SAB Biotherapeutics(US:SABS)2025-05-09 12:42Revenue Performance - Total revenue for the three months ended March 31, 2025, was $0, a decrease of $0.9 million or 100% compared to $944,575 for the same period in 2024 due to the termination of the JPEO Rapid Response Contract[160]. - Total revenue for the three months ended March 31, 2025, was 100% derived from government grants, with no receivables written off[197]. Expenses - Research and development expenses for the three months ended March 31, 2025, were $7,657,321, a decrease of $488,749 or 6.0% from $8,146,070 in 2024[162]. - Salaries and benefits within research and development increased by $951,996 or 41.5% year-over-year, totaling $3,245,785 for the three months ended March 31, 2025[153]. - Clinical trial expenses rose significantly by $1,121,148 or 139.1% year-over-year, amounting to $1,927,208 for the three months ended March 31, 2025[153]. - Outside laboratory services decreased by $944,883 or 56.8% year-over-year, totaling $718,272 for the three months ended March 31, 2025[153]. - General and administrative expenses for the three months ended March 31, 2025, were $3,114,781, a decrease of $1,074,340 or 25.7% from $4,189,121 in 2024[159]. - General and administrative expenses decreased by $1.1 million, or 25.6%, to $3.1 million for the three months ended March 31, 2025, compared to $4.2 million in the same period of 2024[164]. Financial Position - The net loss for the three months ended March 31, 2025, was $5,196,773 compared to a net loss of $5,025,745 for the same period in 2024[159]. - Cash, cash equivalents, and investments totaled $12.9 million as of March 31, 2025, down from $20.8 million as of December 31, 2024[171]. - Net cash used in operating activities was $7.8 million for the three months ended March 31, 2025, a decrease of $3.0 million compared to $10.8 million in the same period of 2024[180]. - Net cash provided by investing activities was $4.7 million for the three months ended March 31, 2025, compared to a net cash outflow of $31.4 million in the same period of 2024[180]. - The accumulated deficit reached $129.4 million as of March 31, 2025, with expectations of continued losses as product candidates are developed and commercialized[186]. - The company anticipates needing additional capital to fund operations and support long-term plans, with potential financing through equity or debt[187]. Non-Operating Income - Total non-operating income decreased by $0.4 million, or 6.07%, to $5.6 million for the three months ended March 31, 2025, primarily due to a decrease in the fair value of warrant liabilities[166]. - Interest income decreased by $0.4 million, or 87.45%, to $62,498 for the three months ended March 31, 2025, compared to $497,893 in the same period of 2024[169]. Regulatory and Development Plans - The company plans to advance SAB-142 into a Phase 2b trial in 2025 to evaluate its therapeutic candidate for new-onset Type 1 diabetes[145]. - The proprietary platform is expected to generate additional novel therapeutic candidates, enhancing the company's pipeline[143]. - The company has a demonstrated regulatory pathway through multiple agencies, streamlining the development of new drug products[148]. Tax and Currency Exposure - The valuation allowance on net deferred tax assets increased by approximately $2.5 million during the three months ended March 31, 2025[185]. - The company does not hedge foreign currency exchange rate risk, with liabilities in foreign currencies deemed not material as of March 31, 2025[199]. - A 10% change in market interest rates is not expected to materially affect the company's financial condition or results of operations[198]. - The company conducts nearly all business in U.S. dollars, minimizing exposure to foreign currency fluctuations[199]. Operating Losses - The company has incurred operating losses for several years and expects to continue generating losses for the foreseeable future[173].