SAB Biotherapeutics Reports Full Year 2023 Operating and Financial
Results
March 29, 2024
SAB-142 Phase 1 trial on track for data
release during 2024
Completed financing for up to $110
million with leading life science investors
Cash and equivalents of $56.6 million as
of December 31, 2023
Company expects its cash and equivalents,
with exercise of Tranche B warrants, will fund operations into
2026
Sioux Falls, SD March 29, 2024 (GlobeNewswire)—SAB
Biotherapeutics, Inc. (Nasdaq:SABS), (“SAB” or “the company”), a
clinical-stage biopharmaceutical company with a novel immunotherapy
platform that is developing human anti-thymocyte immunoglobulin
(hIgG) for delaying the onset or progression of Type 1 diabetes
(T1D), today announced its financial results for the fourth quarter
of 2023 in addition to its full year financial results for the
fiscal year ended December 31, 2023, and reported on recent
accomplishments and expected upcoming milestones.
“During 2023, we significantly changed the direction of our
company to focus on SAB-142, our innovative, human anti-thymocyte
immune globulin for the prevention of progression of T1D” stated
Samuel J. Reich, Chairman and CEO of SAB. “Our pivot to SAB-142
catalyzed our capital raise of up to $110 million, led by a
dedicated group of specialist investors, many of whom have deep
knowledge about the needs of patients with T1D. We are grateful for
their support in our drive to bring the benefits of SAB-142 to T1D
patients in need. Despite recent advances in therapy, there remains
a meaningful void for therapies that can prevent the progression of
this devastating illness. We remain on track to provide Phase 1
data for SAB-142 by the end of 2024.”
Highlights from 4Q23 and Recent Corporate
Developments
- Closed an equity financing for up
to $110 million with leading life sciences investors, generating
funds sufficient for operations into 2026 assuming the exercise of
all outstanding Tranche B Warrants.
- Initiated a Phase 1 clinical trial of SAB-142 for safety and
tolerability in autoimmune disorders including T1D.
- Announced Michael G. King Jr. as
new Chief Financial Officer. Mr. King has extensive experience and
prior success as an award-winning biotechnology research analyst
and senior advisor with more than 25 years of experience with
investors, banking institutions and thought leaders in various
pharmaceutical disciplines.
- Appointed Andrew Moin, Partner and
Analyst at Sessa Capital, a New York based investment advisor
registered with the SEC, to the SAB Board of Directors. Mr. Moin
has been with Sessa since 2012, where he works on idea generation,
research, and investment implementation. He has also been deeply
involved in the type 1 diabetes community for over 20 years,
including as a volunteer and member of the Young Leadership
Committee of the New York City Chapter of the JDRF and an early
supporter of multiple fundamental diabetes research and innovation
projects.
- Appointed Katie Ellias, Managing
Partner at JDRF T1D Fund, to the SAB Board of Directors. The JDRF
T1D Fund LLC is a venture philanthropy fund with approximately $200
million in assets, including an investment in SAB. Ms. Ellias
joined the T1D Fund in 2018 where she has led several investments
in companies developing T1D-oriented therapies. She has also served
as a director on the board of several companies, including,
DiogenX, Veralox Therapeutics, i2O Therapeutics, and Capillary
Biomedical.
- Welcomed Erick Lucera to our Board
of Directors. Mr. Lucera, a 30-year veteran of the biotechnology
and medical device industry, has held executive positions at
several healthcare companies, most recently as Chief Financial
Officer of Editas Medicine.
- Hosted 2023 R&D Day virtual and
in-person events, affirming SAB’s strategic focus in the
autoimmunity space with SAB-142, a disease-modifying fully human
hIgG aimed at preventing onset or disease progression of Type 1
Diabetes, and subsequently can be expanded into other immunology
indications.
Upcoming Corporate Presentation
Samuel J. Reich, Chairman and CEO of SAB Biotherapeutics, will
present on behalf of the company at the upcoming 23rd Annual
Needham Virtual Conference on Thursday, April 11, 2024, at 1:30 pm
ET. The company will also participate in virtual 1:1 meetings. A
replay of Mr. Reich’s presentation will be archived on the SAB
Biotherapeutics website for up to one year.
Fiscal Year 2023 Financial Results
- SAB Biotherapeutics held cash and equivalents of $56.6 million
at December 31, 2023, compared to $15.0 million at December 31,
2022.
- R&D expenses of $16.5 million and $36.4 million for the
years ended December 31, 2023 and December 31, 2022
respectively.
- General and administrative expenses of $23.8 million and $16.4
million for the years ended December 31, 2023 and December 31, 2022
respectively.
- Other net expense of $4.1 million for the year ended December
31, 2023, and net other income of $10.2 million for the year ended
December 31, 2022.
- SAB reported a net loss of $42.2 million and $18.7 million for
the years ended December 31, 2023 and December 31, 2022
respectively.
2024 Cash Guidance
The company believes it has sufficient current and future cash
via the exercise of all outstanding Tranche B warrants sufficient
to fund its operations into 2026.
About SAB Biotherapeutics, Inc.
SAB Biotherapeutics (SAB) is a clinical-stage biopharmaceutical
company focused on developing fully human, multi- targeted,
high-potency immunoglobulins (IgGs), without the need for human
donors or convalescent plasma, to treat and prevent immune and
autoimmune disorders. The Company’s lead asset, SAB-142, targets
type 1 diabetes (T1D) with a disease-modifying therapeutic approach
that aims to change the treatment paradigm by delaying onset and
potentially preventing disease progression. Using advanced genetic
engineering and antibody science to develop Transchromosomic (Tc)
Bovine™, the only transgenic animal with a human artificial
chromosome, SAB’s DiversitAb™ drug development production system is
able to generate a diverse repertoire of specifically targeted,
high-potency, fully-human IgGs that can address a wide range of
serious unmet needs in human diseases without the need for
convalescent plasma or human donors. For more information on SAB,
visit: https://www.SAb.bio/ and follow SAB on Twitter and
LinkedIn.
Forward-Looking Statements
Certain statements made herein that are not historical facts are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as “believe,” “may,” “will,” “to be,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding future events, including the development and
efficacy of our T1D program, and other discovery programs, the
funding of the tranche B warrants issued in the Company’s private
placement offering, financial projections and future financial and
operating results (including estimated cost savings and cash
runway), the outcome of and potential future government, and other
third-party collaborations or funded programs.
These statements are based on the current expectations of SAB
and are not predictions of actual performance, and are not intended
to serve as, and must not be relied on, by any investor as a
guarantee, prediction, definitive statement, or an assurance, of
fact or probability. These statements are only current predictions
or expectations, and are subject to known and unknown risks,
uncertainties and other factors which may be beyond our control.
Actual events and circumstances are difficult or impossible to
predict, and these risks and uncertainties may cause our or our
industry’s results, performance, or achievements to be materially
different from those anticipated by these forward-looking
statements. A further description of risks and uncertainties can be
found in the sections captioned “Risk Factors” in our most recent
annual report on Form 10-K, as amended, subsequent quarterly
reports on Form 10-Q, as may be amended or supplemented from time
to time, and other filings with or submissions to, the U.S.
Securities and Exchange Commission, which are available
at https://www.sec.gov/. Except as otherwise required by law,
SAB disclaims any intention or obligation to update or revise any
forward-looking statements, which speak only as of the date they
were made, whether as a result of new information, future events,
or circumstances or otherwise.
Contacts
Media Relations: khollon@sab.bio
Investor Relations: matt@milestone-advisorsllc.com
Media Relations: khollon@sab.bio
Investor Relations: matt@milestone-advisorsllc.com
SAB Biotherapeutics (NASDAQ:SABS)
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