SCHEDULE: BVF Entities Disclose 9.99% Stake in SAB Biotherapeutics

A group of investment funds and entities managed by BVF Partners L.P. reported a combined beneficial ownership of 9.99% in SAB Biotherapeutics, Inc. common stock.

Summary

• BVF Partners L.P. and its affiliated entities, including Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., and Biotechnology Value Trading Fund OS LP, collectively reported beneficial ownership of 5,167,618 shares of SAB Biotherapeutics, Inc. common stock.
• This aggregate ownership represents 9.99% of the company's outstanding common stock, calculated based on 47,493,994 shares outstanding as of September 30, 2025, plus 4,234,921 shares issuable from warrants.
• The reported ownership includes shares underlying 30,000 Tranche C warrants, which are convertible into Series A-3 Preferred Stock, and subsequently into common stock.
• The conversion of these warrants and preferred stock is subject to a 9.99% beneficial ownership limitation (Maximum Percentage), meaning only 4,234,921 shares are currently convertible from the underlying securities.
• The Tranche C Warrants became exercisable on November 23, 2023, at an exercise price of $1,000 per share of Series A-3 Preferred Stock, and are set to expire five years from that date.
• The Series A-3 Preferred Stock is convertible into common stock at a conversion price of $6.30 per share.
• The reporting persons explicitly state that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, except for activities solely in connection with a nomination under Rule 240.14a-11.

Sentiment

Score: 5

Explanation: Neutral, as this is a factual disclosure of beneficial ownership without explicit positive or negative operational or financial news for the issuer. The statement about not seeking control, while allowing for nominations, maintains a neutral stance regarding the company's immediate strategic direction.

Positives

• A significant institutional investor group, BVF Partners L.P. and its affiliates, holds a substantial stake, potentially indicating confidence in SAB Biotherapeutics.
• The investment includes warrants, suggesting a long-term perspective and potential for future capital deployment if warrants are exercised.

Risks

• The beneficial ownership is subject to a 'Maximum Percentage' of 9.99%, limiting the immediate conversion of all underlying warrants and preferred stock into common shares.
• The value of the investment is tied to the performance of SAB Biotherapeutics' common stock.
• The Tranche C Warrants have an expiration date of November 23, 2028, after which they will lose value if not exercised.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Disclosure of a significant institutional stake can influence market perception and potentially provide a floor for the stock. The mention of potential activities solely in connection with a nomination under Rule 240.14a-11 suggests a potential for future engagement in corporate governance, which could impact shareholder value.

Key Dates

Keywords

SAB Biotherapeutics, Schedule 13G, Beneficial Ownership, BVF Partners, Common Stock, Warrants, Preferred Stock, Institutional Investor, Biotechnology