Executive Summary

Advanced SAB-185 to Phase 3 in NIH-sponsored ACTIV-2 after a positive DSMB recommendation; first Phase 3 patient dosed in October, positioning near-term clinical catalysts in COVID-19 therapeutics .
Secured an additional $60.5M DoD award (cumulative ~$203M across four awards since March 2020), materially strengthening funding visibility for SAB-185 through licensure and commercial manufacturing .
Cash was $10.8M at September 30, 2021; pro forma cash was ~$30M post-October business combination—adequate to advance near-term trials but with rising OpEx from pipeline execution .
No quarterly revenue or EPS were disclosed and no earnings call transcript was available; comparisons to Street estimates are not possible given data constraints and the company’s newly public status .

What Went Well and What Went Wrong

What Went Well

Phase 3 advancement of SAB-185 in ACTIV-2 following DSMB review, with first Phase 3 patient dosed in October—demonstrates clinical momentum and external validation via NIH collaboration .
Incremental $60.5M DoD funding for SAB-185, bringing total announced awards to ~$203M since March 2020—de-risks late-stage development and manufacturing scale-up .
Management strengthened finance leadership, appointing CFO Russell Beyer (30+ years experience), supporting public-company readiness and execution .
Quote: “Our pipeline…continues to advance, and our clinical programs for SAB-185 and SAB-176 show strong therapeutic potential…” —Eddie J. Sullivan, PhD, President & CEO .

What Went Wrong

Nine months 2021 net loss of $5.6M versus net income of $11.7M in the prior-year period, reflecting intensified R&D and corporate build-out as programs advance .
R&D expenses rose sharply to $46.5M (9M21) from $12.6M (9M20), driven by SAB-185 advancement; while aligned with pipeline progress, it elevates near-term burn .
Item 4.02 restatement: reclassification of SPAC-related redeemable common stock and EPS methodology under ASC 480 and related guidance—no change to total assets/liabilities, but highlights internal control remediation needs .

Financial Results

Availability Note

The company did not disclose Q3 2021 quarterly revenue, EPS, or margin figures in its 8-K/press release, and no earnings call transcript was found. As a newly public company (October 2021 SPAC close), SABS provided nine-month year-to-date metrics rather than quarter-specific financials .

Cash and Operating Expenses (Nine Months to Date)

Metric	9M 2020	9M 2021
Cash and Cash Equivalents (period-end)	$13.5M	$10.8M
R&D Expenses	$12.6M	$46.5M
G&A Expenses	$4.9M	$9.3M
Net Income (Loss)	$11.7M	$(5.6)M

Additional liquidity: Pro forma cash ~$30M post-Oct 22, 2021 business combination closing .

Revenue, EPS, Margins vs Prior Periods and Estimates

Metric	Q2 2021	Q3 2021	Vs Prior Quarter	Vs Prior Year	Vs Estimates
Revenue ($USD)	Not disclosed	Not disclosed	N/A	N/A	N/A (Unavailable)
Diluted EPS ($USD)	Not disclosed	Not disclosed	N/A	N/A	N/A (Unavailable)
Gross/EBIT/Net Margins (%)	Not disclosed	Not disclosed	N/A	N/A	N/A (Unavailable)

KPIs and Funding

KPI	Current	Prior	Notes
DoD Funding—Incremental Award	$60.5M	N/A	Expanded scope for advanced clinical development to licensure
DoD Funding—Cumulative	~$203M	N/A	Four awards since March 2020
SAB-185 Program Status	Phase 3 ACTIV-2 (NIH)	Phase 2	DSMB recommended advancement; first patient dosed Oct 2021
SAB-176 Program Status	Ongoing Phase 2a challenge study	N/A	Topline data expected Q4 2021

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
SAB-176 Topline Data Timing	Q4 2021	Not previously specified	Topline Phase 2a expected Q4 2021	New timing detail
SAB-142 IND-Enabling Start	Q1 2022	Not previously specified	IND-enabling studies expected to begin Q1 2022	New timing detail
Revenue, Margins, OpEx, OI&E, Tax	FY/Q3 2021	Not provided	Not provided	Maintained (no financial guidance provided)
Dividends	FY/Q3 2021	Not applicable	Not applicable	No change

Earnings Call Themes & Trends

No earnings call transcript was found for Q3 2021, limiting thematic comparison.

Topic	Previous Mentions (Q1 2021, Q2 2021)	Current Period (Q3 2021)	Trend
Business Combination/SPAC	Q1: SPAC operations; Q2: Business Combination Agreement signed; expected close in Q4 2021	Closed in Oct 2021; trades as SABS	Completed/Transitioned to public biotech
R&D Execution	SPAC had no operating revenues; focus on merger process	SAB-185 advanced to Phase 3; SAB-176 Phase 2a ongoing	Acceleration in clinical activities
Funding	SPAC trust and warrants; no operating funding	DoD +$60.5M; ~$203M cumulative awards	Strengthened external funding
Regulatory/Accounting	SPAC warrant classification restatements; controls remediation	Item 4.02 restatement carried through merger process	Continued remediation focus
Macro (COVID-19)	COVID risk disclosures in SPAC context	COVID-19 therapy focus (SAB-185)	Direct program exposure to pandemic dynamics

Management Commentary

Prepared remarks emphasize platform strength and pipeline breadth: “Our pipeline of potent and scalable human polyclonal antibodies…continues to advance, and our clinical programs for SAB-185 and SAB-176 show strong therapeutic potential…” —Eddie J. Sullivan, PhD, President & CEO .
Strategic positioning post-public listing: “We entered the next stage of our growth with our recent debut as a public company…” —Eddie J. Sullivan .
Operating leadership: Appointment of CFO Russell Beyer to support scaling and financial rigor .

Q&A Highlights

No Q3 2021 earnings call transcript was found; therefore, no Q&A highlights or clarifications are available .

Estimates Context

Wall Street consensus (S&P Global) for Q3 2021 revenue and EPS was unavailable due to data access limitations and the company’s newly public status; as such, estimate comparisons cannot be made at this time .

Key Takeaways for Investors

Near-term clinical catalysts: Phase 3 ACTIV-2 progress for SAB-185 and Q4 2021 SAB-176 topline readout can be stock-moving events; monitor NIH ACTIV-2 updates and influenza challenge data releases .
Funding de-risking: The additional $60.5M DoD award (cumulative ~$203M) materially supports late-stage development and manufacturing planning for SAB-185, reducing near-term financing risk .
Operating ramp: Elevated R&D spend reflects advancing programs; pro forma cash (~$30M) plus awards underpin runway but remain sensitive to timeline and trial costs .
Accounting/controls: Restatement under Item 4.02 highlights ongoing internal control remediation; investors should watch audit progress and financial reporting cadence .
Data visibility: Lack of disclosed quarterly revenue/EPS and absence of a call transcript constrain near-term financial modeling; focus should be on clinical milestones and external funding milestones .
Strategic narrative: Polyclonal antibody platform positioned for variant-resilient responses in infectious diseases; success in Phase 3 and SAB-176 could broaden platform credibility and partnerships .

Citations:

SAB Biotherapeutics, Inc. (SABS)·Q3 2021 Earnings Summary