Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39871 SAB BIOTHERAPEUTICS, INC. Indicate by check mark whether the registr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39871 SAB BIOTHERAPEUTICS, INC. (Exact Name of Registrant as Specified in ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39871 | SAB BIOTHERAPEUTICS, INC. | | | --- | --- | | (Exact name of Registrant as specified in its Charter) | | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39871 SAB BIOTHERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39871 SAB BIOTHERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) Del ...

Financial Performance - Total revenue for the three months ended March 31, 2022, was $11.8 million, a decrease of 30.2% from $16.9 million in the same period of 2021[136] - Net income for the three months ended March 31, 2022, was $985,863, down from $1,409,834 in the same period of 2021[164] - The company recognized approximately $11.7 million in grant income from the Department of Defense for the three months ended March 31, 2022, compared to $16.9 million in the same period of 2021[150] - Total revenue for the three months ended March 31, 2022, was $11,803,077, a decrease of $5,124,657 or 30.3% compared to $16,927,734 in the same period of 2021[164] Expenses - Research and development expenses for the three months ended March 31, 2022, were $13.3 million, an increase of 4% from $12.8 million in the same period of 2021[138] - General and administrative expenses for the three months ended March 31, 2022, were $5.2 million, up 57.6% from $3.3 million in the same period of 2021[138] - Research and development expenses increased by $542,340 or 4.2% to $13,324,344 for the three months ended March 31, 2022, compared to $12,782,004 in 2021[167] - General and administrative expenses rose by $1,854,266 or 55.7% to $5,186,072 for the three months ended March 31, 2022, compared to $3,331,806 in 2021[168] Funding and Financial Position - The company has approximately $78.2 million in funding remaining for current government grants, with an additional $1.6 million pending approval for extensions[136] - The company has raised approximately $82.5 million from equity financings since inception as of March 31, 2022[180] - The company had $22.4 million in cash and cash equivalents as of March 31, 2022, down from $33.2 million as of December 31, 2021[174] - Future capital requirements will depend on securing additional government grants and contracts for product development and commercialization[177] Workforce and Operations - The company has experienced workforce growth, increasing from 139 employees as of December 31, 2021, to 148 employees as of March 31, 2022[138] - The company plans to continue significant investments in research and development, particularly in infectious disease, autoimmune, and oncology indications[138] Tax and Compliance - Income tax expense increased by approximately $92,000 to $92,281 for the three months ended March 31, 2022, primarily due to changes in tax regulations[172] - The company had approximately $22.4 million of federal net operating loss carryforwards as of March 31, 2022, which are subject to review and potential adjustment by tax authorities[191] - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[218] - The company has elected to utilize reduced disclosure obligations, which may result in different information being provided to shareholders compared to other public companies[219] - The company has opted for an extended transition period for complying with new accounting standards, which may affect comparability with other public companies[220] Cash Flow and Activities - Net cash used in operating activities decreased by $19.7 million to $(10.3) million for the three months ended March 31, 2022, compared to $9.5 million in the same period of 2021, primarily due to a $5.1 million decrease in revenue and a $2.0 million increase in general and administrative expenses[186] - Net cash used in investing activities improved by $0.6 million, totaling $(1.3) million for the three months ended March 31, 2022, compared to $(1.9) million in the same period of 2021, mainly due to reduced equipment purchases and completion of HQ expansion[187] - Net cash used in financing activities increased by $5.5 million to $(5.6) million for the three months ended March 31, 2022, compared to $(45.5) thousand in the same period of 2021, primarily due to the settlement of the Forward Share Purchase Agreement[188] Market and Risk Factors - The company’s primary exposure to market risk is interest income volatility, which is not expected to be materially affected by a 10% change in market interest rates due to current low rates[223] - The company conducts its business in U.S. dollars, thus avoiding financial risks from exchange rate fluctuations[224] - The COVID-19 pandemic did not materially impact the company's business, operating results, or financial condition, although future uncertainties remain[216] - The company remains focused on maintaining operations, liquidity, and financial flexibility amid disruptions from the COVID-19 pandemic[217] Other Financial Metrics - The company recorded a gain on debt extinguishment of $665,596 related to the forgiveness of the Paycheck Protection Program Loan in the previous year[183] - Interest income increased by $2,427 or 44.1% to $7,933 for the three months ended March 31, 2022, compared to $5,506 in 2021[171] - Stock-based compensation expense for the three months ended March 31, 2022, was $0.9 million, up from $0.3 million in the same period of 2021, with $7.5 million of total unrecognized stock-based compensation cost related to non-vested options expected to be recognized over 2.27 years[204] - The fair value of Public Warrant liabilities changed by approximately $7.5 million for the three months ended March 31, 2022, with the initial measurement on the Closing Date being approximately $6.3 million[209] - The risk-free interest rate increased to 2.42% as of March 31, 2022, from 1.24% as of December 31, 2021, while implied volatility rose to 49.0% from 43.0%[210] - The company recorded a valuation allowance increase of approximately $1.6 million on its net deferred tax assets during the three months ended March 31, 2022[194] - There were no material changes outside of the ordinary course of business to the company's commitments and contractual obligations as of March 31, 2022[190] - Total contractual obligations and commitments as of March 31, 2022, amounted to $9.4 million, with $1.7 million due within one year and $2.2 million due in 1-3 years[189] - The company received 100% of its total revenue through grants from government organizations for the three months ended March 31, 2022, and 2021, with no receivables written off[222]

Financial Performance and Profitability - The company is a clinical-stage biopharmaceutical entity that has incurred significant losses since inception, with expectations of continued operating losses for the foreseeable future [261]. - The company realized net income in the fiscal year ended December 31, 2021, but may not generate sufficient revenue to maintain profitability [263]. - The company has a limited operating history, making it difficult to forecast revenues and predict operating expenses accurately [267]. - The company’s financial results may fluctuate significantly on a quarterly and annual basis, which could lead to a decline in stock price if expectations are not met [442]. - The company may need to raise significant additional capital for operations, clinical trials, and research and development, which could lead to further dilution of existing shareholders [453]. - The company’s financial condition and stock price may be adversely affected by unstable market and economic conditions, including potential disruptions in credit and financial markets [457]. Regulatory and Approval Challenges - The company has no products approved for sale and is heavily investing in the development of its DiversitAb platform and lead programs [268]. - The regulatory approval processes for product candidates are lengthy and unpredictable, which could materially harm the business if approvals are not obtained [261]. - The regulatory approval process for the company's product candidates is lengthy, expensive, and unpredictable, potentially delaying commercialization plans [276]. - The company has not yet submitted a New Animal Drug Application (NADA) or Biologics License Application (BLA) to the FDA, which are necessary for marketing its product candidates [295]. - Regulatory authorities may require more information or additional clinical data, which could delay or prevent approval of the product candidates [276]. - Delays in obtaining regulatory approvals could materially adversely affect the company's ability to generate revenue and impact its financial position [282]. Research and Development - The company plans to continue research and development of clinical- and preclinical-stage product candidates, including clinical trials for SAB-185 and SAB-176 [266]. - The company’s lead product candidate, SAB-185, requires additional clinical trials to demonstrate safety and efficacy before obtaining regulatory approvals [295]. - The company may incur unexpected costs or delays in the development and commercialization of its product candidates due to various unforeseen events [301]. - The company faces risks related to patient enrollment in clinical trials, which could lead to delays or increased costs [287]. Manufacturing and Supply Chain - The company has not yet commercialized any pharmaceutical products and lacks the ability to manufacture in commercial quantities, which could adversely affect clinical trials and regulatory approvals [363]. - There is currently no commercial supply agreement in place for drug substances or products, which could impact the ability to meet market demand if products are approved [364]. - Manufacturing processes for product candidates are complex and may encounter difficulties, particularly in scaling up production, which could affect commercial viability [372]. - The company must ensure that any third-party manufacturers can consistently meet FDA and regulatory standards to avoid delays in product commercialization [378]. Market and Competitive Landscape - The company may face challenges in achieving market acceptance and reimbursement for its products, which are critical for commercial success [269]. - The competitive landscape includes numerous companies with greater resources and experience, posing a risk to the company's market position [401]. - Future product revenue may be lower if the company collaborates with third parties for sales and distribution instead of marketing directly [325]. Legal and Compliance Risks - The company is subject to stringent regulatory obligations and potential litigation related to its patents and intellectual property [262]. - The company may be subject to significant civil, criminal, and administrative penalties if found in violation of healthcare laws and regulations, which could materially affect its business [333]. - The company incurs increased costs and demands due to compliance with public company regulations, which may adversely affect its financial condition and results of operations [426]. Intellectual Property and Technology - The company’s success heavily relies on maintaining proprietary technology and intellectual property rights, which are subject to complex legal challenges [410]. - Potential patent infringement claims from third parties could result in substantial expenses and hinder research and development efforts [411]. - The company may face material harm if it fails to obtain patent term extensions and data exclusivity for product candidates, which could allow competitors to launch similar products after patent expiration [423]. Human Resources and Operational Challenges - The company faces challenges in attracting and retaining skilled personnel, which is critical for its growth and operational success [352]. - Misconduct by employees or contractors could lead to significant legal and financial repercussions, impacting the company's operations [356]. - The company lacks sales and marketing experience, requiring the development of a substantial marketing and sales force or collaboration with a pharmaceutical company for distribution [402]. Market Conditions and Stock Performance - The company faces significant risks related to market volatility, which could adversely affect the trading price of its common stock and overall investment value [447]. - The company’s stock may be subject to extreme price fluctuations that are unrelated to its operating performance, impacting investor confidence [448]. - The company’s ability to comply with Nasdaq's continued listing standards is uncertain, which could lead to significant negative consequences for shareholders [450].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39871 SAB BIOTHERAPEUTICS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 001-39871 85-3899721 (State or other ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39871 BIG CYPRESS ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 84-3899721 | | --- | --- | | (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2021 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39871 BIG CYPRESS ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | | | (State or other jurisdiction of incorp ...