SAB Biotherapeutics (Nasdaq: SABS), (SAB), a clinical-stage
biopharmaceutical company with a novel immunotherapy platform that
produces specifically targeted, high-potency, fully-human
immunoglobulins (hIgG), also known as fully-human polyclonal
antibodies, without the need for human donors, yesterday reported
financial results for the first quarter ended March 31, 2023, and
provided a company update.
"Our first quarter 2023 results demonstrate that
we continue to execute on our strategy to develop and deliver
powerful immunotherapeutic treatments to patients with significant
unmet needs. We recently announced Breakthrough Therapy Designation
and Fast Track designation for SAB-176 from the FDA further
validating the potential of our immunotherapy platform to treat a
wide range of serious infectious diseases specifically impacting
high-risk patients most in need of improved treatment options. We
remain committed to advancing our programs and delivering
much-needed therapies to patients worldwide,” said Eddie J.
Sullivan, Ph.D., Co-Founder, President, and Chief Executive Officer
of SAB Biotherapeutics. “Additionally, we presented favorable
safety and efficacy data from Phase 1 and 2a clinical trials of
SAB-176, our fully-human, broadly neutralizing immunoglobulin
antibody therapeutic, designed to prevent or reduce severe outcomes
of Type A and Type B influenza infection in high-risk and
immunocompromised patients. Lastly, we are pleased with the results
of the Phase 3 NIH trial that showed our antibody therapeutic
candidate, SAB-185, demonstrated sustained symptom resolution in
patients with COVID-19 caused by the Omicron variant compared to
those who received REGEN-COV®," concluded Dr. Sullivan.
Pipeline Updates and Anticipated
Milestones
SAB is committed to advancing its strategy of
developing a unique immunology platform focused on Type 1 diabetes,
and respiratory and gastrointestinal diseases, that particularly
impact individuals at high-risk with compromised immune systems or
autoimmune disorders. In the following section, we highlight
noteworthy accomplishments and milestones achieved during the
quarter:
- Received Breakthrough Therapy
Designation (BTD) and Fast Track designation from the US Food and
Drug Administration (FDA) for post-exposure prophylaxis for Type A
and Type B influenza illnesses in high-risk patients for SAB-176.
SAB's influenza therapy is the first fully-human multi-epitope
binding broadly neutralizing immunoglobulin antibody therapeutic
developed for treating high-risk patients and post-exposure
prophylaxis of Type A and Type B influenza. The FDA's Breakthrough
Therapy designation process is designed to expedite the development
and review of a medicine that is intended to treat a serious or
life-threatening condition, and preliminary clinical evidence
indicates that the drug, SAB-176, may demonstrate substantial
improvement over therapies currently available on a clinically
significant endpoint.
- Received FDA guidance and
regulatory alignment on advancing SAB-176 into the next phase of
development, including a Phase 2b trial study design to evaluate
the safety and efficacy of SAB-176 in high-risk patients with Type
A or Type B influenza illness, including those who have anti-viral
treatment resistant strains.
- Received FDA guidance for SAB-176
aligned with SAB’s manufacturing approach to address multiple
strains of influenza through hyperimmunization of seasonal strains
on an annual basis.
- Provided a regulatory update
announcing the approval by the FDA for five of seven sections
required for a pending New Animal Drug Application (NADA) for our
antibody-generating platform in Transchromosomic (Tc) bovine. SAB
is in the process of completing the remaining two sections of the
NADA. Upon formal acceptance of the seven-step safety and
effectiveness evaluation, we will use this approval in support of
Biologics License Applications (BLAs) with the FDA Center for
Biologics Evaluation and Research (CBER) for our hIgG antibody
investigational drugs.
- Presented favorable safety and
efficacy data from Phase 1 and 2a clinical trials of its influenza
immunotherapy, SAB-176, at the International Society for Influenza
and Other Respiratory Virus Diseases (ISIRV-AVG) conference. The
Phase 2a trial in healthy adults showed that SAB-176 was safe,
well-tolerated, and demonstrated a significant reduction in
symptoms as well as viral load compared to placebo.
- Released top-line Phase 3 clinical
data results for our hIgG antibody therapeutic candidate SAB-185
which demonstrated sustained symptom resolution in patients with
COVID-19 caused by the Omicron variant compared to those who
received REGEN-COV® in a Phase 3 NIH trial. Specifically, 66% of
participants treated with SAB-185 reached full symptom resolution
for at least four consecutive days by Day 28. Only 50% of
participants on REGEN-COV® met this endpoint, and the median time
to symptom resolution for at least four consecutive days was seven
days shorter for SAB-185. The study's primary endpoint was the
composite of all-cause hospitalizations and deaths, considered
inconclusive for non-inferiority in non-Omicron and Omicron
patients.
- Welcomed Erick Lucera to our Board
of Directors. Lucera, a 30-year veteran of the biotechnology and
medical device industry, has held executive positions at several
healthcare companies, most recently as chief financial officer of
AVEO Oncology. We expect Lucera's experience in corporate finance
to be valuable as SAB advances its programs through essential
milestones.
Q1 2023 Financial Results
Financial Guidance: Based on
its current operating plans, SAB reaffirms that it expects its
existing business plan, cash and cash equivalents, and anticipated
cash flows will be sufficient to fund its operating expenses and
capital expenditure requirements through December 2023.
- Cash
Position: Cash and cash equivalents were $13.1
million as of March 31, 2023, compared to $15.0 million on December
31, 2022, were driven primarily by continued net operating losses
as we advance our lead therapeutic candidates.
- Research and Development
(R&D) Expenses: R&D expenses were $4.5
million for three months ended March 31, 2023, compared to $13.3
million for the three months ended March 31, 2022. The decrease was
primarily due to targeted cost reduction measures pausing certain
unfunded research activities for our COVID-19 therapeutic, and
prioritizing our earlier stage lead therapeutic candidates in Type
1 diabetes, respiratory and gastrointestinal diseases.
- General and Administrative
(G&A) Expenses: G&A expenses were $3.4
million for the three months ended March 31, 2023, compared to $5.2
million for the three months ended March 31, 2022. The decrease was
primarily due to discretionary cost reduction measures and
increased efficiencies as the company continues to mature as a
publicly traded company.
- Net
Income: Net loss was $7.3 million for the three
months ended March 31, 2023, for an earnings per basic and diluted
share of $(0.15), as compared to a net income of $1.0 million for
the three months ended March 31, 2022, for an earnings per basic
and diluted share of $0.02.
About SAB Biotherapeutics,
Inc.
SAB Biotherapeutics, Inc. (SAB) is a
clinical-stage biopharmaceutical company focused on the development
of powerful and proprietary immunotherapeutic polyclonal human
antibodies to treat and prevent infectious diseases and immune and
autoimmune disorders. Our development programs include infectious
diseases resulting from outbreaks and pandemics, as well as
immunological, gastroenterological, and respiratory diseases that
have significant mortality and health impacts on immune compromised
patients. SAB has applied advanced genetic engineering and antibody
science to develop Transchromosomic (Tc) Bovine™. Our versatile
DiversitAb™ platform is applicable to a wide range of serious unmet
needs in human diseases. It produces natural, specifically
targeted, high-potency, fully-human polyclonal immunotherapies
without the need for human donors. SAB currently has multiple drug
development programs underway and collaborations with the US
government and global pharmaceutical companies. For more
information on SAB, visit: https://www.SAb.bio/ and follow SAB on
Twitter and LinkedIn.
Forward-Looking Statements
Certain statements made herein 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,” “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, the development and efficacy of
our influenza program, C. diff. program, type 1 diabetes program,
and other discovery programs, the results, including timing, of the
development of SAB-176, SAB-185, SAB-142 and SAB-195, including
SAB-176 Fast Track designation and Breakthrough Therapy
designation, and the outcome of potential future government and
other third-party collaborations or funded 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, 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
Investor Relations:SABIR@westwicke.com
Media Relations:SABPR@westwicke.com
SAB Biotherapeutics (NASDAQ:SABSW)
Historical Stock Chart
From Nov 2024 to Dec 2024
SAB Biotherapeutics (NASDAQ:SABSW)
Historical Stock Chart
From Dec 2023 to Dec 2024