SCHEDULE: Balyasny Asset Management Adjusts SAB Biotherapeutics Stake

Balyasny Asset Management L.P. and affiliated entities have reported an adjustment in their beneficial ownership of SAB Biotherapeutics, Inc. common stock, now holding 9.45%.

Summary

• Balyasny Asset Management L.P. (BAM) and its related entities (BAM GP LLC, Balyasny Asset Management Holdings LP, Dames GP LLC, and Dmitry Balyasny) have filed an amendment to their Schedule 13G.
• The filing indicates that these entities collectively beneficially own 7,225,439 shares of SAB Biotherapeutics, Inc. common stock.
• This represents approximately 9.45% of the class of securities outstanding as of May 6, 2026.
• The reported shares include 3,760,439 directly held shares and 3,465,000 shares issuable upon the exercise of warrants.
• These warrants are subject to a beneficial ownership limitation, preventing exercise if it would result in owning more than 9.99% of the outstanding shares.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as neutral to slightly negative, as it primarily reports a change in beneficial ownership percentage rather than new strategic information or financial performance.

Positives

• The reporting entities maintain a significant stake (9.45%) in SAB Biotherapeutics, Inc., indicating continued investor interest.
• The filing clarifies the ownership structure and beneficial interest across multiple Balyasny entities.

Negatives

• The filing does not provide new financial performance data or strategic updates for SAB Biotherapeutics, Inc.
• The beneficial ownership percentage is subject to limitations, potentially capping further increases through warrant exercise.

Risks

• The beneficial ownership limitation on warrants could restrict the reporting persons' ability to increase their stake beyond 9.99%.
• The filing does not offer insights into the future performance or strategic direction of SAB Biotherapeutics, Inc., leaving potential risks unaddressed from this document's perspective.

Future Outlook

The filing does not contain forward-looking statements or guidance regarding SAB Biotherapeutics, Inc.'s future performance. It solely reports on beneficial ownership adjustments.

Management Comments

• Each of the Reporting Persons has the sole power to vote or to direct the vote of 7,225,439 shares.
• Each of the Reporting Persons has the sole power to dispose or to direct the disposition of 7,225,439 shares.
• ADMF and APHC, are both Cayman Islands exempted companies that are investment management clients of BAM, have the right to receive dividends from, or the proceeds from the sale of, the reported securities.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that Schedule 13G filings typically indicate passive investment stakes by institutional investors. The 9.45% ownership by Balyasny Asset Management suggests a significant but likely non-controlling interest in SAB Biotherapeutics, Inc., a company operating in the biotechnology sector.

Related Party Transactions

• Balyasny Asset Management L.P. acts as the investment manager for Atlas Diversified Master Fund, Ltd (ADMF) and Atlas Private Holdings (Cayman) Ltd. (APHC).
• ADMF and APHC are investment management clients of BAM and have the right to receive dividends from, or the proceeds from the sale of, the reported securities.

Stakeholder Impact

• Shareholders: The filing indicates a significant institutional investor's stake, which can influence market perception and trading activity. The ownership percentage is close to a threshold that might trigger more active engagement.
• Creditors: No direct impact mentioned, but a stable or increasing institutional holding can be seen as a positive signal for the company's financial stability.
• Management: The filing clarifies ownership, which is relevant for corporate governance discussions and potential future strategic decisions.

Key Dates

Keywords

SAB Biotherapeutics, Schedule 13G, Beneficial Ownership, Balyasny Asset Management, Common Stock, Warrants, Investment Management