SAB Biotherapeutics, Inc. (NASDAQ: SABS) reported first quarter 2026 financial results and provided updates on its SAFEGUARD clinical trial for type 1 diabetes treatment SAB-142.

The company reported a net loss of $18.9 million for the quarter ended March 31, 2026, compared to a $5.2 million loss in the same period last year. Research and development expenses increased to $13.4 million from $7.7 million year-over-year, driven by investments in the SAB-142 program.

SAB Biotherapeutics maintains a cash position of $217.6 million as of March 31, 2026, following a $95 million public offering completed in March. The company stated this provides operational runway through 2028.

The SAFEGUARD Phase 2b trial continues enrollment across multiple countries including the United States, Australia, New Zealand, United Kingdom and European Union. Part A of the study, which enrolled 12 adult patients, completed enrollment during the first quarter. Part B, targeting 147 pediatric, adolescent and adult patients, was initiated and received approval to include patients ages 12 and older.

The company expects to complete SAFEGUARD enrollment by the end of 2026, with topline data anticipated in the second half of 2027. The trial will enroll 159 Stage 3 type 1 diabetes patients within 100 days of diagnosis.

SAB Biotherapeutics presented additional Phase 1 data at the Immunology of Diabetes Society Congress showing C-peptide preservation in treated participants. Three of four SAB-142-treated participants demonstrated C-peptide levels at or above baseline at Day 120, with improved glycemic control reported.

The FDA confirmed that C-peptide area under the curve may serve as a surrogate endpoint for accelerated approval, according to written correspondence received by the company.