Q2 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 October 2023.
- Cash Position: Cash and cash equivalents were $7.8 million as of June 30, 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 $3.7 million for three months ended June 30, 2023, compared to $8.6 million for the three months ended June 30, 2022. R&D expenses were $8.2 million for the six months ended June 30, 2023, compared to $21.9 million for the six months ended June 30, 2022. The decrease was primarily due to targeted cost reduction measures pausing certain unfunded research activities for our COVID-19 therapeutic and prioritizing our focus in the autoimmunity space with SAB-142, a disease-modifying fully human hIgG aimed at preventing onset or disease progression of Type 1 Diabetes.
- General and Administrative (G&A) Expenses: G&A expenses were $2.9 million for the three months ended June 30, 2023, compared to $4.3 million for the three months ended June 30, 2022. G&A expenses were $6.3 million for the six months ended June 30, 2023, compared to $9.5 million for the six months ended June 30, 2022. The decrease was primarily due to discretionary cost reduction measures and increased efficiencies as we continue to mature as a publicly traded company.
- Net Loss: Net loss was $6.9 million for the three months ended June 30, 2023, for an earnings per basic and diluted share of $(0.14), as compared to a net loss of $4.8 million for the three months ended June 30, 2022, for an earnings per basic and diluted share of $(0.11). Net loss was $14.2 million for the six months ended June 30, 2023, for an earnings per basic and diluted share of $(0.28), as compared to a net loss of $3.8 million for an earnings per basic and diluted share of $(0.09).
