SAB Biotherapeutics, Inc. (NASDAQ: SABS) announced the pricing of an underwritten public offering of 19,324,677 shares of common stock at $3.85 per share. The clinical-stage biopharmaceutical company also offered pre-funded warrants to purchase up to 2,753,246 shares at $3.8499 per warrant to certain investors.

The offering is expected to generate gross proceeds of approximately $85 million before underwriting discounts and expenses. SAB BIO granted underwriters a 30-day option to purchase an additional 3,311,688 shares under the same terms. The offering is scheduled to close on or about March 19, 2026, subject to customary closing conditions.

The company plans to use net proceeds from the offering, combined with existing cash and securities, to fund continued development of its clinical-stage product candidate SAB-142 through ongoing and planned clinical trials. Additional funds will support manufacturing, regulatory and operational activities, working capital and general corporate purposes.

SAB-142 targets autoimmune type 1 diabetes and is currently being evaluated in newly diagnosed Stage 3 autoimmune type 1 diabetes patients in a Phase 2b clinical trial called SAFEGUARD.

Jefferies, UBS Investment Bank, Citigroup and Barclays serve as joint book-running managers for the offering, while Chardan acts as lead manager. The securities are being offered under a shelf registration statement filed with the Securities and Exchange Commission on December 29, 2025, and declared effective on January 7, 2026.

SAB Biotherapeutics develops human immunoglobulin treatments for immune and autoimmune disorders using genetically engineered transchromosomic cattle technology.