Dilution profile // every instrument, one screen, from SEC filings

SAB Biotherapeutics, Inc. (SABS)

CIK 1833214 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed sub-ratings (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$1156M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
LOWwarrants = 3% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+877% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOW~27.9 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2021-05-202026-11-02

Latest: 90.1M shares as of Nov 2, 2026 (10-Q).

⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2026-11-02
HowThe newest cover-page count as filed. It is used as the current count only while it is no more than about 15 months older than the company’s newest periodic filing; the float checker applies a 200-day rule and sets it beside the balance-sheet count.
Open the source document →
Share count fell from 52.3M to 9.2M between Oct 31, 2023 and Mar 18, 2024, a pattern consistent with a reverse split (roughly 1-for-6); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Pre-Funded Warrants2.8M$0.0001——
Preferred PIPE Series B Warrants1.4Mnot tagged——
Enrollment Date Warrants1.0M$218.75——
Preferred Pipe Placement Agent Warrants850,119$6.3——
Pipe Private Placement Warrants736,337$10.8——
Pipe Warrants736,337not tagged——
Public Warrants575,000not tagged—FV $81,000
Business Combination Public Warrants575,000not tagged——
Release Date Warrants500,000$175——
Preferred Tranche C Warrants107,115not tagged5y—
Preferred Tranche B Warrants42,846not tagged0.2y—
Ladenburg Agreement Warrants30,000$5.4243y—

Tranches exactly as the company dimensioned them in its 10-Q filed Nov 5, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 2.8M underlying shares, as reported Mar 31, 2026 (10-Q).

Reported exercise price: $0.01 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 92.8M = 90.1M O/S + 2.8M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Nov 5, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding90.1MNov 2, 2026
+ Pre-Funded Warrants (if exercised)2.8MSep 30, 2026
+ Preferred PIPE Series B Warrants (if exercised)1.4MSep 30, 2026
+ Enrollment Date Warrants (if exercised)1.0MJul 21, 2025
+ Preferred Pipe Placement Agent Warrants (if exercised)850,119Sep 30, 2026
+ Pipe Private Placement Warrants (if exercised)736,337Sep 30, 2026
+ Pipe Warrants (if exercised)736,337Sep 30, 2026
+ Public Warrants (if exercised)575,000Oct 22, 2026
+ Business Combination Public Warrants (if exercised)575,000Sep 30, 2026
+ Release Date Warrants (if exercised)500,000Jul 21, 2025
+ Preferred Tranche C Warrants (if exercised)107,115Sep 30, 2026
+ Preferred Tranche B Warrants (if exercised)42,846Dec 31, 2024
+ Ladenburg Agreement Warrants (if exercised)30,000Mar 21, 2023
Fully diluted estimate99.4M+10.3% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $1156.3Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Dec 29, 2025$300.0M registeredfiling →
S-3Sep 2, 2025$856.3M registeredfiling →

Last 12 months: 2 executed · 1 registered.

UPDATEAug 21, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →
EXECUTEDMar 19, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDMar 17, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEJan 7, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDDec 29, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
UPDATENov 12, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVESep 30, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDSep 22, 2025S-3/A registration — capacity to sell shares, not a sale yetS-3/A →
REGISTEREDSep 2, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDJul 21, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJan 26, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVENov 28, 2023SEC declared a registration effective — selling can beginEFFECT →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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