SAB Biotherapeutics, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing human polyclonal immunotherapeutic antibodies, experienced a complete cessation of revenue, reporting total revenue of $0 for the three months ended September 30, 2024, compared to $1.3 million for the same period in 2023. This decline is attributed primarily to the termination of the JPEO Rapid Response Contract. For the nine months ended September 30, 2024, total revenue decreased to approximately $1.2 million from $1.9 million in the prior year.
Operating expenses surged to $11.3 million for the third quarter of 2024, up from $6.6 million in the same quarter of 2023. The increase in expenses was driven by higher research and development costs, which rose by 94.8% to $7.8 million in Q3 2024, largely due to increased spending on outside lab services and clinical trials. For the nine-month period, total operating expenses reached $34.1 million, compared to $21.1 million in 2023.
The company reported a net loss of $10.3 million for the third quarter of 2024, compared to a loss of $5.1 million in the same quarter of the previous year. For the nine months ended September 30, 2024, the net loss was $22.7 million, an increase from $19.3 million in 2023. The basic and diluted loss per share for the third quarter was $(1.12), compared to $(0.97) in the prior year.
As of September 30, 2024, SAB Biotherapeutics had cash and cash equivalents of $9.2 million, a significant decrease from $56.6 million at the end of 2023. The total assets also fell to $53.8 million from $83.9 million, while total stockholders’ equity decreased to $36.9 million from $57.3 million. The company reported an accumulated deficit of $112.8 million and expressed concerns regarding its liquidity, indicating that its current cash and investments would not be sufficient to fund operations for more than 12 months.
Strategically, the company formed a new subsidiary, SAB BIO PTY LTD, in Australia to enhance its research and development capabilities, which may provide tax credits on qualifying expenses. However, the company has no commercially approved products and continues to rely heavily on government grants for funding. The management is actively seeking additional capital through equity or debt financing to support ongoing operations and product development.
About SAB Biotherapeutics, Inc.
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