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SAB Biotherapeutics Inc. (SABS+10.57%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in revenue to $1,322,410 from $2,238,991 in the previous year. This decrease is attributed to the termination of the JPEO Rapid Response Contract.
Research and development expenses increased to $30,251,667 from $16,515,005, primarily due to higher costs in outside lab services and clinical trial expenses.
General and administrative expenses decreased to $13,981,263 from $23,799,306, largely due to a reduction in administrative support fees and non-capitalized financing costs.
The company reported a net loss of $34,105,309 for the year, compared to a net loss of $42,193,786 in the previous year.
SAB Biotherapeutics had cash, cash equivalents, and investments totaling $20.8 million as of December 31, 2024, down from $56.6 million the previous year.
The filing outlines the company's focus on advancing its lead product candidate, SAB-142, into a Phase 2b trial in 2025, following positive Phase 1 results.
SAB Biotherapeutics continues to rely on government grants and equity financings as primary sources of funding, with plans to seek additional capital to support ongoing operations and development efforts.
The company acknowledges substantial doubt about its ability to continue as a going concern and plans to seek additional capital through various financing options.
SAB Biotherapeutics operates under a series of leases for its research, development, and corporate facilities, with the primary lease for its research center expiring in December 2029.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SAB Biotherapeutics Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.