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Fair Value Measurements - Additional Information (Details) - Fair Value, Recurring [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value disclosure	$ 0	$ 0
Liabilities fair value disclosure	$ 0	$ 0

New Accounting Standards - Additional Information (Details)	Dec. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2025
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	The Company’s grants stock options and other similar awards in the ordinary course of business in connection with our annual compensation program, hiring new employees, and in recognition of the retention or promotion of employees from time to time, as well as awards to members of the Board. The Company does not grant stock options or similar awards in anticipation of the release of material nonpublic information, such as a significant positive or negative earnings announcement, and does not time the public release of such information based on stock option grant dates. Under the Company’s current practices, executive officers do not choose or have influence over the grant date for their individual stock option grants. Stock option grants to the Company’s executive officers if issued during a fiscal year, are approved at a meeting of the Company’s Compensation Committee, and the grants are generally effective immediately after the meeting on which the grants are eligible to be made under our grant policies discussed above. Stock option grants to the Company’s Board members are generally approved annually at meetings of the Compensation Committee and the Board, held after the Company’s Annual General Meeting of Stockholders each year, and are generally effective immediately after the meeting on which the grants are eligible to be made under our grant policies discussed above.
Award Timing Method	The Company’s grants stock options and other similar awards in the ordinary course of business in connection with our annual compensation program, hiring new employees, and in recognition of the retention or promotion of employees from time to time, as well as awards to members of the Board.
Award Timing Predetermined	true
Award Timing MNPI Considered	true
Award Timing, How MNPI Considered	The Company does not grant stock options or similar awards in anticipation of the release of material nonpublic information, such as a significant positive or negative earnings announcement, and does not time the public release of such information based on stock option grant dates.
MNPI Disclosure Timed for Compensation Value	false

Related Party Transactions - Additional Information (Details)	Dec. 31, 2025	Dec. 31, 2024
Related Party Transactions [Abstract]
Beneficial owners percentage	5.00%	5.00%
Ownership interest percentage	5.00%

Stock-based Compensation - Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	103.90%	89.90%
Expected volatility, maximum	124.40%	104.00%
Weighted-average volatility	109.10%	96.10%
Risk-free rate, minimum	3.77%	3.68%
Risk-free rate, maximum	3.97%	4.32%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in periods)	5 years 8 months 23 days	5 years
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in periods)	6 years 29 days	6 years 29 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Warrants - Schedule of Key Inputs into Monte Carlo Simulation (Parenthetical) (Details)	Dec. 31, 2025	Sep. 26, 2025	Dec. 31, 2024
Release Date Warrants [Member]
Class of Warrant or Right [Line Items]
Probability weighted input percentage adjusted		10.00%
Preferred Tranche C Warrants [Member]
Class of Warrant or Right [Line Items]
Probability weighted input percentage adjusted	40.00%		38.50%
Enrollment Date Warrants [Member]
Class of Warrant or Right [Line Items]
Probability weighted input percentage adjusted		5.00%

Segment Reporting - Schedule of Reconciliation of Consolidated Operating Expenses and Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total research and development expense	$ 34,352,332	$ 30,251,667
Total general and administrative expenses	14,601,031	13,981,263
Total operating expenses	48,953,363	44,232,930
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	26,406,731	22,250,363
Indirect research and development expenses	5,069,381	6,694,046
Total research and development expense	34,352,332	30,251,667
Total general and administrative expenses	14,601,031	13,981,263
Total operating expenses	48,953,363	44,232,930
Operating Segments [Member] \| Share based Compensation [Member]
Segment Reporting Information [Line Items]
Total research and development expense	2,876,220	1,307,258
Total general and administrative expenses	2,334,429	1,634,537
Research and Development Salaries and Benefits [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	11,099,651	8,048,062
Clinical Trial Expense [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	10,153,742	4,169,487
Lab Supplies and Animal Care [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	3,042,325	2,737,075
Lab Services Consulting and Other Direct Research Costs [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	2,111,013	7,295,739
Administrative Payroll [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total general and administrative expenses	5,318,225	6,563,608
Professional Fees and Travel [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total general and administrative expenses	2,644,934	1,515,131
Insurance Office Expense and Other Administrative Expenses [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total general and administrative expenses	$ 4,303,443	$ 4,267,987

Investments - Schedule of unrealized losses and fair value of available-for-sale securities (Details)	Dec. 31, 2025 USD ($) Security	Dec. 31, 2024 USD ($) Security
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, number of individual securities \| Security	12	1
Unrealized losses less than 12 months, fair value	$ 8,573,907	$ 6,224,179
Unrealized losses less than 12 months, unrealized losses	$ 11,926	$ 659
Unrealized losses 12 months or greater, number of individual securities \| Security	0	0
Unrealized losses 12 months or greater, fair value	$ 0	$ 0
Unrealized losses 12 months or greater, unrealized loss	$ 0	$ 0
Total number of Individual Securities \| Security	12	1
Total fair value	$ 8,573,907	$ 6,224,179
Total unrealized loss	$ 11,926	$ 659
U.S. Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, number of individual securities \| Security	4	1
Unrealized losses less than 12 months, fair value	$ 7,802,140	$ 6,224,179
Unrealized losses less than 12 months, unrealized losses	$ 11,058	$ 659
Unrealized losses 12 months or greater, number of individual securities \| Security	0	0
Unrealized losses 12 months or greater, fair value	$ 0	$ 0
Unrealized losses 12 months or greater, unrealized loss	$ 0	$ 0
Total number of Individual Securities \| Security	4	1
Total fair value	$ 7,802,140	$ 6,224,179
Total unrealized loss	$ 11,058	$ 659
Corporate Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, number of individual securities \| Security	8
Unrealized losses less than 12 months, fair value	$ 771,767
Unrealized losses less than 12 months, unrealized losses	$ 868
Unrealized losses 12 months or greater, number of individual securities \| Security	0
Unrealized losses 12 months or greater, fair value	$ 0
Unrealized losses 12 months or greater, unrealized loss	$ 0
Total number of Individual Securities \| Security	8
Total fair value	$ 771,767
Total unrealized loss	$ 868

Revenue - Additional Information (Details) - USD ($)	12 Months Ended
Revenue - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Governmental Grants [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, including assessed tax	$ 0	$ 1,300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

New Accounting Standards

12 Months Ended

Dec. 31, 2025

New Accounting Standards

New Accounting Standards

(3) New accounting standards

Recently Adopted Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose disaggregated information about their effective tax rate reconciliations as well as expanded information on income taxes by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024 on a prospective basis. The Company adopted this standard for fiscal year 2025, which resulted in incremental income tax disclosures. See Note 15, Income Taxes.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220)”. ASU 2024-03 requires additional disclosure in the notes to financial statements of specified information about certain expenses such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation and other expenses which are presented in the face of the income statement within continuing operations. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
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-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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+ Details

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

(14) Investments

Available-For-Sale Debt Securities

At December 31, 2025, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	23,993,821	$	33,439	$	—		$	24,027,260
Corporate Bonds		2,923,265		9,677		(32	)		2,932,910
Total		26,917,086		43,116		(32	)		26,960,170

Long-term:
U.S. treasury securities	$	42,651,824	$	143,223	$	(11,058	)	$	42,783,989
Corporate Bonds		4,098,031		11,698		(836	)	$	4,108,893
Total		46,749,855		154,921		(11,894	)		46,892,882

At December 31, 2024, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:


	As of December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	6,223,532	$	1,306	$	(659	)	$	6,224,179
Total	$	6,223,532	$	1,306	$	(659	)	$	6,224,179

The amortized cost and estimated fair value by maturity or next repricing date of investment securities at December 31, 2025 are shown in the following table. Fixed rate securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.


	As of December 31, 2025
	Amortized Cost		Fair Value
Within one year or less	$	26,917,086	$	26,960,170
One through five years		46,749,855		46,892,882
Total		73,666,941		73,853,052

The following table shows gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025:


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		4	$	7,802,140	$	11,058		—	$	—	$	—		4	$	7,802,140	$	11,058
Corporate Bonds		8		771,767		868		—		—		—		8		771,767		868
Total		12	$	8,573,907	$	11,926		—	$	—	$	—		12	$	8,573,907	$	11,926


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		1	$	6,224,179	$	659		—	$	—	$	—		1	$	6,224,179	$	659
Total		1	$	6,224,179	$	659		—	$	—	$	—		1	$	6,224,179	$	659

The unrealized losses on the Company’s available-for-sale debt securities as of December 31, 2025 and 2024 were caused by fluctuations in market value and interest rates as a result of the economic environment. The Company concluded that an allowance for credit losses was unnecessary as of December 31, 2025 and 2024 because the decline in the market value was attributable to changes in market conditions and not credit quality, and that it is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery.

Gross realized gains and losses on the sale of short-term and long-term investments are included in other income in the Company’s consolidated statements of operations and comprehensive income (loss). The Company realized $2 thousand in gains for the year ended December 31, 2025 and realized no gains or losses for the year ended December 31, 2024.

Accrued interest receivable related to the above investment securities was $0.9 million and $0.1 million at December 31, 2025 and 2024, respectively, and is included within accrued interest receivable on the consolidated balance sheets.

Equity Securities

The Company holds investments in mutual funds that are classified as equity securities, primarily representing diversified portfolios of publicly traded equity instruments managed by third-party investment advisors. As of December 31, 2025 and 2024, the Company had $59.1 million and $5.6 million, respectively, of equity securities included within short-term investments on the consolidated balance sheets. The following is a summary of unrealized and realized gains (losses) recognized on equity securities included in other income (expense) in the consolidated statements of operations and comprehensive income (loss).


	For The Year Ended December 31,
	2025		2024
Net gains (losses) recognized during the period	$	72,026	$	1,232
Less: Realized net gains (losses) recognized on equity securities sold		39,694		27,539
Unrealized net gains (losses) recognized on equity securities held	$	32,332	$	(26,307	)

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

(19) Segment Reporting

Operating segments are defined as components of the entity for which separate financial information is made available and that is regularly evaluated by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company's CODM is its chief executive officer and the Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company is focused on the development of a human anti-thymocyte globulin focused on preventing or delaying the progression of T1D.

The CODM assesses the Company's performance by reviewing GAAP operating expense and significant expenses by function along with the annual budget. The chief operating decision maker considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company's single reporting segment. A reconciliation to consolidated operating expenses as our single segment operating loss for the years ended December 31, 2025 and 2024 is included in the table below:


	Year Ended December 31,
	2025		2024
Direct research and development expenses
Research and development salaries and benefits	$	11,099,651	$	8,048,062
Clinical trial expense		10,153,742		4,169,487
Lab supplies and animal care		3,042,325		2,737,075
Lab services, consulting, and other direct research costs		2,111,013		7,295,739
Total direct research and development expenses		26,406,731		22,250,363
Indirect research and development expenses		5,069,381		6,694,046
Share based compensation (research and development)		2,876,220		1,307,258
Total research and development expense		34,352,332		30,251,667
General and administrative expense
Administrative payroll		5,318,225		6,563,608
Professional fees and travel		2,644,934		1,515,131
Insurance, office expense, and other administrative expenses		4,303,443		4,267,987
Share based compensation (general and administrative)		2,334,429		1,634,537
Total general and administrative expenses		14,601,031		13,981,263
Total operating expense	$	48,953,363	$	44,232,930

The measure of segment assets is reported on the Consolidated Balance Sheets as Cash and cash equivalents and Short-term and Long-term investments.

Long-lived assets are reported on the Consolidated Balance Sheets as Property, plant and equipment, net of accumulated depreciation and these assets are held in the U.S.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

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-Paragraph 32
-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Consolidated Operating Expenses and Loss

A reconciliation to consolidated operating expenses as our single segment operating loss for the years ended December 31, 2025 and 2024 is included in the table below:


	Year Ended December 31,
	2025		2024
Direct research and development expenses
Research and development salaries and benefits	$	11,099,651	$	8,048,062
Clinical trial expense		10,153,742		4,169,487
Lab supplies and animal care		3,042,325		2,737,075
Lab services, consulting, and other direct research costs		2,111,013		7,295,739
Total direct research and development expenses		26,406,731		22,250,363
Indirect research and development expenses		5,069,381		6,694,046
Share based compensation (research and development)		2,876,220		1,307,258
Total research and development expense		34,352,332		30,251,667
General and administrative expense
Administrative payroll		5,318,225		6,563,608
Professional fees and travel		2,644,934		1,515,131
Insurance, office expense, and other administrative expenses		4,303,443		4,267,987
Share based compensation (general and administrative)		2,334,429		1,634,537
Total general and administrative expenses		14,601,031		13,981,263
Total operating expense	$	48,953,363	$	44,232,930

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

As of December 31, 2025 and 2024, the Company’s property, plant and equipment was as follows:


	December 31, 2025			December 31, 2024
Laboratory equipment	$	11,339,840		$	11,344,007
Animal facility leasehold improvements		8,400,580			8,357,667
Animal facility equipment		1,278,123			1,188,854
Construction-in-progress		759,279			—
Leasehold improvements		7,064,721			7,064,721
Vehicles		201,590			208,453
Office furniture and equipment		1,778,231			1,778,231
Total Property, plant and equipment, gross		30,822,364			29,941,933
Less: accumulated depreciation and amortization		(17,516,462	)		(14,573,924	)
Property, plant and equipment, net	$	13,305,902		$	15,368,009

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present information about the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2025 and 2024, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	As of December 31, 2025
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market funds	$	9,128,243	$	9,128,243	$	—	$	—
Short-term investments
Mutual funds		59,129,609		59,129,609		—		—
U.S. treasury securities		24,027,260		24,027,260		—		—
Corporate Bonds		2,932,910		—		2,932,910		—
Long-term investments
U.S. treasury securities		42,783,989		42,783,989		—		—
Corporate Bonds		4,108,893		—		4,108,893		—
Liabilities:
Public Warrant liability	$	179,400	$	179,400	$	—	$	—
Private Placement Warrant liability		6,508		—		—		6,508
Tranche C Preferred Warrants		5,449,204		—		—		5,449,204


	As of December 31, 2024
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market funds	$	3,460,221	$	3,460,221	$	—	$	—
U.S. treasury securities		3,248,959		3,248,959		—		—
Short-term investments
Mutual funds		5,638,567		5,638,567		—		—
U.S. treasury securities		6,224,179		6,224,179		—		—
Liabilities:
Public Warrant liability	$	432,975	$	432,975	$	—
Private Placement Warrant liability		15,708		—		—		15,708
Tranche C and B Preferred Warrants		5,940,543		—		—		5,940,543

Private Placement Warrants [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Changes in Level 3 Fair Value Measurements

The following table provides a summary of changes in Level 3 fair value measurements for the Private Placement Warrant Liability:



Balance, December 31, 2024	$	15,708
Change in fair value of Private Placement Warrant liability		(9,200	)
Balance, December 31, 2025	$	6,508

Preferred Warants [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Changes in Level 3 Fair Value Measurements

The following table provides a summary of the changes in Level 3 fair value measurements for the Preferred Warrant liabilities:


Balance, December 31, 2024	$	5,940,543
Change in fair value of the Preferred Warrant liabilities		(491,339	)
Balance, December 31, 2025	$	5,449,204

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

As of December 31, 2025 and 2024, accrued expenses and other current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Payroll and employee-related costs	$	5,036,039	$	4,170,381
Accrued research and development expenses		322,743		237,164
Accrued legal fees		354,361		42,159
Accrued financing fees payable		—		479,250
Accrued interest		21,075		22,443
Other accrued expenses		849,778		521,639
	$	6,583,996	$	5,473,036

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Estimated Useful Lives of Finance Lease Assets

The following is the estimated useful lives of the finance lease assets:


Animal Facility	40 years
Equipment	3 –7 years
Land	Indefinite

Schedule of Operating and Finance Leases Discount Rate

The Company’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of December 31, 2025 and 2024 are:


	December 31, 2025						December 31, 2024
	Operating			Finance			Operating	Finance
Weighted-average remaining lease term (years)	3.62			12.92			2.85	13.92
Weighted-average discount rate (percentage)		9.45	%		7.72	%	7.76%	7.72%

Schedule of Undiscounted Future Minimum Lease Payments

The table below reconciles the undiscounted future minimum lease payments under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the consolidated balance sheet as of December 31, 2025:


	Operating			Finance
2026	$	1,007,017		$	401,496
2027		712,653			401,496
2028		728,650			401,496
2029		708,989			401,496
2030		—			401,496
Thereafter		—			3,178,510
Undiscounted future minimum lease payments		3,157,309			5,185,990
Less: Amount representing interest payments		(482,547	)		(1,910,071	)
Total lease liabilities		2,674,762			3,275,919
Less current portion		(797,402	)		(153,967	)
Noncurrent lease liabilities	$	1,877,360		$	3,121,952

Investments - Schedule of unrealized and realized gains (losses) recognized on equity securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period	$ 72,026	$ 1,232
Less: Realized net gains (losses) recognized on equity securities sold	39,694	27,539
Unrealized net gains (losses) recognized on equity securities held	$ 32,332	$ (26,307)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

The financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP” or “U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the years presented.

Emerging growth company status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the

time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Principles of consolidation

The accompanying consolidated financial statements include the results of the Company and its wholly owned subsidiaries, SAB Sciences, Inc., Diversity Therapeutics, Inc., SAB LLC, SAB Capra, LLC, Aurochs, LLC, and SAB Australia. Intercompany balances and transactions have been eliminated in consolidation.

Significant risks and uncertainties

The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to, the results of research and development efforts, clinical trial activities of the Company’s product candidates, the Company’s ability to obtain regulatory approval to market its product candidates, competition from products manufactured and sold or being developed by other companies, and the Company’s ability to raise capital.

The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and obtaining and protecting intellectual property.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in the financial statements. The Company has used significant estimates in its determination of stock-based compensation assumptions, determination of the fair value of the Private Placement Warrant liabilities, determination of the incremental borrowing rate (“IBR”) used in the calculation of the Company’s right of use assets and lease liabilities, estimation of clinical and other accruals and the valuation allowance on deferred tax assets. Actual amounts realized may differ from these estimates.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques that would be used to measure fair value into one of three levels:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Certain of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate their fair value due to the short-term nature of their maturities, such as cash and cash equivalents, accrued interest receivable, accounts payable, notes payable, accrued expenses and other current liabilities.

The Company accounts for warrants to purchase its common stock par value of $0.0001 per share (its “common stock”) pursuant to Accounting Standards Codification (“ASC”) Topic 470, Debt (“ASC 470”), and ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), and classifies warrants for common stock as liabilities or equity. The warrants classified as liabilities are reported at their estimated fair value (see Note 13, Fair Value Measurements) and any changes in fair value are reflected in other income and expense. The warrants classified as equity are reported at their estimated relative fair value with no subsequent remeasurement. The Company’s outstanding warrants are discussed in more detail in Note 12, Warrants.

Deferred Issuance Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred issuance costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in shareholders’ equity as a reduction of additional paid-in capital generated as a result of the issuance.

The Company had $0.2 million deferred issuance costs as of December 31, 2025 related to the Company’s sales agreement with UBS Securities LLC. The Company had $0.3 million in deferred issuance costs as of December 31, 2024 related to the Company’s sales agreement with Cantor Fitzgerald & Co. See Note 10, Stockholders’ Equity, for further details on the sales agreements.

Cash, cash equivalents, and restricted cash

Cash and cash equivalents are comprised of cash and highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash equivalents consist primarily of exchange-traded money market funds and U.S. treasury securities.

The Company is exposed to credit risk in the event of default by the financial institutions or the issuers of these investments to the extent the amounts on deposit or invested are in excess of amounts that are insured.

Short-term investments

The Company accounts for investments in accordance with ASC Topic 320, Investments - Debt and Equity Securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each reporting period.

At December 31, 2025, the Company’s short-term and long-term investments consisted of U.S. treasury securities and corporate bonds with original maturity exceeding 90 days, and investments in exchange-traded mutual funds. The Company classifies these securities as current and non-current. The Company considers all of its securities for which there is a determinable fair market value, and there are no restrictions on the Company’s ability to sell within the next twelve months, as available-for-sale securities.

The Company recognizes the change in fair value of equity securities within other income in the consolidated statements of operations and comprehensive income (loss), and available-for-sale debt securities are measured at fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss) in the consolidated balance sheets.

The Company reviews its investments at each reporting date to identify and evaluate whether a decline in fair value below the amortized cost basis of available-for-sale debt securities is due to credit-related factors and determines if such unrealized losses are the result of credit losses that require impairment. The Company records an allowance for credit losses on available-for-sale debt securities when a decline in fair value is determined to be credit-related, rather than recording a direct write-down of the investment's amortized cost. Factors considered in determining whether an unrealized loss is the result of credit-related factors include the extent to which the fair value is less than the cost basis, any changes to the rating of the security by a rating agency, the financial condition and near-term prospects of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic condition and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

The Company did not record an allowance for credit losses on its available-for-sale debt securities during the years ended December 31, 2025 and 2024.

Concentration of credit risk

The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Although the Company currently believes that the financial institutions with whom it does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts for the years ended December 31, 2025 and 2024.

Lease liabilities and right-of-use assets

The Company is party to certain contractual arrangements for equipment, lab space, and an animal facility, which meet the definition of leases under Financial Accounting Standards Board (“FASB”) ASC Topic 842, Leases (“ASC 842”). In accordance with ASC 842, the Company recorded right-of-use assets and related lease liabilities for the present value of the

lease payments over the lease terms. The Company’s IBR was used in the calculation of its right-of-use assets and lease liabilities.

The Company elected not to apply the recognition requirements of ASC 842 to short-term leases, which are deemed to be leases with a lease term of twelve months or less. Instead, the Company recognized lease payments in the Consolidated Statements of Operations and Comprehensive Income (Loss) on a straight-line basis over the lease term and variable payments in the period in which the obligation for these payments was incurred. The Company elected this policy for all classes of underlying assets.

Research and development expenses

Expenses incurred in connection with research and development activities are expensed as incurred. These include licensing fees to use certain technology in the Company’s research and development projects, fees paid to consultants and various entities that perform certain research and testing on behalf of the Company, and expenses related to animal care, research-use equipment depreciation, salaries, benefits, and stock-based compensation granted to employees in research and development functions.

During the years ended December 31, 2025 and 2024, the Company had contracts with multiple contract research organizations (“CRO”) to complete studies as part of research grant agreements. These costs include upfront, milestone and monthly expenses as well as reimbursement for pass through costs. All research and development costs are expensed as incurred except when the Company is accounting for nonrefundable advance payments for goods or services to be used in future research and development activities. In these cases, these payments are capitalized at the time of payment and expensed in the period the research and development activity is performed. As actual costs become known, the Company will adjust the accrual; such changes in estimate may result in material changes in the Company’s clinical study accrual, which could also materially affect reported results of operations. For the years ended December 31, 2025 and 2024, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.

Property, Plant and Equipment

The Company records property, plant, and equipment at cost less depreciation and amortization. Depreciation is calculated using straight-line methods over the following estimated useful lives:


Animal facility equipment	7 years
Animal facility	40 years
Laboratory equipment	7 years
Leasehold improvements	Shorter of asset life or lease term
Office furniture and equipment	5 years
Vehicles	5 years

Repairs and maintenance expenses are expensed as incurred.

Impairment of long-lived assets

The Company reviews the recoverability of long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If necessary, the Company compares the estimated undiscounted future net cash flows to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value, which is based either on discounted cash flows or appraised values in the period the impairment becomes known. The Company believes that long-lived assets are recoverable, and no impairment was deemed necessary, during the years ended December 31, 2025 and 2024.

Stock-based compensation

FASB ASC Topic 718, Compensation– Stock Compensation, prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. The Company recognizes compensation cost relating to stock-based payment transactions using a fair-value measurement method, which requires all stock-based payments to employees, directors, and non-employee consultants, including grants of stock options, to be recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. The Company determines the fair value of common stock based on the closing market price at closing on the date of the grant.

In determining the fair value of stock-based awards, the Company utilizes the Black-Scholes option-pricing model, which uses both historical and current market data to estimate fair value. The Black-Scholes option-pricing model incorporates

various assumptions, such as the value of the underlying common stock, the risk-free interest rate, expected volatility, expected dividend yield, and expected life of the options. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. No awards may have a term in excess of ten years. Forfeitures are recorded when they occur. Stock-based compensation expense is classified in the consolidated statements of operations based on the function to which the related services are provided. The Company recognizes stock-based compensation expense over the vesting period.

Income taxes

Deferred income taxes reflect future tax effects of temporary differences between the tax and financial reporting basis of the Company’s assets and liabilities measured using enacted tax laws and statutory tax rates applicable to the periods when the temporary differences will affect taxable income. When necessary, deferred tax assets are reduced by a valuation allowance, to reflect realizable value, and all deferred tax balances are reported as long-term on the consolidated balance sheets. Accruals are maintained for uncertain tax positions, as necessary.

The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The Company has elected to treat interest and penalties related to income taxes, to the extent they arise, as a component of income taxes.

Foreign Currency Translations and Transactions

Assets and liabilities of the Company's foreign subsidiary are translated at the year-end exchange rate. Operating results of the Company's foreign subsidiary are translated at average exchange rates during the period. Translation adjustments have no effect on net income (loss) and are included in “Accumulated other comprehensive income (loss)” in the accompanying Consolidated Balance Sheets.

Comprehensive income (loss)

Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The components of comprehensive loss for the years ended December 31, 2025 and 2024 consist of net income (loss), foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency, and unrealized gains and losses on available-for-sale debt securities.

Litigation

From time to time, the Company is involved in legal proceedings, investigations and claims generally incidental to its normal business activities. In accordance with U.S. GAAP, the Company accrues for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal costs in connection with loss contingencies are expensed as incurred.

Earnings per share

In accordance with ASC 260, Earnings per Share (“ASC 260”), basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common stock outstanding during the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common stock outstanding for the period including potential dilutive common shares such as stock options.

Segment reporting

In accordance with ASC 280, Segment Reporting, the Company’s business activities are organized into one reportable segment, as only the Company’s operating results in their entirety are regularly reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated and to assess performance.

Australian Research and Development Tax Credit

The Company recognizes other income from Australian research and development incentives when there is reasonable assurance that the income will be received, the relevant expenditure has been incurred, and the consideration can be reliably measured. The research and development incentive is one of the key elements of the Australian Government’s support for Australia’s innovation system and is supported by legislative law primarily in the form of the Australian Income Tax

Assessment Act 1997, as long as eligibility criteria are met. Under the program, a percentage of eligible research and development expenses incurred by the Company through its subsidiary in Australia are reimbursed.

SAB Australia’s research and development activities qualify for the Australian government’s tax credit program, which provides a 48.5% credit for qualifying research and development expenses. The Company recognized $1.9 million and $2.0 million in tax credit income for years ended December 31, 2025 and 2024, respectively.

Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive regime described above. At each period end, management estimates the refundable tax offset available to the Company based on available information at the time and it is included in other income in the consolidated statements of operations.

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of fair value and amortized cost of available-for-sale debt securities

At December 31, 2025, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	23,993,821	$	33,439	$	—		$	24,027,260
Corporate Bonds		2,923,265		9,677		(32	)		2,932,910
Total		26,917,086		43,116		(32	)		26,960,170

Long-term:
U.S. treasury securities	$	42,651,824	$	143,223	$	(11,058	)	$	42,783,989
Corporate Bonds		4,098,031		11,698		(836	)	$	4,108,893
Total		46,749,855		154,921		(11,894	)		46,892,882

At December 31, 2024, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:


	As of December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	6,223,532	$	1,306	$	(659	)	$	6,224,179
Total	$	6,223,532	$	1,306	$	(659	)	$	6,224,179

Schedule of Amortized Cost and Estimated Fair Value by Maturity of Investment Securities


	As of December 31, 2025
	Amortized Cost		Fair Value
Within one year or less	$	26,917,086	$	26,960,170
One through five years		46,749,855		46,892,882
Total		73,666,941		73,853,052

Schedule of gross unrealized losses and fair value of available-for-sale securities


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		4	$	7,802,140	$	11,058		—	$	—	$	—		4	$	7,802,140	$	11,058
Corporate Bonds		8		771,767		868		—		—		—		8		771,767		868
Total		12	$	8,573,907	$	11,926		—	$	—	$	—		12	$	8,573,907	$	11,926


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		1	$	6,224,179	$	659		—	$	—	$	—		1	$	6,224,179	$	659
Total		1	$	6,224,179	$	659		—	$	—	$	—		1	$	6,224,179	$	659

Schedule of unrealized and realized gains (losses) recognized on equity securities

The following is a summary of unrealized and realized gains (losses) recognized on equity securities included in other income (expense) in the consolidated statements of operations and comprehensive income (loss).


	For The Year Ended December 31,
	2025		2024
Net gains (losses) recognized during the period	$	72,026	$	1,232
Less: Realized net gains (losses) recognized on equity securities sold		39,694		27,539
Unrealized net gains (losses) recognized on equity securities held	$	32,332	$	(26,307	)

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2025
Animal Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	7 years
Animal Facility [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	40 years
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Equipment description	Shorter of asset life or lease term
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	5 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	5 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(18) Commitments and Contingencies

The Company is not a party to any litigation, and, to its best knowledge, no action, suit or proceeding has been threatened against the Company which are expected to have a material adverse effect on its financial condition, results of operations or liquidity.

Fortrea Inc.

In October 2024, the Company entered into a clinical master services agreement and work orders with Fortrea Holdings Inc. (“Fortrea”) to act as the contract research organization (“CRO”) overseeing the Company’s Phase 2b efficacy and safety study for SAB-142. Approximately $7.3 million and $0.4 million was expensed with respect to the Fortrea agreements during the years ended December 31, 2025 and 2024, respectively, which amounts are included in research and development expenses in the accompanying consolidated statements of operations and comprehensive income (loss). The Company expects to make substantial payments to Fortrea over the next 12 to 18 months in connection with services provided by Fortrea, as well as clinical trial site and other pass-through costs relating to the Phase 2b efficacy and safety study for SAB-142.

Stock-based Compensation - Summary of Stock Options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Number of Stock Options Outstanding, Beginning of Period	2,967,950
Number of Stock Options, Granted	18,194,650
Number of Stock Options, Forfeited	(154,280)
Number of Stock Options, Expired	(120,548)
Number of Stock Options Outstanding, End of Period	20,887,772	2,967,950
Options vested and exercisable, December 31, 2025	1,449,059
Weighted Average Exercise Price Per Share, Beginning of Period	$ 7.05
Weighted Average Exercise Price Per Share, Granted	2.37
Weighted Average Exercise Price Per Share, Forfeited	3.07
Weighted Average Exercise Price Per Share, Expired	19.56
Weighted Average Exercise Price, End of Period	2.93	$ 7.05
Weighted Average Exercise Price, Options vested and exercisable at December 31, 2025	$ 8.99
Weighted-Average Remaining Contractual Life (years), Options outstanding	9 years 5 months 23 days	8 years 7 months 20 days
Weighted-Average Remaining Contractual Life (years), Options vested and exercisable at December 31, 2025	7 years 6 months 14 days
Aggregate Intrinsic Value, Options outstanding	$ 26,069,500	$ 1,186,052
Aggregate Intrinsic Value, Options vested and exercisable at December 31, 2025	$ 412,649

Warrants - Additional Information (Details) - USD ($)

1 Months Ended

12 Months Ended

Dec. 31, 2023

Jun. 30, 2023

Mar. 21, 2023

Dec. 31, 2022

Dec. 31, 2025

Sep. 26, 2025

Jul. 21, 2025

Dec. 31, 2024

Nov. 21, 2023

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

9 months 21 days

1 year 9 months 21 days

PIPE Private Placement Warrants [Member]

Class of Warrant or Right [Line Items]

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 10.8

Warrants Issued

736,337

Placement Agent Warrants [Member]

Class of Warrant or Right [Line Items]

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 13.5

Warrants Issued

21,091

Warrants and rights outstanding, term (year)

5 years

Warrants or right, issued, percentage of shares purchased

7.00%

Ladenburg Agreement Warrants [Member]

Class of Warrant or Right [Line Items]

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 5.424

Stock issued during period, shares, new issues (in shares)

191,689

Warrants Issued

30,000

Warrants and rights outstanding, term (year)

3 years

Stock issued

$ 1,100,000

$ 1,500,000

$ 500,000

Cash payment to settle warrants

$ 1,100,000

Preferred Tranche B Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

2 months 23 days

Outstanding warrants

^[1]

42,846

Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

^[2]

2 years 10 months 28 days

3 years 10 months 28 days

Outstanding warrants

107,115

Preferred Tranche C Warrants [Member] | Fair Value, Recurring [Member]

Class of Warrant or Right [Line Items]

Warrants, value

$ 5,449,204

Preferred PIPE Placement Agent Warrants [Member]

Class of Warrant or Right [Line Items]

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 6.3

Warrants Issued

850,119

Outstanding warrants

850,119

Preferred PIPE Series B Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding warrants

1,500,000

Release Date Warrants [Member]

Class of Warrant or Right [Line Items]

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 218.75

Warrants and rights outstanding, term (year)

^[3]

2 years 2 months 8 days

2 years 4 months 6 days

Preferred PIPE Series B Warrants Release Date [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

5 years

Enrollment Date Warrants [Member]

Class of Warrant or Right [Line Items]

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 175

Preferred PIPE Series B Warrants Enrollment Date [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

5 years

Private Placement [Member]

Class of Warrant or Right [Line Items]

Stock issued during period, shares, new issues (in shares)

736,337

Equity offering, combined purchase price (in dollars per share)

$ 10.8

Equity offering, premium per share (in dollars per share)

$ 1.25

Warrants and rights outstanding, term (year)

5 years

Placement agent fee, percentage of gross proceeds

7.00%

Proceeds from issuance or sale of equity

$ 8,000,000

Private Placement [Member] | Preferred Tranche C Warrants [Member] | Securities Purchase Agreement [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

5 years

Private Placement [Member] | Preferred Tranche C Warrants [Member] | Securities Purchase Agreement [Member] | Series A-3 Preferred Stock [Member]

Class of Warrant or Right [Line Items]

Outstanding warrants

107,115

Aggregate exercise price

$ 107,100,000

Maximum [Member] | Preferred PIPE Series B Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants Issued

1,000,000

Minimum [Member] | Preferred PIPE Series B Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants Issued

500,000

Public Warrants [Member]

Class of Warrant or Right [Line Items]

Class of warrant or right, number of securities called by each warrant or right (in shares)

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 115

Warrants or rights, redemption price (in dollars per share)

0.01

Warrants and rights outstanding, minimum share price to call (in dollars per share)

$ 180

[1]	On January 1, 2025, 42,846 Preferred Tranche B Warrants expired, unexercised. The Company recognized a gain of $3 thousand in other income in our consolidated statement of operations, representing the fair value of the warrants at expiration. The valuation as of December 31, 2024, was based on a risk-free interest rate of 3.93%, an expected remaining term of 0.23 periods, implied volatility of 75%, and an underlying stock price of $309.37.
[2]	Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of dissolution, should SABS’ intellectual property fail to yield positive results in forthcoming clinical trials, potentially leading to dissolution before 2028. The probability was 40.0% and 38.5% as of December 31, 2025 and 2024, respectively.
[3]	Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of failure to release top-line data from the Phase 2b SAFEGUARD trial of SAB -142 (the “Release Date”). The probability was 10% as of September 26, 2025

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

(13) Fair Value Measurements

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.


	As of December 31, 2025
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market funds	$	9,128,243	$	9,128,243	$	—	$	—
Short-term investments
Mutual funds		59,129,609		59,129,609		—		—
U.S. treasury securities		24,027,260		24,027,260		—		—
Corporate Bonds		2,932,910		—		2,932,910		—
Long-term investments
U.S. treasury securities		42,783,989		42,783,989		—		—
Corporate Bonds		4,108,893		—		4,108,893		—
Liabilities:
Public Warrant liability	$	179,400	$	179,400	$	—	$	—
Private Placement Warrant liability		6,508		—		—		6,508
Tranche C Preferred Warrants		5,449,204		—		—		5,449,204


	As of December 31, 2024
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market funds	$	3,460,221	$	3,460,221	$	—	$	—
U.S. treasury securities		3,248,959		3,248,959		—		—
Short-term investments
Mutual funds		5,638,567		5,638,567		—		—
U.S. treasury securities		6,224,179		6,224,179		—		—
Liabilities:
Public Warrant liability	$	432,975	$	432,975	$	—
Private Placement Warrant liability		15,708		—		—		15,708
Tranche C and B Preferred Warrants		5,940,543		—		—		5,940,543

The following table provides a summary of changes in Level 3 fair value measurements for the Private Placement Warrant Liability:



Balance, December 31, 2024	$	15,708
Change in fair value of Private Placement Warrant liability		(9,200	)
Balance, December 31, 2025	$	6,508

The following table provides a summary of the changes in Level 3 fair value measurements for the Preferred Warrant liabilities:


Balance, December 31, 2024	$	5,940,543
Change in fair value of the Preferred Warrant liabilities		(491,339	)
Balance, December 31, 2025	$	5,449,204

As of December 31, 2025 and 2024, the Company did not have any other assets or liabilities that are recorded at fair value on a recurring basis.

The Company believes that the carrying amounts of its cash and cash equivalents, accrued interest receivable, accounts payable, notes payable, accrued expenses and other current liabilities approximate their fair values due to their near-term maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Class of Warrant or Right [Line Items]

Summary of Warrant Activity

The following table summarizes warrant activity for the year ended December 31, 2025 and 2024:


	Outstanding December 31, 2024		Warrants Issued		Warrants Exercised		Warrants Forfeited		Outstanding December 31, 2025
Common Stock Warrants
Equity Classified
PIPE Placement Agent Warrants		21,091		—		—		—		21,091
Preferred PIPE Placement Agent Warrants		850,119		—		—		—		850,119
Ladenburg Warrants		30,000		—		—		—		30,000
PIPE Warrants		736,337		—		—		—		736,337
Liability Classified
Business Combination Public Warrants		575,000		—		—		—		575,000
Private Placement Warrants		20,860		—		—		—		20,860
Preferred Stock Warrants
Equity Classified
Preferred PIPE Series B Warrants		—		1,500,000		—		—		1,500,000
Liability Classified
Preferred Tranche B Warrants (1)		42,846		—		—		42,846		—
Preferred Tranche C Warrants		107,115		—		—		—		107,115

(1)

On January 1, 2025, 42,846 Preferred Tranche B Warrants expired, unexercised. The Company recognized a gain of $3 thousand in other income in our consolidated statement of operations, representing the fair value of the

warrants at expiration. The valuation as of December 31, 2024, was based on a risk-free interest rate of 3.93%, an expected remaining term of 0.23 periods, implied volatility of 75%, and an underlying stock price of $309.37.


	Outstanding December 31, 2023		Warrants Issued		Warrants Exercised		Warrants Forfeited		Outstanding December 31, 2024
Common Stock Warrants
Equity Classified
PIPE Placement Agent Warrants		21,091		—		—		—		21,091
Preferred PIPE Placement Agent Warrants		850,119		—		—		—		850,119
Ladenburg Warrants		30,000		—		—		—		30,000
PIPE Warrants		736,337		—		—		—		736,337
Liability Classified
Business Combination Public Warrants		575,000		—		—		—		575,000
Private Placement Warrants		20,860		—		—		—		20,860
Preferred Stock Warrants
Liability Classified
Tranche B Warrants		42,846		—		—		—		42,846
Tranche C Warrants		107,115		—		—		—		107,115

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs into the valuations as of the December 31, 2025 and 2024 were as follows:


	December 31, 2025			December 31, 2024
Risk-free interest rate		3.83	%		4.19	%
Expected term remaining (periods)		0.81			1.81
Implied volatility		200.4	%		160.9	%
Closing common stock price on the measurement date	$	3.74		$	3.79

Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs utilized in determining the fair value of each Preferred Tranche C Warrants as of December 31, 2025 and 2024 were as follows:


	December 31, 2025			December 31, 2024
Risk-free interest rate (1)		3.54	%		4.32	%
Expected term remaining (periods) (1)		2.91			3.91
Implied volatility		105.0	%		95.0	%
Underlying Stock Price (Preferred Series A)	$	304.95		$	309.37

(1)

Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of dissolution, should SABS’ intellectual property fail to yield positive results in forthcoming clinical trials, potentially leading to dissolution before 2028. The probability was 40.0% and 38.5% as of December 31, 2025 and 2024, respectively.

Release Date Warrants [Member]

Class of Warrant or Right [Line Items]

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs utilized in determining the fair value of each Release Date Warrant as of July 21, 2025 and September 26, 2025, respectively, were as follows:


	July 21, 2025			September 26, 2025
Risk-free interest rate (1)		3.44	%		3.28	%
Expected term remaining (periods) (1)		2.35			2.19
Implied volatility		110.0	%		102.5	%
Underlying Stock Price (Preferred Series B)	$	197.31		$	146.89

(1) Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of failure to release top-line data from the Phase 2b SAFEGUARD trial of SAB -142 (the “Release Date”). The probability was 10% as of September 26, 2025

Enrollment Date Warrants [Member]

Class of Warrant or Right [Line Items]

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs utilized in determining the fair value of each Enrollment Date Warrant as of July 21, 2025 and September 26, 2025, respectively, were as follows:


	July 21, 2025			September 26, 2025
Risk-free interest rate (1)		3.77	%		3.48	%
Expected term remaining (periods) (1)		1.40			1.23
Implied volatility		105.0	%		105.0	%
Underlying Stock Price (Preferred Series B)	$	197.31		$	146.89

(1) Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of failure to achieve full enrollment of the Phase 2b SAFEGUARD trial of SAB-142 (the “Enrollment Date”). The probability was 5% as of September 26, 2025.

Stock-based Compensation - Summary of Restricted Stock (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of unvested shares, Beginning of Period \| shares	31,362
Number of shares, Vested and issued \| shares	(16,723)
Number of unvested shares, End of Period \| shares	14,639
Weighted Average Grant Date Fair Value, Beginning of Period \| $ / shares	$ 10.33
Weighted Average Grant Date Fair Value, Vested and issued \| $ / shares	11.56
Weighted Average Grant Date Fair Value, End of Period \| $ / shares	$ 8.93

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings per share - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Change in fair value of warrant liabilities	$ 62,000,073	$ 0
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Change in fair value of warrant liabilities	$ (62,000,000)

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

(6) Property, plant and equipment

As of December 31, 2025 and 2024, the Company’s property, plant and equipment was as follows:


	December 31, 2025			December 31, 2024
Laboratory equipment	$	11,339,840		$	11,344,007
Animal facility leasehold improvements		8,400,580			8,357,667
Animal facility equipment		1,278,123			1,188,854
Construction-in-progress		759,279			—
Leasehold improvements		7,064,721			7,064,721
Vehicles		201,590			208,453
Office furniture and equipment		1,778,231			1,778,231
Total Property, plant and equipment, gross		30,822,364			29,941,933
Less: accumulated depreciation and amortization		(17,516,462	)		(14,573,924	)
Property, plant and equipment, net	$	13,305,902		$	15,368,009

Depreciation and amortization expense for the years ended December 31, 2025 and 2024 was $3.0 million and $4.7 million, respectively. For the year ended December 31, 2024, the Company recorded an expense of approximately $0.9 million for an out-of period adjustment related to the amortization of leasehold improvements, $0.7 million included in research and development expense and $0.2 million is included in general and administrative expense.

Nature of Business - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Nature Of Business [Line Items]
Accumulated deficit	$ 110,895,167	$ 124,168,850

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Notes Payable - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current Insurance Financing Agreement [Member]
Short-Term Debt [Line Items]
Insurance policy premiums financed, value		$ 516
Insurance policy premiums financed, interest rate		7.37%
Interest expense related financing note	$ 6	$ 17
Prior Insurance Financing Agreement [Member]
Short-Term Debt [Line Items]
Insurance policy premiums financed, value		$ 765
Insurance policy premiums financed, interest rate		7.96%

Property, Plant and Equipment - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 2,994,763	$ 4,705,771
Property, plant and equipment, gross	30,822,364	29,941,933
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,064,721	7,064,721
Adjustment related to amortization		900,000
Leasehold Improvements [Member] \| Research and Development [Member]
Property, Plant and Equipment [Line Items]
Adjustment related to amortization		700,000
Leasehold Improvements [Member] \| General and Administrative [Member]
Property, Plant and Equipment [Line Items]
Adjustment related to amortization		$ 200,000
Construction-in-Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 759,279

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Leases - Schedule of Undiscounted Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Operating Lease
Operating Lease 2026	$ 1,007,017
Operating Lease 2027	712,653
Operating Lease 2028	728,650
Operating Lease 2029	708,989
Operating lease Undiscounted future minimum lease payments	3,157,309
Less:Operating Lease Amount representing interest payments	(482,547)
Total Operating lease liabilities	2,674,762
Less current portion of Operating Lease	(797,402)	$ (393,430)
Noncurrent Operating lease liabilities	1,877,360	581,148
Finance Lease
Finance Lease 2026	401,496
Finance Lease 2027	401,496
Finance Lease 2028	401,496
Finance Lease 2029	401,496
Finance Lease 2030	401,496
Finance Leases Thereafter	3,178,510
Finance lease Undiscounted future minimum lease payments	5,185,990
Less: Finance lease Amount representing interest payments	(1,910,071)
Total finance lease liabilities	3,275,919
Less current portion of finance Lease	(153,967)	(142,563)
Noncurrent finance lease liabilities	$ 3,121,952	$ 3,275,919

Earnings per Share - Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Parenthetical) (Details) - shares

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Antidilutive securities excluded from computation of earnings per share

44,793,829

35,856,601

Common stock outstanding

47,609,899

9,288,868

Common stock issued

47,664,564

9,343,533

Series A Preferred Stock [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Antidilutive securities excluded from computation of earnings per share

4,504,824

6,669,742

Series A-2 Preferred Stock [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Common stock outstanding

28,380

42,019

Common stock issued

28,380

42,019

Ladenburg Agreement [Member] | Warrant [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Antidilutive securities excluded from computation of earnings per share

30,000

Private Placement Warrants [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Warrants Issued

850,119

Outstanding warrants

20,860

Private Placement Warrants [Member] | Warrant [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Antidilutive securities excluded from computation of earnings per share

20,860

Public Warrants [Member] | Warrant [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Antidilutive securities excluded from computation of earnings per share

575,000

PIPE Private Placement Warrants [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Warrants Issued

736,337

Placement Agent Warrants [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Warrants Issued

21,091

Preferred Tranche C Warrants [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Outstanding warrants

107,115

Common stock issued

17,002,381

Preferred Tranche B Warrants [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Outstanding warrants

^[1]

42,846

Common stock issued

6,800,953

[1]

Earnings per share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per share

(5) Earnings per share

The Company computed basic earnings (loss) per share of common stock based on the weighted average number of shares of common stock utilizing the two-class method. The Company computed diluted earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period, if applicable.

The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the years ended December 31, 2025 and 2024:


	For The Year Ended December 31,
	2025			2024
Calculation of basic income (loss) per share attributable to the Company’s shareholders
Net income (loss)	$	13,273,683		$	(34,105,309	)
Net income attributable to participating securities		9,012,401			—
Net income (loss) attributable to common stockholders - basic		4,261,282			(34,105,309	)
Weighted-average common shares outstanding - basic		19,311,798			9,261,918
Earnings per share - basic	$	0.22		$	(3.68	)
Calculation of diluted income (loss) per share attributable to the Company’s shareholders
Net income (loss)	$	13,273,683		$	(34,105,309	)
Change in fair value of warrant liabilities		(62,000,073	)		—
Net income (loss) attributable to common stockholders - diluted	$	(48,726,390	)	$	(34,105,309	)

Weighted-average common shares outstanding - basic		19,311,798			9,261,918
Series B warrants and preferred stock		42,028,395			—
Weighted-average common shares outstanding – diluted		61,340,193			9,261,918
Net income (loss) per share - diluted	$	(0.79	)	$	(3.68	)

Net income (loss) per share is calculated utilizing the two-class method. In periods of income, the outstanding shares of preferred stock are considered to be participating securities. As a result, income is allocated to the common stock and participating securities. In periods of loss, the preferred stock is not considered to be a participating security.

Potentially dilutive shares of common stock from employee equity incentive plans, warrants and earnout shares are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, warrants, and earnout shares. The potentially dilutive impact from the assumed issuance of common stock associated with a contractual conversion feature is determined by applying the if-converted method to the assumed exercise of the outstanding conversion feature.

When computing diluted income (loss) per share, adjustments to the numerator are made for any changes in income (loss) such as changes in fair value that would not have occurred assuming the exercised or conversion of the potentially dilutive securities. During the year ended December 31, 2025, the Company recognized a gain of $62.0 million related to in-the-money warrants to purchase Series B preferred stock. As a result, the numerator is adjusted by these amounts in applying the treasury stock method and assuming the exercise of these instruments. The denominator is adjusted assuming the exercise of these instruments and the conversion of all outstanding shares of Series B preferred stock.

The Company’s other potentially dilutive securities, which include stock options, restricted stock awards, common stock warrants, preferred stock warrants, earnout shares, and contingently issuable earnout shares have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	For The Year Ended December 31,
	2025		2024
Stock options and awards		20,902,411		2,999,312
Common Stock Warrants (1)		2,233,407		2,233,407
Series A Preferred Stock (2)		4,504,824		6,669,742
Preferred Stock Warrants (3)		17,002,381		23,803,334
Contingently issuable Earnout Shares from unexercised Rollover Options		150,806		150,806
Total		44,793,829		35,856,601

(1)

Contained within common stock warrants are the 575,000 shares of common stock underlying public warrants (the “Public Warrants”), 20,860 shares of common stock underlying warrants held by assignees of Big Cypress Holdings, LLC (the “Private Placement Warrants”), 30,000 shares underlying warrants held by Ladenburg Thalmann & Co. Inc. (the “Ladenburg Warrants”), 736,337 shares underlying warrants issued to the investors in the December 2022 Private Placement (the “the PIPE Warrants”), 21,091 shares underlying warrants issued to the placement agent in the December 2022 Private Placement (the “PIPE Placement Agent Warrants”), and 850,119 shares underlying the Preferred PIPE Placement Agent Warrants issued to the placement agent in the September 2023 Offering. See Note 12, Warrants for further details on the Company’s outstanding warrants.

(2)

Represents 4,504,824 and 6,669,742 shares of common stock underlying 28,380 and 42,019 issued and outstanding shares of Series A-2 Preferred Stock, for the years ended December 31, 2025 and 2024, respectively. See Note 10, Stockholders’ Equity for further details on the Company’s preferred stock.

(3)

Represents 17,002,381 shares of common stock underlying 107,115 outstanding Preferred Tranche C Warrants (as defined below) for the year ended December 31, 2025, and 6,800,953 and 17,002,381 common shares underlying 42,846 outstanding Preferred Tranche B Warrants (as defined below) and 107,115 outstanding Tranche C Warrants, respectively, for the year ended December 31, 2024 See Note 12, Warrants for further details on the Company’s outstanding warrants.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 02, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity File Number	001-39871
Entity Registrant Name	SAB BIOTHERAPEUTICS, INC.
Entity Central Index Key	0001833214
Entity Tax Identification Number	85-3899721
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	777 W 41st St
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33140
City Area Code	305
Local Phone Number	845-2813
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 76,734,681
Entity Common Stock, Shares Outstanding		50,951,037
Auditor Firm ID	274
Auditor Name	EisnerAmper L.L.P.
Auditor Location	Iselin, New Jersey
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of SAB Biotherapeutics, Inc. and Subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024, and the consolidated results of their operations and their cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	SABS
Security Exchange Name	NASDAQ
Warrants Each Exercisable for Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of Common Stock
Trading Symbol	SABSW
Security Exchange Name	NASDAQ

- Details

Name:	us-gaap_StatementClassOfStockAxis=sabs_WarrantsEachExercisableForOneShareOfCommonStockAtExercisePriceOf11.50PerShareMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

Earnings per share - Schedule of Earnings per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Calculation of basic income (loss) per share attributable to the Company's shareholders
Net Income (Loss)	$ 13,273,683	$ (34,105,309)
Net income attributable to participating securities	9,012,401	0
Net income (loss) attributable to common stockholders - basic	$ 4,261,282	$ (34,105,309)
Weighted-average common shares outstanding - basic	19,311,798	9,261,918
Earnings per share - basic	$ 0.22	$ (3.68)
Calculation of diluted income (loss) per share attributable to the Company's shareholders
Net income (loss)	$ 13,273,683	$ (34,105,309)
Change in fair value of warrant liabilities	(62,000,073)	0
Net income (loss) attributable to common stockholders - diluted	$ (48,726,390)	$ (34,105,309)
Weighted-average common shares outstanding - basic	19,311,798	9,261,918
Series B warrants and preferred stock	42,028,395	0
Weighted-average common shares outstanding - diluted	61,340,193	9,261,918
Net income (loss) per share - diluted	$ (0.79)	$ (3.68)

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

(8) Accrued Expenses and Other Current Liabilities

As of December 31, 2025 and 2024, accrued expenses and other current liabilities consisted of the following:


	December 31, 2025		December 31, 2024
Payroll and employee-related costs	$	5,036,039	$	4,170,381
Accrued research and development expenses		322,743		237,164
Accrued legal fees		354,361		42,159
Accrued financing fees payable		—		479,250
Accrued interest		21,075		22,443
Other accrued expenses		849,778		521,639
	$	6,583,996	$	5,473,036

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Net loss before tax	$ 13,273,683
Federal income tax at statutory	2,787,474	$ (7,162,115)
State and local, net of federal effect	0
Nontaxable or nondeductible items
Warrant liability	(13,178,379)
Equity issuance costs	1,068,627
Other	38,487
Effect of changes in tax laws or rates enacted in the current period	0
Effect of cross-border tax laws
Foreign disregarded entity	(672,864)
Equity raise		(1,130,852)
Tax credits
Research and development tax credit	(382,211)
True up of research and development tax credit	764,422
Change in valuation allowances	8,901,579	8,632,141
Foreign tax effects
Changes in unrecognized tax benefits	0
Other permanent items/adjustments	0	(339,174)
Effective tax rate	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal income tax at statutory, percent	21.00%	21.00%
State and local, net of federal effect, percent	0.00%
Nontaxable or nondeductible items
Warrant liability, percent	(99.28%)
Equity issuance costs, percent	8.04%
Other, percent	0.29%
Effect of changes in tax laws or rates enacted in the current period, percent	0.00%
Effect of cross-border tax laws
Foreign disregarded entity, percent	(5.07%)
Equity raise, percentage		3.30%
Tax credits
Research and development tax credit, percent	(2.88%)
True up of research and development tax credit, percent	5.76%
Change in valuation allowances, percentage	67.06%	(25.19%)
Foreign tax effects
Changes in unrecognized tax benefits, percent	0.00%
Other permanent items/adjustments, percentage	0.00%	0.89%
Effective tax rate, percentage	0.00%	0.00%
Australia [Member]
Foreign tax effects
Effects of rates different than statutory	$ (288,370)
Non-deductible item (Research and development expenditures)	951,151
Other	$ 10,084
Foreign tax effects
Effects of rates different than statutory, percent	(2.17%)
Non-deductible item (Research and development expenditures), percent	7.17%
Other, percent	0.08%

Earnings per Share - Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	44,793,829	35,856,601
Stock Options and Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	20,902,411	2,999,312
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,233,407	2,233,407
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	4,504,824	6,669,742
Preferred Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	17,002,381	23,803,334
Contingently Issuable Earnout Shares from Unexercised Rollover Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	150,806	150,806

Warrants

12 Months Ended

Dec. 31, 2025

Warrants and Rights Note Disclosure [Abstract]

Warrants

(12) Warrants

Public Warrants

Each whole Public Warrant entitles the holder to purchase one share of the Company's common stock at a price of $115.00 per share (as adjusted following the Reverse Stock Split), subject to adjustment as discussed herein.

Once the warrants become exercisable, the Company may call the warrants for redemption:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and if, and only if, the reported last sale price of the common stock equals or exceeds $180.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company send the notice of redemption to the warrant holders.

If the Company calls the warrants for redemption as described above, management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.” If management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

Each warrant will expire on the fifth anniversary of the Business Combination, which occurred on October 22, 2021. As a result, all outstanding warrants will expire on October 22, 2026, unless earlier exercised or redeemed in accordance with their terms. Once expired, the warrants will have no further value and will no longer be exercisable.

Private Placement Warrants

The Private Placement Warrants and the common stock issuable upon the exercise of the Private Placement Warrants were not transferable, assignable or saleable until after the completion of the Company's merger transaction in 2021. Additionally, the Private Placement Warrants are exercisable on a cashless basis and will be non-redeemable as long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

PIPE Warrants and PIPE Placement Agent Warrants

In December 2022, the Company entered into a securities purchase agreement with certain institutional and accredited investors for the sale by the Company of 736,337 shares of common stock and the PIPE Warrants to purchase up to 736,337 shares of common stock, in a private placement offering. The combined purchase price of each share and accompanying PIPE Warrant was $10.80 (the “December 2022 Private Placement”). Three directors of the Company participated in the December 2022 Private Placement, each paying a $1.25 premium per share and accompanying PIPE Warrant. The PIPE Warrants, including those purchased by the participating directors of the Company, are exercisable at an exercise price equal to $10.80 per share, and are exercisable for five years from the date of issuance. The Company received gross proceeds of approximately $8.0 million before deducting transaction related fees and expenses. The Company paid Brookline Capital Markets, the placement agent, a cash fee equal to seven percent of the gross proceeds received by the Company in the December 2022 Private Placement. The Company also issued Brookline Capital Markets the PIPE Placement Agent Warrants to purchase up to an aggregate of 21,091 shares of common stock, equal to 7% of the number of shares purchased by investors introduced to the Company by Brookline Capital Markets. The PIPE Placement Agent Warrants have an exercise price equal to $13.50 per share and are exercisable six months from the date of issuance and expire five years from the date of issuance.

2023 Ladenburg Agreement Warrants

On March 21, 2023, the Company entered into a settlement agreement with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), effective March 23, 2023 (the “2023 Ladenburg Agreement”, regarding the action brought by Ladenburg, the “Ladenburg Action”). In connection with the 2023 Ladenburg Agreement, on March 24, 2023, the Company (i) issued the Ladenburg Warrants to purchase up to 30,000 shares of common stock, exercisable for three years from the date of issuance at $5.424 per share; and (ii) furnished to Ladenburg a one-time cash payment of $500 thousand. Pursuant to the terms and subject to the conditions set forth in the 2023 Ladenburg Agreement, the Company will (i) no later than June 30, 2023, pay $1.5 million to Ladenburg in cash or shares of common stock, at the Company’s option; and (ii) no later than December 31, 2023, pay $1.1 million to Ladenburg in cash or shares of common stock, at the Company’s option. Following the completion of the Company’s obligations under the 2023 Ladenburg Agreement, Ladenburg has agreed to dismiss the Ladenburg Action with prejudice and extinguish any and all obligations of the Company in connection therewith. On June 30, 2023, in accord with the terms of the agreement, the Company issued 191,689 shares of common stock to satisfy a portion of its obligations under the 2023 Ladenburg Agreement. Following the completion of the 2023 Private Placement, the Company settled the remaining $1.1 million due to Ladenburg in cash.

September 2023 Purchase Agreement Warrants

As of December 31, 2025, the Company had outstanding 107,115 Preferred Tranche C Warrants to purchase shares of Series A-3 Preferred Stock for an aggregate exercise price of approximately $107.1 million.

The Preferred Tranche C Warrants were classified as derivative liabilities because they are redeemable for cash upon occurrence of a Fundamental Transaction, (as defined in the Forms for such warrants), which may be outside the control of the Company.

For more information see Note 10, Stockholders’ Equity.

Preferred PIPE Placement Agent Warrant

On November 21, 2023, the Company issued to Chardan Capital Markets LLC, the placement agent for the September 2023 Offering, a warrant to purchase 850,119 shares (as adjusted following the Reverse Stock Split) of the Company’s common stock (“the Preferred PIPE Placement Agent Warrants”). The Preferred PIPE Placement Agent Warrants have an exercise price equal to $6.30 per share (subject to adjustment for stock dividends and splits) and are exercisable in whole or in part, at any time or times on or after the issuance date and on or before October 2, 2028. The Preferred PIPE Placement Agent Warrant was classified in equity in additional paid-in capital.

Preferred PIPE Series B Warrants

On July 21, 2025, the Company issued the Release Date Warrants and Enrollment Date Warrants to various investors as part of the Series B Offering. The Release Date Warrants and Enrollment Date Warrants provide for the purchase of up to 500,000 and 1,000,000 shares of Series B Preferred Stock, respectively. The Release Date Warrants and Enrollment Date warrants have an exercise price of $218.75 and $175.00 per share, respectively. The Release Date Warrants have an expiration of the earlier of five years from the issuance date or the Phase II Release Date. The Enrollment Warrants have an expiration date of the earlier of five years from the issuance date or the Phase II Enrollment Date. The Release Date Warrants and Enrollment Date Warrants were initially classified as liabilities because of the underlying preferred shares were redeemable, requiring the Company to settle the instruments in cash under certain conditions; however, upon receiving the requisite approval on September 26, 2025, the preferred stock was no longer redeemable, and the Release Date Warrants and Enrollment Date Warrants were reclassified from liabilities to stockholders’ equity.

The following table summarizes warrant activity for the year ended December 31, 2025 and 2024:


	Outstanding December 31, 2024		Warrants Issued		Warrants Exercised		Warrants Forfeited		Outstanding December 31, 2025
Common Stock Warrants
Equity Classified
PIPE Placement Agent Warrants		21,091		—		—		—		21,091
Preferred PIPE Placement Agent Warrants		850,119		—		—		—		850,119
Ladenburg Warrants		30,000		—		—		—		30,000
PIPE Warrants		736,337		—		—		—		736,337
Liability Classified
Business Combination Public Warrants		575,000		—		—		—		575,000
Private Placement Warrants		20,860		—		—		—		20,860
Preferred Stock Warrants
Equity Classified
Preferred PIPE Series B Warrants		—		1,500,000		—		—		1,500,000
Liability Classified
Preferred Tranche B Warrants (1)		42,846		—		—		42,846		—
Preferred Tranche C Warrants		107,115		—		—		—		107,115

(1)


	Outstanding December 31, 2023		Warrants Issued		Warrants Exercised		Warrants Forfeited		Outstanding December 31, 2024
Common Stock Warrants
Equity Classified
PIPE Placement Agent Warrants		21,091		—		—		—		21,091
Preferred PIPE Placement Agent Warrants		850,119		—		—		—		850,119
Ladenburg Warrants		30,000		—		—		—		30,000
PIPE Warrants		736,337		—		—		—		736,337
Liability Classified
Business Combination Public Warrants		575,000		—		—		—		575,000
Private Placement Warrants		20,860		—		—		—		20,860
Preferred Stock Warrants
Liability Classified
Tranche B Warrants		42,846		—		—		—		42,846
Tranche C Warrants		107,115		—		—		—		107,115

Presentation and Valuation of the Warrants — Liability Classified Warrants

Public Warrants and Private Placement Warrants

The Public Warrants and Private Placement Warrants are accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity and were presented within warrant liabilities on the consolidated balance sheets as of December 31, 2025 and 2024. The initial fair value of the warrant liabilities was measured at fair value at the Closing Date, and changes in the fair value of the warrant liabilities were presented within changes in fair value of warrant liabilities in the consolidated statements of operations for the years ended December 31, 2025 and 2024.

On the Closing Date, the Company established the fair value of the Private Placement Warrants utilizing both the Black-Scholes Merton formula and a Monte Carlo Simulation (the “MCS”) analysis. Specifically, the Company considered an MCS to derive the implied volatility in the publicly-listed price of the Public Warrants. The Company then considered this implied volatility in selecting the volatility for the application of a Black-Scholes Merton model for the Private Placement Warrants. The Company determined the fair value of the Public Warrants by reference to the quoted market price.

The Public Warrants were classified as a Level 1 fair value measurement, due to the use of the quoted market price, and the Private Placement Warrants held privately by assignees of Big Cypress Holdings LLC, were classified as a Level 3 fair value measurement, due to the use of unobservable inputs. See Note 13, Fair Value Measurements, for changes in fair value of the Private Placement Warrants.

The key inputs into the valuations as of the December 31, 2025 and 2024 were as follows:


	December 31, 2025			December 31, 2024
Risk-free interest rate		3.83	%		4.19	%
Expected term remaining (periods)		0.81			1.81
Implied volatility		200.4	%		160.9	%
Closing common stock price on the measurement date	$	3.74		$	3.79

Series A Preferred Warrants

Should the Company enter into or be party to a fundamental transaction, the Company will be required to purchase all outstanding Warrants from the holders by paying cash in an amount equal to the Black Scholes Value of the unexercised portion of each Series A Preferred Warrant. As a result, the Series A Preferred Warrants are accounted for as derivative liabilities in accordance with ASC 480 and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity and were presented within warrant liabilities on the consolidated balance sheets as of December 31, 2025 and December 31, 2024. The initial fair value of the warrant liabilities was measured at fair value at the Closing Date, and changes in the fair

value of the warrant liabilities were presented within changes in fair value of warrant liabilities in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024.

The Company established the fair value of the Series A Preferred Warrants utilizing the Black-Scholes Merton formula.

All tranches of the Preferred Warrants were classified as Level 3 fair value measurements, due to the use of unobservable inputs. See Note 13, Fair Value Measurements, for changes in fair value of the Preferred Warrants.

The key inputs utilized in determining the fair value of each Preferred Tranche C Warrants as of December 31, 2025 and 2024 were as follows:


	December 31, 2025			December 31, 2024
Risk-free interest rate (1)		3.54	%		4.32	%
Expected term remaining (periods) (1)		2.91			3.91
Implied volatility		105.0	%		95.0	%
Underlying Stock Price (Preferred Series A)	$	304.95		$	309.37

(1)

Series B Preferred Warrants

The Release Date Warrants and Enrollment Date Warrants initially classified as liabilities because the underlying preferred shares were redeemable, requiring the Company to settle the instruments in cash in certain conditions. As a result of the redemption feature of the Series B Convertible Preferred Stock, the Release Date Warrants and Enrollment Date Warrants were accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity. Upon receiving the requisite approval on September 26, 2025, the preferred stock was no longer redeemable and the Release Date Warrants and Enrollment Date Warrants were reclassified from liabilities to stockholders’ equity.

The initial fair value of the warrant liabilities were measured at fair value at the closing date of the Series B Offering, and changes in the fair value of the warrant liabilities through September 26, 2025 were presented within changes in fair value of warrant liabilities in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025. Upon the requisite approval on September 26, 2025, the fair value of the warrants was reclassified into stockholders’ equity.

The Company established the fair value of the Release Date Warrants and Enrollment Date Warrants utilizing the Black-Scholes Merton formula.

The Release Date Warrants and Enrollment Date Warrants were classified as Level 3 fair value measurements, due to the use of unobservable inputs. See Note 13, Fair Value Measurements, for changes in fair value of the Release Date Warrants and Enrollment Date Warrants.

The key inputs utilized in determining the fair value of each Release Date Warrant as of July 21, 2025 and September 26, 2025, respectively, were as follows:


	July 21, 2025			September 26, 2025
Risk-free interest rate (1)		3.44	%		3.28	%
Expected term remaining (periods) (1)		2.35			2.19
Implied volatility		110.0	%		102.5	%
Underlying Stock Price (Preferred Series B)	$	197.31		$	146.89

The key inputs utilized in determining the fair value of each Enrollment Date Warrant as of July 21, 2025 and September 26, 2025, respectively, were as follows:


	July 21, 2025			September 26, 2025
Risk-free interest rate (1)		3.77	%		3.48	%
Expected term remaining (periods) (1)		1.40			1.23
Implied volatility		105.0	%		105.0	%
Underlying Stock Price (Preferred Series B)	$	197.31		$	146.89

(1) Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of failure to achieve full enrollment of the Phase 2b SAFEGUARD trial of SAB-142 (the “Enrollment Date”). The probability was 5% as of September 26, 2025.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Components of Net Income Before Income Tax Expense

The components of net income before income tax expense are as follows:


	December 31, 2025
Domestic	$	16,477,797
Foreign		(3,204,114	)
Total	$	13,273,683

Schedule of Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2025 and 2024 consisted of the following:


	December 31, 2025			December 31, 2024
Deferred tax assets:
Tax carryforwards	$	19,125,228		$	14,680,968
Compensation accruals		4,032,869			2,911,154
Amortizable Research and development intangibles		14,024,636			11,202,249
Other deferred tax assets		1,397,331			927,686
Total deferred tax assets		38,580,064			29,722,057
Less valuation allowance		(36,870,709	)		(27,853,819	)
Total deferred tax assets		1,709,355			1,868,238
Deferred tax liabilities:
Property, plant and equipment	$	1,157,421		$	1,697,673
Other deferred tax liabilities		551,934			170,565
Total deferred tax liabilities		1,709,355			1,868,238
Net deferred tax asset (liability)	$	—		$	—

Summary of Income Tax Rate Reconciliation

The rate reconciliation was as follows:


	December 31, 2025
Federal income tax at statutory rate	$	2,787,474		21.00	%
State and local, net of federal effect		—		—	%
Nontaxable or nondeductible items
Warrant liability		(13,178,379	)	(99.28	)%
Equity issuance costs		1,068,627		8.04	%
Other		38,487		0.29	%
Effect of changes in tax laws or rates enacted in the current period		—		—	%
Effect of cross-border tax laws
Foreign disregarded entity		(672,864	)	(5.07	)%
Tax credits
Research and development tax credit		(382,211	)	(2.88	)%
True up of research and development tax credit		764,422		5.76	%
Change in valuation allowances		8,901,579		67.06	%
Foreign tax effects
Australia
Effects of rates different than statutory		(288,370	)	(2.17	)%
Non-deductible item (Research and development expenditures)		951,151		7.17	%
Other		10,084		0.08	%
Changes in unrecognized tax benefits		—		—	%
Other adjustments		—		—	%
Effective tax rate	$	—		—	%


	December 31, 2024
Federal income tax at statutory	$	(7,162,115	)	21.00	%
Equity raise		(1,130,852	)	3.30	%
Other permanent items		(339,174	)	0.89	%
Valuation allowance		8,632,141		(25.19	)%
	$	—		—	%

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Segment $ / shares	Dec. 31, 2024 USD ($) $ / shares
Product Information [Line Items]
Common stock par value \| $ / shares	$ 0.0001	$ 0.0001
Deferred issuance cost	$ 150,145	$ 261,105
Allowance for credit losses on available-for-sale of debt securities	0	0
Impairment of long lived assets	$ 0	0
Number of reporting segments \| Segment	1
Percentage of research and development tax credit	2.88%
Research and development tax credit	$ 382,211
SAB BIO PTY LTD [Member] \| Australia [Member]
Product Information [Line Items]
Percentage of research and development tax credit	48.50%
Research and development tax credit	$ 1,900,000	$ 2,000,000
Maximum [Member]
Product Information [Line Items]
Vesting period of awards	10 years

Notes Payable

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Notes Payable

(9) Notes Payable

Insurance Financing Note

The Company entered into a premium financing agreement to fund certain Directors and Officers (“D&O”) liability insurance policy premiums. Under the terms of the agreement, the lender was granted a first‑priority lien and security interest in the financed insurance policies and all related amounts, including (a) returned or unearned premiums, (b) additional cash contributions or collateral amounts assessed by insurers and financed by the lender, (c) credits generated by the financed

policies, (d) dividend payments, and (e) loss payments that reduce unearned premiums. In cases where premiums under any financed policy may become fully earned in the event of a loss, the lender was designated as a loss payee with respect to such policy.

For the year ended December 31, 2025, the Company did not utilize premium financing for its D&O liability insurance. Instead, the annual policy premium was paid in full at inception in December 2025. For the year ended December 31, 2024, the Company entered into a premium financing agreement for total premiums, taxes, and fees of approximately $516 thousand, bearing an annual interest rate of 7.37%. The financing was repaid through monthly installments, with the final payment made on September 22, 2025. The Company incurred approximately $6 thousand and $17 thousand of interest expense related to this financing arrangement for the years ended December 31, 2025 and 2024, respectively.

During the year ended December 31, 2024, the Company also made payments on a prior insurance financing agreement, which had an original principal balance of $765 thousand with an annual interest rate of 7.96%. This prior agreement was fully repaid, with the final installment made on September 22, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(1)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

(20) Subsequent Events

The Company has evaluated subsequent events through the date of issuance of these consolidated financial statements. The Company is not aware of any subsequent events that occurred that would be required to be disclosed in, or would be recognized, in these consolidated financial statements.

Nature of Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

(1) Nature of Business

SAB Biotherapeutics, Inc., a Delaware corporation (“SAB” or “SAB Biotherapeutics”, and together with its subsidiaries, the “Company”), is a clinical-stage biopharmaceutical company focused on the development of human polyclonal immunotherapeutic antibodies, or human immunoglobulins (“hIgG”), to address immune system disorders and infectious diseases. The Company’s antibodies are both target-specific and polyclonal, meaning they are comprised of multiple hIgGs and can bind to multiple sites on specific immunogens, making them ideally suited to address the complexities associated with many immune-mediated disorders. The Company’s lead candidate, SAB-142 is a human anti-thymocyte globulin (“ATG”) focused on preventing or delaying the progression of type 1 diabetes (“T1D”).

Australian Research and Development Tax Credit

In June 2023, the Company formed a new subsidiary in Australia, SAB BIO PTY LTD, a proprietary limited company (“SAB Australia”), primarily to conduct preclinical and clinical activities for product candidates. SAB Australia’s research and development activities qualify for the Australian government’s tax credit program.

Liquidity and Going Concern

As of December 31, 2025, the Company had an accumulated deficit of $110.9 million. The Company anticipates that it will continue to generate losses for the foreseeable future and expects the losses to increase as the Company continues the development of, or seeks regulatory approvals for product candidates, and begins commercialization of products. As a result, the Company will require additional capital to fund operations in order to support long-term plans.

Based on the Company’s current level of operating expenses, existing resources will be sufficient to cover operating cash needs through at least the twelve months following the date of this report. In the future, the Company may seek additional funding through a combination of equity or debt financings, or other third-party financing, collaborative or other funding arrangements.

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 5,210,647	$ 2,941,796
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	2,876,220	1,307,258
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 2,334,427	$ 1,634,538

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Federal income tax at statutory, percent	21.00%	21.00%
Valuation allowance increase (decreased)		$ 8,600,000
Operating loss carryforwards expiration periods	The Company's state net operating loss carryforwards expiration periods range from 2041 to indefinite.
Income tax examination year	2017 2018 2019 2020 2021 2022 2023 2024
Uncertain tax provisions	$ 0	0
Unrecognized tax benefits interest and penalties	0	0
Unrecognized tax benefits accrued interest and penalties	0	0
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	82,600,000	59,900,000
Tax credit carryforward, amount	1,700,000	2,000,000
State And Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 2,000,000	$ 1,100,000

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies [Line Items]
Research and development expenses	$ 34,352,332	$ 30,251,667
Fortrea Agreement
Commitments and Contingencies [Line Items]
Research and development expenses	$ 7,300,000	$ 400,000

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	$ 30,822,364	$ 29,941,933
Less: accumulated depreciation and amortization	(17,516,462)	(14,573,924)
Property, plant and equipment, net	13,305,902	15,368,009
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	11,339,840	11,344,007
Animal Facility Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	8,400,580	8,357,667
Animal Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	1,278,123	1,188,854
Construction-in-Progress [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	759,279
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	7,064,721	7,064,721
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	201,590	208,453
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	$ 1,778,231	$ 1,778,231

Warrants - Summary of Warrant Activity (Details) - shares

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Business Combination Public Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

575,000

Outstanding, Ending Balance

575,000

Private Placement Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

20,860

Outstanding, Ending Balance

20,860

PIPE Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

736,337

Outstanding, Ending Balance

736,337

PIPE Placement Agent Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

21,091

Outstanding, Ending Balance

21,091

Ladenburg Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

30,000

Warrants Issued

Outstanding, Ending Balance

30,000

Preferred Tranche B Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

^[1]

42,846

Warrants Forfeited

^[1]

42,846

Outstanding, Ending Balance

^[1]

42,846

Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

107,115

Outstanding, Ending Balance

107,115

Preferred PIPE Series B Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants Issued

1,500,000

Outstanding, Ending Balance

1,500,000

Tranche B Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

42,846

Outstanding, Ending Balance

42,846

Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

107,115

Outstanding, Ending Balance

107,115

Preferred PIPE Placement Agent Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding, Beginning Balance

850,119

Outstanding, Ending Balance

850,119

[1]

Leases - Additional Information (Details)		1 Months Ended		12 Months Ended
Leases - Additional Information (Details)	Apr. 01, 2024 USD ($) ft²	Nov. 30, 2023 USD ($)	Dec. 31, 2018 USD ($) gal	Dec. 31, 2025 USD ($) Period	Dec. 31, 2024 USD ($)	Sep. 30, 2025 ft²
Lessee, Lease, Description [Line Items]
Finance lease payments				$ 400,000	$ 400,000
Finance lease, right-of-use asset, amortization				86,823	86,824
Operating lease payments				1,000,000	800,000
Area of property leased \| ft²						3,099
Finance lease interest expense				300,000	300,000
Operating lease expense				1,100,000	800,000
Short-term lease costs					100,000
Variable lease costs				$ 0	100,000
Miami Lease [Member]
Lessee, Lease, Description [Line Items]
Area of property leased \| ft²	1,272
Operating lease payments per month, year one	$ 7
Operating lease payments annual increases rate	4.00%
Operating lease liablity discount rate	7.12%
Operating lease term	62 months
Dakota Ag Properties [Member]
Lessee, Lease, Description [Line Items]
Finance lease payments			$ 34,000
Lessee finance lease interest rate			8.00%
Finance lease term			20 years
Lease payback construction cost			$ 4,000,000
Equipment [Member]
Lessee, Lease, Description [Line Items]
Finance lease payments			$ 8,000
Finance lease propane tank volume \| gal			12,000
Finance lease term			5 years
Laboratory Space [Member]
Lessee, Lease, Description [Line Items]
Lessee advanced written notice period				1 year
Lease renewed				5 years
Lease expiration date				Dec. 31, 2029
Office, Laboratory, and Warehouse [Member]
Lessee, Lease, Description [Line Items]
Operating lease number of option to extended additional period \| Period				3
Operating lease option to extended additional period				3 years
Operating lease cost per month		$ 31,000
Operating lease liablity discount rate		8.14%
Operating lease term				3 years
Lease Agreement [Member] \| Sanford Health [Member]
Lessee, Lease, Description [Line Items]
Operating lease payments per month				$ 50,000
Operating lease payments annual increases rate				2.00%
Operating lease liablity discount rate				9.90%
Research and Development Expense [Member]
Lessee, Lease, Description [Line Items]
Operating lease costs				$ 1,000,000	700,000
General and Administrative Expense [Member]
Lessee, Lease, Description [Line Items]
Operating lease costs				$ 100,000	$ 100,000

Leases - Estimated Useful Lives of Finance Lease Assets (Details)	Dec. 31, 2025
Animal Facilty [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	40 years
Equipment [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	7 years
Equipment [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	3 years
Equipment [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	7 years

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 10,502,680	$ 8,897,966
Short-term investments	86,089,779	11,862,746
Accrued interest receivable	946,781	54,955
Prepaid expenses and other current assets	3,513,384	2,976,562
Total current assets	101,052,624	23,792,229
Deferred issuance cost	150,145	261,105
Long-term prepaid assets	5,309,345	220,997
Long-term investments	46,892,882
Operating lease right-of-use assets	2,603,059	970,294
Financing lease right-of-use assets	3,496,012	3,582,835
Property, plant and equipment, net	13,305,902	15,368,009
Total assets	172,809,969	44,195,469
Current liabilities
Accounts payable	3,145,805	1,694,722
Notes payable	0	275,849
Accrued expenses and other current liabilities	6,583,996	5,473,036
Operating lease liabilities, current portion	797,402	393,430
Finance lease liabilities, current portion	153,967	142,563
Total current liabilities	10,681,170	7,979,600
Operating lease liabilities, noncurrent	1,877,360	581,148
Finance lease liabilities, noncurrent	3,121,952	3,275,919
Warrant liabilities	5,635,112	6,389,226
Total liabilities	21,315,594	18,225,893
Commitments and contingencies (Note 18)
Stockholders' equity
Common stock; $0.0001 par value; 800,000,000 shares authorized at December 31, 2025 and December 31, 2024; 47,664,564 and 9,343,533 shares issued at December 31, 2025 and December 31, 2024, respectively, and 47,609,899 and 9,288,868 outstanding at December 31, 2025 and December 31, 2024, respectively	4,766	935
Treasury stock, at cost; 54,665 shares held at December 31, 2025 and December 31, 2024, respectively	(5,521,246)	(5,521,246)
Additional paid-in capital	267,719,445	155,794,142
Accumulated other comprehensive income (loss)	186,510	(135,410)
Accumulated deficit	(110,895,167)	(124,168,850)
Total stockholders' equity	151,494,375	25,969,576
Total liabilities and stockholders' equity	172,809,969	44,195,469
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	3	5
Series B Preferred Stock [Member]
Stockholders' equity
Preferred stock	$ 64	$ 0

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Payroll and employee-related costs	$ 5,036,039	$ 4,170,381
Accrued research and development expenses	322,743	237,164
Accrued legal fees	354,361	42,159
Accrued financing fees payable		479,250
Accrued interest	21,075	22,443
Other accrued expenses	849,778	521,639
Total Accrued Expenses and Other Current Liabilities	$ 6,583,996	$ 5,473,036

Warrants - Schedule of Key Inputs into Monte Carlo Simulation (Details)

Dec. 31, 2025

Sep. 26, 2025

Jul. 21, 2025

Dec. 31, 2024

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

9 months 21 days

1 year 9 months 21 days

Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

^[1]

2 years 10 months 28 days

3 years 10 months 28 days

Release Date Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

^[2]

2 years 2 months 8 days

2 years 4 months 6 days

Measurement Input, Risk Free Interest Rate [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

0.0383

0.0419

Measurement Input, Risk Free Interest Rate [Member] | Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

^[1]

0.0354

0.0432

Measurement Input, Risk Free Interest Rate [Member] | Release Date Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

^[2]

0.0328

0.0344

Measurement Input, Risk Free Interest Rate [Member] | Enrollment Date Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

^[3]

0.0348

0.0377

Warrants and rights outstanding, term (year)

^[3]

1 year 2 months 23 days

1 year 4 months 24 days

Measurement Input, Option Volatility [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

2.004

1.609

Measurement Input, Option Volatility [Member] | Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

1.05

0.95

Measurement Input, Option Volatility [Member] | Release Date Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

1.025

1.10

Measurement Input, Option Volatility [Member] | Enrollment Date Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

1.05

Measurement Input, Share Price [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

0.0374

0.0379

Measurement Input, Share Price [Member] | Preferred Tranche C Warrants [Member] | Preferred Series A [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

3.0495

3.0937

Measurement Input, Share Price [Member] | Release Date Warrants [Member] | Preferred Series B [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

1.4689

1.9731

Measurement Input, Share Price [Member] | Enrollment Date Warrants [Member] | Preferred Series B [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

1.4689

1.9731

[1]	Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of dissolution, should SABS’ intellectual property fail to yield positive results in forthcoming clinical trials, potentially leading to dissolution before 2028. The probability was 40.0% and 38.5% as of December 31, 2025 and 2024, respectively.
[2]	Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of failure to release top-line data from the Phase 2b SAFEGUARD trial of SAB -142 (the “Release Date”). The probability was 10% as of September 26, 2025
[3]	Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of failure to achieve full enrollment of the Phase 2b SAFEGUARD trial of SAB-142 (the “Enrollment Date”). The probability was 5% as of September 26, 2025.

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue
Total revenue	$ 0	$ 1,322,410
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Grant Revenue [Member]	Grant Revenue [Member]
Operating Expenses [Abstract]
Research and development	$ 34,352,332	$ 30,251,667
General and administrative	14,601,031	13,981,263
Total operating expenses	48,953,363	44,232,930
Loss from operations	(48,953,363)	(42,910,520)
Changes in fair value of warrant liabilities	62,754,186	5,385,009
Interest expense	(240,664)	(318,401)
Interest income	1,432,032	1,285,998
Other income	3,133,784	2,452,605
Warrant issuance expense	(4,852,292)	0
Total other income	62,227,046	8,805,211
Net income (loss)	13,273,683	(34,105,309)
Other comprehensive income (loss):
Unrealized gain, change in fair value of available-for-sale securities, net of tax	185,464	647
Foreign currency translation gain (loss)	136,456	(162,477)
Total comprehensive income (loss)	$ 13,595,603	$ (34,267,139)
Income (loss) per common share attributable to the Company's shareholders
Basic income (loss) per common share	$ 0.22	$ (3.68)
Diluted loss per common share	$ (0.79)	$ (3.68)
Weighted-average common shares outstanding - basic	19,311,798	9,261,918
Weighted-average common shares outstanding - diluted	61,340,193	9,261,918

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

(4) Revenue

Government grants

There was no revenue recognized for the year ended December 31, 2025 and approximately $1.3 million recognized from government grants for the year ended December 31, 2024. We had various grants from the US Department of Defense that terminated in 2022. We satisfied all obligations under these arrangements as of December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Investments - Schedule of fair value and amortized cost of available-for-sale debt securities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Total	$ 73,666,941
Fair Value	73,853,052
U.S. Treasury Securities - Short-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Total	23,993,821	$ 6,223,532
Gross Unrealized Gains	33,439	1,306
Gross Unrealized Losses		(659)
Fair Value	24,027,260	6,224,179
Corporate Bonds - Short-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Total	2,923,265
Gross Unrealized Gains	9,677
Gross Unrealized Losses	(32)
Fair Value	2,932,910
U.S. Treasury Securities - Long-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Total	42,651,824
Gross Unrealized Gains	143,223
Gross Unrealized Losses	(11,058)
Fair Value	42,783,989
Corporate Bonds - Long-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Total	4,098,031
Gross Unrealized Gains	11,698
Gross Unrealized Losses	(836)
Fair Value	4,108,893
Short-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Total	26,917,086	6,223,532
Gross Unrealized Gains	43,116	1,306
Gross Unrealized Losses	(32)	(659)
Fair Value	26,960,170	$ 6,224,179
Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Total	46,749,855
Gross Unrealized Gains	154,921
Gross Unrealized Losses	(11,894)
Fair Value	$ 46,892,882

Income Taxes - Components of Net Income Before Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Domestic	$ 16,477,797
Foreign	(3,204,114)
Total	$ 13,273,683

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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-Paragraph 21
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

A summary of the significant accounting policies applied in preparation of the accompanying consolidated financial statements is set forth below.

Basis of presentation

Emerging growth company status

Principles of consolidation

Significant risks and uncertainties

Use of estimates

Fair Value Measurements

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Deferred Issuance Costs

Cash, cash equivalents, and restricted cash

Short-term investments

The Company did not record an allowance for credit losses on its available-for-sale debt securities during the years ended December 31, 2025 and 2024.

Concentration of credit risk

Lease liabilities and right-of-use assets

lease payments over the lease terms. The Company’s IBR was used in the calculation of its right-of-use assets and lease liabilities.

Research and development expenses

Property, Plant and Equipment

The Company records property, plant, and equipment at cost less depreciation and amortization. Depreciation is calculated using straight-line methods over the following estimated useful lives:


Animal facility equipment	7 years
Animal facility	40 years
Laboratory equipment	7 years
Leasehold improvements	Shorter of asset life or lease term
Office furniture and equipment	5 years
Vehicles	5 years

Repairs and maintenance expenses are expensed as incurred.

Impairment of long-lived assets

Stock-based compensation

Income taxes

Foreign Currency Translations and Transactions

Comprehensive income (loss)

Litigation

Earnings per share

Segment reporting

Australian Research and Development Tax Credit

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

(11) Stock-based Compensation

On August 5, 2014, the Company approved a stock option grant plan (the “2014 Equity Incentive Plan”) for employees, directors, and non-employee consultants, which provides for the issuance of options to purchase common stock. As of December 31, 2025, there were 728,650 shares of common stock reserved for issuance under the 2014 Equity Incentive Plan, with 525,833 shares of common stock available for grant and 202,817 shares of common stock underlying outstanding grants.

The Company adopted the 2021 Omnibus Equity Incentive Plan (as amended, the “2021 Equity Incentive Plan”, and collectively with the 2014 Equity Incentive Plan, the “Equity Compensation Plans”), which reserved 1,100,000 shares of common stock for issuance. At of the beginning of each calendar year, the shares reserved for future issuance shall increase by two percent (2%) of the total number of shares of common stock issued and outstanding on a fully-diluted basis as of the end of the Company’s immediately preceding fiscal year (or such lesser number of shares, including no shares, determined by the Board in its sole discretion); provided, however, that the aggregate number of additional shares available for issuance

pursuant to this paragraph (b) shall not exceed a total of 500,000 shares (the “Annual Increase”). In June 2024, the Company held the 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). At the 2024 Annual Meeting, the stockholders of the Company approved an amendment to the 2021 Equity Incentive Plan which, among other things, increased the number of shares of common stock available for grant under the 2021 Equity Incentive Plan by 3,900,000 and increased the Annual Increase from 2% to 5% (the “2021 Plan Amendment”). At the 2025 Special Meeting, the stockholders of the Company approved an amendment to the 2021 Equity Incentive Plan which, among other things, increased the number of shares of common stock available for grant under the 2021 Equity Incentive Plan by 24,180,000 and increased the maximum number of additional shares available pursuant to the Annual Increase from 10,000,000 shares to 73,750,000 shares. As of December 31, 2025, there were 31,880,218 shares of common stock reserved for issuance under the 2021 Equity Incentive Plan, with 11,180,624 shares of common stock available for grant and 20,699,594 shares of common stock underlying outstanding grants.

The Company offers an Employee Stock Purchase Plan (“ESPP”) that allows eligible employees to purchase shares of common stock at a discount of up to 15% from the lower of the fair market value at the beginning or end of the offering period. Under ASC 718, the ESPP is classified as compensatory, and stock-based compensation expense is recognized for the fair value of the discount and any embedded option features. No shares were issued under the ESPP during either the years ended December 31, 2025 and 2024, and no stock-based compensation expense was recognized. As of December 31, 2025, 100,000 shares remained available for future issuance.

The expected term of the stock options was estimated using the “simplified” method, as defined by the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment. The volatility assumption was determined by examining the historical volatilities for industry peer companies, as the Company does not have sufficient trading history for its common stock. The risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the options. The dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has never paid dividends on its common stock and does not anticipate paying dividends on its common stock in the foreseeable future. Therefore, the Company has assumed no dividend yield for purposes of estimating the fair value of the options.

Stock Options

Stock option activity for employees and non-employees under the Equity Compensation Plans for the years ended December 31, 2025 and 2024 was as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (periods)		Aggregate Intrinsic Value
Outstanding options, December 31, 2024		2,967,950		$	7.05		8.64	$	1,186,052
Granted		18,194,650		$	2.37
Forfeited		(154,280	)	$	3.07
Expired		(120,548	)	$	19.56
Outstanding options, December 31, 2025		20,887,772		$	2.93		9.48	$	26,069,500
Options vested and exercisable, December 31, 2025		1,449,059		$	8.99		7.54	$	412,649

Total unrecognized compensation cost related to non-vested stock options as of December 31, 2025 was approximately $38.0 million and is expected to be recognized within future operating results over a weighted-average period of 3.48 years.

The weighted average grant date fair value of options granted during the years ended December 31, 2025 and 2024, was $1.99 and $2.99 per share, respectively. During the years ended December 31, 2025 and 2024, 950,438 options vested with a fair value totaling $3.1 million and 307,317 options vested with a fair value totaling $1.8 million, respectively.

The estimated fair value of stock options granted to employees and consultants for the years ended December 31, 2025 and 2024, were calculated using the Black-Scholes option-pricing model using the following assumptions:


	For The Year Ended December 31,
	2025			2024
Expected volatility	103.9 - 124.4		%	89.9 - 104.0		%
Weighted-average volatility		109.1	%		96.1	%
Expected dividends	—		%	—		%
Expected term (in periods)	5.73 - 6.08			5.00 - 6.08
Risk-free rate	3.77 - 3.97		%	3.68 - 4.32		%

Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the year ended December 31, 2025 was as follows:


	Number of shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024		31,362		$	10.33
Vested and issued		(16,723	)	$	11.56
Unvested as of December 31, 2025		14,639		$	8.93

At December 31, 2025, the Company had an aggregate of $0.1 million of unrecognized equity-based compensation related to restricted stock units (“RSUs”) outstanding. During the year ended December 31, 2025, a total of 16,723 RSUs vested. The aggregate fair value of RSU’s vested during the twelve month period was approximately $0.2 million. Of the 16,723 RSU’s issued 4,810 units were withheld and returned to the Company in satisfaction of employee payroll withholding tax obligations. For the year ended December 31, 2025, the Company issued a net total of 11,913 RSUs. The unrecognized expense for restricted stock units is expected to be recognized within future operating results over a weighted average period of 0.94 years.

Stock-based compensation expense

Stock-based compensation expense for the December 31, 2025 and 2024 was as follows:


	For The Year Ended December 31,
	2025		2024
Research and development	$	2,876,220	$	1,307,258
General and administrative		2,334,427		1,634,538
Total	$	5,210,647	$	2,941,796

Stock-based Compensation - Additional Information (Details) - USD ($)			12 Months Ended
	Sep. 26, 2025	Sep. 25, 2025	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated weighted average amortization period			3 years 5 months 23 days
Number of stock options vested			950,438	307,317
Option vested fair value			$ 3,100,000	$ 1,800,000
Weighted average grant date fair value of options granted			$ 1.99	$ 2.99
Unrecognized compensation expense			$ 38,000,000
Number of stock options granted			18,194,650
Share based compensation			$ 5,210,647	$ 2,941,796
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated weighted average amortization period			11 months 8 days
Unrecognized equity-based compensation			$ 100,000
Number of shares vested			16,723
Fair Value of shares vested			$ 200,000
Number of shares, vested and issued			16,723
Units returned in exchange for paying the payroll withholding taxes			4,810
Restricted stock units, net issued			11,913
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance			100,000
Share based compensation			$ 0	$ 0
Shares issued under the ESPP			0	0
Maximum allowed discount to employees to purchase common stock			15.00%
2014 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance			728,650
Common stock available for grant			525,833
Number of stock options granted			202,817
Omnibus Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance			1,100,000
Common stock reserved for future issuance increased, percentage			2.00%
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance			31,880,218
Common stock available for grant	24,180,000		11,180,624
Number of Shares Authorized			3,900,000
Additional Shares available for issuance not exceed	73,750,000	10,000,000	500,000
Number of stock options granted			20,699,594
2021 Equity Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of annual increase			5.00%
2021 Equity Incentive Plan [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of annual increase			2.00%

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options

Stock option activity for employees and non-employees under the Equity Compensation Plans for the years ended December 31, 2025 and 2024 was as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (periods)		Aggregate Intrinsic Value
Outstanding options, December 31, 2024		2,967,950		$	7.05		8.64	$	1,186,052
Granted		18,194,650		$	2.37
Forfeited		(154,280	)	$	3.07
Expired		(120,548	)	$	19.56
Outstanding options, December 31, 2025		20,887,772		$	2.93		9.48	$	26,069,500
Options vested and exercisable, December 31, 2025		1,449,059		$	8.99		7.54	$	412,649

Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options


	For The Year Ended December 31,
	2025			2024
Expected volatility	103.9 - 124.4		%	89.9 - 104.0		%
Weighted-average volatility		109.1	%		96.1	%
Expected dividends	—		%	—		%
Expected term (in periods)	5.73 - 6.08			5.00 - 6.08
Risk-free rate	3.77 - 3.97		%	3.68 - 4.32		%

Summary of Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the year ended December 31, 2025 was as follows:


	Number of shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024		31,362		$	10.33
Vested and issued		(16,723	)	$	11.56
Unvested as of December 31, 2025		14,639		$	8.93

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the December 31, 2025 and 2024 was as follows:


	For The Year Ended December 31,
	2025		2024
Research and development	$	2,876,220	$	1,307,258
General and administrative		2,334,427		1,634,538
Total	$	5,210,647	$	2,941,796

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings per Share

The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the years ended December 31, 2025 and 2024:


	For The Year Ended December 31,
	2025			2024
Calculation of basic income (loss) per share attributable to the Company’s shareholders
Net income (loss)	$	13,273,683		$	(34,105,309	)
Net income attributable to participating securities		9,012,401			—
Net income (loss) attributable to common stockholders - basic		4,261,282			(34,105,309	)
Weighted-average common shares outstanding - basic		19,311,798			9,261,918
Earnings per share - basic	$	0.22		$	(3.68	)
Calculation of diluted income (loss) per share attributable to the Company’s shareholders
Net income (loss)	$	13,273,683		$	(34,105,309	)
Change in fair value of warrant liabilities		(62,000,073	)		—
Net income (loss) attributable to common stockholders - diluted	$	(48,726,390	)	$	(34,105,309	)

Weighted-average common shares outstanding - basic		19,311,798			9,261,918
Series B warrants and preferred stock		42,028,395			—
Weighted-average common shares outstanding – diluted		61,340,193			9,261,918
Net income (loss) per share - diluted	$	(0.79	)	$	(3.68	)

Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	For The Year Ended December 31,
	2025		2024
Stock options and awards		20,902,411		2,999,312
Common Stock Warrants (1)		2,233,407		2,233,407
Series A Preferred Stock (2)		4,504,824		6,669,742
Preferred Stock Warrants (3)		17,002,381		23,803,334
Contingently issuable Earnout Shares from unexercised Rollover Options		150,806		150,806
Total		44,793,829		35,856,601

(1)

(2)

(3)

Investments - Schedule of Amortized Cost and Estimated Fair Value by Maturity of Investment Securities (Details)	Dec. 31, 2025 USD ($)
Amortized Cost
Within one year or less	$ 26,917,086
One through five years	46,749,855
Total	73,666,941
Fair Value
Within one year or less	26,960,170
One through five years	46,892,882
Total	$ 73,853,052

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Stockholders' Equity - Additional Information (Details) - USD ($)

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 29, 2025

Sep. 26, 2025

Jul. 21, 2025

Jan. 01, 2025

Jan. 26, 2024

Sep. 29, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Sep. 30, 2025

Oct. 22, 2021

Class of Stock [Line Items]

Capital units, authorized (in shares)

810,000,000

Common stock, shares authorized (in shares)

800,000,000

Preferred stock, shares authorized (in shares)

10,000,000

Common stock, shares outstanding

47,609,899

9,288,868

Changes in fair value of warrant liabilities

$ (62,754,186)

$ (5,385,009)

Earnout shares at fair value

1,200,000

Earnout value at fair value

$ 101,300,000

Warrants and rights outstanding, term (year)

9 months 21 days

1 year 9 months 21 days

Maximum [Member]

Class of Stock [Line Items]

Beneficial ownership blocker limit on common stock outstanding, percentage

9.99%

Minimum [Member]

Class of Stock [Line Items]

Beneficial ownership blocker limit on common stock outstanding, percentage

4.99%

Preferred Tranche B Warrants [Member]

Class of Stock [Line Items]

Changes in fair value of warrant liabilities

$ 3,000

Warrants and rights outstanding, term (year)

2 months 23 days

Preferred Tranche C Warrants [Member]

Class of Stock [Line Items]

Warrants and rights outstanding, term (year)

^[1]

2 years 10 months 28 days

3 years 10 months 28 days

Release Date Warrants [Member]

Class of Stock [Line Items]

Warrants and rights outstanding, term (year)

^[2]

2 years 2 months 8 days

2 years 4 months 6 days

Warrants exercisable price per share

$ 218.75

Enrollment Date Warrants [Member]

Class of Stock [Line Items]

Warrants exercisable price per share

$ 175

Private Placement [Member]

Class of Stock [Line Items]

Aggregate offering price from agreement

$ 8,000,000

Stock issued during period, shares, new issues (in shares)

736,337

Warrants and rights outstanding, term (year)

5 years

Private Placement [Member] | Securities Purchase Agreement [Member] | Preferred Tranche A Warrants [Member]

Class of Stock [Line Items]

Preferred stock, par value

$ 0.0001

Private Placement [Member] | Securities Purchase Agreement [Member] | Preferred Tranche B Warrants [Member]

Class of Stock [Line Items]

Preferred stock, par value

0.0001

Private Placement [Member] | Securities Purchase Agreement [Member] | Preferred Tranche C Warrants [Member]

Class of Stock [Line Items]

Preferred stock, par value

$ 0.0001

Warrants and rights outstanding, term (year)

5 years

Sales Agreement [Member]

Class of Stock [Line Items]

Aggregate offering price from agreement

$ 75,000,000

$ 20,000,000

$ 75,000,000

Stock issued during period, shares, new issues (in shares)

Common Stock [Member]

Class of Stock [Line Items]

Conversion of Preferred Stock into common shares (in shares)

36,144,200

Common Stock [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Conversion of Preferred Stock into common shares (in shares)

100,000,000

Common Stock [Member] | Big Cypress Acquisition Corp [Member]

Class of Stock [Line Items]

Contingent right to receive pro rate portion of earn out shares

1,200,000

Earn out shares, contingently issuable

150,806

Contingent right earn out shares, outstanding

1,049,194

Contingent right earn out shares returned

1,049,194

Warrant [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Offering Costs

$ 4,900,000

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares)

10,000,000

Preferred stock, shares outstanding

28,380

42,019

Preferred stock, par value

$ 0.0001

Series A Preferred Stock [Member] | Common Stock [Member]

Class of Stock [Line Items]

Conversion of Preferred Stock into common shares (in shares)

2,164,918

Preferred stock, par value

$ 6.3

Series A-2 Preferred Stock [Member]

Class of Stock [Line Items]

Stock issued during period, shares, conversion of units

13,639

217

Series A-2 Preferred Stock [Member] | Common Stock [Member]

Class of Stock [Line Items]

Conversion of Preferred Stock into common shares (in shares)

2,164,918

34,445

Series A-One Convertible Preferred Stock [Member]

Class of Stock [Line Items]

Stock issued during period, shares, conversion of units

67,154

Conversion of Preferred Stock into common shares (in shares)

42,236

Series A-One Convertible Preferred Stock [Member] | Private Placement [Member]

Class of Stock [Line Items]

Stock issued during period, shares, conversion of units

24,918

Series A-One Convertible Preferred Stock [Member] | Private Placement [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Number of shares issued

7,500

Preferred stock, par value

$ 0.0001

Series A-One Convertible Preferred Stock [Member] | Private Placement [Member] | Securities Purchase Agreement [Member] | Preferred Tranche A Warrants [Member]

Class of Stock [Line Items]

Number of shares issued

59,654

Gross proceeds from private placement

$ 59,650,000

Series A-One Convertible Preferred Stock [Member] | Common Stock [Member]

Class of Stock [Line Items]

Conversion of Preferred Stock into common shares (in shares)

3,954,674

Number of shares issued

158.8

Preferred stock, par value

$ 6.3

Series B Convertible Preferred Stock and Warrants [Member]

Class of Stock [Line Items]

Changes in fair value of warrant liabilities

$ 62,000,000

Series B Convertible Preferred Stock and Warrants [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Changes in fair value of warrant liabilities

$ 152,700,000

Issuance of Shares and Warrants

175,000,000

Offering Costs

11,100,000

Issuance of Shares and Warrants,Net

163,900,000

Warrants, value

284,000,000

Series B Convertible Preferred Stock and Warrants [Member] | Common Stock [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Gross proceeds from private placement

$ 22,300,000

Series A-2 Convertible Preferred Stock [Member]

Class of Stock [Line Items]

Common stock, shares outstanding

28,380

42,019

Preferred stock, par value

$ 6.3

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares)

2,928,570

Preferred stock, shares outstanding

638,558

Number of shares issued

361,442

Preferred stock, par value

$ 0.0001

Series B Preferred Stock [Member] | Minimum [Member]

Class of Stock [Line Items]

Individual investor's beneficial ownership

4.99%

Series B Preferred Stock [Member] | Release Date Warrants [Member]

Class of Stock [Line Items]

Warrants exercisable price per share

$ 218.75

Series B Preferred Stock [Member] | Release Date Warrants [Member] | Maximum [Member]

Class of Stock [Line Items]

Warrants Issued

500,000

Series B Preferred Stock [Member] | Release Date Warrants [Member] | Minimum [Member]

Class of Stock [Line Items]

Warrants Issued

500,000

Series B Preferred Stock [Member] | Enrollment Date Warrants [Member]

Class of Stock [Line Items]

Warrants exercisable price per share

$ 175

Series B Preferred Stock [Member] | Enrollment Date Warrants [Member] | Maximum [Member]

Class of Stock [Line Items]

Warrants Issued

1,000,000

Series B Preferred Stock [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Number of shares issued

1,000,000

Series B Preferred Stock [Member] | Common Stock [Member]

Class of Stock [Line Items]

Conversion of Preferred Stock into common shares (in shares)

36,144,200

Preferred stock, par value

$ 1.75

Series B Preferred Stock [Member] | Warrant [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Offering Costs

$ 6,200,000

First Earnout [Member]

Class of Stock [Line Items]

Percentage of earn out shares to be released

25.00%

Period to issue earn out shares (year)

5 years

Volume weighted average price threshold (in dollars per share)

$ 150

Shareholders equity volume weighted average price threshold trading days (day)

20 days

Shareholders equity volume weighted average price threshold consecutive trading days (day)

30 days

Second Earnouts [Member]

Class of Stock [Line Items]

Percentage of earn out shares to be released

25.00%

Period to issue earn out shares (year)

5 years

Volume weighted average price threshold (in dollars per share)

$ 200

Shareholders equity volume weighted average price threshold trading days (day)

20 days

Shareholders equity volume weighted average price threshold consecutive trading days (day)

30 days

Third Earnouts [Member]

Class of Stock [Line Items]

Percentage of earn out shares to be released

25.00%

Period to issue earn out shares (year)

5 years

Volume weighted average price threshold (in dollars per share)

$ 250

Shareholders equity volume weighted average price threshold trading days (day)

20 days

Shareholders equity volume weighted average price threshold consecutive trading days (day)

30 days

Fourth Earnouts [Member]

Class of Stock [Line Items]

Percentage of earn out shares to be released

25.00%

Period to issue earn out shares (year)

5 years

Volume weighted average price threshold (in dollars per share)

$ 300

Shareholders equity volume weighted average price threshold trading days (day)

20 days

Shareholders equity volume weighted average price threshold consecutive trading days (day)

30 days

[1]

[2]

Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of failure to release top-line data from the Phase 2b SAFEGUARD trial of SAB -142 (the “Release Date”). The probability was 10% as of September 26, 2025

Income Taxes - Schedule of Net Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Tax carryforwards	$ 19,125,228	$ 14,680,968
Compensation accruals	4,032,869	2,911,154
Amortizable Research and development intangibles	14,024,636	11,202,249
Other deferred tax assets	1,397,331	927,686
Total deferred tax assets	38,580,064	29,722,057
Less valuation allowance	(36,870,709)	(27,853,819)
Total deferred tax assets	1,709,355	1,868,238
Deferred tax liabilities:
Property, plant and equipment	1,157,421	1,697,673
Other deferred tax liabilities	551,934	170,565
Total deferred tax liabilities	1,709,355	1,868,238
Net deferred tax asset (liability)	$ 0	$ 0

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Risk management and strategy We recognize the critical importance of developing, implementing, and maintaining cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Managing Material Risks & Integrated Overall Risk Management We have implemented tools, processes, and strategies to promote a company-wide culture of cybersecurity risk management. This ensures that cybersecurity considerations are integrated into our decision-making processes to monitor and manage risk. Our IT Department works closely with our leadership and key operating personnel to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Engage Third-parties on Risk Management Due to the complexity and evolving nature of cybersecurity threats, we engaged with a cybersecurity assessment firm as an external expert, to evaluate and test our risk management systems. This partnership enables us to leverage specialized knowledge and insights, of dedicated cybersecurity firms. Our collaborations with this third-party include regular system audits, threat assessments, 24-hour monitoring, and consultation on security enhancements. Oversee Third-party Risk Because we are aware of the risks associated with third-party service providers, we conduct security assessments of all third-party providers before engagement to ensure compliance with industry cybersecurity standards and frameworks. This includes assessments performed by our Vice President of IT and Cybersecurity, who oversees the Company’s cybersecurity function. Risks from Cybersecurity Threats The Company does not believe that it has experienced any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect the Company and its business strategy, results of operations and/or financial condition. These types of events, which could lead to business disruptions, unplanned downtimes or outages, particularly in critical systems or services, may impact our ability to operate efficiently, affecting business continuity. Governance We have implemented standard operating procedures to define the channels by which cybersecurity threats are communicated to the Board. This ensures that the Board has oversight and effective governance in managing risks associated with cybersecurity threats. Board of Directors Oversight The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain. The Audit Committee is composed of board members with diverse expertise including, risk management, and finance, which we believe equips them to oversee cybersecurity and other risks effectively. Management’s Role Managing Risk The Vice President of IT and Cybersecurity plays a pivotal role in informing the Audit Committee on cybersecurity risks. This role provides briefings to the Audit Committee on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including: • current cybersecurity landscape and emerging threats; • status of ongoing cybersecurity initiatives and strategies; • incident reports and learnings from any cybersecurity events; and • compliance with regulatory requirements and industry standards. Risk Management Personnel Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Vice President of IT and Cybersecurity and department staff. Our IT team oversees our governance programs, tests our compliance with standards, remediates known risks, stays informed of significant developments in the cybersecurity domain, and leads our employee training program. Monitor Cybersecurity Incidents The Senior Director of IT is continually informed about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. Under his direction, the IT department implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the IT department is equipped with a well-defined written procedure. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents. Reporting to Board of Directors The Vice President of IT and Cybersecurity consistently communicates with the Audit Committee regarding critical cybersecurity risks and incidents, ensuring that the organization's highest governance bodies remain well-informed about our cybersecurity status and potential vulnerabilities. Moreover, matters of significant cybersecurity importance, along with strategic risk management decisions, are promptly escalated to the Board. This process ensures that the Board maintains thorough oversight and is equipped to offer informed guidance on critical cybersecurity issues.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Managing Material Risks & Integrated Overall Risk Management We have implemented tools, processes, and strategies to promote a company-wide culture of cybersecurity risk management. This ensures that cybersecurity considerations are integrated into our decision-making processes to monitor and manage risk. Our IT Department works closely with our leadership and key operating personnel to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance We have implemented standard operating procedures to define the channels by which cybersecurity threats are communicated to the Board. This ensures that the Board has oversight and effective governance in managing risks associated with cybersecurity threats. Board of Directors Oversight The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain. The Audit Committee is composed of board members with diverse expertise including, risk management, and finance, which we believe equips them to oversee cybersecurity and other risks effectively. Management’s Role Managing Risk The Vice President of IT and Cybersecurity plays a pivotal role in informing the Audit Committee on cybersecurity risks. This role provides briefings to the Audit Committee on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including: • current cybersecurity landscape and emerging threats; • status of ongoing cybersecurity initiatives and strategies; • incident reports and learnings from any cybersecurity events; and • compliance with regulatory requirements and industry standards. Risk Management Personnel Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Vice President of IT and Cybersecurity and department staff. Our IT team oversees our governance programs, tests our compliance with standards, remediates known risks, stays informed of significant developments in the cybersecurity domain, and leads our employee training program. Monitor Cybersecurity Incidents The Senior Director of IT is continually informed about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. Under his direction, the IT department implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the IT department is equipped with a well-defined written procedure. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents. Reporting to Board of Directors The Vice President of IT and Cybersecurity consistently communicates with the Audit Committee regarding critical cybersecurity risks and incidents, ensuring that the organization's highest governance bodies remain well-informed about our cybersecurity status and potential vulnerabilities. Moreover, matters of significant cybersecurity importance, along with strategic risk management decisions, are promptly escalated to the Board. This process ensures that the Board maintains thorough oversight and is equipped to offer informed guidance on critical cybersecurity issues.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board of Directors Oversight The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain. The Audit Committee is composed of board members with diverse expertise including, risk management, and finance, which we believe equips them to oversee cybersecurity and other risks effectively.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Vice President of IT and Cybersecurity plays a pivotal role in informing the Audit Committee on cybersecurity risks. This role provides briefings to the Audit Committee on a regular basis, with a minimum frequency of once per year. The Vice President of IT and Cybersecurity consistently communicates with the Audit Committee regarding critical cybersecurity risks and incidents, ensuring that the organization's highest governance bodies remain well-informed about our cybersecurity status and potential vulnerabilities. Moreover, matters of significant cybersecurity importance, along with strategic risk management decisions, are promptly escalated to the Board. This process ensures that the Board maintains thorough oversight and is equipped to offer informed guidance on critical cybersecurity issues.
Cybersecurity Risk Role of Management [Text Block]	Management’s Role Managing Risk The Vice President of IT and Cybersecurity plays a pivotal role in informing the Audit Committee on cybersecurity risks. This role provides briefings to the Audit Committee on a regular basis, with a minimum frequency of once per year. These briefings encompass a broad range of topics, including: • current cybersecurity landscape and emerging threats; • status of ongoing cybersecurity initiatives and strategies; • incident reports and learnings from any cybersecurity events; and • compliance with regulatory requirements and industry standards.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Risk Management Personnel Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Vice President of IT and Cybersecurity and department staff. Our IT team oversees our governance programs, tests our compliance with standards, remediates known risks, stays informed of significant developments in the cybersecurity domain, and leads our employee training program.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Monitor Cybersecurity Incidents The Senior Director of IT is continually informed about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. Under his direction, the IT department implements and oversees processes for the regular monitoring of our information systems. This includes the deployment of advanced security measures and regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the IT department is equipped with a well-defined written procedure. This plan includes immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,273,683	$ (34,105,309)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ 13,273,683	$ (34,105,309)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,994,763	4,705,771
Amortization of finance right-of-use assets	86,823	86,824
Stock-based compensation expense	5,210,647	2,941,796
Net realized and unrealized gain on investment in short-term securities	(73,967)
Changes in fair value of warrant liabilities	(62,754,186)	(5,385,009)
Accretion of discounts on short-term investments	(88,631)	(237,093)
Write-off of deferred issuance costs	261,105
Changes in operating assets and liabilities
Accrued interest receivable	(891,826)	(54,955)
Prepaid expenses and other current assets	(5,285,259)	(590,461)
Operating lease right-of-use assets and liabilities, net	67,420	(23,458)
Accounts payable	1,482,793	923,323
Deferred grant income		(1,322,410)
Accrued expense and other current liabilities	941,524	(1,231,028)
Net cash used in operating activities	(44,775,111)	(34,292,009)
Cash flows from investing activities:
Proceeds from the sale of equipment	500
Purchases of equipment	(933,156)	(337,262)
Purchases of investment securities	(142,035,560)	(37,446,201)
Sales and maturities of investments	21,262,086	25,821,196
Net cash used in investing activities	(121,706,130)	(11,962,267)
Cash flows from financing activities:
Proceeds from the 2025 PIPE, net of Series B issuance costs	168,729,827
Payment of deferred issuance costs	(758)	(261,105)
Proceeds from issuance of notes payable		515,986
Principal payments of notes payable	(275,849)	(1,290,982)
Principal payments on finance leases	(142,563)	(132,003)
Proceeds from exercise of stock options		20,409
Tax payments for share settlement of restricted stock units	(11,205)	(24,931)
Net cash provided by (used in) financing activities	168,299,452	(1,172,626)
Effect of exchange rate changes on cash and cash equivalents	(213,497)	(241,198)
Net increase (decrease) in cash and cash equivalents	1,604,714	(47,668,100)
Cash and cash equivalents
Beginning of period	8,897,966	56,566,066
End of period	10,502,680	8,897,966
Supplemental cash flow information:
Cash paid for interest	242,032	373,954
Supplemental information on non-cash investing and finance activities:
Right-of-use assets obtained in exchange for operating lease liabilities	2,422,191	$ 368,425
Deferred issuance costs included in accrued expenses	149,387
Reclassification of warrants from liability to equity	90,691,094
Reclassification of Redeemable Preferred Stock to Permanent Equity upon Requisite Approval	$ 16,038,660

Fair Value Measurements - Summary of Changes in Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member]	12 Months Ended
	Dec. 31, 2025 USD ($)
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance	$ 15,708
Change in fair value	(9,200)
Balance	6,508
Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance	5,940,543
Change in fair value	(491,339)
Balance	$ 5,449,204

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, shares authorized	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	47,664,564	9,343,533
Common stock, shares outstanding	47,609,899	9,288,868
Treasury stock, shares (in shares)	54,665	54,665
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	28,380	42,019
Preferred stock, shares outstanding	28,380	42,019
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,928,570	2,928,570
Preferred stock, shares issued	638,558	0
Preferred stock, shares outstanding	638,558	0

Employee Benefit Plan

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plan

(17) Employee Benefit Plan

The Company sponsors a defined contribution retirement plan. All the Company’s employees are eligible to be enrolled in the employer-sponsored contributory retirement savings plan, which include features under Section 401(k) of the Internal Revenue Code of 1986, as amended, and provides for Company matching contributions. The Company’s contributions to the plan are determined by its Board of Directors, subject to certain minimum requirements specified in the plan. The Company has historically made matching contributions of 100% on 3% of the employee contributions, with an additional 50% match on the next 2% of employee contributions. The Company made contributions of approximately $0.4 million and $0.4 million, for the years ended December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for defined benefit plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

(15) Income Taxes

The components of net income before income tax expense are as follows:


	December 31, 2025
Domestic	$	16,477,797
Foreign		(3,204,114	)
Total	$	13,273,683

During the years ended December 31, 2025 and 2024, the Company did not record a provision for income taxes because it has incurred operating losses and maintained a full valuation allowance against its deferred tax assets.

Net deferred tax assets as of December 31, 2025 and 2024 consisted of the following:


	December 31, 2025			December 31, 2024
Deferred tax assets:
Tax carryforwards	$	19,125,228		$	14,680,968
Compensation accruals		4,032,869			2,911,154
Amortizable Research and development intangibles		14,024,636			11,202,249
Other deferred tax assets		1,397,331			927,686
Total deferred tax assets		38,580,064			29,722,057
Less valuation allowance		(36,870,709	)		(27,853,819	)
Total deferred tax assets		1,709,355			1,868,238
Deferred tax liabilities:
Property, plant and equipment	$	1,157,421		$	1,697,673
Other deferred tax liabilities		551,934			170,565
Total deferred tax liabilities		1,709,355			1,868,238
Net deferred tax asset (liability)	$	—		$	—

The reconciliation between the Company’s effective tax rate and the statutory tax rate of 21% includes the following significant items: changes in the valuation allowance and permanent items including the change in fair value of warrant liabilities and equity issuance costs. The rate reconciliation was as follows:


	December 31, 2025
Federal income tax at statutory rate	$	2,787,474		21.00	%
State and local, net of federal effect		—		—	%
Nontaxable or nondeductible items
Warrant liability		(13,178,379	)	(99.28	)%
Equity issuance costs		1,068,627		8.04	%
Other		38,487		0.29	%
Effect of changes in tax laws or rates enacted in the current period		—		—	%
Effect of cross-border tax laws
Foreign disregarded entity		(672,864	)	(5.07	)%
Tax credits
Research and development tax credit		(382,211	)	(2.88	)%
True up of research and development tax credit		764,422		5.76	%
Change in valuation allowances		8,901,579		67.06	%
Foreign tax effects
Australia
Effects of rates different than statutory		(288,370	)	(2.17	)%
Non-deductible item (Research and development expenditures)		951,151		7.17	%
Other		10,084		0.08	%
Changes in unrecognized tax benefits		—		—	%
Other adjustments		—		—	%
Effective tax rate	$	—		—	%


	December 31, 2024
Federal income tax at statutory	$	(7,162,115	)	21.00	%
Equity raise		(1,130,852	)	3.30	%
Other permanent items		(339,174	)	0.89	%
Valuation allowance		8,632,141		(25.19	)%
	$	—		—	%

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent

upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical losses and the uncertainty of future taxable income over the periods which the Company will realize the benefits of its net deferred tax assets, management believes it is more likely than not that the Company will not fully realize the benefits on the balance of its net deferred tax asset and, accordingly, the Company has established a valuation allowance on its net deferred tax assets. The valuation allowance increased by approximately $8.9 million and increased by approximately $8.6 million, respectively, for the years ended December 31, 2025 and 2024.

As of December 31, 2025, the Company has federal and state net operating loss carryforwards in the amount of $82.6 million and $2 million, respectively. As of December 31, 2024, the Company has federal and state net operating loss carryforwards in the amount of $59.9 million and $1.1 million, respectively. The federal net operating loss can be carried forward indefinitely. The Company's state net operating loss carryforwards expiration periods range from 2041 to indefinite. In addition, the Company had federal tax credit carryforwards of $1.7 million and $2.0 million, respectively for the years ended December 31, 2025 and 2024 which are available to reduce future federal income taxes through 2045.

Utilization of the Company’s net operating loss (and tax credit carryforwards) are subject to annual limitation(s) due to ownership changes that occurred as a result of the October 2023 Private Placement and the July 2025 Purchase Agreement. In general, an “ownership change”, as defined by Section 382 of the Internal Revenue Code of 1986, as amended, results from a transaction or series of transaction over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders. However, because the Company was already in a full valuation allowance position, the effect of the ownership was insignificant.

The “One Big Beautiful Bill Act” (“OBBBA”) enacted on July 4, 2025, introduced notable changes to the U.S. Internal Revenue Code, including immediate expensing of domestic Section 174 costs. Section 174 costs are expenditures, which represent research and development costs that are incident to the development or improvement of a product, process, formula, invention, computer software, or technique. As previously required under the Tax Cuts and Jobs Act, we capitalized research and development expenditures in the years ended December 31, 2022 through December 31, 2024. The Company continues to capitalize research and development expenditures for the year ended December 31, 2025.

U.S. GAAP provides that the tax effects from uncertain tax positions can be recognized in the consolidated financial statements only if the position is more likely than not of being sustained on audit, based on the technical merits of the position. As of December 31, 2025 and 2024, there were no uncertain tax provisions. There was no interest or penalties related to income taxes for the years ended December 31, 2025 and 2024, and there was no accrued interest or penalties associated with uncertain tax positions as of December 31, 2025 and 2024.

The Company files tax returns as prescribed by the laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. The Company’s tax years are still open under the statute from 2022 to present. However, to the extent allowed by law, the taxing authorities may have the right to examine the period from 2017 through 2024 where net operating losses were generated and carried forward and make adjustments to the amount of the net operating loss carryforward amount. The Company is not currently under examination by federal or state jurisdictions.

- Definition

The entire disclosure for income tax.

+ References

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

(7) Leases

The Company has an operating lease for lab space from Sanford Health, under a lease that started in June 2014 and initially ended in June 2019, at which time the lease was extended through August 2024. This lease was renewed in January 2025 for a five-year-term ending on December 31, 2029. This lease can be terminated with one-year advance written notice and does not include an option to extend beyond the life of the current term. The lease costs are approximately $50 thousand per month

through 2025, with an annual increase of 2% through 2029. The lease does not provide an implicit rate, and, therefore, the Company used an IBR of 9.90% as the discount rate when measuring the operating lease liability. The Company estimated the IBR based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Company.

The Company entered into a lease for office, laboratory, and warehouse space in November 2020, as amended in July 2022, and renewed in November 2023. This renewed lease has a 3-year term, with options to extend for 3 additional periods of 3 years each. The options were not included in the right of use calculation as it was unclear as to whether or not the location will meet the Company’s requirements beyond the next three years. The lease costs are $31 thousand per month for the November 2023 lease renewal. The Company used an IBR of 8.14% as the discount rate when measuring the operating lease liability for the November 2023 lease renewal. The Company estimated the IBR based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Company.

The Company entered into a lease for office space in April 2024. The Company leased 1,272 square feet, representing the Company’s principal executive offices, in Miami Beach, Florida. The initial term of the lease is 62 months. The lease costs are approximately $7 thousand per month through 2024, with annual increases of 4% through 2029. The Company used an IBR of 7.12%, as the discount rate when measuring the operating lease liability. In September 2025, the Company signed a new lease, expanding the lease space of 1,272 square feet to 3,099 square feet. The lease commenced in January 2026. The operating lease does not include an option to extend beyond the life of the current term. The Company estimated the IBR based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Company.

The Company has the following finance leases:

•

In December 2018, the Company entered into a finance lease with Dakota Ag Properties for a new animal facility which includes the surrounding land. The facility and the land have been accounted for as separate lease components. The lease is based upon payback of $4 million in construction costs, with a 20-year term at an interest rate of 8%. The monthly payment for this lease is $34 thousand. The Company has the option to purchase the asset at any time during the term of the lease for the balance of the unamortized lease payments.

•

In December 2018, the Company entered into an equipment lease for a 12,000-gallon propane tank that is located on the Company’s animal facility. The lease is for five years, with an annual payment of $8 thousand. The Company has the option to purchase the asset at any time during the term of the lease for the balance of the unamortized lease payments.

The lease agreements do not require material variable lease payments, residual value guarantees or restrictive covenants.

The amortizable lives of the operating lease assets are limited by their expected lease terms. The amortizable lives of the finance lease assets are limited by their expected lives, as the Company intends to exercise the purchase options at the end of the leases. The following is the estimated useful lives of the finance lease assets:


Animal Facility	40 years
Equipment	3 –7 years
Land	Indefinite

The Company’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of December 31, 2025 and 2024 are:


	December 31, 2025						December 31, 2024
	Operating			Finance			Operating	Finance
Weighted-average remaining lease term (years)	3.62			12.92			2.85	13.92
Weighted-average discount rate (percentage)		9.45	%		7.72	%	7.76%	7.72%


	Operating			Finance
2026	$	1,007,017		$	401,496
2027		712,653			401,496
2028		728,650			401,496
2029		708,989			401,496
2030		—			401,496
Thereafter		—			3,178,510
Undiscounted future minimum lease payments		3,157,309			5,185,990
Less: Amount representing interest payments		(482,547	)		(1,910,071	)
Total lease liabilities		2,674,762			3,275,919
Less current portion		(797,402	)		(153,967	)
Noncurrent lease liabilities	$	1,877,360		$	3,121,952

Operating lease expense was approximately $1.1 million and $0.8 million, respectively, for the years ended December 31, 2025 and 2024. Operating lease costs were approximately $1.0 million and $0.1 million for research and development and general and administrative expenses, respectively, on the consolidated statement of operations for the year ended December 31, 2025. Operating lease costs were approximately $0.7 million and $0.1 million for research and development and general and administrative expenses, respectively, on the consolidated statement of operations for the year ended December 31, 2024.

Finance lease costs for the years ended December 31, 2025 and 2024 included approximately $0.1 million and $0.1 million respectively, in right-of-use asset amortization and approximately $0.3 million and $0.3 million, respectively, of interest expense. Finance lease costs are included within research and development expenses on the consolidated statements of operations.

Cash payments under operating and finance leases were approximately $1.0 million and $0.4 million, respectively, for the year ended December 31, 2025. Cash payments under operating and finance leases were approximately $0.8 million and $0.4 million, respectively, for the year ended December 31, 2024.

The Company incurred no short-term lease costs for the year ended December 31, 2025 and the variable lease cost was insignificant for the year ended December 31, 2025. Short-term lease costs were approximately $0.1 million and variable lease costs were approximately $0.1 million for the year ended December 31, 2024.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

(16) Related Party Transactions

For the years ended December 31, 2025 and 2024, there were no related party transactions with directors, executive officers, or beneficial owners of 5% or more of any class of the Company's voting securities, immediate family members of any of the foregoing persons, and any entities in which any of the foregoing is an executive officer or is an owner of 5% or more ownership interest.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Changes In Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Common Stock [Member] Series A Preferred Stock [Member]	Common Stock [Member] Series B Preferred Stock [Member]	Common Stock [Member] Series A 2 Preferred Stock [Member]	Preferred Stock [Member]	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series B Convertible Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series A 2 Preferred Stock [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member] Series A Preferred Stock [Member]	Additional Paid-In Capital [Member] Series B Preferred Stock [Member]	Additional Paid-In Capital [Member] Series A 2 Preferred Stock [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Treasury stock, shares (in shares)															(54,665)
Beginning balance at Dec. 31, 2023	$ 57,299,441	$ 929				$ 5					$ 152,856,874				$ (5,521,246)	$ (90,063,541)	$ 26,420
Beginning balance (in shares) at Dec. 31, 2023		9,280,159				42,236
Stock-based compensation	2,941,796										2,941,796
Issuance of common stock pursuant to vesting of restricted stock units		$ 2									(2)
Issuance of common stock pursuant to vesting of restricted stock units (in shares)		25,214
Payment of taxes withheld on issuance of restricted stock units	(24,931)										(24,931)
Issuance of common for exercise of stock options	20,409	$ 1									20,408
Issuance of common stock for exercise of stock options (in shares)		3,780
Conversion of Preferred Stock into common shares					$ 3									$ (3)
Conversion of Preferred Stock into common shares (in shares)					34,380					(217)
Net income (loss)	(34,105,309)															34,105,309
Foreign currency translation	(162,477)																(162,477)
Unrealized gain (loss), change in fair value of available-for-sale securities	647																647
Ending balance at Dec. 31, 2024	$ 25,969,576	$ 935				$ 5	$ 5				155,794,142				$ (5,521,246)	(124,168,850)	(135,410)
Ending balance (in shares) at Dec. 31, 2024		9,343,533				42,019	42,019
Treasury stock, shares (in shares)	54,665														(54,665)
Stock-based compensation	$ 5,210,647										5,210,647
Issuance of common stock pursuant to vesting of restricted stock units		$ 1									(1)
Issuance of common stock pursuant to vesting of restricted stock units (in shares)		11,913
Payment of taxes withheld on issuance of restricted stock units	(11,205)										(11,205)
Issuance of common stock and warrants under private placement offering								$ 100
Issuance of common stock and warrants under private placement offering (in shares)								1,000,000
Reclassification of Redeemable Preferred Stock to Permanent Equity upon Requisite Approval (in shares)								(1,000,000)	(1,000,000)
Reclassification of Redeemable Preferred Stock to Permanent Equity upon Requisite Approval	16,038,660							$ (100)	$ 100		16,038,560
Conversion of Preferred Stock into common shares			$ 216	$ 3,614			$ (2)		$ (36)			$ 214	$ (3,578)
Conversion of Preferred Stock into common shares (in shares)			2,164,918	36,144,200			(13,639)		(361,442)
Reclassification of PIPE Warrants to Permanent Equity following shareholder approval	90,691,094										90,691,094
Net income (loss)	13,273,683															13,273,683
Foreign currency translation	136,456																136,456
Unrealized gain (loss), change in fair value of available-for-sale securities	185,464																185,464
Ending balance at Dec. 31, 2025	$ 151,494,375	$ 4,766					$ 3		$ 64		$ 267,719,445				$ (5,521,246)	$ (110,895,167)	$ (186,510)
Ending balance (in shares) at Dec. 31, 2025		47,664,564					28,380		638,558
Treasury stock, shares (in shares)	54,665														(54,665)

Investments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Realized gains and losses on investment	$ 2,000	$ 0
Accrued interest receivable	946,781	54,955
Equity securities included within short-term investments	$ 59,100,000	$ 5,600,000

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	100.00%
Defined contribution plan, maximum annual contributions per employee, percent	3.00%
Defined contribution plan, maximum annual contributions per employee, amount	$ 0.4	$ 0.4
Additional Employee Contributions [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, maximum annual contributions per employee, percent	2.00%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

The Company records property, plant, and equipment at cost less depreciation and amortization. Depreciation is calculated using straight-line methods over the following estimated useful lives:


Animal facility equipment	7 years
Animal facility	40 years
Laboratory equipment	7 years
Leasehold improvements	Shorter of asset life or lease term
Office furniture and equipment	5 years
Vehicles	5 years

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	$ 9,128,243	$ 3,460,221
U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value		3,248,959
Short-term investments measured at fair value	24,027,260	6,224,179
Long-term investments measured at fair value	42,783,989
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	59,129,609	5,638,567
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	2,932,910
Long-term investments measured at fair value	4,108,893
Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	179,400	432,975
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	6,508	15,708
Tranche C Preferred Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	5,449,204
Tranche C and B Preferred Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		5,940,543
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	9,128,243	3,460,221
Fair Value, Inputs, Level 1 [Member] \| U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value		3,248,959
Short-term investments measured at fair value	24,027,260	6,224,179
Long-term investments measured at fair value	42,783,989
Fair Value, Inputs, Level 1 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	59,129,609	5,638,567
Fair Value, Inputs, Level 1 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	0
Long-term investments measured at fair value	0
Fair Value, Inputs, Level 1 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	179,400	432,975
Fair Value, Inputs, Level 1 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0	0
Fair Value, Inputs, Level 1 [Member] \| Tranche C Preferred Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0
Fair Value, Inputs, Level 1 [Member] \| Tranche C and B Preferred Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		0
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	0
Fair Value, Inputs, Level 2 [Member] \| U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value
Short-term investments measured at fair value	0
Long-term investments measured at fair value	0
Fair Value, Inputs, Level 2 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	0
Fair Value, Inputs, Level 2 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	2,932,910
Long-term investments measured at fair value	4,108,893
Fair Value, Inputs, Level 2 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0	0
Fair Value, Inputs, Level 2 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0	0
Fair Value, Inputs, Level 2 [Member] \| Tranche C Preferred Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0
Fair Value, Inputs, Level 2 [Member] \| Tranche C and B Preferred Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		0
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	0
Fair Value, Inputs, Level 3 [Member] \| U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value
Short-term investments measured at fair value	0
Long-term investments measured at fair value	0
Fair Value, Inputs, Level 3 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	0
Fair Value, Inputs, Level 3 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	0
Long-term investments measured at fair value	0
Fair Value, Inputs, Level 3 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0
Fair Value, Inputs, Level 3 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	6,508	15,708
Fair Value, Inputs, Level 3 [Member] \| Tranche C Preferred Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	$ 5,449,204
Fair Value, Inputs, Level 3 [Member] \| Tranche C and B Preferred Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		$ 5,940,543

Leases - Schedule of Operating and Finance Leases Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining operating lease term (years)	3 years 7 months 13 days	2 years 10 months 6 days
Weighted-average remaining finance lease term (years)	12 years 11 months 1 day	13 years 11 months 1 day
Weighted-average operating lease discount rate (percentage)	9.45%	7.76%
Weighted-average finance discount rate (percentage)	7.72%	7.72%

Warrants - Summary of Warrant Activity (Parenthetical) (Details)		12 Months Ended
	Jan. 01, 2025 USD ($) shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) $ / shares
Class of Warrant or Right [Line Items]
Recognized gain other income		$ (62,754,186)	$ (5,385,009)
Warrants and rights outstanding, term (year)		9 months 21 days	1 year 9 months 21 days
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs		0.0383	0.0419
Implied Volatility [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs		2.004	1.609
Measurement Input, Share Price [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs		0.0374	0.0379
Preferred Tranche B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants expired and unexercised \| shares	42,846
Recognized gain other income	$ 3,000
Warrants and rights outstanding, term (year)			2 months 23 days
Preferred Tranche B Warrants [Member] \| Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs			0.0393
Preferred Tranche B Warrants [Member] \| Implied Volatility [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs			0.75
Preferred Tranche B Warrants [Member] \| Measurement Input, Share Price [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs \| $ / shares			3.0937

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment reporting, expense information used by CODM, description	The CODM assesses the Company's performance by reviewing GAAP operating expense and significant expenses by function along with the annual budget. The chief operating decision maker considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

(10) Stockholders’ Equity

Authorized and Outstanding Capital Stock

The total number of shares of the Company’s authorized capital stock is 810,000,000. The total amount of authorized capital stock consists of 800,000,000 shares of common stock and 10,000,000 shares of preferred stock. As of December 31, 2025, 47,609,899 shares of common stock, 28,380 shares of Series A Preferred Stock and 638,558 shares of Series B Preferred Stock were outstanding.

Series A Preferred Stock and Warrants

On September 29, 2023, the Company entered into a securities purchase agreement (the “September 2023 Purchase Agreement”) with certain accredited investors, pursuant to which the Company agreed to issue and sell, in a private placement (the “September 2023 Offering”), (i) 7,500 shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share (the “Series A-1 Preferred Stock”), (ii) tranche A warrants (the “Preferred Tranche A Warrants”) to acquire shares of Series A-1 Preferred Stock or Series A-3 Preferred Stock, par value $0.0001 per share, (iii) tranche B warrants to acquire shares of Series A-3 Preferred Stock, par value $0.0001 per share (the “Preferred Tranche B Warrants”), and (iv) tranche C warrants to purchase Series A-3 Preferred Stock, par value $0.0001 per share (the “Preferred Tranche C Warrants” and together with the Preferred Tranche A Warrants, and Preferred Tranche B Warrants, the “Preferred Warrants”). The Series A-1 Preferred Stock, Series A-2 Preferred Stock, and Series A-3 Preferred Stock are collectively referred to in this section as the “Series A Preferred Stock.”

During the fourth quarter of 2023, holders exercised Preferred Tranche A Warrants to purchase an aggregate of 59,654 shares of Series A-1 Preferred Stock for gross proceeds of approximately $59.65 million. Unexercised Preferred Tranche A Warrants, together with the associated Tranche B Warrants, were forfeited or cancelled in accordance with the terms of the September 2023 Purchase Agreement. Preferred Tranche C Warrants remain outstanding and exercisable until the five (5) year anniversary of their exercisability date.

The Company issued an aggregate of 67,154 shares of Series A-1 Preferred Stock in connection with the September 2023 Offering and the exercise of the Preferred Tranche A Warrants.

Following receipt of required stockholder approval, 24,918 shares of Series A-1 Preferred Stock were automatically converted into an aggregate of 3,954,674 shares of common stock at a conversion price of $6.30 per share (approximately 158.8 shares of common stock for each share of Series A-1 Preferred Stock). The remaining 42,236 shares of Series A-1 Preferred Stock were converted into an equal number of shares of Series A-2 Preferred Stock, which are convertible into common stock at the same conversion price of $6.30 per share, subject to certain beneficial ownership limitations as set forth in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock (the “Certificate of Designation”). 13,639 and 217 shares of series A-2 Preferred Stock were converted into 2,164,918 and 34,445 shares of common stock during the years ended December 31, 2025 and 2024, respectively.

Holders of Series A Preferred Stock are entitled to receive dividends on an as-converted-to-common-stock basis and to vote together with holders of common stock, subject to a beneficial ownership blocker of either 4.99% or 9.99%, as elected by each holder. The shares of Series A Preferred Stock are convertible into common stock at a conversion price of $6.30 per share.

For additional information regarding the Company’s outstanding warrants, refer to Note 12, Warrants.

Series B Convertible Preferred Stock and Warrants

On July 21, 2025, the Company entered into the July 2025 Purchase Agreement with certain accredited investors, pursuant to which the Company agreed to issue and sell, in a private placement, (i) 1,000,000 Series B Shares convertible into 100,000,000 shares of Common Stock, (ii) Release Date Warrants to purchase up to 500,000 shares of Series B Preferred Stock, and (iii) Enrollment Date Warrants to purchase up to 1,000,000 shares of Series B Preferred Stock. The closing of the Series B Offering occurred on July 22, 2025.

The aggregate gross proceeds to the Company from the issuance and sale of the Series B Shares, Release Date Warrants, and Enrollment Date Warrants was $175 million, before deducting fees to be paid to the placement agents and financial advisors of the Company and other estimated offering expenses payable by the Company. The Company incurred $11.1 million in offering costs resulting in net proceeds of $163.9 million. The aggregate exercise price of the Warrants is approximately $284 million.

The Release Date Warrants and Enrollment Date Warrants were initially recorded at fair value of $152.7 million as these instruments were considered to be liability classified at issuance because the underlying preferred shares were redeemable, requiring the Company to settle the instruments in cash under certain conditions. The remaining gross proceeds of $22.3 million was allocated to the Series B Preferred Stock. The Company allocated the offering costs to each of the instruments utilizing the relative fair value method. As a result, total offering costs of $11.1 million were allocated, with $4.9 million allocated to the warrants and expensed in the period ending September 30, 2025 and $6.2 million allocated to the Series B Preferred Stock and treated as a reduction in proceeds.

At the Company’s special meeting of stockholders held on September 26, 2025 (the “2025 Special Meeting”), the stockholders approved, among other things, the issuance of all shares of Common Stock issuable upon conversion of the Series B Preferred Stock. Following such approval, the Series B Preferred Stock automatically converted into the Conversion Shares subject to a conversion cap that limits the conversion of the Series B Preferred Stock such that a holder may not beneficially own more than 4.99% of the shares of Common Stock that would be issued and outstanding following such conversion. This resulted in 361,442 shares of Series B Preferred Stock converting into 36,144,200 shares of Common Stock.

The Series B Preferred Stock is entitled to receive dividends on an as-converted-to-common-stock basis when and if declared by the Board of Directors and converts to common stock at a ratio of one-for-one hundred, subject to certain potential adjustments. From the date of issuance until the requisite approval, the Series B Preferred Shares contained a redemption right that was outside of the Company’s control. Following the requisite approval, there is no liquidation preference or redemption rights and the shares are considered to be equity classified. After Requisite Approval at the option of the holder they can convert the Series B Preferred Stock shares to shares of the Company’s Common Stock subject to certain ownership limitations. Following stockholder approval, each share of Series B Preferred Stock, is convertible into Conversion Shares at a conversion price of $1.75 per share.

The Release Date and Enrollment Date Warrants provide for the purchase of up to 500,000 and 1,000,000 shares of Series B Preferred Stock, respectively. The Release Date Warrants and Enrollment Date Warrants have an exercise price of $218.75 and $175.00 per share, respectively. The Release Date Warrants have an expiration of the earlier of five years from the issuance date or the Phase II Release Date (as defined in the warrant). The Enrollment Warrants have an expiration date of the earlier of five years from the issuance date or the Phase II Enrollment Date (as defined in the warrant).

The Release Date and Enrollment Date Warrants were initially classified as liabilities because the underlying preferred shares were redeemable, requiring the Company to settle the instruments in cash under certain conditions. Upon receiving the requisite approval on September 26, 2025, the preferred stock was no longer redeemable, and the Release Date Warrants and Enrollment Date Warrants were reclassified from liabilities to stockholders’ equity. Following the requisite approval on September 26, 2025, the change in fair value of $62.0 million was recorded as other income.

For additional information regarding the Company’s outstanding warrants, refer to Note 12, Warrants.

Earnout Shares

On October 22, 2021 (the “Closing Date”), the Company consummated the business combination (the “Business Combination”) contemplated by the agreement and plan of merger, dated as of June 21, 2021, as amended on August 12, 2021, made by and among Big Cypress Acquisition Corp., a Delaware corporation (“BCYP”), Big Cypress Merger Sub Inc., a Delaware corporation (“Merger Sub”), the Company, and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative, agent and attorney-in-fact of the SAB Stockholders (the “Business Combination Agreement ”). Upon closing of the Business Combination, Merger Sub merged with SAB

Biotherapeutics, with SAB Biotherapeutics as the surviving company of the merger. Upon closing of the Business Combination, BCYP changed its name to “SAB Biotherapeutics, Inc.”

Additionally, the Business Combination Agreement included an earnout provision whereby the shareholders of SAB Biotherapeutics shall be entitled to receive additional consideration (“Earnout Shares”) if the Company meets certain Volume Weighted Average Price (“VWAP”) thresholds, or a change in control with a per share price exceeding the VWAP thresholds within a five-year period immediately following the Closing.

The Earnout Shares shall be released in four equal increments as follows:

(i)

25% of the Earnout Shares shall be released if, at any time during the five (5)-year period immediately following the Closing Date, the VWAP of the Company’s publicly traded common stock is greater than or equal to $150.00 for any twenty (20) trading days within a period of thirty (30) consecutive trading days (the “First Earnout”).

(ii)

25% of the Earnout Shares shall be released if, at any time during the five (5)-year period immediately following the Closing Date, the VWAP of the Company’s publicly traded common stock is greater than or equal to $200.00 for any twenty (20) trading days within a period of thirty (30) consecutive trading days (the “Second Earnout”).

(iii)

25% of the Earnout Shares shall be released if, at any time during the five (5)-year period immediately following the Closing Date, the VWAP of the Company’s publicly traded common stock is greater than or equal to $250.00 for any twenty (20) trading days within a period of thirty (30) consecutive trading days (the “Third Earnout”).

(iv)

25% of the Earnout Shares shall be released if, at any time during the five (5)-year period immediately following the Closing Date, the VWAP of the Company’s publicly traded common stock is greater than or equal to $300.00 for any twenty (20) trading days within a period of thirty (30) consecutive trading days (the “Fourth Earnout” and together with the First Earnout, the Second Earnout and the Third Earnout, the “Earnouts”).

Pursuant to the terms of the Business Combination Agreement, SAB Biotherapeutics’ securityholders (including vested option holders) who own SAB Biotherapeutics securities immediately prior to the Closing Date will have the contingent right to receive their pro rata portion of (i) an aggregate of 1,200,000 Earnout Shares, of which 150,806 are contingently issuable based upon future satisfaction of the aforementioned VWAP thresholds. The remaining 1,049,194 are legally issued and outstanding, if the Company does not meet the above VWAP thresholds, or a change in control with a per share price below the VWAP thresholds occurs within a five-year period immediately following the Closing Date, the 1,049,194 shares will be returned to the Company.

The Earnout Shares are indexed to the Company’s equity and meet the criteria for equity classification. On the Closing Date, the fair value of the 1,200,000 Earnout Shares was $101.3 million. The Company recorded the Earnout Shares as a stock dividend by reducing additional paid-in capital, which was offset by the increase in additional paid-in capital associated with the Business Combination.

Sales Agreement

On December 29, 2025, the Company entered into a Sales Agreement (the “Agreement”) with UBS Securities LLC, relating to shares of common stock. In accordance with the terms of the Agreement, the Company may offer and sell shares of our common stock having an aggregate offering price of up to $75 million from time to time through UBS Securities LLC, acting as the Company’s sales agent. As of December 31, 2025, up to $75 million remains to be sold under the Agreement.

On January 26, 2024, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. providing for sales of up to $20 million of common stock; no shares were sold during the year ended December 31, 2025 and effective December 17, 2025, the Company terminated the agreement with no costs or payments associated.

- Definition

The entire disclosure for equity.

+ References

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+ Details