of investments | 139,262,781 | 12,043,721 | 129,991,839 |
| Proceeds from sales and maturities of investments | 74,596,145 | 11,270,722 | 9,991,364 |
| Net cash provided by (used in) investing activities | -65,647,676 | -1,706,155 | -119,999,975 |
| Proceeds from the 2025 pipe, net of series b issuance costs | NaN | 0 | 168,729,827 |
| Proceeds from the march 2026 public offering, net of issuance costs | 79,636,964 | NaN | NaN |
| Payment of deferred issuance costs | NaN | 758 | NaN |
| Proceeds from the march 2026 public offering underwriters option, net of issuance costs | 7,238,000 | NaN | NaN |
| Principal payments of notes payable | NaN | 0 | 275,849 |
| Proceeds from exercised warrants | 2,975,000 | NaN | NaN |
| Principal payments on finance leases | 37,388 | 36,675 | 105,888 |
| Proceeds from exercise of stock options | 113,116 | NaN | NaN |
| Tax payments for share settlement of restricted stock units | 4,571 | 4,252 | 6,953 |
| Net cash provided by (used in) financing activities | 89,921,121 | -41,685 | 168,341,137 |
| Effect of exchange rate changes on cash and cash equivalents | 14,729 | -397,861 | 184,364 |
| Net increase (decrease) in cash and cash equivalents | 10,017,044 | -18,922,028 | 20,526,742 |
| Beginning of period | 10,502,680 | -20,526,742 | 8,897,966 |
| End of period | 20,519,724 | -18,922,028 | 29,424,708 |
SAB Biotherapeutics, Inc. (SABSW)
SAB Biotherapeutics, Inc. (SABSW)