SAB Biotherapeutics, Inc. develops human polyclonal antibodies using genetically engineered transchromosomic cattle, enabling scalable production without human plasma donors. Its lead candidate, SAB-142, targets autoimmune stage 3 type 1 diabetes with promising Phase 1 data and an ongoing registrational Phase 2b trial. Despite increasing operating losses due to R&D investment, the company reported a net income turnaround in 2025 influenced by accounting factors amidst continued negative operating cash flow. A strong cash position and regulatory milestones underlie the company’s potential, balanced by clinical and regulatory risks inherent to novel biologics development.