SAB Bio raises $175M in oversubscribed private placement; Sanofi participates; cash runway into mid-2028

SAB Biotherapeutics, Inc.

Gross proceeds of $175M from sale of Series B convertible preferred stock and warrants; conversion price $1.75 per common share.
Investors include strategic partner Sanofi, RA Capital, Commodore Capital, Vivo Capital, Blackstone Multi-Asset, and others.
Proceeds to fully fund Phase 2b SAFEGUARD study of SAB-142 in Stage 3 T1D and extend cash runway into middle of 2028.
Warrants exercisable for up to 1.5M additional preferred shares, potentially yielding additional $284M in gross proceeds.
Company received FDA alignment on Phase 2b SAFEGUARD trial design during a Type B meeting on May 29, 2025.

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