SAB Biotherapeutics Inc.: Potential major breakthrough for T1D prevention, initiate coverage at OW

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SAB Biotherapeutics Inc.: Potential major breakthrough for T1D prevention, initiate coverage at OW

Equity Research

U.S. Small & Mid Cap Biotechnology

24 June 2026

SAB Biotherapeutics Inc.

Potential major breakthrough for

T1D prevention, initiate coverage Initiating Coverage

SABS OVERWEIGHTat OW

from Not Rated

We think T1D is a large market and SAB-142 could have a U.S. Small & Mid Cap POSITIVE Biotechnology

Unchangedsignificant opportunity as a potential disease modifying

therapy. Major 2H27 catalyst with registrational Ph2b data; Price Target USD 13.00 from N/A

we see the regulatory pathway as derisked after Tzield's Price (23-Jun-26) USD 3.87

Potential Upside/Downside +235.9%recent approval.

Source: Bloomberg, Barclays Research

Initiate coverage at Overweight with a PT of $13. We think at ~$300M market cap, the

Market Cap (USD mn) 295

share price under-appreciates the ~$4B+ potential opportunity we see for SAB-142 as a

Shares Outstanding (mn) 76.46

therapy for T1D prevention; pivotal data in 2H27 with validated regulatory pathway using

Free Float (%) 94.76

C-peptide biomarker. SABS is a smid cap biotech company with a platform technology for

52 Wk Avg Daily Volume (mn) 0.8

producing humanized multi-target antibody therapies, and lead candidate SAB-142 is in

Dividend Yield (%) N/A

development for type 1 diabetes (T1D), with pivotal data expected in 2H27. We think data from

Return on Equity TTM (%) N/A

thymoglobulin/rATG (similar mechanism to '142) showing strong efficacy validates SAB-142's

Current BVPS (USD) 3.00

mechanism, but as a humanized therapy (vs. rabbit derived), we think '142 can avoid the Source: Bloomberg

prohibitive toxicity of rATG, as well as enable redosing, and has the potential to unlock a

significant potential treatment population in T1D.