SAB Biotherapeutics, Inc. (SABS) Balance Sheet
SABS balance sheet, 2025
December 31, 2025 · U.S. dollars$172.8M assets = $21.3M liabilities + $151.5M equity
Both columns are drawn to the same scale: what SABS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SABS financial health
Descriptive bands, not a rating. Fiscal 2025.
SABS balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $18.0M2019 | $172.8M2025 | +45.8%/yr | |
| Total liabilities | $20.3M2019 | $21.3M2025 | +0.8%/yr | |
| Shareholders’ equity | −$2.3M2019 | $151.5M2025 | — | |
| Cash & short-term investments | $6.3M2019 | $96.6M2025 | +57.4%/yr | |
| Total debt | $7.6M2019 | $6.0M2025 | −4.1%/yr | |
| Net cash (debt) | −$1.3M2019 | $90.6M2025 | +$91.9M | |
| Working capital | $4.7M2019 | $90.4M2025 | +$85.7M | |
| Current ratio | 2.012019 | 9.462025 | +7.45 | |
| Debt / equity | 0.212020 | 0.042025 | −0.17 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SABS assets
SABS liabilities and equity
SABS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SABS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $96.6M | $20.8M | $56.6M | $15.0M | $33.2M | $12.6M | $6.3M |
| Cash & equivalents | $10.5M | $8.9M | $56.6M | $15.0M | $33.2M | $12.6M | $6.3M |
| Short-term investments | $86.1M | $11.9M | $0 | — | — | — | — |
| Receivables | $946,781 | $54,955 | $0 | $5.6M | $8.0M | $20.6M | $2.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.5M | $3.0M | $2.3M | $1.5M | $9.0M | $1.3M | $124,004 |
| Total current assets | $101.1M | $23.8M | $58.9M | $22.1M | $50.2M | $34.5M | $9.3M |
| Property, plant & equipment (net) | $19.4M | $19.9M | $24.7M | $28.3M | $30.9M | $22.1M | $8.7M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $46.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $5.5M | $482,102 | $350,230 | $467,694 | $0 | $0 | $0 |
| Total assets | $172.8M | $44.2M | $83.9M | $50.9M | $81.1M | $56.5M | $18.0M |
| Liabilities | |||||||
| Accounts payable | $3.1M | $1.7M | $945,927 | $3.7M | $4.5M | $7.4M | $2.2M |
| Short-term debt | $951,369 | $811,842 | $1.9M | $1.4M | $3.1M | $1.7M | $1.9M |
| Deferred revenue | — | — | $1.3M | $100,000 | $100,000 | $100,000 | — |
| Total current liabilities | $10.7M | $8.0M | $10.8M | $15.0M | $26.5M | $11.1M | $4.6M |
| Long-term debt | $0 | $0 | $0 | $541,644 | $0 | $172,037 | $53,448 |
| Lease obligations | $6.0M | $4.4M | $4.9M | $4.6M | $6.7M | $7.4M | $6.2M |
| Other long-term liabilities | $10.6M | $10.2M | $15.8M | $4.3M | $16.1M | $6.3M | $15.6M |
| Total liabilities | $21.3M | $18.2M | $26.6M | $19.8M | $42.6M | $17.5M | $20.3M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $4,766 | $935 | $929 | $5,094 | $4,349 | $3,522 | $3,522 |
| Retained earnings (deficit) | −$110.9M | −$124.2M | −$90.1M | −$47.9M | −$29.1M | −$12.0M | −$32.1M |
| Treasury stock | — | — | — | −$5.5M | — | — | — |
| Accumulated other comprehensive income | $186,510 | −$135,410 | $26,420 | — | — | — | — |
| Total shareholders' equity | $151.5M | $26.0M | $57.3M | $31.1M | $38.5M | $39.0M | −$2.3M |
| Key figures | |||||||
| Total debt | $6.0M | $4.7M | $5.9M | $5.9M | $8.5M | $8.1M | $7.6M |
| Net cash (debt) | $90.6M | $16.1M | $50.7M | $9.1M | $24.7M | $4.5M | −$1.3M |
| Working capital | $90.4M | $15.8M | $48.1M | $7.1M | $23.7M | $23.4M | $4.7M |
| Tangible book value | $151.5M | $26.0M | $57.3M | $31.1M | $38.5M | $39.0M | −$2.3M |
| Book value per share | $2.47 | — | — | — | — | — | — |
| Shares outstanding | 61.3M | — | — | — | — | — | — |
| Current ratio | 9.46 | 2.98 | 5.45 | 1.47 | 1.90 | 3.11 | 2.01 |
| Quick ratio | 9.13 | 2.61 | 5.23 | 1.37 | 1.56 | 3.00 | 1.98 |
| Debt / equity | 0.04 | 0.18 | 0.10 | 0.19 | 0.22 | 0.21 | — |
| Equity / assets | 87.7% | 58.8% | 68.3% | 61.0% | 47.5% | 69.0% | −12.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $102.6M | $107.4M | $96.6M | $110.9M | $5.7M | $12.9M | $20.8M | $30.4M | $37.3M | $44.1M | $56.6M | $2.4M |
| Cash & equivalents | $8.3M | $20.5M | $10.5M | $29.4M | $3.7M | $5.6M | $8.9M | $9.2M | $17.2M | $14.0M | $56.6M | $2.4M |
| Short-term investments | $94.4M | $86.9M | $86.1M | $81.5M | $2.0M | $7.2M | $11.9M | $21.2M | $20.1M | $30.0M | $0 | — |
| Receivables | $1.8M | $1.6M | $946,781 | $559,954 | $0 | $21,386 | $54,955 | $97,047 | $224,924 | $193,232 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.5M | $3.8M | $3.5M | $1.8M | $3.6M | $3.4M | $3.0M | $2.0M | $2.0M | $2.7M | $2.3M | $702,231 |
| Total current assets | $107.9M | $112.8M | $101.1M | $113.3M | $9.3M | $16.3M | $23.8M | $32.5M | $39.6M | $47.0M | $58.9M | $3.1M |
| Property, plant & equipment (net) | $19.6M | $20.2M | $19.4M | $19.4M | $20.4M | $21.4M | $19.9M | $20.7M | $21.8M | $22.6M | $24.7M | $24.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $105.3M | $110.2M | $46.9M | $50.6M | $0 | $0 | $0 | $0 | $0 | $1.2M | $0 | $0 |
| Other non-current assets | $5.3M | $5.3M | $5.5M | $124,073 | $417,486 | $449,794 | $482,102 | $514,410 | $521,718 | $554,027 | $350,230 | $371,191 |
| Total assets | $238.2M | $248.5M | $172.8M | $183.4M | $30.1M | $38.1M | $44.2M | $53.8M | $61.9M | $71.4M | $83.9M | $28.3M |
| Liabilities | ||||||||||||
| Accounts payable | $3.9M | $3.5M | $3.1M | $3.0M | $2.6M | $2.5M | $1.7M | $1.3M | $1.2M | $1.2M | $945,927 | $1.1M |
| Short-term debt | $641,000 | $920,663 | $951,369 | $988,319 | $963,220 | $1.1M | $811,842 | $524,739 | $1.2M | $1.5M | $1.9M | $1.2M |
| Deferred revenue | — | — | — | — | — | — | — | $114,698 | $114,698 | $377,835 | $1.3M | $1.6M |
| Total current liabilities | $11.7M | $9.9M | $10.7M | $10.8M | $10.7M | $9.7M | $8.0M | $8.8M | $7.6M | $8.3M | $10.8M | $9.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $5.1M | $6.2M | $6.0M | $6.2M | $6.4M | $6.6M | $4.4M | $4.5M | $4.7M | $4.6M | $4.9M | $4.1M |
| Other long-term liabilities | $11.7M | $11.4M | $10.6M | $7.6M | $7.4M | $7.1M | $10.2M | $8.1M | $8.2M | $10.2M | $15.8M | $3.9M |
| Total liabilities | $23.4M | $21.2M | $21.3M | $18.4M | $18.1M | $16.7M | $18.2M | $16.9M | $15.8M | $18.5M | $26.6M | $13.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $8,000 | $7,580 | $4,766 | $4,756 | $936 | $936 | $935 | $929 | $929 | $929 | $929 | $5,286 |
| Retained earnings (deficit) | −$152.3M | −$129.8M | −$110.9M | −$94.0M | −$139.5M | −$129.4M | −$124.2M | −$112.8M | −$102.4M | −$95.1M | −$90.1M | −$67.2M |
| Accumulated other comprehensive income | −$930,000 | −$222,764 | $186,510 | $71,223 | −$15,805 | −$111,593 | −$135,410 | $52,133 | −$31,353 | −$63,448 | $26,420 | — |
| Total shareholders' equity | $214.8M | $227.2M | $151.5M | $165.1M | $12.0M | $21.4M | $26.0M | $36.9M | $46.1M | $52.8M | $57.3M | $15.3M |
| Key figures | ||||||||||||
| Total debt | $5.1M | $6.2M | $6.0M | $6.2M | $6.4M | $6.8M | $4.7M | $4.5M | $5.3M | $5.5M | $5.9M | $4.7M |
| Net cash (debt) | $97.5M | $101.2M | $90.6M | $104.7M | −$705,092 | $6.1M | $16.1M | $25.9M | $32.0M | $38.6M | $50.7M | −$2.2M |
| Working capital | $96.2M | $102.9M | $90.4M | $102.5M | −$1.4M | $6.6M | $15.8M | $23.7M | $32.0M | $38.6M | $48.1M | −$6.1M |
| Tangible book value | $214.8M | $227.2M | $151.5M | $165.1M | $12.0M | $21.4M | $26.0M | $36.9M | $46.1M | $52.8M | $57.3M | $15.3M |
| Book value per share | $2.69 | $4.24 | $3.18 | $2.12 | — | — | — | — | — | — | — | — |
| Shares outstanding | 79.8M | 53.6M | 47.6M | 77.9M | — | — | — | — | — | — | — | — |
| Current ratio | 9.22 | 11.45 | 9.46 | 10.50 | 0.87 | 1.69 | 2.98 | 3.69 | 5.24 | 5.65 | 5.45 | 0.34 |
| Quick ratio | 8.93 | 11.06 | 9.13 | 10.32 | 0.54 | 1.33 | 2.61 | 3.46 | 4.97 | 5.33 | 5.23 | 0.26 |
| Debt / equity | 0.02 | 0.03 | 0.04 | 0.04 | 0.53 | 0.32 | 0.18 | 0.12 | 0.12 | 0.10 | 0.10 | 0.30 |
| Equity / assets | 90.2% | 91.5% | 87.7% | 90.0% | 39.9% | 56.2% | 58.8% | 68.6% | 74.5% | 74.0% | 68.3% | 53.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 9, 2026); data from EODHD.
SABS financial position
At the end of fiscal 2025 (December 31, 2025), SAB Biotherapeutics had total assets of $172.8 million (up 291.0% from a year earlier), total liabilities of $21.3 million and shareholders' equity of $151.5 million. It held $96.6 million in cash and short-term investments against $6.0 million of debt, a net cash position of $90.6 million. Its current ratio was 9.46. In the latest quarter (ended June 30, 2026) total assets were $238.2 million and equity $214.8 million.
Related: SABS income statement, SABS cash flow statement, SABS key metrics. See the SABS stock overview for the latest quote and news.
SABS balance sheet FAQ
What are SAB Biotherapeutics's total assets?
SAB Biotherapeutics reported total assets of $172.8 million at the end of fiscal 2025 (December 31, 2025), compared with $44.2 million a year earlier.
How much debt does SAB Biotherapeutics have?
SAB Biotherapeutics had $6.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.04.
How much cash does SAB Biotherapeutics have?
SAB Biotherapeutics held $96.6 million in cash and short-term investments at the end of fiscal 2025; with $6.0 million of debt that is net cash of $90.6 million.
What is SAB Biotherapeutics's book value?
SAB Biotherapeutics's shareholders' equity (book value) was $151.5 million at the end of fiscal 2025, or $2.47 per share.
What is SAB Biotherapeutics's current ratio?
SAB Biotherapeutics had current assets of $101.1 million and current liabilities of $10.7 million, a current ratio of 9.46 (it can cover its short-term obligations).