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SAB BIO Announces Third Quarter 2024 Financial Results and Provides Company Update

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Company announced completed Phase 1 enrollment for SAB-142 with no observation of serum sickness.

The company remains on track for a topline Phase 1 data readout by the end of the year.

MIAMI, Nov. 06, 2024 (GLOBE NEWSWIRE) — SAB BIO (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 reported financial results for the second quarter ended September 30, 2024, and provided a company update.

“This quarter we were pleased to report completed enrollment of SAB-142 Phase 1 study with no observed serum sickness,” notes SAB chairman and CEO Samuel J. Reich. “This year we have advanced our SAB-142 Type 1 diabetes program from preclinical through Phase I to Phase II ready, which illustrates SAB management’s ability to execute our business strategy according to plan. Enthusiasm for SAB-142 continues to grow among clinical advisors and the T1D patient community as the program advances, and we are well-positioned and on schedule for initiating a Phase II study in 2025.” 

Corporate Updates

  • SAB provided a clinical trial progress update on September 9, 2024 at the European Association for the Study of Diabetes Annual Meeting.
    • The update confirmed that SAB-142 has completed Phase 1 enrollment of all planned cohorts in healthy volunteers.
    • SAB is now progressing to enroll patients with T1D in the last cohort of the study to establish safety, tolerability, pharmacokinetic and immunogenicity profile of SAB-142 in patients with T1D prior to initiation of an upcoming Phase II SAFEGUARD study in patients with new-onset T1D.
    • Further, the target dose of SAB-142 2.5mg/kg is complete with no observation of serum sickness.

Anticipated Milestones

  • SAB-142 remains on track for a topline Phase 1 data readout by the end of the year.

Q3 2024 Financial Updates

Financial Guidance: Based on its current operating plans, if the Company receives funds upon the exercise of all outstanding Tranche B warrants, SAB would have cash sufficient to fund its operations into 2026.

  • Cash Position: Cash, cash equivalents, and available for sale securities totaled $30.4 million as of September 30, 2024 compared to $56.6 million as of December 31, 2023. This decrease was driven primarily by continued research and related expenses as the Company advances its lead therapeutic candidates.
  • Research and Development (R&D) Expenses: R&D expenses were $7.8 million for three months ended September 30, 2024, compared to $4.0 million for the three months ended September 30, 2023. R&D expenses were $22.6 million for nine months ended September 30, 2024, compared to $12.2 million for the nine months ended September 30, 2023. The increase was primarily due to prioritizing focus in the autoimmunity space with SAB-142, a disease-modifying fully human hIgG aimed at preventing onset or disease progression of T1D.
  • General and Administrative Expense: G&A expenses were $3.5 million for the three months ended September 30, 2024, compared to $2.6 million for the three months ended September 30, 2023. G&A expenses were $11.5 million for the nine months ended September 30, 2024, compared to $8.9 million for the nine months ended September 30, 2023. G&A expenses grew primarily due to increased headcount to support the Company’s continued research activities and development of its product candidates.
  • Non-operating Income: Non-operating income was $1.0 million for the three months ended September 30, 2024, compared to $0.2 million for the three months ended September 30, 2023. Non-operating income was $10.2 million for the nine months ended September 30, 2024, compared to $0.1 million of expense for the nine months ended September 30, 2023. This increase was primarily due to the change in fair value of warrant liabilities and an Australian research and development tax credit.
  • Net Loss: Net loss was $10.3 million for the three months ended September 30, 2024, for an earnings per basic and diluted share of $(1.12), as compared to a net loss of $5.1 million for the three months ended September 30, 2023 for an earnings per basic and diluted share of $(0.97). Net loss was $22.7 million for the nine months ended September 30, 2024, for an earnings per basic and diluted share of $(2.45), as compared to a net loss of $19.3 million for the nine months ended September 30, 2023 for an earnings per basic and diluted share of $(3.79).

About SAB BIO

SAB BIO (SAB) is a clinical-stage biopharmaceutical company focused on developing 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 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, 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 in this current report 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 impact members of SAB’s leadership team will have on the Company’s business and results of operations, the exercise of outstanding warrants for cash, our expected cash runway and the development and efficacy of our T1D program and other discovery 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, 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:
Kaelan Hollon
Vice President of Communications
khollon@sab.bio

Investor Relations:
Kevin Gardner
LifeSci Advisors
kgardner@lifesciadvisors.com

Chris Calabrese
LifeSci Advisors
ccalabrese@lifesciadvisors.com

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