SAB Biotherapeutics Provides Company Update for Q2 2022 Financial Results
August 10 2022 - 8:15AM
SAB Biotherapeutics (Nasdaq: SABS), (SAB), a clinical-stage
biopharmaceutical company with a novel immunotherapy platform that
produces specifically targeted, high-potency, fully-human
polyclonal antibodies without the need for human donors, today
reported financial results for the second quarter ended June 30,
2022 and provided a company update.
“We continue to utilize our capabilities and
infrastructure to advance our development pipeline in
immunotherapeutics directed at unmet medical needs in influenza and
Clostridioides difficile (C. diff.) as well as discovery programs
in autoimmune disease and oncology. Furthermore, with the
validation of our technology in clinical trials in the last year,
we are increasingly confident in the platform as we move forward
into new indications,” said Eddie J. Sullivan, Ph.D., Co-founder,
President and Chief Executive Officer of SAB Biotherapeutics.
Pipeline Updates and Anticipated
Milestones
SAB continues to execute on its strategy to
build a proprietary immune and autoimmune disorders pipeline,
including respiratory and gastroenterological diseases that
disproportionately affect immunocompromised patients. SAB 176,
anti-influenza human polyclonal antibodies will move towards
advanced Phase II development and SAB 195, anti-C. diff. human
polyclonal antibodies will move to pre-IND development and
filing.
SAB will be hosting a “Virtual 2022 Annual
R&D Portfolio Update” on Wednesday, August 17th at 10:30am ET
to provide an overview of our exclusive polyclonal
immunotherapy platform, DiversitAb™, and present our portfolio
of planned clinical and preclinical development
programs. Executives will showcase SAB’s
innovative science and how the human body fights disease using
polyclonal antibodies in a unique, multi-targeted, and natural
way.
Q2 2022 Financial Results
- Financial
Guidance: Based on its current operating plans, SAB
expects that its existing business plan, cash and cash equivalents,
and anticipated cash flows as of June 30, 2022, will be sufficient
to fund its operating expenses and capital expenditure requirements
for the twelve months following the date our quarterly report on
Form 10-Q was made available for issuance.
- Cash
Position: Cash and cash equivalents were $16.6
million as of June 30, 2022, compared to $22.4 million on March 31,
2022, which was driven primarily by $0.7 million in further capital
expansion and SAB’s second quarter cash operating loss of $5.1
million.
- Research and Development
(R&D) Expenses: R&D expenses were $8.6
million for three months ended June 30, 2022, compared to $18.7
million for the three months ended June 30, 2021. The decrease was
primarily due to decreases in laboratory supplies, contract
manufacturing costs, clinical trial expense, and outside lab
services due to a decrease in work performed.
- General and Administrative
(G&A) Expenses: G&A expenses were $4.3
million for the three months ended June 30, 2022, compared to $2.4
million for the three months ended June 30, 2021. The increase was
primarily due to increased compensation costs and increased
insurance costs associated with being a public company.
- Net
Income: Net loss was $4.8 million for the three
months ended June 30, 2022, for an earnings per basic and diluted
share of $(0.11), as compared to a net income of $2.9 million for
the three months ended June 30, 2021, for an earnings per basic and
diluted share of $(0.11).
About SAB Biotherapeutics,
Inc.
SAB Biotherapeutics, Inc. (SAB) We are a
clinical-stage biopharmaceutical company focused on the development
of powerful and proprietary immunotherapeutic polyclonal human
antibodies to treat and prevent infectious diseases and immune and
autoimmune disorders. Our development programs include infectious
diseases resulting from outbreaks and pandemics, as well as
immunological, gastroenterological, and respiratory diseases that
have significant mortality and health impacts on immune compromised
patients. SAB has applied advanced genetic engineering and antibody
science to develop transchromosomic (Tc) Bovine™. Our versatile
DiversitAb™ platform is applicable to a wide range of serious unmet
needs in human diseases. It produces natural, specifically
targeted, high-potency, fully-human polyclonal immunotherapies
without the need for human donors. SAB currently has multiple drug
development programs underway and collaborations with the US
government and global pharmaceutical companies. 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,” “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 influenza program, C. diff. program, Type 1
Diabetes program, and other discovery programs, the likelihood that
a patent will issue from any patent application, the results,
including timing, of the development of SAB-195 (including any IND
filing or proposed clinical trials), 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
(including negotiations with the DoD).
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, subsequent quarterly
reports on Form 10-Q, 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
Investor Relations:SABIR@westwicke.com
Media Relations:SABPR@westwicke.com
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