0001493152-21-030474 | S-1 | XBRL Viewer

Operating lease right-of-use assets

$ 10,750,762

$ 12,610,383

$ 6,345,969

Accounts receivable, net

10,213,217

20,569,497

2,818,735

Prepaid expenses

943,574

1,275,134

124,004

Total current assets

21,907,553

34,455,014

9,288,708

2,590,682

3,053,022

1,861,726

Financing lease right-of-use assets

4,064,568

4,184,427

4,349,463

Equipment, net

22,568,477

14,845,470

2,503,658

Total assets

51,131,280

56,537,933

18,003,555

Current liabilities

Accounts payable

4,122,602

7,382,361

2,170,768

Notes payable - current portion

24,143

538,731

28,214

Operating lease liabilities, current portion

1,035,211

924,265

371,263

Finance lease liabilities, current portion

180,243

194,717

182,343

Due to related party

16,778

6,250

Deferred grant income

100,000

Accrued expenses and other current liabilities

5,009,099

1,904,878

494,554

Note payable - related party

1,364,644

Total current liabilities

10,471,298

11,061,730

4,618,036

Operating lease liabilities, noncurrent

1,753,527

2,372,777

1,519,366

Finance lease liabilities, noncurrent

3,803,432

3,923,554

4,118,272

Notes payable, noncurrent

25,013

172,037

53,448

Total liabilities

16,053,270

17,530,098

10,309,122

Commitments and contingencies (Note 16)

Redeemable preferred stock

Series A-2A Redeemable preferred stock; $0.0001 par value; 3,333,333 shares designated, issued, and outstanding at December 31, 2019; liquidation preference of $9,999,999 at December 31, 2019

9,999,999

Additional paid-in capital

Common stock value

3,522

52,649,882

50,986,672

29,791,662

Total stockholders’ equity (deficit)

(17,577,455)

(11,984,420)

(32,102,193)

35,078,010

39,007,835

(2,305,566)

Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)

51,131,280

56,537,933

18,003,555

Series A Preferred Stock [Member]

Series A-1 Preferred Stock [Member]

662

Series A-2 Preferred Stock [Member]

253

Series A-2A Preferred Stock [Member]

404

Series B Preferred Stock [Member]

333

409

$ 124

Current assets

Marketable securities held in Trust Account

667,873

84,836

Prepaid expenses

102,742

2,258

Total current assets

770,615

87,094

Deferred offering costs

235,111

116,158,244

Total assets

116,928,859

322,205

Current liabilities

Accrued offering costs and expenses

322,376

156,201

Note payable - related party

150,000

Total current liabilities

322,376

306,201

Deferred underwriting fee

4,220,500

Warrant liability

5,529,312

Total liabilities

10,072,188

306,201

Commitments and contingencies (Note 16)

Redeemable preferred stock

Series A-2A Redeemable preferred stock; $0.0001 par value; 3,333,333 shares designated, issued, and outstanding at December 31, 2019; liquidation preference of $9,999,999 at December 31, 2019

116,150,000

Additional paid-in capital

Common stock value

330

288

^[1]

24,712

Total stockholders’ equity (deficit)

(9,293,659)

(8,996)

(9,293,329)

16,004

Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)

$ 116,928,859

$ 322,205

[1]

Includes up to 343,125 founder shares subject to forfeiture by the Sponsor and up to 31,875 representative shares held by Ladenburg and certain of its employees subject to forfeiture if over-allotment option was not exercised in full or in part by the underwriters (see Note 5 and Note 8). As a result of the underwriter’s election to fully exercise their over-allotment option on January 14, 2021, the founder shares and representative shares are no longer subject to forfeiture (see Note 8).

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	2 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2019
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares issued	35,216,000	35,216,000	35,216,000
Common stock, shares outstanding	35,216,000	35,216,000	35,216,000
Common stock, shares designated	110,000,000	110,000,000	110,000,000
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares issued	6,615,000	6,615,000	6,615,000
Preferred stock, shares outstanding	6,615,000	6,615,000	6,615,000
Preferred stock, shares designated	6,615,000	6,615,000	6,615,000
Preferred stock, liquidation preference value	$ 6,615,000	$ 6,615,000	$ 6,615,000
Series A-1 Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares issued	2,525,800	2,525,800	2,525,800
Preferred stock, shares outstanding	2,525,800	2,525,800	2,525,800
Preferred stock, shares designated	2,525,800	2,525,800	2,525,800
Preferred stock, liquidation preference value	$ 4,752,040	$ 4,752,040	$ 4,752,040
Series A-2 Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares issued	4,039,963	4,039,963	4,039,963
Preferred stock, shares outstanding	4,039,963	4,039,963	4,039,963
Preferred stock, shares designated	4,039,963	4,039,963	4,039,963
Preferred stock, liquidation preference value	$ 12,119,889	$ 12,119,889	$ 12,119,889
Series A-2A Preferred Stock [Member]
Temporary equity, shares issued			3,333,333
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	3,333,333	3,333,333
Preferred stock, shares outstanding	3,333,333	3,333,333
Preferred stock, shares designated	3,333,333	3,333,333
Preferred stock, liquidation preference value	$ 9,999,999	$ 9,999,999
Temporary equity, par value			$ 0.0001
Temporary equity, shares designated			3,333,333
Temporary equity, shares outstanding			3,333,333
Temporary equity, liquidation preference value			$ 9,999,999
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares issued	4,090,540	4,090,540	1,236,786
Preferred stock, shares outstanding	4,090,540	4,090,540	1,236,786
Preferred stock, shares designated	8,571,429	8,571,429	8,571,429
Preferred stock, liquidation preference value	$ 14,316,890	$ 14,316,890	$ 4,328,751
Sponsor [Member] \| Maximum [Member]
Shares subject to forfeiture	343,125
Ladenburg and Certain Employees [Member] \| Maximum [Member]
Shares subject to forfeiture	31,875
Big Cypress Acquisition Corp [Member]
Temporary equity, shares issued	0	11,500,000
Redemption price	$ 10.10	$ 10.10
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	2,875,000	3,292,200
Common stock, shares outstanding	2,875,000	3,292,200
Shares subject to forfeiture	375,000
Big Cypress Acquisition Corp [Member] \| Sponsor [Member] \| Maximum [Member]
Shares subject to forfeiture	343,125
Big Cypress Acquisition Corp [Member] \| Ladenburg and Certain Employees [Member] \| Maximum [Member]
Shares subject to forfeiture	31,875

Condensed Consolidated Statements of Operations - USD ($)

2 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Revenue

Total revenue

$ 49,817,825

$ 29,482,614

$ 55,237,759

$ 3,441,807

Operating expenses

Research and development

46,535,671

12,601,333

27,908,659

8,019,705

General and administrative

9,331,125

4,907,306

6,772,303

4,095,642

Total operating expenses

55,866,796

17,508,639

34,680,962

12,115,347

Income (loss) from operations

(6,048,971)

11,973,975

20,556,797

(8,673,540)

Other income (expense):

Interest income

14,571

21,283

26,131

113,133

Other income

669,549

3,630

3,996

2,594

Interest expense

(228,184)

(325,789)

(469,151)

(428,476)

Basic and diluted weighted average shares outstanding

$ (5,593,035)

$ 11,673,099

$ 20,117,773

$ (8,986,289)

35,216,000

Basic and diluted net loss per share, Common stock

$ (0.16)

$ (0.26)

Earnings (loss) per common share attributable to the Corporation’s shareholders

Basic earnings (loss) per common share

(0.16)

$ 0.22

$ 0.37

(0.26)

Diluted earnings (loss) per common share

$ (0.16)

$ 0.20

$ 0.35

$ (0.26)

Weighted-average common shares outstanding - basic

35,216,000

Weighted-average common shares outstanding - diluted

35,216,000

58,496,676

58,051,614

35,216,000

Grant Revenue [Member]

Revenue

Total revenue

$ 49,817,825

$ 29,482,614

$ 55,237,759

$ 3,441,807

Income (loss) from operations

Operating expenses

Total operating expenses

$ 335,552

704,011

(335,552)

(704,011)

Other income (expense):

Interest earned on marketable securities held in Trust Account

2,929

8,244

Offering costs allocated to warrants

(359,874)

Change in fair value of warrant liability

1,794

1,495,871

Total other income (expense)

4,723

1,144,241

Formation and operating costs

$ 8,996

Basic and diluted weighted average shares outstanding

$ (8,996)

$ (330,829)

$ 440,230

2,500,000

^[1]

14,792,200

14,224,714

Basic and diluted net loss per share, Common stock

$ (0.00)

$ (0.02)

$ 0.03

[1]

Excludes up to 343,125 founder shares subject to forfeiture by the Sponsor and up to 31,875 representative shares held by Ladenburg and certain of its employees subject to forfeiture if over-allotment option was not exercised in full or in part by the underwriters (see Note 5 and Note 8). As a result of the underwriter’s election to fully exercise their over-allotment option on January 14, 2021, the founder shares and representative shares are no longer subject to forfeiture (see Note 8).

Condensed Consolidated Statements of Operations (Parenthetical)	2 Months Ended
	Dec. 31, 2020 shares
Big Cypress Acquisition Corp [Member]
Shares subject to forfeiture	375,000
Sponsor [Member] \| Maximum [Member]
Shares subject to forfeiture	343,125
Sponsor [Member] \| Maximum [Member] \| Big Cypress Acquisition Corp [Member]
Shares subject to forfeiture	343,125
Ladenburg and Certain Employees [Member] \| Maximum [Member]
Shares subject to forfeiture	31,875
Ladenburg and Certain Employees [Member] \| Maximum [Member] \| Big Cypress Acquisition Corp [Member]
Shares subject to forfeiture	31,875

Condensed Consolidated Statement of Changes In Redeemable Preferred Stock and Stockholders' Equity - USD ($)

Common Stock [Member]

Big Cypress Acquisition Corp [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Big Cypress Acquisition Corp [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Big Cypress Acquisition Corp [Member]

Retained Earnings [Member]

Preferred Stock [Member]

Series A-2A Redeemable Preferred Stock [Member]

Preferred Stock [Member]

Series A Preferred Stock [Member]

Preferred Stock [Member]

Series A-1 Preferred Stock [Member]

Preferred Stock [Member]

Series A-2 Preferred Stock [Member]

Preferred Stock [Member]

Series A-2A Preferred Stock [Member]

Preferred Stock [Member]

Series B Preferred Stock [Member]

Big Cypress Acquisition Corp [Member]

Series B Preferred Stock [Member]

Total

Beginning balance, value at Dec. 31, 2018

$ 3,522

$ 25,115,498

$ (23,115,904)

$ 9,999,999

$ 662

$ 253

$ 404

$ 2,004,435

Beginning balance, shares at Dec. 31, 2018

35,216,000

3,333,333

6,615,000

2,525,800

4,039,963

Issuance of preferred stock in private offerings, net of issuance cost

371,388

4,304,776

$ 124

4,304,900

Issuance of preferred stock in private offerings, net of issuance costs, shares

1,236,786

Ending balance, value at Dec. 31, 2019

(8,986,289)

$ 3,522

29,791,662

(32,102,193)

$ 9,999,999

$ 662

$ 253

$ 404

$ 124

(2,305,566)

Ending balance, shares at Dec. 31, 2019

35,216,000

3,333,333

6,615,000

2,525,800

4,039,963

1,236,786

Termination of redemption feature

9,999,666

$ (9,999,999)

$ 333

9,999,999

Termination of redemption feature, shares

(3,333,333)

3,333,333

Issuance of preferred stock in private offerings, net of issuance cost

1,040,776

9,899,920

$ 285

9,900,205

Issuance of preferred stock in private offerings, net of issuance costs, shares

2,853,754

Ending balance, value at Sep. 30, 2020

11,673,099

$ 3,522

50,732,024

20,429,094

$ 662

$ 253

$ 404

$ 333

$ 409

30,308,513

Ending balance, shares at Sep. 30, 2020

35,216,000

6,615,000

2,525,800

4,039,963

3,333,333

4,090,540

Beginning balance, value at Dec. 31, 2019

$ 3,522

29,791,662

(32,102,193)

$ 9,999,999

$ 662

$ 253

$ 404

$ 124

(2,305,566)

Beginning balance, shares at Dec. 31, 2019

35,216,000

3,333,333

6,615,000

2,525,800

4,039,963

1,236,786

Termination of redemption feature

9,999,666

$ (9,999,999)

$ 333

9,999,999

Termination of redemption feature, shares

(3,333,333)

3,333,333

Issuance of preferred stock in private offerings, net of issuance cost

1,295,423

9,899,921

$ 285

9,900,206

Issuance of preferred stock in private offerings, net of issuance costs, shares

2,853,754

Ending balance, value at Dec. 31, 2020

20,117,773

$ 288

$ 3,522

$ 24,712

50,986,672

$ (8,996)

(11,984,420)

$ 662

$ 253

$ 404

$ 333

$ 409

$ 16,004

39,007,835

Ending balance, shares at Dec. 31, 2020

2,875,000

^[1]

35,216,000

6,615,000

2,525,800

4,039,963

3,333,333

4,090,540

Beginning balance, value at Nov. 11, 2020

Beginning balance, shares at Nov. 11, 2020

^[1]

Common stock issued to Sponsor

$ 288

24,712

25,000

Common stock issued to Sponsor, shares

^[1]

2,875,000

Ending balance, value at Dec. 31, 2020

(8,996)

$ 288

$ 3,522

24,712

50,986,672

(8,996)

(11,984,420)

$ 662

$ 253

$ 404

$ 333

$ 409

16,004

39,007,835

Ending balance, shares at Dec. 31, 2020

2,875,000

^[1]

35,216,000

6,615,000

2,525,800

4,039,963

3,333,333

4,090,540

Sale of 11,500,000 Units, net of underwriting discount and offering expenses

$ 1,150

1,150

Sale of 11,500,000 Units, net of underwriting discount and offering expenses, shares

11,500,000

Sale of 417,200 Private Placement Units, net of private warrant liability and proceeds used to overfund trust account

$ 42

2,771,995

2,772,037

Sale of 417,200 Private Placement Units, net of private warrant liability and proceeds used to overfund trust account, Shares

417,200

Proceeds received from sale of shares to representative

2,105

2,973,220

Common stock subject to possible redemption, shares

$ (1,150)

(1,150)

(11,500,000)

Accretion of common stock subject to possible redemption

(2,798,812)

(9,724,893)

(12,523,705)

Ending balance, value at Mar. 31, 2021

$ 330

(6,760,669)

(6,760,339)

Ending balance, shares at Mar. 31, 2021

3,292,200

Beginning balance, value at Dec. 31, 2020

$ 288

$ 3,522

24,712

50,986,672

(8,996)

(11,984,420)

$ 662

$ 253

$ 404

$ 333

$ 409

16,004

39,007,835

Beginning balance, shares at Dec. 31, 2020

2,875,000

^[1]

35,216,000

6,615,000

2,525,800

4,039,963

3,333,333

4,090,540

1,663,210

Ending balance, value at Sep. 30, 2021

(5,593,035)

440,230

(5,593,035)

$ 330

$ 3,522

52,649,882

(9,293,659)

(17,577,455)

$ 662

$ 253

$ 404

$ 333

$ 409

(9,293,329)

35,078,010

Ending balance, shares at Sep. 30, 2021

3,292,200

35,216,000

6,615,000

2,525,800

4,039,963

3,333,333

4,090,540

Beginning balance, value at Mar. 31, 2021

$ 330

(6,760,669)

(6,760,339)

Beginning balance, shares at Mar. 31, 2021

3,292,200

Ending balance, value at Jun. 30, 2021

(2,202,161)

$ 330

(8,962,830)

(8,962,500)

Ending balance, shares at Jun. 30, 2021

3,292,200

Ending balance, value at Sep. 30, 2021

(330,829)

$ 330

$ 3,522

$ 52,649,882

$ (9,293,659)

$ (17,577,455)

$ 662

$ 253

$ 404

$ 333

$ 409

$ (9,293,329)

$ 35,078,010

Ending balance, shares at Sep. 30, 2021

3,292,200

35,216,000

6,615,000

2,525,800

4,039,963

3,333,333

4,090,540

[1]

Condensed Consolidated Statement of Changes In Redeemable Preferred Stock and Stockholders' Equity (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Issuance cost			$ 87,949	$ 23,852
Series B Preferred Stock [Member]
Issuance cost		$ 87,949
Big Cypress Acquisition Corp [Member]
Sale of unit	11,500,000
Sale of private unit	417,200

Condensed Consolidated Statements of Cash Flows - USD ($)	2 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)		$ (5,593,035)	$ 11,673,099	$ 20,117,773	$ (8,986,289)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Gain on extinguishment of PPP Loan		(661,612)
Depreciation and amortization		868,630	223,888	383,142	197,210
Amortization of right-of-use assets		123,777	123,777	165,036	126,197
Stock-based compensation expense		1,663,210	1,040,776	1,295,423	371,388
Gain (loss) on sale of equipment		(5,488)	(2,252)	(2,252)	421
Changes in operating assets and liabilities
Accounts receivable		10,356,280	(8,009,864)	(17,750,762)	(2,562,909)
Prepaid expenses		331,559	56,414	(1,151,130)	(45,512)
Right-of-use assets - operating lease		(45,964)	171,908	215,122	(10,848)
Due to related party		(2,727)	4,914	10,528	(6,353)
Accounts payable		(3,273,848)	(193,554)	5,211,593	1,555,046
Accrued expense and other current liabilities		3,104,260	384,272	1,410,324	143,628
Deferred income				100,000
Accrued interest					3,580
Net cash provided by (used in) operating activities		6,865,042	5,473,378	10,004,795	(9,214,440)
Cash flows from investing activities:
Proceeds from the sale of equipment				9,000
Purchases of equipment		(8,581,735)	(7,371,717)	(12,731,702)	(608,748)
Net cash used in investing activities		(8,581,735)	(7,371,717)	(12,722,702)	(608,748)
Cash flows from financing activities:
Payments on related party notes payable				(1,364,644)	(405,112)
Proceeds from sale of preferred stock, net of debt issuance costs			9,900,205	9,900,206	4,304,900
Proceeds from Paycheck Protection Program SBA Loan			661,612	661,612
Principal payments on finance lease		(142,928)	(129,495)	(182,347)	(143,284)
Payments of notes payable			(1,373,846)
Payments of notes payable				(32,506)	(74,876)
Net cash provided by financing activities		(142,928)	9,058,476	8,982,321	3,681,628
Net increase (decrease) in cash and cash equivalents		(1,859,621)	7,160,137	6,264,414	(6,141,560)
Cash and cash equivalents
Beginning of year		12,610,383	6,345,969	6,345,969	12,487,529
End of year	$ 12,610,383	10,750,762	13,506,106	12,610,383	6,345,969
Supplemental disclosures
Cash paid for interest		228,184	329,369	469,151	428,476
Supplemental information on non-cash investing and finance activities:
Right-of-use assets obtained in exchange for operating lease liabilities		260,682	$ 993,622	1,773,135	1,979,801
Right-of-use assets obtained in exchange for financing lease liabilities					$ 198,512
Big Cypress Acquisition Corp [Member]
Cash flows from operating activities:
Net income (loss)	(8,996)	440,230
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest earned on marketable securities held in Trust Account		(8,244)
Offering costs allocated to warrants		359,874
Change in fair value of warrant liability		(1,495,871)
Changes in operating assets and liabilities
Prepaid assets	(2,558)	(100,484)
Accrued expenses	1,222	251,154
Net cash provided by (used in) operating activities	(10,032)	(553,341)
Cash flows from investing activities:
Investment of cash in Trust Account		(116,150,000)
Net cash used in investing activities		(116,150,000)
Cash flows from financing activities:
Proceeds from sale of Units, net of underwriting discounts		113,470,500
Proceeds from sale of Private Placement Units		4,172,000
Proceeds from sale of representative shares		2,105
Payments on related party notes payable		(150,000)
Proceeds from issuance of founder shares	25,000
Proceeds from issuance of promissory note to related party	150,000
Payment of deferred offering costs	(80,132)	(208,227)
Net cash provided by financing activities	94,868	117,286,378
Net increase (decrease) in cash and cash equivalents	84,836	583,037
Cash and cash equivalents
Beginning of year		84,836
End of year	84,836	667,873		$ 84,836
Supplemental disclosures
Deferred offering costs included in accrued offering costs and expenses	$ 154,979
Supplemental information on non-cash investing and finance activities:
Initial value of common stock subject to possible redemption		116,150,000
Initial classification of warrant liability		7,025,183
Deferred underwriters’ discount payable charged to additional paid-in capital		4,220,500
Accretion of common stock subject to possible redemptions		$ 12,523,705

Organization and Business Operations	2 Months Ended	9 Months Ended
Organization and Business Operations	Dec. 31, 2020	Sep. 30, 2021
Big Cypress Acquisition Corp [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Organization and Business Operations	Note 1 — Organization and Business Operations Big Cypress Acquisition Corp. (the “Company”) is a newly organized blank check company incorporated in Delaware on November 12, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (“Business Combination”). The Company has not selected any specific business combination target and the Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target with respect to the Business Combination. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from November 12, 2020 (inception) through December 31, 2020 relates to the Company’s formation and preparation for the Initial Public Offering (“IPO”) as described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering as described below. The Company has selected December 31 as its fiscal year end. The Company’s sponsor is Big Cypress Holdings LLC, a Delaware limited liability company (the “Sponsor”). Subsequent to December 31, 2020, the registration statement for the Company’s IPO was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 11, 2021 (the “Effective Date”). On January 14, 2021, the Company consummated the IPO of 11,500,000 units (the “Units”), which included the full exercise by the underwriters of the over-allotment option to purchase an additional 1,500,000 Units, at $10.00 per Unit, generating gross proceeds of $115,000,000, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company consummated the sale of 417,200 units (the “Placement Units”), at a price of $10.00 per unit, generating gross proceeds of $4,172,000, which is discussed in Note 4. Each Unit consists of one share of common stock, and one-half redeemable warrant to purchase one share of common stock at a price of $11.50 per whole share. Transaction costs of the IPO amounted to $6,038,360 consisting of $1,529,500 of underwriting fee, $4,220,500 of deferred underwriting fee, and $288,360 of other offering costs (see Note 8). Following the closing of the IPO on January 14, 2021, $116,150,000 ($10.10 per Unit) from the net offering proceeds of the sale of the Units in the IPO and the sale of the Placement Units was placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations (less up to $100,000 of interest to pay dissolution expenses), the proceeds from this IPO and the sale of the Placement Units will not be released from the trust account until the earliest of (a) the completion of the Company’s initial business combination, (b) the redemption of any public shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation, and (c) the redemption of the Company’s public shares if the Company is unable to complete the initial business combination within 15 months (or up to 21 months) from the closing of this IPO, subject to applicable law. The proceeds deposited in the trust account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial business combination either (i) in connection with a stockholder meeting called to approve the initial business combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The shares of common stock subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company will have 15 months (or up to 21 months) from the closing of the IPO to consummate a Business Combination (the “Combination Period”). However, if the Company is unable to complete a Business Combination within the Combination Period, the Company will redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding public shares, subject to applicable law and as further described in registration statement, and then seek to dissolve and liquidate. The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their founder shares and placement shares in connection with the completion of the initial business combination, (ii) waive their redemption rights with respect to their founder shares and placement shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the trust account with respect to their founder shares and placement shares if the Company fails to complete the initial business combination within the Combination Period. The Company’s Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations. Liquidity and Capital Resources As of December 31, 2020, the Company had $84,836 in cash and working capital deficit of $219,107 (excluding deferred offering costs). The Company’s liquidity needs up to December 31, 2020 had been satisfied through a capital contribution from the Sponsor of $25,000 (see Note 5) for the founder shares and the loan under an unsecured promissory note from the Sponsor of $150,000 (see Note 5). Subsequent to December 31, 2020, on January 14, 2021, simultaneous with the consummation of the IPO, the net proceeds from the consummation of the Private Placement not held in Trust were deposited into the Company’s operating bank account (see Note 8). As of January 14, 2021, the Company had approximately $1.2 million in its operating bank account, and working capital of approximately $1.2 million. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 5). To date, there were no amounts outstanding under any Working Capital Loans. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Risks and Uncertainties Management continuing to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that it could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.	Note 1 — Organization and Business Operations As of September 30, 2021, Big Cypress Acquisition Corp. (the “Company”), our predecessor, was a blank check company incorporated in Delaware on November 12, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (“Business Combination”). Prior to the Business Combination (described in Note 10), the Company had one subsidiary, Big Cypress Merger Sub Inc., a direct, wholly-owned subsidiary of the Company incorporated in Delaware on June 17, 2021 (“Merger Sub”). As of September 30, 2021, the Company had not commenced any operations. All activity through September 30, 2021 relates to the Company’s formation and the Initial Public Offering (“IPO”) which is described below, and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s IPO was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 11, 2021 (the “Effective Date”). On January 14, 2021, the Company consummated the IPO of 11,500,000 units (the “Units”) and, with respect to the shares of common stock included in the Units sold (the “Public Shares”), which included the full exercise by the underwriters of the over-allotment option to purchase an additional 1,500,000 Units, at $10.00 per Unit, generating gross proceeds of $115,000,000, which is discussed in Note 4. Each Unit consists of one share of common stock, and one-half redeemable warrant to purchase one share of common stock at a price of $11.50 per whole share. Simultaneously with the closing of the IPO, the Company consummated the sale of 417,200 units (the “Placement Units”), at a price of $10.00 per unit, in a private placement to Big Cypress Holdings LLC, a Delaware limited liability company which acted as the Company’s sponsor in connection with the IPO (the “Sponsor”), generating gross proceeds of $4,172,000, which is discussed in Note 5. Transaction costs of the IPO amounted to $6,108,360 consisting of $1,529,500 of underwriting fee, $4,220,500 of deferred underwriting fee, and $358,360 of other offering costs, and of which $359,874 were allocated to expense associated with the warrant liability. Following the closing of the IPO on January 14, 2021, $116,150,000 ($10.10 per Unit) from the net offering proceeds of the sale of the Units in the IPO and the sale of the Placement Units was placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations (less up to $100,000 of interest to pay dissolution expenses), the proceeds from this IPO and the sale of the Placement Units will not be released from the trust account until the earliest of (a) the completion of the Company’s initial business combination, (b) the redemption of any public shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation, and (c) the redemption of the Company’s public shares if the Company is unable to complete the initial business combination within 15 months (or up to 21 months) from the closing of this IPO, subject to applicable law. The proceeds deposited in the trust account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders. The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial business combination either (i) in connection with a stockholder meeting called to approve the initial business combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The Company will have 15 months (or up to 21 months) from the closing of the IPO on January 14, 2021 to consummate a Business Combination (the “Combination Period”). However, if the Company is unable to complete a Business Combination within the Combination Period, the Company will redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding public shares, subject to applicable law and as further described in registration statement, and then seek to dissolve and liquidate. The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their founder shares and placement shares in connection with the completion of the initial business combination, (ii) waive their redemption rights with respect to their founder shares and placement shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the trust account with respect to their founder shares and placement shares if the Company fails to complete the initial business combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.10 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.10 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations. Risks and Uncertainties Management is continuing to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that it could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Restatement of Previously Issued Financial Statements

9 Months Ended

Sep. 30, 2021

Restatement of Previously Issued Financial Statements

Note 2 — Restatement of Previously Issued Financial Statements

In connection with the preparation of the Company’s financial statements as of September 30, 2021, management determined it should restate certain of its previously reported financial statements. The Company previously determined the common stock subject to possible redemption to be equal to the redemption value of $10.10 per common stock while also taking into consideration its charter’s requirement that a redemption cannot result in net tangible assets being less than $5,000,001. Upon review of certain of its financial statements for the period ended September 30, 2021, the Company reevaluated the classification of the common stock and determined that the common stock issued during the Initial Public Offering and pursuant to the exercise of the underwriters’ overallotment can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control under ASC 480-10-S99. Therefore, management concluded that the carrying value should include all common stock subject to possible redemption, resulting in the common stock subject to possible redemption being classified as temporary equity in its entirety. As a result, management has noted a reclassification adjustment related to temporary equity and permanent equity. This resulted in a restatement to the initial carrying value of the common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), retained earnings (accumulated deficit) and common stock.

In connection with the change in presentation for the common stock subject to possible redemption, the Company also restated its earnings per share calculation to allocate net income (loss) evenly to common stock subject to redemption and those that are not subject to redemption. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of common stock share pro rata in the income (loss) of the Company.

There has been no change in the Company’s total assets, liabilities or operating results.

The impact of the restatement on the Company’s financial statements is reflected in the following table:

	As Reported			Adjustment			As Restated
Balance Sheet as of January 14, 2021 (as revised in footnote 2 per form 10-Q filed on May 21, 2021)
Common Stock subject to possible redemption	$	101,131,827		$	15,018,173		$	116,150,000

Common stock, $0.0001 par value		479			(149	)		330
Additional Paid in Capital		5,359,507			(5,359,507	)		—
Accumulated Deficit		(359,892	)		(9,658,517	)		(10,018,499	)
Total Stockholders’ Equity (Deficit)	$	5,000,004		$	(15,018,173	)	$	(10,018,169	)
Number of shares subject to redemption		10,013,052			1,486,948			11,500,000

Balance Sheet as of March 31, 2021 (per form 10-Q filed on May 21, 2021)
Common Stock subject to possible redemption	$	104,389,656	$	11,760,344		$	116,150,000

Common stock, $0.0001 par value		445		(115	)		330
Additional Paid in Capital		2,035,336		(2,035,336	)		—
Retained Earnings (Accumulated Deficit)		2,964,224		(9,724,892	)		(6,760,669	)
Total Stockholders’ Equity (Deficit)	$	5,000,005	$	(11,760,344	)	$	(6,760,339	)
Number of shares subject to redemption		10,335,609		1,164,391			11,500,000

Unaudited Statement of Operations for the three months ended March 31, 2021 (per form 10-Q filed on May 21, 2021)

Basic and diluted weighted average shares outstanding, common stock subject to redemption		3,532,050		9,538,777			13,070,827
Basic and diluted net income per common share	$	0.84	$	(0,61	)	$	0.23

Balance Sheet as of June 30, 2021 (per form 10-Q filed on August 9, 2021)
Common Stock subject to possible redemption ($)	$	102,187,499	$	13,962,501		$	116,150,000

Common stock, $0.0001 par value		467		(137	)		330
Additional Paid in Capital		4,237,471		(4,237,471	)		—
Retained Earnings (Accumulated Deficit)		762,063		(9,724,893	)		(8,962,830	)
Total Stockholders’ Equity (Deficit)	$	5,000,002	$	(13,962,501	)	$	(8,962,500	)
Number of shares subject to redemption		10,117,574		1,382,426			11,500,000

Unaudited Statement of Operations For the three and six months ended June 30, 2021 (per form 10-Q filed on August 9, 2021)
Three months ended June 30, 2021
Basic and diluted weighted average shares outstanding, common stock subject to redemption		4,443,103			10,349,097			14,792,000
Basic and diluted net loss per common share	$	(0.50	)	$	0.35		$	(0.15	)

Six months ended June 30, 2021
Basic and diluted weighted average shares outstanding, common stock subject to redemption		4,162,957			9,773,212			13,936,269
Basic and diluted net loss per common share	$	0.18		$	(0.12	)	$	0.06

Summary of Significant Accounting Policies

2 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

The Corporation’s significant accounting policies are disclosed in the audited consolidated financial statements as of, and for the years ended, December 31, 2020 and 2019, included in the proxy statement/prospectus filed with the SEC on September 24, 2021. Since the date of such audited consolidated financial statements, there have been no changes to the Corporation’s significant accounting policies, except as disclosed in Note 3, New Accounting Standards, below.

(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

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Corporation’s financial position for the years presented.

Principles of consolidation

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

Significant risks and uncertainties

The Corporation’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 Corporation’s product candidates, the Corporation’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 Corporation’s ability to raise capital.

The Corporation currently has no commercially approved products and there can be no assurance that the Corporation’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 Corporation operates in an environment of rapid change and is dependent upon the continued services of its employees and obtaining and protecting intellectual property.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Funding from government grants is not guaranteed to cover all costs, and additional funding may be needed to cover operational costs as we move forward to with our efforts to develop a commercially approved product.

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 Corporation has used significant estimates in its determination of stock-based compensation assumptions, determination of the fair value of the Corporation’s common stock, determination of the incremental borrowing rate (“IBR”) used in the calculation of the Corporation’s right of use assets and lease liabilities, and the valuation allowance on deferred tax assets. Actual amounts realized may differ from these estimates.

Cash and cash equivalents

Cash equivalents include short-term, highly liquid instruments, consisting of money market accounts and short-term investments with original maturities at the date of purchase of 90 days or less.

Accounts receivable

Accounts receivable are carried at original invoice amount, less an allowance for doubtful accounts. The Corporation estimates an allowance for doubtful accounts for potential credit losses that are expected to be incurred, based on management’s assessment of the collectability of specific accounts, the aging of the accounts receivable, historical information and other currently available evidence. Receivables are written off when deemed uncollectible. To date, no receivables have been written off. The allowance for doubtful accounts was $0 as of December 31, 2020 and 2019.

Concentration of credit risk

The Corporation 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. Exposure to credit risk is reduced by placing such deposits in high credit quality federally insured financial institutions.

The Corporation received approximately 96% and 85% of its total revenue through grants from government organizations during the years ended December 31, 2020 and 2019, respectively, and 4% and 12% of its total revenue through a grant from a non-government organization during the years ended December 31, 2020 and 2019, respectively.

Lease liabilities and right-of-use assets

The Corporation 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”) Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”). In accordance with ASC 842, the Corporation has, as of January 1, 2018 (the date of adoption), recorded right-of-use assets and related lease liabilities for the present value of the lease payments over the lease terms. The Corporation utilized the practical expedient regarding lease and non-lease components and has combined such items into a single combined component. The Corporation’s IBR was used in the calculation of its right of use assets and lease liabilities.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

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 Corporation’s research and development projects, fees paid to consultants and various entities that perform certain research and testing on behalf of the Corporation, and expenses related to salaries, benefits, and stock-based compensation granted to employees in research and development functions.

During 2020 and 2019, the Corporation had contracts with multiple contract research organizations (“CRO”) to complete studies as part of research grant agreements. In the case of SAB-185, the CRO has been contracted and paid by the US government. For SAB-176, PPD Development, LP acting as the CRO oversaw the Phase 1 safety study. The terms of that agreement are subject to confidentiality, and the status of the agreement is that it is current, in good standing and approximately 90% of the contract has been paid through June 17, 2021. SAB has also contracted with hVIVO Services Limited to conduct the Phase 2a influenza study on SAB-176. The terms of that agreement are subject to confidentiality, and the status of the agreement is that it is current, in good standing and approximately 35% of the contract has been paid through June 17, 2021.

Equipment

The Corporation records equipment at cost less depreciation. Depreciation is calculated using straight-line methods over the following estimated useful lives:

Schedule of Estimated Useful Lives

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

Repairs and maintenance expenses are expensed as incurred.

Impairment of long-lived assets

The Corporation 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 Corporation 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 Corporation believes that long-lived assets are recoverable, and no impairment was deemed necessary, during the years ended December 31, 2020 and 2019.

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 Corporation 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 Corporation determines the fair value of stock-based awards using the Black-Scholes option-pricing model, which uses both historical and current market data to estimate fair value. The method 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 Corporation 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.

Income taxes

Deferred income taxes reflect future tax effects of temporary differences between the tax and financial reporting basis of the Corporation’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 sheet. Accruals are maintained for uncertain tax positions, as necessary.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

The Corporation 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 Corporation has elected to treat interest and penalties related to income taxes, to the extent they arise, as a component of income taxes.

Revenue recognition

The Corporation’s revenue is primarily generated through grants from government and other (non-government) organizations.

Grant revenue is recognized during the period that the research and development services occur, as qualifying expenses are incurred or conditions of the grants are met. The Corporation concluded that payments received under these grants represent conditional, nonreciprocal contributions, as described in ASC 958, Not-for-Profit Entities, and that the grants are not within the scope of ASC 606, Revenue from Contracts with Customers, as the organizations providing the grants do not meet the definition of a customer. Expenses for grants are tracked by using a project code specific to the grant, and the employees also track hours worked by using the project code.

Comprehensive income (loss)

The Corporation had no items of comprehensive income (loss) other than its net income (loss).

Litigation

From time to time, the Corporation is involved in legal proceedings, investigations and claims generally incidental to its normal business activities. In accordance with U.S. GAAP, the Corporation 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.

In 2019, the Corporation issued shares of preferred stock, which it determined qualified as participating securities, as defined in ASC 260. Under ASC 260, securities are considered participating securities if the securities may participate in undistributed earnings with common stock, whether that participation is conditioned upon the occurrence of a specified event or not. In accordance with ASC 260, a company is required to use the two-class method when computing net income (loss) per share when a company has securities that qualify as participating securities. The two-class method is an earnings allocation formula that determines net income (loss) per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to share in the earnings as if all income (loss) for the period had been distributed. Participating securities are included in the computation of basic net income (loss) per share using the two-class method. Under the two-class method, basic net income (loss) per share is computed by dividing net income (loss) attributable to the shareholders of the Corporation attributable to common stockholders by the weighted-average common shares outstanding during the period. Diluted net income (loss) per share for the Corporation’s common stock is computed using the more dilutive of the two-class method or the if-converted method.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Segment reporting

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

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.

As of December 31, 2020 and 2019, the Corporation does not have any assets and liabilities that are recorded at fair value on a recurring basis.

The Corporation believes that the carrying amounts of its cash and cash equivalents, accounts receivable, and debt approximate their fair values due to their near-term maturities.

Common stock valuations

The Corporation is required to periodically estimate the fair value of its common stock with the assistance of an independent third-party valuation expert when issuing stock options and computing its estimated stock-based compensation expense. The assumptions underlying these valuations represented management’s best estimates, which involved inherent uncertainties and the application of significant levels of management judgment.

In order to determine the fair value of its common stock, the Corporation considered, among other items, previous transactions involving the sale of the Corporation’s securities, the Corporation’s business, financial condition and results of operations, economic and industry trends, the market performance of comparable publicly traded companies, and the lack of marketability of the Corporation’s common stock.

Reclassification

The prior period amount of $3.4 million related to grant revenue was reclassified from other income to grant revenue on the consolidated statements of operations, as the services performed under the grants were consistent with the Corporation’s ongoing major or central operations during the year ended December 31, 2020, and the reclassification conforms the prior period presentation to the current period presentation. The reclassification had no effect on the prior period net loss or total stockholder’s deficit.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Summary of Significant Accounting Policies

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of 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 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.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020.

Deferred Offering Costs

Deferred offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related to the IPO and that will be charged to stockholders’ equity upon the completion of the IPO.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Net Loss Per Common Stock

Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, excluding common stock subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 375,000 shares of common stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 5 and Note 8). As a result of the underwriter’s election to fully exercise their over-allotment option on January 14, 2021, the 375,000 Founder Shares are no longer subject to forfeiture (see Note 8). At December 31, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted loss per common share is the same as basic loss per common share for the period presented.

Income Taxes

The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. The deferred tax assets were deemed to be de minimus as of December 31, 2020.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be de minimus for the period from November 12, 2020 (inception) through December 31, 2020.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Note 3 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on April 2, 2021, which contains the audited financial statements and notes thereto. The interim results for the three months and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future interim periods.

Emerging Growth Company Status

Use of Estimates

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

At September 30, 2021, substantially all of the assets held in the Trust Account were held in money market funds which invest U.S. Treasury securities.

Warrant Liabilities

The Company evaluated the Public Warrants and Private Placement Warrants (each as defined herein and collectively, “Warrants”, which are discussed in Note 2, Note 4, Note 5 and Note 9) in accordance with ASC 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity”, and concluded that a provision in the Warrant Agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the Condensed Balance Sheet and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in the Condensed Statement of Operations in the period of change.

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the common stock were charged to temporary equity upon the completion of the Initial Public Offering. Transaction costs amounted to $6,108,360, of which $359,874 were allocated to expense associated with the warrant liability.

Common Stock Subject to Possible Redemption

All of the 11,500,000 shares of common stock sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s certificate of incorporation. In accordance with SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity.

The common stock is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company recognizes changes in redemption value immediately as they occur. Immediately upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable common stock resulted in charges against additional paid-in capital and accumulated deficit.

As of September 30, 2021, the common stock reflected on the balance sheet are reconciled in the following table:

Gross proceeds from IPO	$	116,150,000
Less:
Proceeds allocated to Public Warrants		(6,775,220	)
Common stock issuance costs		(5,748,485	)
Plus:
Accretion of carrying value to redemption value		12,523,705

Common stock subject to possible redemption	$	116,150,000

Income Taxes

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be de minimis for the period ended September 30, 2021.

Net Income (Loss) Per Common Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share. Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The Company has not considered the effect of any warrants sold in the Initial Public Offering and the private placement to purchase 5,958,600 shares of common stock in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events. As a result, diluted net loss per common share is the same as basic net loss per common share for the period presented. Accretion of the carrying value of common stock to redemption value is excluded from net income per ordinary share because the redemption value approximates fair value.

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share:

	For the three months ended September 30, 2021			For the nine months ended September 30, 2021
Basic and diluted net income (loss) per share:
Numerator:
Allocation of net income (loss)	$	(330,829	)	$	440,230
Denominator:
Weighted-average shares outstanding		14,792,200			14,224,714

Basic and diluted net income (loss) per share	$	(0.02	)	$	0.03

Concentration of Credit Risk

Fair Value of Financial Instruments

The Company follows the guidance in ASC 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1 —	Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 —	Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

Level 3 —	Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

See Note 9 for additional information on assets and liabilities measured at fair value.

Recently Adopted Accounting Standards

In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Initial Public Offering

2 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Initial Public Offering

Note 3 — Initial Public Offering

On January 14, 2021, the Company sold 11,500,000 at a purchase price of $10.00 per Unit, which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 1,500,000 Units (see Note 8). Each Unit consists of one share of common stock, and one-half warrant to purchase one share of common stock (“Public Warrant”). Each Public Warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. Each warrant will become exercisable on the later of 30 days after the completion of the initial Business Combination or 12 months from the closing of this offering and will expire five years after the completion of the initial Business Combination, or earlier upon redemption or liquidation. (see Note 7).

Note 4 — Initial Public Offering

Public Units

On January 14, 2021, the Company initially sold 11,500,000 Units, at a purchase price of $10.00 per Unit, which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 1,500,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of common stock, and one-half warrant to purchase one share of common stock (the “Public Warrants”).

Public Warrants

Each whole Warrant entitles the holder to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to adjustment as discussed herein. The Warrants will become exercisable on the later of 12 months from the closing of this offering or 30 days after the completion of its initial business combination, and will expire five years after the completion of the Company’s initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s sponsor or its affiliates, without taking into account any founder shares held by the Company’s sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial business combination on the date of the consummation of the initial business combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the warrants is then effective and a prospectus is current. No warrant will be exercisable and the Company will not be obligated to issue shares of common stock upon exercise of a warrant unless common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of common stock underlying such unit.

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 $18.00 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, the management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.” If the 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.

Private Placement

2 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Private Placement

Note 4 — Private Placement

Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 417,200 Placement Units, at a price of $10.00 per Placement Unit, for an aggregate purchase price of $4,172,000, in a private placement. A portion of the proceeds from the private placement was added to the proceeds from the IPO held in the Trust Account (see Note 8).

Each Placement Unit was identical to the Units sold in the IPO, except for the placement warrants (“Placement Warrants”) (see Note 7). If the Company does not complete its initial business combination within 15 months (or up to 21 months) from the closing of this IPO, the proceeds from the sale of the Placement Units held in the trust account will be used to fund the redemption of its public shares (subject to the requirements of applicable law) and the Placement Warrants will expire worthless.

Note 5 — Private Placement

Each Placement Unit was identical to the Units sold in the IPO, except for the placement warrants (“Placement Warrants”). The Placement Warrants and the common stock issuable upon the exercise of the Placement Warrants will not be transferable, assignable or saleable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. If the Company does not complete its initial business combination within 15 months (or up to 21 months) from the closing of this IPO, the proceeds from the sale of the Placement Units held in the trust account will be used to fund the redemption of its public shares (subject to the requirements of applicable law) and the Placement Warrants will expire worthless.

Related Party Transactions	2 Months Ended	9 Months Ended	12 Months Ended
Related Party Transactions	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Related Party Transactions		*(13) Related Party Transactions* The Corporation’s related party transactions are disclosed in the audited consolidated financial statements as of, and for the years ended, December 31, 2020 and 2019, included in the proxy statement/prospectus filed with the SEC on September 24, 2021. Since the date of such audited consolidated financial statements, there have been no significant changes to the Corporation’s related party transactions. For the nine months ended September 30, 2021 and 2020, the Corporation paid consulting fees to a board member, Christine Hamilton, who is also an owner, of $19,000 and $19,000, respectively. For the nine months ended September 30, 2020, the Corporation paid Network Plus, LLC (owner is the spouse of an employee) approximately $19,000 for IT assistance and computer setups. The spouse became an employee of the Corporation in July 2020, and there was no further activity with this vendor. For the nine months ended September 30, 2021 and 2020, the Corporation made lease payments to Dakota Ag Properties of approximately $301,000 (for each period). Dakota Ag Investments (part of Dakota Ag Properties) is a shareholder and owner of the Corporation. For the nine months ended September 30, 2021 and 2020, the Corporation made lease payments and lab supply payments to Sanford Health (which is a shareholder of the Corporation) totaling approximately $589,000 and $435,000, respectively. For the nine months ended September 30, 2020, the Corporation made payments of approximately $1.4 million to Christiansen Land and Cattle, Ltd. (“CLC”), who are owners, members of the board of directors, and employees of the Corporation, in accordance with the loan agreement the Corporation had entered into with CLC. In July 2020, the note payable was paid in full.	*(13) Related Party Transactions* The Corporation paid consulting fees to a board member, Christine Hamilton, who is also an owner, of $25,000 and $33,527, respectively, for the years ended December 31, 2020 and 2019. As of December 31, 2020 and 2019, there was $6,250 (both years) in accrued board member fees for this related party. On an as needed basis, the Corporation engages Network Plus, LLC (owner is the spouse of an employee) for IT assistance and computer setups. There was approximately $20,000 and $40,000 in expenses, respectively, with this vendor in 2020 and 2019. The spouse became an employee of the Corporation in July 2020, so there will be no further activity with this vendor going forward. As discussed in Note 7, Leases, the Corporation has a finance lease for the animal facility with Dakota Ag Properties. Dakota Ag Investments (part of Dakota Ag Properties) is a shareholder and owner of the Corporation. As discussed in Note 7, Leases, the Corporation leases laboratory space from Sanford Health (which is a shareholder of the Corporation). Since the Corporation operates out of a building it shares with Sanford Health, the Corporation utilizes Sanford Health’s food services, medical services (shots and exams), and research services, as needed. Not including the lease payments, the combined expense of these services was approximately $152,000 and $190,000, respectively, for the years ended December 31, 2020 and 2019. The Corporation had approximately $10,000 in related party payables with Sanford Health as of December 31, 2020. There were no related party payables as of December 31, 2019. SAb Biotherapeutics, Inc. and subsidiaries Notes to consolidated financial statements TK Concept was engaged by the Corporation for business consulting in 2019. The owner is a member of the board of directors. There was approximately $42,500 in expense with this vendor in 2019. There were no consulting expenses in 2020. As discussed in Note 9, Debt, on February 24, 2016, the Corporation entered into a loan agreement with CLC for a $3.0 million revolving line of credit secured by a blanket security interest in the assets of the Corporation. The principal owners of CLC are owners, members of the board of directors, and employees of the Corporation. In July 2020, the note payable was paid in full. Please refer to Note 9, Debt, for additional information.
Big Cypress Acquisition Corp [Member]
Related Party Transactions	Note 5 — Related Party Transactions Founder Shares On November 12, 2020, the Company issued 2,156,250 shares of common stock to the Sponsor for $25,000 in cash, or approximately $0.012 per share, in connection with formation. On December 7, 2020, the Sponsor forfeited 161,719 founder shares to the Company and Ladenburg Thalmann & Co. Inc., the representative of the underwriters, and certain of its employees (“Ladenburg”) purchased from the Company an aggregate of 161,719 representative shares at an average purchase price of approximately $0.012 per share, for an aggregate purchase price of $1,875. On January 3, 2021, the Company effected a stock dividend of 1/3 of a share of common stock for every share of common stock outstanding, resulting in an aggregate of 2,875,000 founder shares outstanding (including up to 375,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part). As a result of the underwriters’ election to fully exercise of their over-allotment option on January 14, 2021, the 375,000 shares were no longer subject to forfeiture (see Note 7). On January 4, 2021, the Sponsor forfeited 28,750 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 28,750 representative shares at an average purchase price of approximately $0.008 per share, for an aggregate purchase price of $230. As a result, the Sponsor currently own 2,630,625 shares (see Note 7). All shares of common stock and associated amounts have been retroactively restated as disclosed in Note 7. The Sponsor has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Representative Shares On December 7, 2020, the Sponsor forfeited 161,719 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 161,719 representative shares at an average purchase price of approximately $0.012 per share, for an aggregate purchase price of $1,875. On January 4, 2021, the Sponsor forfeited 28,750 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 28,750 representative shares at an average purchase price of approximately $0.008 per share, for an aggregate purchase price of $230. Following the 1/3 common stock dividend effected January 3, 2020 (as described herein), Ladenburg and certain of its employees now hold an aggregate of 244,375 representative shares (of which up to 31,875 were subject to forfeiture). As a result of the underwriters’ election to fully exercise of their over-allotment option, the 31,875 shares were no longer subject to forfeiture (see Note 8). All shares of common stock and associated amounts have been retroactively restated as disclosed in Note 8. Ladenburg and certain of its employees have entered into a subscription agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their representative shares, as applicable, and public shares in connection with the completion of our initial business combination, (ii) waive their redemption rights with respect to their representative shares, as applicable, (iii) waive their rights to liquidating distributions from the trust account with respect to their representative shares if the Company fails to complete the initial business combination within the Combination Period. Promissory Note — Related Party On November 19, 2020, Company issued an unsecured promissory note to the Sponsor for an aggregate of up to $250,000 to cover expenses related to the IPO. This loan is non-interest bearing and payable on the earlier of March 31, 2021 or the completion of the IPO. As of December 31, 2020, the Company has drawn down $150,000 under the promissory note. On January 14, 2021, the Company paid the balance on the note from the proceeds of the IPO (see Note 8). Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into units at a price of $10.00 per unit at the option of the lender, upon consummation of the Company’s Initial Business Combination. The units would be identical to the Placement Units. At January 14, 2021, no Working Capital Loans were outstanding. Administrative Service Fee The Company has agreed to pay an affiliate of the Company’s Sponsor a monthly fee of an aggregate of $10,000 for office space, utilities and secretarial and administrative support. Upon completion of the Company’s Business Combination or its liquidation, the Company will cease paying these monthly fees. As of December 31, 2020, the Company has recorded $7,742 in service fee expense.	Note 6 — Related Party Transactions Founder Shares On November 12, 2020, the Company issued 2,156,250 shares of common stock to the Sponsor for $25,000 in cash, or approximately $0.012 per share, in connection with formation. On December 7, 2020, the Sponsor forfeited 161,719 founder shares to the Company and Ladenburg Thalmann & Co. Inc., the representative of the underwriters, and certain of its employees (“Ladenburg”) purchased from the Company an aggregate of 161,719 representative shares at an average purchase price of approximately $0.012 per share, for an aggregate purchase price of $1,875. On January 3, 2021, the Company effected a stock dividend of 1/3 of a share of common stock for every share of common stock outstanding, resulting in an aggregate of 2,875,000 founder shares outstanding (including up to 375,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part). As a result of the underwriters’ election to fully exercise of their over-allotment option on January 14, 2021, the 375,000 shares are no longer subject to forfeiture. On January 4, 2021, the Sponsor forfeited 28,750 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 28,750 representative shares at an average purchase price of approximately $0.008 per share, for an aggregate purchase price of $230. As a result, the Sponsor currently owns 2,630,625 shares. The Sponsor has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Representative Shares On December 7, 2020, the Sponsor forfeited 161,719 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 161,719 representative shares at an average purchase price of approximately $0.012 per share, for an aggregate purchase price of $1,875. On January 4, 2021, the Sponsor forfeited 28,750 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 28,750 representative shares at an average purchase price of approximately $0.008 per share, for an aggregate purchase price of $230. Following the 1/3 common stock dividend effected January 3, 2020 (as described herein), Ladenburg and certain of its employees now hold an aggregate of 244,375 representative shares (of which up to 31,875 were subject to forfeiture). As a result of the underwriters’ election to fully exercise of their over-allotment option, the 31,875 shares are no longer subject to forfeiture. Ladenburg and certain of its employees have entered into a subscription agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their representative shares, as applicable, and public shares in connection with the completion of our initial business combination, (ii) waive their redemption rights with respect to their representative shares, as applicable, (iii) waive their rights to liquidating distributions from the trust account with respect to their representative shares if the Company fails to complete the initial business combination within the Combination Period. Promissory Note — Related Party On November 19, 2020, Company issued an unsecured promissory note to the Sponsor for an aggregate of up to $250,000 to cover expenses related to the IPO. This loan was non-interest bearing and payable on the earlier of March 31, 2021 or the completion of the IPO. As of December 31, 2020, the Company had drawn down $150,000 under the promissory note. On January 14, 2021, the Company paid the $150,000 balance on the note from the proceeds of the IPO. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into units at a price of $10.00 per unit at the option of the lender, upon consummation of the Company’s Initial Business Combination. The units would be identical to the Placement Units. At September 30, 2021, no Working Capital Loans were outstanding. Administrative Service Fee The Company has agreed to pay an affiliate of the Company’s Sponsor a monthly fee of an aggregate of $10,000 for office space, utilities and secretarial and administrative support. Upon completion of the Company’s Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2021, the Company has recorded $30,000 and $90,000 in service fee expense, respectively.

Commitments and Contingencies	2 Months Ended	9 Months Ended	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies		*(14) Commitments and Contingencies* The Corporation is not involved in any legal proceedings, investigations and claims which are expected to have a material adverse effect on its financial condition, results of operations or liquidity. In April 2021, the Corporation entered into agreements that included other commitments of $4.5 million. A description of the joint development agreement that the Corporation entered into in June 2019 is disclosed in the audited consolidated financial statements as of, and for the years ended, December 31, 2020 and 2019, included in the proxy statement/prospectus filed with the SEC on September 24, 2021. As of September 30, 2021, as a result of the Corporation’s work around SARS-2 and the JPEO contract (please refer to Note 5, Revenue, for additional information), this project remains on hold.	*(15) Commitments and Contingencies* The Corporation is not involved in any legal proceedings, investigations and claims which are expected to have a material adverse effect on its financial condition, results of operations or liquidity.
Big Cypress Acquisition Corp [Member]
Commitments and Contingencies	Note 6 — Commitments and Contingencies Underwriting Agreement The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 1,500,000 additional Units at the public offering price less the underwriting commissions to cover over-allotments, if any. On January 14, 2021, the underwriter fully exercised its over-allotment option (see Note 8). The underwriter was entitled to a cash underwriting fee of 1.33% of the gross proceeds of the IPO and, upon consummation of the IPO on January 14, 2021, was paid an aggregate of $1,529,500. The underwriters are entitled to deferred underwriting fee of 3.67% of the gross proceeds of the IPO, or $4,220,500 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Registration Rights The holders of the founder shares, representative shares, placement units, and units that may be issued upon conversion of working capital loans will have registration rights to require the Company to register a sale of any of its securities held by them pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements.	Note 7 — Commitments and Contingencies Underwriting Agreement The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 1,500,000 additional Units at the public offering price less the underwriting commissions to cover over-allotments, if any. On January 14, 2021, the underwriter fully exercised its over-allotment option. Upon consummation of the IPO on January 14, 2021, the underwriters were paid a cash underwriting fee of 1.33% of the gross proceeds of the IPO, or $1,529,500 in the aggregate. The underwriters are entitled to deferred underwriting fee of 3.67% of the gross proceeds of the IPO, or $4,220,500 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Registration Rights The holders of the founder shares, representative shares, placement units, and units that may be issued upon conversion of working capital loans will have registration rights to require the Company to register a sale of any of its securities held by them pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Stockholders’ Equity

2 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Subsidiary or Equity Method Investee [Line Items]

Stockholders’ Equity

Note 7 — Stockholders’ Equity

Preferred Stock — The Company is authorized to issue a total of 1,000,000 preferred shares at par value of $0.0001 each. At December 31, 2021, there were no shares of preferred stock issued or outstanding.

Common Stock — The Company is authorized to issue a total of 50,000,000 share of common stock at par value of $0.0001 each. At November 20, 2020, the Company issued 2,156,250 common shares to its initial stockholders for $25,000, or approximately $0.012 per share. On December 7, 2020, the Sponsor forfeited 161,719 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 161,719 representative shares at an average purchase price of approximately $0.012 per share, for an aggregate purchase price of $1,875.

On January 3, 2021, the Company effected a stock dividend of 1/3 of a share of common stock for every share of common stock outstanding, resulting in an aggregate of 2,875,000 founder shares outstanding (including up to 375,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment is not exercised in full or in part). On January 4, 2021, the Sponsor forfeited 28,750 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 28,750 representative shares at an average purchase price of approximately $0.008 per share, for an aggregate purchase price of $230. As a result, the Sponsor currently own 2,630,625 shares and Ladenburg and certain of its employees currently own 244,375 representative shares (including up to 343,125 and 31,875 shares, respectively, that were subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part). As a result of the underwriters’ election to fully exercise of their over-allotment option on January 14, 2021, the 375,000 shares were no longer subject to forfeiture (see Note 8). All shares of common stock and associated amounts have been retroactively restated.

The Company’s initial stockholder has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and not to transfer, assign or sell the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares.

Warrants — Each whole warrant entitles the holder to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to adjustment as discussed herein. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s Sponsor or its affiliates, without taking into account any founder shares held by the Company’s Sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial business combination on the date of the consummation of the initial business combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The warrants will become exercisable on the later of 12 months from the closing of this offering or 30 days after the completion of its initial business combination, and will expire five years after the completion of the Company’s initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

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 $18.00 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.

The Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the IPO, except that the Placement Warrants and the common stock issuable upon the exercise of the Placement Warrants will not be transferable, assignable or saleable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Note 8 — Stockholders’ Equity

Preferred Stock — The Company is authorized to issue a total of 1,000,000 preferred shares at par value of $0.0001 each. At September 30, 2021 and December 31, 2020, there were no shares of preferred stock issued or outstanding.

Common Stock — The Company is authorized to issue a total of 50,000,000 share of common stock at par value of $0.0001 each. At September 30, 2021 and December 31, 2020, there were 3,292,200 and 2,875,000 shares issued and outstanding, excluding 11,500,000 and no shares subject to possible redemption, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Measurements

Note 9 — Fair Value Measurements

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	September 30,		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Money Market held in Trust Account	$	116,158,244	$	116,158,244	$	—	$	—
Liabilities:
Public Warrants Liability	$	5,290,000	$	5,290,000	$	—	$	—
Private Placement Warrants Liability		239,312		—		—		239,312
	$	5,529,312	$	5,290,000	$	—	$	239,312

The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the Condensed Balance Sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the Condensed Statement of Operations.

The Company established the initial fair value of the Public Warrants and Private Warrants on January 14, 2021, the date of the Company’s Initial Public Offering, using a Monte Carlo simulation model. On September 30, 2021, the Company established the fair value of the Private Warrants using a Monto Carlo simulation model, and the fair value of the Public Warrants by reference to the quoted market price. The Public and Private Warrants were classified as Level 3 at the initial measurement date and the Private Warrants were classified as Level 3 at September 30, 2021 due to the use of unobservable inputs. As of September 30, 2021, the Public Warrant were transferred to Level 1 due to the use of the quote market price.

The following table presents the changes in the fair value of the Level 3 liabilities:

	Private Placement Warrants			Public Warrants			Warrant Liabilities
Fair Value as of December 31, 2020	$	—		$	—		$	—
Initial measurement on January 14, 2021		249,963			6,775,220			7,025,183
Change in valuation		(10,651	)		(1,485,220	)		(1,495,871	)
Transferred to Level 1		—			(5,290,000	)		(5,290,000	)
Balance, September 30, 2021	$	239,312		$	—		$	239,312

The key inputs into the Monte Carlo simulation as of January 14, 2021 and September 30, 2021 were as follows:

	(Initial Measurement)
Inputs	January 14, 2021			September 30, 2021
Risk-free interest rate		0.60	%		1.00	%
Expected term remaining (years)		5.67			5.14
Expected volatility		24.2	%		18.7	%
Stock price	$	9.41		$	10.08

Nature of Business and Basis of Presentation

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 + Details

Subsequent Events	2 Months Ended	9 Months Ended	12 Months Ended
Subsequent Events	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Subsequent Events		*(15) Subsequent Events* In the preparation of the Corporation’s condensed consolidated financial statements, the Corporation completed an evaluation of the impact of subsequent events through December 3, 2021, which represents the date these condensed consolidated financial statements were available for issuance. On October 22, 2021 (the “Closing Date”), the Corporation consummated the Business Combination, pursuant to the terms of the agreement and plan of merger, dated as of June 21, 2021 and as amended on August 12, 2021 by the first amendment to the Business Combination Agreement with BCYP and Merger Sub. Pursuant to the Business Combination Agreement, on the Closing Date, (i) Merger Sub merged with and into the Corporation, with the Corporation as the surviving company in the Merger, and, after giving effect to such Merger, the Corporation was renamed SAB Sciences, Inc. and became a wholly-owned subsidiary of BCYP and (ii) BCYP changed its name to “SAB Biotherapeutics, Inc.” (“New SAB”). In accordance with the terms and subject to the conditions of the Business Combination Agreement, at the effective time of the Merger (the “Effective Time”), (i) each share of the Corporation’s Common Stock and the Corporation’s Preferred Stock outstanding as of immediately prior to the Effective Time was exchanged for shares of common stock, par value $0.0001 per share, of New SAB based on the agreed upon Corporation’s equity value of $300 million (the “Equity Value”) and a conversion rate of $10.10; (ii) each outstanding vested and unvested option to purchase shares of the Corporation’s Common Stock was exchanged for a comparable option to purchase New SAB Common Stock, based on the Equity Value and a conversion rate of $10.10; and (iii) holders of vested options to purchase shares of the Corporation’s common stock received, in the aggregate, 1,507,124 restricted stock units (the “Earnout RSUs”) related to shares of New SAB Common Stock. Additionally, holders of the Corporation’s Common Stock and the Corporation’s Preferred Stock are entitled to receive their pro rata share of the shares of New SAB Common Stock that were issued into escrow at the Closing (the “Earnout Shares”) which will be released if certain conditions are met within the five-year period following the Closing (the “Earnout Period”). The total number of Earnout Shares and shares underlying the Earnout RSUs equaled 12,000,000 shares of New SAB Common Stock, in the aggregate. No fraction of a share of New SAB Common Stock was issued at the Closing, and each person who was otherwise entitled to a fraction of a share of New SAB Common Stock (after aggregating all fractional shares of New SAB Common Stock that otherwise would be received by such holder) received the number of shares of New SAB Common Stock rounded in the aggregate to the nearest whole share of New SAB Common Stock.	*(17) Subsequent Events* In the preparation of the Corporation’s consolidated financial statements, the Corporation completed an evaluation of the impact of subsequent events through June 17, 2021, which represents the date these consolidated financial statements were available for issuance. In February 2021, the Corporation submitted a forgiveness application related to its PPP Loan. In March 2021, the SBA approved the forgiveness of the PPP Loan, plus accrued interest. In April 2021, the Corporation entered into agreements that included other commitments of $4.5 million.
Big Cypress Acquisition Corp [Member]
Subsequent Events	Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On January 3, 2021, the Company effected a stock dividend of 1/3 of a share of common stock for every share of common stock outstanding, resulting in an aggregate of 2,875,000 founder shares outstanding (including up to 375,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment is not exercised in full or in part). On January 4, 2021, the Sponsor forfeited 28,750 founder shares to the Company and Ladenburg and certain of its employees purchased from the Company an aggregate of 28,750 representative shares at an average purchase price of approximately $0.008 per share, for an aggregate purchase price of $230. As a result, the Sponsor currently own 2,630,625 shares and Ladenburg and certain of its employees currently own 244,375 representative shares (including up to 343,125 and 31,875 shares, respectively, that were subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part). As a result of the underwriters’ election to fully exercise of their over-allotment option on January 14, 2021, the 375,000 shares were no longer subject to forfeiture All shares of common stock and associated amounts have been retroactively restated. On January 14, 2021, the Company the Company consummated the IPO of 11,500,000 units (the “Units”), which included the full exercise by the underwriters of the over-allotment option to purchase an additional 1,500,000 Units, at $10.00 per Unit, generating gross proceeds of $115,000,000. Simultaneously with the closing of the IPO, the Company consummated the sale of 417,200 units (the “Placement Units”), at a price of $10.00 per unit, for an aggregate purchase price of $4,172,000, in a private placement. Transaction costs of the IPO amounted to $6,038,360 consisting of $1,529,500 of underwriting fee, $4,220,500 of deferred underwriting fee, and $288,360 of other offering costs. On January 14, 2021, the Company paid the $150,000 balance on the promissory note from the proceeds of the IPO.	Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Business Combination Agreement *Business Combination* On October 22, 2021 (the “Closing Date”), the Company consummated the previously announced business combination (the “Business Combination”), pursuant to the terms of the agreement and plan of merger, dated as of June 21, 2021 (as may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement”), by and among the Company, Big Cypress Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and SAB Biotherapeutics, Inc., a Delaware corporation (“OLD SAB”). Pursuant to the Business Combination Agreement, on the Closing Date, (i) Merger Sub merged with and into OLD SAB (the “Merger”), with OLD SAB as the surviving company in the Merger, and, after giving effect to such Merger, OLD SAB was renamed SAB Sciences, Inc. and became a wholly-owned subsidiary of the Company and (ii) the Company changed its name to “SAB Biotherapeutics, Inc.” In accordance with the terms and subject to the conditions of the Business Combination Agreement, at the effective time of the Merger (the “Effective Time”), (i) each share of common stock and preferred stock of OLD SAB outstanding as of immediately prior to the Effective Time was exchanged for shares of common stock, par value $0.0001 per share, of the Company (“Common Stock”) based on the agreed upon OLD SAB equity value of $300 million (the “Equity Value”) and a conversion rate of $10.10; (ii) each outstanding vested and unvested option to purchase shares of OLD SAB common stock was exchanged for a comparable option to purchase Common Stock, based on the Equity Value and a conversion rate of $10.10; and (iii) holders of vested options to purchase shares of OLD SAB common stock received, in the aggregate, 1,507,124 restricted stock units (the “Earnout RSUs”) related to shares of Common Stock. Additionally, holders of OLD SAB common stock and preferred stock are entitled to receive their pro rata share of the shares of Common Stock that were issued into escrow at the Closing (the “Earnout Shares”) which will be released if certain conditions are met within the five-year period following the Closing (the “Earnout Period”). The total number of Earnout Shares and shares underlying the Earnout RSUs equaled 12,000,000 shares of Common Stock, in the aggregate. No fraction of a share of Common Stock was issued at the Closing, and each person who was otherwise entitled to a fraction of a share of Common Stock (after aggregating all fractional shares of Common Stock that otherwise would be received by such holder) received the number of shares of Common Stock rounded in the aggregate to the nearest whole share of Common Stock.

Nature of Business and Basis of Presentation

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Accounting Policies [Abstract]

(1) Nature of Business and Basis of Presentation

Nature of Business

SAB Biotherapeutics, Inc. (“SAB” or the “Corporation”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of products from its proprietary immunotherapy platform to produce fully targeted human polyclonal antibodies, without using human plasma or serum. SAB’s novel DiversitAb™ platform enables the rapid production of large amounts of targeted human polyclonal antibodies, leveraging transchromosomic cattle (Tc Bovine™) that have been genetically designed to produce human antibodies (immunoglobulin G) rather than bovine in response to an antigen. Animal antibodies have been made in rabbits, sheep and horses. However, SAB’s platform is the first to produce fully human antibodies in large animals.

The COVID-19 pandemic continues to evolve, and the extent to which it may impact the Corporation’s business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and social distancing in the United States (“U.S.”) and other countries, business closures or business disruptions, and the effectiveness of actions taken in the U.S. and other countries to contain and treat the disease. The Corporation is following, and will continue to follow, recommendations from the U.S. Centers for Disease Control and Prevention, as well as federal, state, and local governments. To date, the Corporation has not experienced material business disruptions, but it cannot be certain of the future impact of the COVID-19 pandemic on its business and condensed consolidated financial statements.

Basis of Presentation

The condensed consolidated financial statements included in this report are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and U.S. Securities and Exchange Commission (“SEC”) regulations. The condensed consolidated balance sheet data as of December 31, 2020 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the Corporation’s financial position as of September 30, 2021, and its results of operations, statement of changes in redeemable preferred stock and stockholders’ equity and cash flows for the nine months ended September 30, 2021 and 2020. The condensed consolidated financial statements for the nine months ended September 30, 2021 should be read in conjunction with the audited consolidated financial statements as of, and for the years ended, December 31, 2020 and 2019, included in the proxy statement/prospectus filed with the SEC on September 24, 2021. The results of operations for any interim period are not necessarily indicative of results for the full year.

(1) Nature of Business

SAB Biotherapeutics, Inc. (“SAB” or the “Corporation”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of products from its proprietary immunotherapy platform to produce fully targeted human polyclonal antibodies, without using human plasma or serum. SAB’s novel DiversitAb™ platform enables the production of large amounts of targeted human polyclonal antibodies, leveraging transchromosomic cattle (Tc Bovine™) that have been genetically designed to produce human antibodies (immunoglobulin G) in response to an antigen. Animal antibodies have been made in rabbits, sheep and horses.

The COVID-19 pandemic continues to evolve, and the extent to which it may impact the Corporation’s business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat the disease. The Corporation is following, and will continue to follow, recommendations from the United States Centers for Disease Control and Prevention, as well as federal, state, and local governments. To date, the Corporation has not experienced material business disruptions, but it cannot be certain of the future impact of the COVID-19 pandemic on its business and consolidated financial statements.

New accounting standards	9 Months Ended	12 Months Ended
New accounting standards	Sep. 30, 2021	Dec. 31, 2020
New Accounting Standards
New accounting standards	*(3) New accounting standards* *Recently-adopted standards* In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes (“ASC 740”) and by clarifying and amending existing ASC 740 guidance. The guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Early adoption was permitted. The Corporation adopted the guidance as of January 1, 2021. The adoption did not have a material impact on the Corporation’s condensed consolidated financial statements. *Standards issued not yet adopted* In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible instruments by removing major separation models required under current GAAP. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for such exception and simplifies the diluted earnings per share calculation in certain areas. The guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted in annual reporting periods ending after December 15, 2020. The Corporation is currently evaluating its adoption of the guidance and the impact that the guidance may have on its consolidated financial statements. The Corporation believes that the adoption of the guidance will not have a material impact on its consolidated financial statements.
New accounting standards		*(3) New accounting standards* *Recently-adopted standards* In July 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-07, Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates (SEC Update), which clarifies or improves a variety of ASC disclosure and presentation requirements by aligning them with the regulations of the United States Securities and Exchange Commission (“SEC”), thereby eliminating redundancies and making the codification easier to apply. The guidance was effective upon issuance. The adoption did not have a material impact on the Corporation’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements by removing, modifying, or adding certain disclosures. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption was permitted. The Corporation adopted the guidance as of January 1, 2020. The adoption did not have a material impact on the Corporation’s consolidated financial statements. In June 2018, the FASB issued ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, which clarifies and improves the scope and the accounting guidance for contributions received and contributions made. The guidance should assist entities in: (1) evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) within the scope of ASC 958 or as exchange (reciprocal) transactions subject to other guidance; and (2) determining whether a contribution is conditional. Distinguishing between contributions and exchange transactions determines which guidance is applied. For resource recipients, ASU 2018-08 was effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption was permitted. The Corporation adopted the guidance as of January 1, 2019. The adoption did not have a material impact on the Corporation’s consolidated financial statements. SAb Biotherapeutics, Inc. and subsidiaries Notes to consolidated financial statements In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of accounting for share-based payment arrangements to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption was permitted. The Corporation adopted the guidance as of January 1, 2019, on a prospective basis. The adoption did not have a material impact on the Corporation’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost and replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes may result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance, including ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (‘‘ASU 2019-05’’). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost. For public entities that are SEC filers, excluding entities eligible to be smaller reporting companies, ASU 2016-13 was effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption was permitted. The Corporation adopted the guidance as of January 1, 2020. The adoption did not have a material impact on the Corporation’s consolidated financial statements. *Standards issued not yet adopted* In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible instruments by removing major separation models required under current GAAP. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for such exception and simplifies the diluted earnings per share calculation in certain areas. The guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted in annual reporting periods ending after December 15, 2020. The Corporation is currently evaluating its adoption of the guidance and the impact that the guidance may have on its consolidated financial statements. The Corporation believes that the adoption of the guidance will not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes (“ASC 740”) and by clarifying and amending existing ASC 740 guidance. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Early adoption is permitted. The Corporation is currently evaluating its adoption of the guidance and the impact that the guidance may have on its consolidated financial statements. The Corporation believes that the adoption of the guidance will not have a material impact on its consolidated financial statements.

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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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (c)

Revenue from Contract with Customer [Abstract]

Merger

9 Months Ended

Sep. 30, 2021

Merger

Merger

(4) Merger

On June 21, 2021, the Corporation entered into an Agreement and Plan of Merger, as amended August 12, 2021 (as it may be amended or restated from time to time, the “Business Combination Agreement”) with Big Cypress Acquisition Corp. (“BCYP”) and Big Cypress Merger Sub Inc. (“Merger Sub”), a wholly-owned subsidiary of BCYP providing for, among other things, and subject to the terms and conditions therein, a business combination between the Corporation and BCYP pursuant to the proposed merger of Merger Sub with and into the Corporation, with the Corporation continuing as the surviving entity (the “Merger”). The Merger and the other transactions contemplated by the Business Combination Agreement are referred to as the “Business Combination.”

At the effective time of the Merger, and in accordance with the terms and subject to the conditions of the Business Combination Agreement:

	●	Each outstanding share of the Corporation’s Common Stock and the Corporation’s Preferred Stock will be automatically cancelled, extinguished and converted into a number of shares of New SAB Biotherapeutics Common Stock, based on the Corporation’s Equity Value and a conversion rate of $10.10;

	●	The holders of shares of the Corporation’s Common Stock and Preferred Stock will be entitled to receive their pro rata share of New SAB Biotherapeutics Common Stock being issued into escrow (the “Earnout Escrow Account”) at the closing (the “Earnout Shares”), which will be released if certain conditions are met within a five-year period following the closing of the Business Combination (the “Earnout Period”), pursuant to the terms and subject to the conditions set forth in the Business Combination Agreement and the Earnout Escrow Agreement; and

	●	Each outstanding vested and unvested option to purchase shares of the Corporation’s Common Stock will be canceled in exchange for a comparable option to purchase shares of New SAB Biotherapeutics Common Stock based on the equity value of SAB Biotherapeutics and based on a conversion rate of $10.10. In addition, the holders of such options shall also receive restricted stock units (the “Earnout RSUs”) which final number will be determined prior to closing based on the pro rata percentage that the Corporation’s options represent compared to the fully diluted share capital of SAB Biotherapeutics prior to closing. Each Earnout RSU will be settled in shares of New SAB Biotherapeutics Common Stock, subject to the same milestones applicable to the Earnout Shares.

The total maximum number of Earnout Shares and shares underlying the Earnout RSUs will be equal to 12,000,000 additional shares of New SAB Biotherapeutics Common Stock in the aggregate.

For purposes herein and the Business Combination Agreement, the Corporation’s equity value is deemed to be an agreed upon amount equal to $300 million.

Please refer to Note 15, Subsequent Events, for additional information on the Merger.

Revenue

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Revenue

(5) Revenue

The Corporation received approximately 100% and 92% of its total revenue through grants from government organizations for the nine months ended September 30, 2021 and 2020, respectively, and approximately 0% and 8% of its total revenue through a grant from a non-government organization for the nine months ended September 30, 2021 and 2020, respectively. To date, no receivables have been written off.

For the nine months ended September 30, 2021 and 2020, the Corporation worked on the following grants:

Government grants

The total revenue for government grants was approximately $49.8 million and $27.1 million, respectively, for the nine months ended September 30, 2021 and 2020, respectively.

National Institute of Health – National Institute of Allergy and Infectious Disease (“NIH-NIAID”) (Federal Award #1R44AI117976-01A1) – this grant was for $1.4 million and started in September 2019 through August 2021. For the nine months ended September 30, 2021 and 2020, there was approximately $457,000 and $219,000, respectively, in grant income recognized from this grant. The Corporation applied for an extension on the grant funding, which is pending approval. If approved, there is approximately $243,000 in funding remaining for this grant.

NIH-NIAID (Federal Award #1R41AI131823-02) – this grant was for approximately $1.5 million and started in April 2019 through March 2021. The grant was subsequently amended to extend the date through March 2022. For the nine months ended September 30, 2021 and 2020, approximately $41,000 and $86,000, respectively, in grant income was recognized from this grant. Approximately $853,000 in funding remains for this grant.

NIH-NIAID through Geneva Foundation (Federal Award #1R01AI132313-01, Subaward #S-10511-01) – this grant was for approximately $2.7 million and started in August 2017 through July 2021. For the nine months ended September 30, 2021 and 2020, there was approximately $72,000 and $248,000, respectively, in grant income recognized from this grant. The Corporation applied for an extension on the grant funding, which is pending approval. If approved, there is approximately $1.5 million in funding remains for this grant.

Department of Defense, Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense Enabling Biotechnologies (“JPEO”) through Advanced Technology International – this grant was for a potential of $25 million, awarded in stages starting in August 2019 and with potential stages running through February 2023. Additional contract modifications were added to this contract in 2020 for work on a COVID therapeutic, bringing the contract total to $143 million. In September 2021, an additional modification for $60.5 million was added to this contract for advanced clinical development through licensure and commercial manufacturing, bringing the contract total to $204 million. For the nine months ended September 30, 2021 and 2020, approximately $49.2 million and $26.5 million, respectively, in grant income was recognized from this grant. Approximately $100.1 million in funding remains for this grant.

Other grants (non-government)

The Corporation recorded no revenue for other grants (non-government) for the nine months ended September 30, 2021. The total revenue for other grants (non-government) was $2.4 million for the nine months ended September 30, 2020.

CSL Behring – there were three contracts for a combined $2.4 million that were started and completed in 2020. These contracts were related to research and development for a COVID-19 therapeutic ($2 million) and two other targets ($400,000). For the nine months ended September 30, 2020, there was approximately $2.4 million in grant income recognized from this grant.

(4) Revenue

During the years ended December 31, 2020 and 2019, the Corporation worked on the following grants:

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Government grants

The total revenue for government grants was approximately $52,800,000 and $2,900,000 respectively, for the years ended December 31, 2020 and 2019.

National Institute of Health – National Institute of Allergy and Infectious Disease (“NIH-NIAID”) (Federal Award #1R44AI117976-01A1) – this grant was for $1.4 million and started in September 2019 through August 2021. For 2020 and 2019, there was approximately $228,000 and $343,000, respectively, in grant income recognized from this grant. Approximately $850,000 in funding remains for this grant for 2021.

NIH-NIAID (Federal Award #1R41AI131823-02) – this grant was for approximately $1.5 million and started in April 2019 through March 2021. For 2020 and 2019, approximately $99,000 and $97,000 respectively, in grant income was recognized from this grant. Approximately $1.1 million in funding remains for this grant for 2021.

NIH-NIAID through Geneva Foundation (Federal Award #1R01AI132313-01, Subaward #S-10511-01) – this grant was for approximately $2.7 million and started in August 2017 through July 2021. For 2020 and 2019, there was approximately $351,000 and $261,000, respectively, in grant income recognized from this grant. Approximately $1.6 million in funding remains for this grant for 2021.

Department of Defense, Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense Enabling Biotechnologies (“JPEO”) through Advanced Technology International – this grant was for a potential of $25 million, awarded in stages starting in August 2019 and with potential stages running through February 2023. Additional contract modifications were added to this contract in 2020 for work on a COVID therapeutic, bringing the contract total to $143 million. For 2020 and 2019, approximately $52.1 million and $2.2 million, respectively, in grant income recognized from this grant. Approximately $88.8 million in funding remains for this grant for 2021.

The grants for the JPEO contract are cost reimbursement agreements, with reimbursement of our direct research and development expense (labor and consumables) with an overhead charge (based on actual, reviewed quarterly) and a fixed fee (9%). However, a portion of the funding ($12 million in 2020) from this contract was for capacity building, including funding for equipment and facilities. A majority of this was for a 200L purification suite and two production barns, which are in locations that are currently leased by the corporation. While the government and SAB have agreed to negotiate in good faith to afford government access to this equipment, the corporation is allowed to use this equipment for any project. As a majority of the value is in leasehold improvements (and therefore cannot be returned to the government), the corporation is treating the assets as company owned, and recognized the proceeds from the reimbursement as revenue. Therefore, revenue significantly exceeded research and development, as there is no research and development cost to offset this $12 million in revenue.

Other grants (non-government)

The total revenue for other grants (non-government) was approximately $2.4 million and $500,000 respectively, for the years ended December 31, 2020 and 2019.

Battelle Memorial Institute – this contract was for approximately $2.0 million, starting in April 2018 through January 2019. For 2019, there was $400,000 in income recognized from this contract, and the work for this contract was completed as of December 31, 2019.

Henry Jackson Foundation – this contract was for $250,000, starting in September 2018 through May 31, 2019. For 2019, there was $51,000 in income recognized from this contract, and the work for this contract was completed as of December 31, 2019.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Earnings (loss) per common share attributable to the Corporation’s shareholders

Earnings (loss) per share

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Earnings (loss) per share

(6) Earnings (loss) per share

Since the Corporation reported a net loss for the nine months ended September 30, 2021, it was required by ASC 260 to use basic weighted-average common shares outstanding when calculating diluted net loss per share for the nine months ended September 30, 2021, as the potential common shares are antidilutive. In addition, since the Corporation reported a loss from operations for the nine months ended September 30, 2021, the shares of preferred stock were not deemed to be participating securities for the nine months ended September 30, 2021, pursuant to ASC 260. The Corporation’s participating securities contractually entitle the holders of such shares to participate in dividends but do not contractually require the holders of such shares to participate in losses of the Corporation.

Schedule of Earnings per Share


Net loss attributable to the Corporation’s shareholders	$	5,593,035
Weighted-average common shares outstanding - basic and diluted		35,216,000
Loss per common share - basic and diluted	$	(0.16	)

Options to purchase 10,062,381 shares of common stock and 20,604,636 shares of preferred stock were outstanding for the nine months ended September 30, 2021 but were not included in the computation of diluted net loss per share because their impact was antidilutive.

The following table sets forth the allocation of net income attributable to the Corporation’s shareholders for the nine months ended September 30, 2020 under the two-class method:


Net income attributable to the Corporation’s shareholders	$	11,673,099
Net income attributable to the Corporation’s shareholders applicable to preferred stock		4,080,661
Net income attributable to the Corporation’s shareholders applicable to common stock	$	7,592,438

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic earnings per share (“EPS”) to the weighted-average common shares outstanding used in the calculation of diluted EPS for the nine months ended September 30, 2020:

Determination of shares:
Weighted-average common shares outstanding – basic			35,216,000
Assumed conversion of preferred stock			18,927,326
Dilutive effect of equity awards			4,353,350
Weighted-average common shares outstanding – diluted			58,496,676

The following table presents the calculation of basic and diluted EPS for the Corporation’s common stock for the nine months ended September 30, 2020:

Schedule of Earnings per Share

Calculation of basic EPS attributable to the Corporation’s shareholders
Net income attributable to the Corporation’s shareholders applicable to common stock	$	7,592,438
Weighted-average common shares outstanding – basic		35,216,000
Basic EPS	$	0.22

Calculation of diluted EPS attributable to the Corporation’s shareholders
Net income attributable to the Corporation’s shareholders	$	11,673,099
Weighted-average common shares outstanding – diluted		58,496,676
Diluted EPS	$	0.20

(5) Earnings per share

The following table sets forth the allocation of net income attributable to the Corporation’s shareholders for the year ended December 31, 2020 under the two-class method:


Net income attributable to the Corporation’s shareholders	$	20,117,773
Net income attributable to the Corporation’s shareholders applicable to preferred stock		7,134,840
Net income attributable to the Corporation’s shareholders applicable to common stock	$	12,982,933

Determination of shares:
Weighted-average common shares outstanding - basic			35,216,000
Assumed conversion of preferred stock			19,353,143
Dilutive effect of equity awards			3,482,471
Weighted-average common shares outstanding - diluted			58,051,614

The following table presents the calculation of basic and diluted EPS for the Corporation’s common stock for the year ended December 31, 2020:

Schedule of Earnings per Share

Calculation of basic EPS attributable to the Corporation’s shareholders
Net income attributable to the Corporation’s shareholders applicable to common stock	$	12,982,933
Weighted-average common shares outstanding – basic		35,216,000
Basic EPS	$	0.37

Calculation of diluted EPS attributable to the Corporation’s shareholders
Net income attributable to the Corporation’s shareholders	$	20,117,773
Weighted-average common shares outstanding - diluted		58,051,614
Diluted EPS	$	0.35

Since the Corporation reported a net loss for 2019, it was required by ASC 260 to use basic weighted-average common shares outstanding when calculating diluted net loss per share for the year ended December 31, 2019, as the potential common shares are antidilutive. In addition, since the Corporation reported a loss from operations for the year ended December 31, 2019, the shares of preferred stock were not deemed to be participating securities for the year ended December 31, 2019, pursuant to ASC 260. The Corporation’s participating securities contractually entitle the holders of such shares to participate in dividends but do not contractually require the holders of such shares to participate in losses of the Corporation.

Options to purchase 6,748,250 shares and 17,750,882 shares of preferred stock were outstanding during the year ended December 31, 2019 but were not included in the computation of diluted net loss per share because their impact was antidilutive.


Net loss attributable to the Corporation’s shareholders	$	8,986,289
Weighted-average common shares outstanding - basic and diluted		35,216,000
Loss per common share - basic and diluted	$	(0.26	)

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Equipment

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Equipment

(7) Equipment

As of September 30, 2021 and December 31, 2020, equipment was as follows:

Schedule of Equipment

	September 30, 2021		December 31, 2020
Laboratory equipment	$	6,997,964	$	5,205,346
Animal facility		6,267,498		3,371,125
Animal facility equipment		1,197,366		1,003,629
Construction-in-progress		4,922,079		6,729,673
Leasehold improvements		5,605,847		185,971
Vehicles		135,593		96,693
Office furniture and equipment		46,202		20,219
Property, plant and equipment, gross		25,172,549		16,612,656

Less: accumulated depreciation and amortization		2,604,072		1,767,186

Property, plant and equipment net	$	22,568,477	$	14,845,470

Depreciation and amortization expense for the nine months ended September 30, 2021 and 2020 was $868,630 and $223,888, respectively.

The Corporation has several ongoing construction projects related to the expansion of its operating capacity. As of September 30, 2021 and December 31, 2020, the Corporation’s construction-in-progress was as follows:

Schedule of Construction-in-Progress

	September 30, 2021		December 31, 2020
200L commercial facility	$	-	$	4,148,113
200L commercial facility, equipment		1,658,189		486,381
New animal barn (#6)		-		1,551,167
New animal barn (#7)		2,093,263		-
New office space (at Headquarters)		-		477,907
New laboratory space (at Headquarters)		922,077		-
New laboratory space, equipment		60,448		-
Software		137,811		-
Other		50,291		66,105
Total construction-in-progress	$	4,922,079	$	6,729,673

Construction on the 200L commercial facility was completed in September 2021. As of September 30, 2021, validation of the 200L commercial facility equipment was still in progress and expected delivery and installation of the equipment is expected to be complete by December 31, 2021. Construction of the first new animal barn (#6) was completed in July 2021, and the second new animal barn (#7) is expected to be complete by December 31, 2021. Construction of the new office space (at Headquarters) was completed in August 2021. The new laboratory space (at Headquarters) is expected to be complete by December 31, 2021. Expected delivery, installation, and validation of equipment for the new laboratory space (at Headquarters) is expected to be complete in the first quarter of 2022. The installation and programming of the new ERP software (SAP) is expected to be complete in the third quarter of 2022.

(6) Equipment

As of December 31, 2020 and 2019, the Corporation’s equipment was as follows:

Schedule of Equipment

	2020		2019
Laboratory equipment	$	5,205,346	$	1,740,088
Animal facility		3,371,125		1,459,459
Animal facility equipment		1,003,629		540,000
Construction-in-progress		6,729,673		83,966
Leasehold improvements		185,971		34,285
Vehicles		96,693		22,710
Office furniture and equipment		20,219		11,347
Property, plant and equipment, gross		16,612,656		3,891,855

Less: accumulated depreciation and amortization		1,767,186		1,388,197

Property, plant and equipment net	$	14,845,470	$	2,503,658

Depreciation and amortization expense for the years ended December 31, 2020 and 2019 was $383,142 and $197,210, respectively.

All tangible personal property with a useful life of at least three years and a unit acquisition cost of $5,000 or more will be capitalized and depreciated over its useful life using the straight-line method of depreciation. The Corporation will expense the full acquisition cost of tangible personal property below these thresholds in the year of purchase. The basis of accounting for depreciable fixed assets is acquisition cost and any additional expenditures required to make the asset ready for use. The carrying amount at the balance sheet date of long-lived assets under construction-in-progress includes assets purchased, constructed, or being developed internally that are not yet in service. Depreciation commences when the assets are placed in service.

The Corporation has several ongoing construction projects related to the expansion of its operating capacity. As of December 31, 2020 and December 31, 2019, the Corporation’s construction-in-progress was as follows:

Schedule of Construction-in-Progress

	2020		2019
200L commercial facility	$	4,148,113	$	-
200L commercial facility equipment		486,381		-
New animal barn (#6)		1,551,167		-
New office space (at Headquarters)		477,907		-
Other		66,105		83,966
Total construction-in-progress	$	6,729,673	$	83,966

The 200L commercial facility and 200L commercial facility equipment are expected to be complete by the end of the third quarter of 2021. Construction of the new animal barn (#6) is expected to be completed in July 2021. Construction of the new office space (at Headquarters) is expected to be complete by the end of August 2021.

Leases

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Leases

Leases

(8) Leases

The Corporation’s leases are disclosed in the audited consolidated financial statements as of, and for the years ended, December 31, 2020 and 2019, included in the proxy statement/prospectus filed with the SEC on September 24, 2021.

The Corporation’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of September 30, 2021 were as follows:

	Operating			Finance
Weighted-average remaining lease term		2.66 years			16.98 years
Weighted-average discount rate		4.74	%		7.70	%

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 condensed consolidated balance sheet as of September 30, 2021:

	Operating			Finance
2021 (remaining three months)	$	285,481		$	128,861
2022		1,138,368			449,159
2023		1,067,594			406,339
2024		467,968			401,496
2025		-			401,496
Thereafter		-			5,185,990
Undiscounted future minimum lease payments		2,959,411			6,973,341
Less: Amount representing interest
Payments		(170,673	)		(2,989,666	)
Total lease liabilities		2,788,738			3,983,675
Less current portion		(1,035,211	)		(180,243	)
Noncurrent lease liabilities	$	1,753,527		$	3,803,432

Operating lease expense was approximately $789,000 and $491,000, respectively, for the nine months ended September 30, 2021 and 2020. Operating lease costs are included within research and development expenses on the condensed consolidated statements of operations.

Finance lease costs for the nine months ended September 30, 2021 and 2020 included approximately $124,000, for each period, in right-of-use asset amortization and approximately $228,000 and $232,000, respectively, of interest expense. Finance lease costs are included within research and development expenses on the condensed consolidated statements of operations.

Cash payments under operating and finance leases were approximately $836,000 and $372,000, respectively, for the nine months ended September 30, 2021. Cash payments under operating and finance leases were approximately $338,000 and $362,000, respectively, for the nine months ended September 30, 2020.

(7) Leases

The Corporation has an operating lease for lab space from Sanford Health (a related party), under a lease that started in June 2014 and ran through June 2019, at which time the lease was amended to run through August 2024. This lease can be terminated with 30 days advance written notice. The lease is for $58,496 per month. The operating lease does not include an option to extend beyond the life of the current term. The lease does not provide an implicit rate, and, therefore, the Corporation used an IBR of 4.77% as the discount rate when measuring the operating lease liability. The Corporation estimated the incremental borrowing rate based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Corporation.

The Corporation entered into a lease for office, laboratory, and warehouse space in November 2020. This 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 is unclear as to whether or not the location will meet the Corporation’s requirements beyond the next three years. The lease cost is $28,716 per month. The Corporation used an IBR of 4.69% as the discount rate when measuring the operating lease liability. The Corporation estimated the incremental borrowing rate based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Corporation.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

The Corporation entered into a lease for barn space for the housing of goats in April 2020. This lease has a 2-year term, with automatic renewals for a one-year period after the initial term expires until either party terminates. The options were not included in the right of use calculation, as the goat project is mostly funded by government grants, and those grants do not currently extend beyond the initial lease term. The lease cost is $665 per month for the first year, then $678 per month for the second year. The Corporation used an IBR of 4.08% as the discount rate when measuring the operating lease liability. The Corporation estimated the incremental borrowing rate based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Corporation.

The Corporation has the following finance leases:

	●	In December 2018, the Corporation 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 $4,000,000 in construction costs, with a 20-year term at an interest rate of 8%. The monthly payment for this lease is $33,458. The Corporation 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 Corporation entered into an equipment lease for a 12,000-gallon propane tank that is located on the Corporation’s animal facility. The lease is for five years with an annual payment of $8,199. The Corporation 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 July 2018, the Corporation entered into a lease agreement with a bank, for a ruby cell analyzer. The lease agreement is for a five-year term. The monthly payment for this lease is $807. The Corporation has the option to purchase the asset at the end of the lease for $1.
	●	In March 2019, the Corporation entered into two lease agreements for laboratory equipment. The leases are each for a 3-year term and a combined monthly payment of $5,956. Both leases have a $1 purchase option at the end of the lease term.

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 Corporation 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 Corporation’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of December 31, 2020 are:

	Operating			Finance
Weighted-average remaining lease term		3.43 years			17.61 years
Weighted-average discount rate		4.75	%		7.96	%

	Operating			Finance
2021	$	1,053,891		$	490,848
2022		1,048,573			444,928
2023		989,107			406,339
2024		467,968			401,496
2025		-			401,496
Thereafter		-			5,185,990
Undiscounted future minimum lease payments		3,559,539			7,331,097
Less: Amount representing interest
payments		(262,497	)		(3,212,826	)
Total lease liabilities		3,297,042			4,118,271
Less current portion		(924,265	)		(194,717	)
Noncurrent lease liabilities	$	2,372,777		$	3,923,554

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Operating lease expense was approximately $710,000 and $373,000, respectively, for the years ended December 31, 2020 and 2019. Operating lease costs are included within research and development expenses on the consolidated statements of operations.

Finance lease costs for the years ended December 31, 2020 and 2019 included approximately $163,000 and $140,000, respectively, in right-of-use asset amortization and approximately $445,000 and $316,000, 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 $564,000 and $491,000, respectively, for the year ended December 31, 2020. Cash payments under operating and finance leases were approximately $327,000 and $491,000, respectively, for the year ended December 31, 2019.

Accrued Expenses and Other Current Liabilities

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

(9) Accrued Expenses and Other Current Liabilities

As of September 30, 2021 and December 31, 2020, accrued expenses and other current liabilities consisted of the following:

	September 30, 2021		December 31, 2020
Accrued vacation	$	673,541	$	438,936
Accrued payroll		208,105		314,451
Accrued construction-in-progress		87,926		637,776
Accrued supplies		1,261,696		301,989
Accrued contract manufacturing		1,709,964		-
Accrued clinical trial expense		338,802		-
Accrued outside lab services		85,764		-
Accrued professional services		470,476		120,744
Accrued animal care expense		128,028		-
Other accrued expenses		44,797		90,982

Total accrued liabilities	$	5,009,099	$	1,904,878

(8) Accrued Expenses and Other Current Liabilities

As of December 31, 2020 and 2019, accrued expenses and other current liabilities consisted of the following:

2020 2019

Accrued vacation $ 438,936 $ 248,722

Accrued payroll 314,451 143,210

Accrued construction-in-progress 637,776 -

Accrued lab supplies 301,989 18,837

Accrued project consulting 120,744 5,352

Other accrued expenses 90,982 78,433

Total $ 1,904,878 $ 494,554

Debt

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

(10) Debt

As of September 30, 2021 and December 31, 2020, debt was as follows:

Schedule of Debt

	September 30, 2021		December 31, 2020
Tractor loan	$	49,156	$	49,156
PPP loan		-		661,612
Total debt		49,156		710,768

Less: current portion of debt		24,143		538,731

Long-term debt, net	$	25,013	$	172,037

In March 2021, the U.S. Small Business Administration (“SBA”) approved the forgiveness of the Paycheck Protection Program (“PPP”) Loan, plus accrued interest. The Corporation recorded a gain on extinguishment of PPP Loan of $661,612 for the forgiveness of the PPP Loan within other income on the condensed consolidated statement of operations for the nine months ended September 30, 2021.

Please refer to the audited consolidated financial statements as of, and for the years ended, December 31, 2020 and 2019, included in the proxy statement/prospectus filed with the SEC on September 24, 2021 for additional information on the Corporation’s debt.

(9) Debt

Note payable, related party

On February 24, 2016, the Corporation entered into a loan agreement with Christiansen Land and Cattle, Ltd. (“CLC”), a related party, for a $3.0 million revolving line of credit secured by a blanket security interest in the assets of the Corporation.

The Corporation borrowed $2.5 million from the line of credit in 2016, and $350,000 in 2017. The line of credit bears a fixed rate per annum of 6% compounded annually. The initial agreement was based upon repayment following a significant capital event – closing of equity or debt financing with total proceeds to the Corporation of $15 million or more or one year from the agreement date, whichever occurred first. The agreement was amended in August 2018 to extend the repayment timeframe to August 31, 2019. The first payment to repay this loan was made on August 31, 2018 ($1.0 million payment). Additional voluntary payments were being made at the rate of $30,000 per month. In August 2019, the agreement was amended to extend the maturity date to the earlier of August 31, 2020 or the occurrence of a significant capital event, as defined above. The note payable balance as of December 31, 2019 was $1,364,644, which included accrued interest of $3,580. In July 2020, the note payable was paid in full.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Notes payable

On November 15, 2017, the Corporation entered into a loan agreement with a bank, for the financing of an ultrasound machine for $18,997. The agreement was for a four-year term, with monthly payments of $440. The note payable had a balance as of December 31, 2019 of $9,203 and was paid off in full in September 2020.

In December 2017, the Corporation entered into two loan agreements with a financial institution. One agreement was for the purchase of a tractor for $116,661 at a 3.6% interest rate, and a second agreement for the purchase of a trailer, truck, scale, and chute for $47,721 at a 5.9% interest rate. The loan for the tractor included annual payments of $25,913 for the next five years starting in December 2018. The loan for the trailer, truck, scale, and chute included monthly payments of $920 for five years starting in January 2018 through December 2022. During 2019, the trailer, truck, scale, and chute loan was paid in full. The tractor loan balance as of December 31, 2020 and 2019 was $49,156 and $72,459, respectively.

On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). In April 2020, the Corporation entered into a loan agreement (the “PPP Loan”) with First Premier Bank under the Paycheck Protection Program (the “PPP”), which is part of the CARES Act administered by the United States Small Business Administration (“SBA”). As part of the application for these funds, the Corporation, in good faith, certified that the current economic uncertainty made the loan request necessary to support the ongoing operations of the Corporation. The certification further requires the Corporation to take into account its current business activity and its ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not significantly detrimental to the business. Under the PPP, the Corporation received proceeds of approximately $661,612. In accordance with the requirements of the PPP, the Corporation utilized the proceeds from the PPP Loan primarily for payroll costs. The PPP Loan has a 1.00% interest rate per annum, matures in April 2022 and is subject to the terms and conditions applicable to loans administered by the SBA under the PPP. Under the terms of PPP, all or certain amounts of the PPP Loan may be forgiven if they are used for qualifying expenses, as described in the CARES Act. The Corporation recorded the entire amount of the PPP Loan as debt. Under the terms of the PPP Loan, monthly payments of principal and interest were due to commence November 1, 2020, however, the SBA is deferring loan payments for borrowers who apply for loan forgiveness until the SBA remits the borrower’s loan forgiveness amount to the lender. No payments were made in 2020., and an application for forgiveness of the loan was completed.

The future loan payments are as follows:

Schedule of Future Loan Payments

	Note Payable
2021	$	538,731
2022		172,037
Total	$	710,768

Please refer to Note 17, Subsequent Events, for additional information.

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.

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Share-based Payment Arrangement [Abstract]

Stock Option Plan

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Stock Option Plan

(11) Stock Option Plan

On August 5, 2014, the Corporation approved a stock option grant plan (the “Plan”) for employees, directors, and non-employee consultants, which provides for the issuance of options to purchase common stock. The total shares authorized under the plan was originally 8,000,000; however, during 2019, the Plan was amended to increase the total shares authorized under the plan to 16,000,000.

Vesting of the stock options is based upon years of service (employment). As of September 30, 2021 and December 31, 2020, 7,896,284 and 6,882,575 stock options, respectively, were vested and exercisable. None of the vested stock options were exercised as of September 30, 2021 and December 31, 2020. As of September 30, 2021, the aggregate intrinsic value of stock options outstanding was $41,291,069, of which $7,209,646 was unvested and $34,081,423 was vested and exercisable.

The Corporation uses the Black Scholes model to estimate the fair value of the stock options granted. For stock options granted for the nine months ended September 30, 2021 and 2020, the Corporation utilized the following weighted-average assumptions: A risk free interest rate of 0.14% and 0.13%, respectively; expected term of 6.25 years (both years); expected dividend yield of 0% (both years); and a volatility factor of 99.7% and 106.1%, respectively. There were 651,527 in stock options forfeitures for the nine months ended September 30, 2021. There were no stock option expirations for the nine months ended September 30, 2021, and no stock option forfeitures or stock option expirations for the nine months ended September 30, 2020.

The expected term of the stock options was estimated using the “simplified” method, as defined by the Securities and Exchange Commission’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 Corporation 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 Corporation’s history and expectation of dividend payouts. The Corporation has never paid dividends on its common stock and does not anticipate paying dividends on its common stock in the foreseeable future. Therefore, the Corporation has assumed no dividend yield for purposes of estimating the fair value of the options.

Stock option activity for employees and non-employees under the Plan for the nine months ended September 30, 2021 was as follows:

Schedule of share option activity

				Weighted Average		Weighted Average
	Options			Fair Value		Exercise Price

Balance, December 31, 2020		8,815,992		$	0.62	$	0.60
Granted		1,897,916		$	2.43	$	1.78
Forfeited		(651,527	)	$	1.09	$	1.04
Balance, September 30, 2021		10,062,381		$	0.93	$	0.79
Unvested at September 30, 2021		2,166,097		$	1.94	$	1.51
Vested and exercisable at September 30, 2021		7,896,284		$	0.54	$	0.52

Total unrecognized compensation cost related to non-vested stock options as of September 30, 2021 was approximately $4.2 million and is expected to be recognized within future operating results over a weighted-average period of 2.34 years. As of September 30, 2021, the weighted-average contractual term of the options outstanding was approximately 5.68 years. As of September 30, 2021, the weighted-average contractual term of the vested options was approximately 4.74. For the nine months ended September 30, 2021 and 2020, 837,319 shares and 791,367 shares, respectively, vested.

Stock-based compensation expense for the nine months ended September 30, 2021 and 2020 was as follows:

	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020

Research and development	$	726,245	$	491,092
General and administrative		936,965		549,684

Total	$	1,663,210	$	1,040,776

(11) Stock Option Plan

Vesting of the stock options is based upon years of service (employment). As of December 31, 2020 and 2019, 6,882,575 and 6,021,528 stock options, respectively, were vested and exercisable. None of the vested stock options were exercised as of December 31, 2020 and 2019. As of December 31, 2020, the aggregate intrinsic value of stock options outstanding was $11,256,034, of which $1,315,588 was unvested and $9,940,446 was vested and exercisable.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

The Corporation uses the Black Scholes model to estimate the fair value of the stock options granted. For stock options granted during the years ended December 31, 2020 and 2019, the Corporation utilized the following weighted-average assumptions: A risk free interest rate of 0.13% and 1.58%, respectively; expected term of 6.25 years (both years); expected dividend yield of 0% (both years); and a volatility factor of 106.1% and 102.9%, respectively. There were no forfeitures or expirations during the years ended December 31, 2020 and 2019.

Stock option activity for employees and non-employees under the Plan for the years ended December 31, 2020 and 2019 was as follows:

Summary of stock options

			Weighted Average		Weighted Average
	Options		Fair Value		Exercise Price

Balance, December 31, 2018		6,516,250	$	0.35	$	0.38
Granted		232,000	$	1.01	$	1.04
Balance, December 31, 2019		6,748,250	$	0.38	$	0.41
Granted		2,067,742	$	1.60	$	1.25
Balance, December 31, 2020		8,815,992	$	0.62	$	0.60
Unvested at December 31, 2020		1,933,417	$	1.44	$	1.20
Vested and exercisable at December 31, 2020		6,882,575	$	0.39	$	0.44

Total unrecognized compensation cost related to non-vested stock options as of December 31, 2020 was approximately $2,592,025 and is expected to be recognized within future operating results over a weighted-average period of 2.37 years. As of December 31, 2020, the weighted-average contractual term of the options outstanding was approximately 5.94 years. As of December 31, 2020, the weighted-average contractual term of the vested options was approximately 4.99 years. During the years ended December 31, 2020 and 2019, 861,047 shares and 636,530 shares, respectively, vested.

Stock-based compensation expense for the years ended December 31, 2020 and 2019 was as follows:

2020 2019

Research and development $ 635,824 $ 150,773

General and administrative 659,599 220,615

Total $ 1,295,423 $ 371,388

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Income Taxes

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

(12) Income Taxes

The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items.

The provision for income taxes was $0 for each of the nine months ended September 30, 2021 and 2020, and the effective tax rate for each of the nine months ended September 30, 2021 and 2020 was 0%. The Corporation continues to maintain a full valuation allowance on its net deferred tax assets. The Corporation has not recognized any reserves for uncertain tax positions.

(12) Income Taxes

Net deferred tax assets as of December 31, 2020 and 2019 consisted of the following:

	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	2,659,082		$	6,438,409
Stock-based compensation		600,592			328,553
Vacation accrual		84,553			45,128
Lease Liability		727,587			467,139
Total deferred tax assets		4,071,814			7,279,229

Less valuation allowance		(2,320,958	)		(6,563,244	)
Total deferred tax assets after valuation allowance	$	1,750,856		$	715,985

Deferred tax liabilities:
Operating lease Right of Use Asset		641,135			390,962
Depreciation and amortization		1,109,721			325,023
Total deferred tax liabilities		1,750,856			715,985

Net deferred tax asset/(liability)	$	-		$	-

The reconciliation between the Corporation’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 meals and entertainment. The rate reconciliation was as follows:

2020 2019

Rate reconciliation:

Net income before tax $ 20,117,773 $ (8,986,289 )

Federal income tax at statutory rate 4,224,732 21.00 % (1,887,121 ) 21.00 %

Permanent items 918 -0.01 % 2,144 -0.02 %

Valuation allowance (4,225,651 ) -21.00 % 1,884,977 -20.98 %

Other 1 0.00 % - 0.00 %

$ - 0.00 % $ - 0.00 %

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 Corporation will realize the benefits of its net deferred tax assets, management believes it is more likely than not that the Corporation will not fully realize the benefits on the balance of its net deferred tax asset and, accordingly, the Corporation has established a valuation allowance on it net deferred tax assets. The valuation allowance decreased by approximately $4,226,000 and increased by $1,885,000, respectively, for the years ended December 31, 2020 and December 31, 2019.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

As of December 31, 2020, the Corporation had approximately $12,662,000 of federal net operating losses, which were generated after December 31, 2017 and can be carried forward indefinitely under the Tax Cuts and Jobs Act and may generally be used to offset up to 80% of future taxable income.

The Corporation has not completed a study to determine whether any ownership change per the provisions of Section 382 of the Internal Revenue Code of 1986, as amended, as well as similar state provisions, has occurred. Utilization of the Corporation’s net operating loss carryforwards may be subject to substantial annual limitation due to ownership changes that may have occurred or that could occur in the future. These ownership changes may limit the amount of the net operating loss carryover that can be utilized annually to offset future taxable income. In general, an “ownership change”, as defined by Section 382 of the Code results from a transaction or series of transactions 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.

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, 2020 and December 31, 2019, there were no uncertain tax provisions. There was no interest or penalties related to income taxes for the years ended December 31, 2020 and 2019, and there was no accrued interest or penalties associated with uncertain tax positions as of December 31, 2020 and December 31, 2019.

The Corporation files tax returns as prescribed by the laws of the jurisdictions in which it operates. In the normal course of business, the Corporation is subject to examination by federal and state jurisdictions, where applicable. The Corporation’s tax years are still open under the statute from 2017 to present. However, to the extent allowed by law, the taxing authorities may have the right to examine the period from 2015 through 2020 where net operating losses were generated and carried forward and make adjustments to the amount of the net operating loss carryforward amount. The Corporation is not currently under examination by federal or state jurisdictions.

As discussed in Note 9, Debt, on March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. It was determined the CARES Act did not materially impact the Corporation’s tax provision as of December 31, 2020.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Joint Development Agreement

Preferred Stock

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Preferred Stock

(10) Preferred Stock

In August 2019, the Corporation’s Certificate of Incorporation was amended to authorize the Corporation to issue 50,000,000 shares of preferred stock, of which 6,615,000 shares are designated as Series A preferred stock, 2,525,800 shares are designated as series A-1 preferred stock, 4,039,963 shares are designated as series A-2 preferred stock, 3,333,333 shares are designated as series A-2A preferred stock, and 8,571,429 shares are designated as series B preferred stock. The carrying value of Series A preferred stock is $1 per share, Series A-1 $1.88 per share, Series A-2 & A-2A $3.00 per share, and Series B $3.50 per share.

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

The preferred stock is entitled to receive noncumulative dividends in preference to any dividend on the common stock when, as, and if declared by the Corporation’s board of directors. The holders of the preferred stock also are entitled to participate pro rata in any dividends paid on the common stock on an as-if-converted basis.

Each holder of preferred stock is entitled to the number of votes equal to the number of shares of common stock that it could be converted into. As long as there are 8,000,000 shares of preferred stock outstanding, the vote or written consent of the holder of the majority of the outstanding preferred stock (all series voting as a single class) is required to approve any amendment of the certificate of incorporation that changes voting, preferences or privileges or restrictions of the preferred stock.

In the event of liquidation or winding up of the Corporation, the preferred stockholders also are entitled to receive in preference to the holders of the common stock the greater of: a) a per share amount equal to their respective original purchase price plus any declared but unpaid dividends (the “Liquidation Preference”); or b) the amount to be paid on the common stock on an as-if-converted basis. The remaining assets would be distributed to the common stockholders.

The holders of preferred stock have the right to convert the preferred stock into common stock, at any time, utilizing the then- effective conversion rate. The effective conversion rate as of December 31, 2020 and 2019 was 1:1. All preferred shares are automatically converted into common shares utilizing the then effective preferred conversion rate upon: a) the closing of the Corporation’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration statement under the Securities Act of 1933, covering the sale of the Corporation’s common stock if gross proceeds are at least $20,000,000 and the Corporation’s shares have been listed on a stock exchange, as defined; or b) the election of the holders of a majority of the outstanding shares of preferred stock.

With any change of control of the Corporation or financing, the preferred stockholders must approve through majority vote any such change in control or financing event approved by the board of directors or the majority of the common stockholders. The preferred stock contains certain anti-dilution provisions, as defined.

In addition to the rights described above, series A-2A preferred stock was redeemable at a price equal to $5 per preferred share at the option of the investor at any time during the redemption period, which was scheduled to commence in August 2022 and end in August 2023. As a result of the redemption feature, the Corporation classified the series A-2A preferred stock as mezzanine equity as of December 31, 2019. However, the redemption feature was terminated during 2020, and the series A-2A preferred stock was reclassified from mezzanine equity to permanent equity.

In 2019, 1,236,786 shares of series B preferred stock were sold in a private offering with gross proceeds of $4,328,752. In 2020, 2,853,754 shares of series B preferred stock were sold in a private offering with gross proceeds of $9,988,155. The debt issuance costs associated with the offering of the preferred stock were $87,949 in 2020 and $23,852 in 2019. The series B preferred stock bears all of the same rights described above, with the exception of the additional rights for the series A-2A preferred stock.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plan

(14) Employee Benefit Plan

The Corporation sponsors a defined contribution retirement plan. All the Corporation’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 Corporation matching contributions. The Corporation’s contributions to the plan are determined by its Board of Directors, subject to certain minimum requirements specified in the plan. For the years ended December 31, 2020 and December 31, 2019 the Corporation made matching contributions of 100% on 3% of the employee contributions, with an additional 50% match on the next 2% of employee contributions, resulting in approximately $188,000 and $139,000, respectively, of matching contributions paid by the Corporation.

Joint Development Agreement

12 Months Ended

Dec. 31, 2020

Joint Development Agreement

(16) Joint Development Agreement

In June 2019, the Corporation entered into a joint development agreement with the University of South Dakota Research Park, Inc. (“USDRP”) for the construction of a multi-tenant office building and a manufacturing building. Pursuant to the agreement, the Corporation also entered into a lease agreement for 41,195 square feet of leasable area located in the building. The lease will commence upon completion of the building for an initial term of 12 years at a monthly payment of approximately $118,000. Aurochs, LLC, a wholly owned subsidiary, was founded to manage the construction funds for this project. All pre-construction costs up to a budgeted $2.7 million were paid directly by the Corporation and reimbursed by USDRP. As of December 31, 2019, the Corporation had approximately $1.14 million in pre-construction costs recorded as a receivable from USDRP, with approximately $1.14 million in related payables for these pre-construction costs. As of December 31, 2020, USDRP has spent approximately $2.12 million in design costs for this facility, with approximately $580,000 of the $2.7 million budget remaining. There were no receivables or payables for this project as of December 31, 2020. USDRP and the Corporation intend to secure outside funding for all expenses incurred after the pre-construction phase. If funding cannot be secured to finance the construction of this facility, the Corporation will not be required to refund any of the design costs incurred to date. Due to the work around SARS-2 and the JPEO contract (please refer to Note 4, Revenue, for additional information), this project is on hold until 2021.

Summary of Significant Accounting Policies (Policies)

2 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Basis of presentation

Basis of presentation

Use of estimates

Use of estimates

Concentration of credit risk

Cash and cash equivalents

Cash equivalents include short-term, highly liquid instruments, consisting of money market accounts and short-term investments with original maturities at the date of purchase of 90 days or less.

Income taxes

Income taxes

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Earnings per share

Earnings per share

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Concentration of credit risk

Principles of consolidation

Principles of consolidation

Significant risks and uncertainties

Significant risks and uncertainties

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Accounts receivable

Accounts receivable

Lease liabilities and right-of-use assets

Lease liabilities and right-of-use assets

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Research and development expenses

Research and development expenses

Equipment

Equipment

The Corporation records equipment at cost less depreciation. Depreciation is calculated using straight-line methods over the following estimated useful lives:

Schedule of Estimated Useful Lives

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

Repairs and maintenance expenses are expensed as incurred.

Impairment of long-lived assets

Impairment of long-lived assets

Comprehensive income (loss)

Stock-based compensation

Revenue recognition

Revenue recognition

The Corporation’s revenue is primarily generated through grants from government and other (non-government) organizations.

Comprehensive income (loss)

The Corporation had no items of comprehensive income (loss) other than its net income (loss).

Litigation

Litigation

Segment reporting

Segment reporting

Fair value measurements

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, 2020 and 2019, the Corporation does not have any assets and liabilities that are recorded at fair value on a recurring basis.

The Corporation believes that the carrying amounts of its cash and cash equivalents, accounts receivable, and debt approximate their fair values due to their near-term maturities.

Common stock valuations

Common stock valuations

Reclassification

Reclassification

SAb Biotherapeutics, Inc. and subsidiaries

Notes to consolidated financial statements

Emerging Growth Company Status

Basis of presentation

Basis of Presentation

Emerging Growth Company Status

Use of estimates

Use of Estimates

Marketable Securities Held in Trust Account

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

At September 30, 2021, substantially all of the assets held in the Trust Account were held in money market funds which invest U.S. Treasury securities.

Warrant Liabilities

Warrant Liabilities

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

Common Stock Subject to Possible Redemption

Common Stock Subject to Possible Redemption

As of September 30, 2021, the common stock reflected on the balance sheet are reconciled in the following table:

Gross proceeds from IPO	$	116,150,000
Less:
Proceeds allocated to Public Warrants		(6,775,220	)
Common stock issuance costs		(5,748,485	)
Plus:
Accretion of carrying value to redemption value		12,523,705

Common stock subject to possible redemption	$	116,150,000

Income taxes

Income Taxes

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be de minimis for the period ended September 30, 2021.

Earnings per share

Net Loss Per Common Stock

Net Income (Loss) Per Common Share

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share:

	For the three months ended September 30, 2021			For the nine months ended September 30, 2021
Basic and diluted net income (loss) per share:
Numerator:
Allocation of net income (loss)	$	(330,829	)	$	440,230
Denominator:
Weighted-average shares outstanding		14,792,200			14,224,714

Basic and diluted net income (loss) per share	$	(0.02	)	$	0.03

Concentration of credit risk

Concentration of Credit Risk

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Fair Value of Financial Instruments

Level 1 —	Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 —	Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.

Level 3 —	Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

See Note 9 for additional information on assets and liabilities measured at fair value.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Deferred Offering Costs

Deferred Offering Costs

Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Financial Statements is Reflected

The impact of the restatement on the Company’s financial statements is reflected in the following table:

	As Reported			Adjustment			As Restated
Balance Sheet as of January 14, 2021 (as revised in footnote 2 per form 10-Q filed on May 21, 2021)
Common Stock subject to possible redemption	$	101,131,827		$	15,018,173		$	116,150,000

Common stock, $0.0001 par value		479			(149	)		330
Additional Paid in Capital		5,359,507			(5,359,507	)		—
Accumulated Deficit		(359,892	)		(9,658,517	)		(10,018,499	)
Total Stockholders’ Equity (Deficit)	$	5,000,004		$	(15,018,173	)	$	(10,018,169	)
Number of shares subject to redemption		10,013,052			1,486,948			11,500,000

Balance Sheet as of March 31, 2021 (per form 10-Q filed on May 21, 2021)
Common Stock subject to possible redemption	$	104,389,656	$	11,760,344		$	116,150,000

Common stock, $0.0001 par value		445		(115	)		330
Additional Paid in Capital		2,035,336		(2,035,336	)		—
Retained Earnings (Accumulated Deficit)		2,964,224		(9,724,892	)		(6,760,669	)
Total Stockholders’ Equity (Deficit)	$	5,000,005	$	(11,760,344	)	$	(6,760,339	)
Number of shares subject to redemption		10,335,609		1,164,391			11,500,000

Unaudited Statement of Operations for the three months ended March 31, 2021 (per form 10-Q filed on May 21, 2021)

Basic and diluted weighted average shares outstanding, common stock subject to redemption		3,532,050		9,538,777			13,070,827
Basic and diluted net income per common share	$	0.84	$	(0,61	)	$	0.23

Balance Sheet as of June 30, 2021 (per form 10-Q filed on August 9, 2021)
Common Stock subject to possible redemption ($)	$	102,187,499	$	13,962,501		$	116,150,000

Common stock, $0.0001 par value		467		(137	)		330
Additional Paid in Capital		4,237,471		(4,237,471	)		—
Retained Earnings (Accumulated Deficit)		762,063		(9,724,893	)		(8,962,830	)
Total Stockholders’ Equity (Deficit)	$	5,000,002	$	(13,962,501	)	$	(8,962,500	)
Number of shares subject to redemption		10,117,574		1,382,426			11,500,000

Unaudited Statement of Operations For the three and six months ended June 30, 2021 (per form 10-Q filed on August 9, 2021)
Three months ended June 30, 2021
Basic and diluted weighted average shares outstanding, common stock subject to redemption		4,443,103			10,349,097			14,792,000
Basic and diluted net loss per common share	$	(0.50	)	$	0.35		$	(0.15	)

Six months ended June 30, 2021
Basic and diluted weighted average shares outstanding, common stock subject to redemption		4,162,957			9,773,212			13,936,269
Basic and diluted net loss per common share	$	0.18		$	(0.12	)	$	0.06

Summary of Significant Accounting Policies (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Schedule of reconciliation compute basic and diluted net income (loss) per share

Schedule of Earnings per Share


Net loss attributable to the Corporation’s shareholders	$	5,593,035
Weighted-average common shares outstanding - basic and diluted		35,216,000
Loss per common share - basic and diluted	$	(0.16	)


Net loss attributable to the Corporation’s shareholders	$	8,986,289
Weighted-average common shares outstanding - basic and diluted		35,216,000
Loss per common share - basic and diluted	$	(0.26	)

Schedule of Estimated Useful Lives

The Corporation records equipment at cost less depreciation. Depreciation is calculated using straight-line methods over the following estimated useful lives:

Schedule of Estimated Useful Lives

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

Schedule of Common Stock Reflected on the Balance Sheet

As of September 30, 2021, the common stock reflected on the balance sheet are reconciled in the following table:

Gross proceeds from IPO	$	116,150,000
Less:
Proceeds allocated to Public Warrants		(6,775,220	)
Common stock issuance costs		(5,748,485	)
Plus:
Accretion of carrying value to redemption value		12,523,705

Common stock subject to possible redemption	$	116,150,000

Schedule of reconciliation compute basic and diluted net income (loss) per share

The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share:

	For the three months ended September 30, 2021			For the nine months ended September 30, 2021
Basic and diluted net income (loss) per share:
Numerator:
Allocation of net income (loss)	$	(330,829	)	$	440,230
Denominator:
Weighted-average shares outstanding		14,792,200			14,224,714

Basic and diluted net income (loss) per share	$	(0.02	)	$	0.03

Fair Value Measurements (Tables) - Big Cypress Acquisition Corp [Member]

9 Months Ended

Sep. 30, 2021

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

	September 30,		Quoted Prices In Active Markets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Money Market held in Trust Account	$	116,158,244	$	116,158,244	$	—	$	—
Liabilities:
Public Warrants Liability	$	5,290,000	$	5,290,000	$	—	$	—
Private Placement Warrants Liability		239,312		—		—		239,312
	$	5,529,312	$	5,290,000	$	—	$	239,312

Schedule of Change in Fair Value Liabilities

The following table presents the changes in the fair value of the Level 3 liabilities:

	Private Placement Warrants			Public Warrants			Warrant Liabilities
Fair Value as of December 31, 2020	$	—		$	—		$	—
Initial measurement on January 14, 2021		249,963			6,775,220			7,025,183
Change in valuation		(10,651	)		(1,485,220	)		(1,495,871	)
Transferred to Level 1		—			(5,290,000	)		(5,290,000	)
Balance, September 30, 2021	$	239,312		$	—		$	239,312

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs into the Monte Carlo simulation as of January 14, 2021 and September 30, 2021 were as follows:

	(Initial Measurement)
Inputs	January 14, 2021			September 30, 2021
Risk-free interest rate		0.60	%		1.00	%
Expected term remaining (years)		5.67			5.14
Expected volatility		24.2	%		18.7	%
Stock price	$	9.41		$	10.08

Earnings (loss) per share (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Earnings (loss) per common share attributable to the Corporation’s shareholders

Schedule of Computation Of Diluted Net loss Per Share

Schedule of Earnings per Share


Net loss attributable to the Corporation’s shareholders	$	5,593,035
Weighted-average common shares outstanding - basic and diluted		35,216,000
Loss per common share - basic and diluted	$	(0.16	)


Net loss attributable to the Corporation’s shareholders	$	8,986,289
Weighted-average common shares outstanding - basic and diluted		35,216,000
Loss per common share - basic and diluted	$	(0.26	)

Schedule of Earnings per Share Allocation of Net Income

The following table sets forth the allocation of net income attributable to the Corporation’s shareholders for the nine months ended September 30, 2020 under the two-class method:


Net income attributable to the Corporation’s shareholders	$	11,673,099
Net income attributable to the Corporation’s shareholders applicable to preferred stock		4,080,661
Net income attributable to the Corporation’s shareholders applicable to common stock	$	7,592,438

The following table sets forth the allocation of net income attributable to the Corporation’s shareholders for the year ended December 31, 2020 under the two-class method:


Net income attributable to the Corporation’s shareholders	$	20,117,773
Net income attributable to the Corporation’s shareholders applicable to preferred stock		7,134,840
Net income attributable to the Corporation’s shareholders applicable to common stock	$	12,982,933

Schedule of reconciliation compute basic and diluted net income (loss) per share

Determination of shares:
Weighted-average common shares outstanding – basic			35,216,000
Assumed conversion of preferred stock			18,927,326
Dilutive effect of equity awards			4,353,350
Weighted-average common shares outstanding – diluted			58,496,676

Determination of shares:
Weighted-average common shares outstanding - basic			35,216,000
Assumed conversion of preferred stock			19,353,143
Dilutive effect of equity awards			3,482,471
Weighted-average common shares outstanding - diluted			58,051,614

Schedule of Earnings per Share

The following table presents the calculation of basic and diluted EPS for the Corporation’s common stock for the nine months ended September 30, 2020:

Schedule of Earnings per Share

Calculation of basic EPS attributable to the Corporation’s shareholders
Net income attributable to the Corporation’s shareholders applicable to common stock	$	7,592,438
Weighted-average common shares outstanding – basic		35,216,000
Basic EPS	$	0.22

Calculation of diluted EPS attributable to the Corporation’s shareholders
Net income attributable to the Corporation’s shareholders	$	11,673,099
Weighted-average common shares outstanding – diluted		58,496,676
Diluted EPS	$	0.20

The following table presents the calculation of basic and diluted EPS for the Corporation’s common stock for the year ended December 31, 2020:

Schedule of Earnings per Share

Calculation of basic EPS attributable to the Corporation’s shareholders
Net income attributable to the Corporation’s shareholders applicable to common stock	$	12,982,933
Weighted-average common shares outstanding – basic		35,216,000
Basic EPS	$	0.37

Calculation of diluted EPS attributable to the Corporation’s shareholders
Net income attributable to the Corporation’s shareholders	$	20,117,773
Weighted-average common shares outstanding - diluted		58,051,614
Diluted EPS	$	0.35

Equipment (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Property, Plant and Equipment [Line Items]

Schedule of Construction-in-Progress

As of September 30, 2021 and December 31, 2020, equipment was as follows:

Schedule of Equipment

	September 30, 2021		December 31, 2020
Laboratory equipment	$	6,997,964	$	5,205,346
Animal facility		6,267,498		3,371,125
Animal facility equipment		1,197,366		1,003,629
Construction-in-progress		4,922,079		6,729,673
Leasehold improvements		5,605,847		185,971
Vehicles		135,593		96,693
Office furniture and equipment		46,202		20,219
Property, plant and equipment, gross		25,172,549		16,612,656

Less: accumulated depreciation and amortization		2,604,072		1,767,186

Property, plant and equipment net	$	22,568,477	$	14,845,470

As of December 31, 2020 and 2019, the Corporation’s equipment was as follows:

Schedule of Equipment

	2020		2019
Laboratory equipment	$	5,205,346	$	1,740,088
Animal facility		3,371,125		1,459,459
Animal facility equipment		1,003,629		540,000
Construction-in-progress		6,729,673		83,966
Leasehold improvements		185,971		34,285
Vehicles		96,693		22,710
Office furniture and equipment		20,219		11,347
Property, plant and equipment, gross		16,612,656		3,891,855

Less: accumulated depreciation and amortization		1,767,186		1,388,197

Property, plant and equipment net	$	14,845,470	$	2,503,658

Construction in Progress [Member]

Property, Plant and Equipment [Line Items]

Schedule of Construction-in-Progress

	September 30, 2021		December 31, 2020
200L commercial facility	$	-	$	4,148,113
200L commercial facility, equipment		1,658,189		486,381
New animal barn (#6)		-		1,551,167
New animal barn (#7)		2,093,263		-
New office space (at Headquarters)		-		477,907
New laboratory space (at Headquarters)		922,077		-
New laboratory space, equipment		60,448		-
Software		137,811		-
Other		50,291		66,105
Total construction-in-progress	$	4,922,079	$	6,729,673

Schedule of Construction-in-Progress

	2020		2019
200L commercial facility	$	4,148,113	$	-
200L commercial facility equipment		486,381		-
New animal barn (#6)		1,551,167		-
New office space (at Headquarters)		477,907		-
Other		66,105		83,966
Total construction-in-progress	$	6,729,673	$	83,966

Leases (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Leases

Schedule of Operating and Finance Leases Discount Rate

The Corporation’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of September 30, 2021 were as follows:

	Operating			Finance
Weighted-average remaining lease term		2.66 years			16.98 years
Weighted-average discount rate		4.74	%		7.70	%

Schedule of Undiscounted Future Minimum Lease Payments

	Operating			Finance
2021 (remaining three months)	$	285,481		$	128,861
2022		1,138,368			449,159
2023		1,067,594			406,339
2024		467,968			401,496
2025		-			401,496
Thereafter		-			5,185,990
Undiscounted future minimum lease payments		2,959,411			6,973,341
Less: Amount representing interest
Payments		(170,673	)		(2,989,666	)
Total lease liabilities		2,788,738			3,983,675
Less current portion		(1,035,211	)		(180,243	)
Noncurrent lease liabilities	$	1,753,527		$	3,803,432

Schedule of Operating and Finance Leases Discount Rate

The Corporation’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of December 31, 2020 are:

	Operating			Finance
Weighted-average remaining lease term		3.43 years			17.61 years
Weighted-average discount rate		4.75	%		7.96	%

Schedule of Undiscounted Future Minimum Lease Payments

	Operating			Finance
2021	$	1,053,891		$	490,848
2022		1,048,573			444,928
2023		989,107			406,339
2024		467,968			401,496
2025		-			401,496
Thereafter		-			5,185,990
Undiscounted future minimum lease payments		3,559,539			7,331,097
Less: Amount representing interest
payments		(262,497	)		(3,212,826	)
Total lease liabilities		3,297,042			4,118,271
Less current portion		(924,265	)		(194,717	)
Noncurrent lease liabilities	$	2,372,777		$	3,923,554

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

As of September 30, 2021 and December 31, 2020, accrued expenses and other current liabilities consisted of the following:

	September 30, 2021		December 31, 2020
Accrued vacation	$	673,541	$	438,936
Accrued payroll		208,105		314,451
Accrued construction-in-progress		87,926		637,776
Accrued supplies		1,261,696		301,989
Accrued contract manufacturing		1,709,964		-
Accrued clinical trial expense		338,802		-
Accrued outside lab services		85,764		-
Accrued professional services		470,476		120,744
Accrued animal care expense		128,028		-
Other accrued expenses		44,797		90,982

Total accrued liabilities	$	5,009,099	$	1,904,878

As of December 31, 2020 and 2019, accrued expenses and other current liabilities consisted of the following:

Debt (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

As of September 30, 2021 and December 31, 2020, debt was as follows:

Schedule of Debt

	September 30, 2021		December 31, 2020
Tractor loan	$	49,156	$	49,156
PPP loan		-		661,612
Total debt		49,156		710,768

Less: current portion of debt		24,143		538,731

Long-term debt, net	$	25,013	$	172,037

Schedule of Future Loan Payments

The future loan payments are as follows:

Schedule of Future Loan Payments

	Note Payable
2021	$	538,731
2022		172,037
Total	$	710,768

Stock Option Plan (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of stock options

Stock option activity for employees and non-employees under the Plan for the nine months ended September 30, 2021 was as follows:

Schedule of share option activity

				Weighted Average		Weighted Average
	Options			Fair Value		Exercise Price

Balance, December 31, 2020		8,815,992		$	0.62	$	0.60
Granted		1,897,916		$	2.43	$	1.78
Forfeited		(651,527	)	$	1.09	$	1.04
Balance, September 30, 2021		10,062,381		$	0.93	$	0.79
Unvested at September 30, 2021		2,166,097		$	1.94	$	1.51
Vested and exercisable at September 30, 2021		7,896,284		$	0.54	$	0.52

Stock option activity for employees and non-employees under the Plan for the years ended December 31, 2020 and 2019 was as follows:

Summary of stock options

			Weighted Average		Weighted Average
	Options		Fair Value		Exercise Price

Balance, December 31, 2018		6,516,250	$	0.35	$	0.38
Granted		232,000	$	1.01	$	1.04
Balance, December 31, 2019		6,748,250	$	0.38	$	0.41
Granted		2,067,742	$	1.60	$	1.25
Balance, December 31, 2020		8,815,992	$	0.62	$	0.60
Unvested at December 31, 2020		1,933,417	$	1.44	$	1.20
Vested and exercisable at December 31, 2020		6,882,575	$	0.39	$	0.44

Schedule of share based compensation expense

Stock-based compensation expense for the nine months ended September 30, 2021 and 2020 was as follows:

	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020

Research and development	$	726,245	$	491,092
General and administrative		936,965		549,684

Total	$	1,663,210	$	1,040,776

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets as of December 31, 2020 and 2019 consisted of the following:

	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	2,659,082		$	6,438,409
Stock-based compensation		600,592			328,553
Vacation accrual		84,553			45,128
Lease Liability		727,587			467,139
Total deferred tax assets		4,071,814			7,279,229

Less valuation allowance		(2,320,958	)		(6,563,244	)
Total deferred tax assets after valuation allowance	$	1,750,856		$	715,985

Deferred tax liabilities:
Operating lease Right of Use Asset		641,135			390,962
Depreciation and amortization		1,109,721			325,023
Total deferred tax liabilities		1,750,856			715,985

Net deferred tax asset/(liability)	$	-		$	-

Schedule Of Income Tax Rate Reconciliation

Organization and Business Operations (Details Narrative) - USD ($)			2 Months Ended	9 Months Ended	12 Months Ended
	Jan. 14, 2021	Nov. 20, 2020	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 04, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unsecured promissory note						$ 1,364,644
Sponsor [Member] \| Closing of the IPO [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unit issued price				$ 10.00
Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Units issued during the period, shares
Warrant [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Transaction costs				$ 359,874
Big Cypress Acquisition Corp [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Units issued during the period, shares		2,156,250
Unit issued price		$ 0.012					$ 0.008
Proceeds from IPO				$ 116,150,000
Description of units	In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s sponsor or its affiliates, without taking into account any founder shares held by the Company’s sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial business combination on the date of the consummation of the initial business combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price
Pro rata interest	$ 10.10
Agreement Description	In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.10 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.10 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.		The Company’s initial stockholder has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and not to transfer, assign or sell the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares.	The Company’s initial stockholder has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and not to transfer, assign or sell the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares.
Cash	$ 1,200,000		$ 84,836		$ 84,836
Working capital deficit			219,107		219,107
Unsecured promissory note	1,200,000		150,000		$ 150,000
Big Cypress Acquisition Corp [Member] \| Maximum [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest to pay dissolution expenses	$ 100,000
Big Cypress Acquisition Corp [Member] \| Sponsor [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Capital contribution			$ 25,000
Big Cypress Acquisition Corp [Member] \| Sponsor [Member] \| Closing of the IPO [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unit issued price	$ 10.00		$ 10.00		$ 10.00
Sale of units	417,200		417,200	417,200
Proceeds from sale of units	$ 4,172,000		$ 4,172,000	$ 4,172,000
Big Cypress Acquisition Corp [Member] \| Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Unit issued price	$ 11.50			$ 12.50
Big Cypress Acquisition Corp [Member] \| Warrant [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Warrant liability expense	$ 359,874
IPO [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Transaction costs	$ 6,038,360			$ 6,108,360
IPO [Member] \| Big Cypress Acquisition Corp [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Units issued during the period, shares	11,500,000
Unit issued price	$ 10.00
Proceeds from IPO	$ 115,000,000
Description of units	Each Unit consists of one share of common stock, and one-half redeemable warrant to purchase one share of common stock at a price of $11.50 per whole share.
Proceeds from sale of units	$ 116,150,000
Transaction costs	6,108,360
Underwriting fee	1,529,500
Deferred underwriting fee	4,220,500
Other offering costs	$ 358,360
Agreement Description	The Company will have 15 months (or up to 21 months) from the closing of the IPO on January 14, 2021 to consummate a Business Combination (the “Combination Period”). However, if the Company is unable to complete a Business Combination within the Combination Period, the Company will redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding public shares, subject to applicable law and as further described in registration statement, and then seek to dissolve and liquidate.
Other offering costs	$ 288,360
Agreement description	The Company will have 15 months (or up to 21 months) from the closing of the IPO to consummate a Business Combination (the “Combination Period”). However, if the Company is unable to complete a Business Combination within the Combination Period, the Company will redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding public shares, subject to applicable law and as further described in registration statement, and then seek to dissolve and liquidate.
Over-Allotment Option [Member] \| Big Cypress Acquisition Corp [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Units issued during the period, shares	1,500,000
Unit issued price	$ 10.10
Proceeds from IPO	$ 115,000,000

Schedule of Financial Statements is Reflected (Details) - USD ($)

2 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2021

Sep. 30, 2021

Dec. 31, 2019

Jun. 21, 2021

Jan. 14, 2021

Nov. 11, 2020

Sep. 30, 2020

Dec. 31, 2018

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 3,522

50,986,672

52,649,882

29,791,662

(11,984,420)

(17,577,455)

(32,102,193)

Basic and diluted weighted average shares outstanding, common stock subject to redemption

39,007,835

35,078,010

$ 35,078,010

$ (2,305,566)

$ 300,000,000

$ 30,308,513

$ 2,004,435

35,216,000

$ (0.16)

$ (0.26)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 116,150,000

288

^[1]

330

$ 330

330

24,712

(8,996)

(9,293,659)

(8,962,830)

(6,760,669)

(8,962,830)

(9,293,659)

(10,018,499)

Number of shares subject to redemption

$ 16,004

$ (9,293,329)

$ (8,962,500)

$ (6,760,339)

$ (8,962,500)

$ (9,293,329)

$ (10,018,169)

11,500,000

Basic and diluted weighted average shares outstanding, common stock subject to redemption

2,500,000

^[2]

14,792,200

14,792,000

13,070,827

13,936,269

14,224,714

Previously Reported [Member] | Big Cypress Acquisition Corp [Member]

$ (0.00)

$ (0.02)

$ (0.15)

$ 0.23

$ 0.06

$ 0.03

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 102,187,499

$ 104,389,656

$ 102,187,499

$ 101,131,827

467

445

467

479

4,237,471

2,035,336

4,237,471

5,359,507

762,063

2,964,224

762,063

(359,892)

Number of shares subject to redemption

$ 5,000,002

$ 5,000,005

$ 5,000,002

$ 5,000,004

10,117,574

10,335,609

10,117,574

10,013,052

Basic and diluted weighted average shares outstanding, common stock subject to redemption

4,443,103

3,532,050

4,162,957

Revision of Prior Period, Adjustment [Member] | Big Cypress Acquisition Corp [Member]

$ (0.50)

$ 0.84

$ 0.18

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 13,962,501

$ 11,760,344

$ 13,962,501

$ 15,018,173

(137)

(115)

(137)

(149)

(4,237,471)

(2,035,336)

(4,237,471)

(5,359,507)

(9,724,893)

(9,724,892)

(9,724,893)

(9,658,517)

Number of shares subject to redemption

$ (13,962,501)

$ (11,760,344)

$ (13,962,501)

$ (15,018,173)

1,382,426

1,164,391

1,382,426

1,486,948

Basic and diluted weighted average shares outstanding, common stock subject to redemption

10,349,097

9,538,777

9,773,212

Allocation of net income (loss)

$ 0.35

$ (0.61)

$ (0.12)

[1]

[2]

Schedule of Restatement of Balance Sheet (Details) (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jan. 14, 2021	Dec. 31, 2020	Dec. 31, 2019
Common stock, par value	$ 0.0001				$ 0.0001	$ 0.0001
Big Cypress Acquisition Corp [Member]
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001

Restatement of Previously Issued Financial Statements (Details Narrative) - Big Cypress Acquisition Corp [Member]	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares
Common stock redemption value per share \| $ / shares	$ 10.10
Tangible Asset Impairment Charges \| $	$ 5,000,001

Schedule of Common Stock Reflected on the Balance Sheet (Details) - Big Cypress Acquisition Corp [Member]	9 Months Ended
	Sep. 30, 2021 USD ($) shares
Gross proceeds from IPO	$ 116,150,000
Proceeds allocated to Public Warrants	(6,775,220)
Common stock issuance costs	(5,748,485)
Accretion of carrying value to redemption value	$ 12,523,705
Common stock subject to possible redemption \| shares	116,150,000

Schedule of reconciliation compute basic and diluted net income (loss) per share (Details) - USD ($)

2 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

$ (5,593,035)

$ 11,673,099

$ 20,117,773

$ (8,986,289)

Weighted-average shares outstanding

35,216,000

Basic and diluted net income (loss) per share

$ (0.16)

$ (0.26)

Weighted-average common shares outstanding - basic

35,216,000

Assumed conversion of preferred stock

18,927,326

19,353,143

Dilutive effect of equity awards

4,353,350

3,482,471

Weighted-average common shares outstanding - diluted

35,216,000

58,496,676

58,051,614

35,216,000

Allocation of net income (loss)

$ (8,996)

$ (330,829)

$ (2,202,161)

$ 2,973,220

$ 440,230

Weighted-average shares outstanding

2,500,000

^[1]

14,792,200

14,792,000

13,070,827

13,936,269

14,224,714

Basic and diluted net income (loss) per share

$ (0.00)

$ (0.02)

$ (0.15)

$ 0.23

$ 0.06

$ 0.03

[1]

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

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Summary of Significant Accounting Policies (Details Narrative)		2 Months Ended	9 Months Ended		12 Months Ended
	Jan. 14, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020	Dec. 31, 2020 USD ($) Integer	Dec. 31, 2019 USD ($)
Product Information [Line Items]
Impairment of long lived assets					$ 0	$ 0
Number of reporting segments \| Integer					1
Allowance for doubtful accounts		$ 0			$ 0	$ 0
Grant Revenue [Member]
Product Information [Line Items]
Revenue					$ 3,400,000
Contract Research Organizations [Member]
Product Information [Line Items]
Goods standing percentage					90.00%
HVIVI Services [Member]
Product Information [Line Items]
Goods standing percentage					35.00%
Government [Member]
Product Information [Line Items]
Revenue percentage			100.00%	92.00%	96.00%	85.00%
Non Government [Member]
Product Information [Line Items]
Revenue percentage			0.00%	8.00%	4.00%	12.00%
Warrant [Member]
Product Information [Line Items]
Warrant liability expense			$ 359,874
IPO [Member]
Product Information [Line Items]
Warrant liability expense	$ 6,038,360		$ 6,108,360
Common stock sold subject to possible redemption shares \| shares			11,500,000
Big Cypress Acquisition Corp [Member]
Product Information [Line Items]
Cash equivalents		0	$ 0		$ 0
Unrecognized Tax Benefits, Income Tax Penalties Accrued		0	0		0
Stock Issued			116,150,000
Cash FDIC amount		$ 250,000	250,000		$ 250,000
Shares forfeited during the period \| shares		375,000
Big Cypress Acquisition Corp [Member] \| Private Placement [Member] \| Warrant [Member]
Product Information [Line Items]
Stock Issued			$ 5,958,600
Big Cypress Acquisition Corp [Member] \| Over-Allotment Option [Member]
Product Information [Line Items]
Shares exercised during the period \| shares	375,000

Initial Public Offering (Details Narrative) - $ / shares			12 Months Ended
	Jan. 14, 2021	Nov. 20, 2020	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Jan. 04, 2021
Common Stock [Member]
Units issued during the period, shares
Big Cypress Acquisition Corp [Member]
Units issued during the period, shares		2,156,250
Unit issued price		$ 0.012				$ 0.008
Share Price	$ 9.41				$ 10.08
Sale of stock description	In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s sponsor or its affiliates, without taking into account any founder shares held by the Company’s sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial business combination on the date of the consummation of the initial business combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price
Warrant price	$ 0.01		$ 0.01
Redemption of warrants description	the reported last sale price of the common stock equals or exceeds $18.00 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.
Big Cypress Acquisition Corp [Member] \| Common Stock [Member]
Unit issued price	$ 11.50				$ 12.50
IPO [Member] \| Big Cypress Acquisition Corp [Member]
Units issued during the period, shares	11,500,000
Unit issued price	$ 10.00
Sale of stock description	Each Unit consists of one share of common stock, and one-half redeemable warrant to purchase one share of common stock at a price of $11.50 per whole share.
Over-Allotment Option [Member] \| Big Cypress Acquisition Corp [Member]
Units issued during the period, shares	1,500,000
Unit issued price	$ 10.10
Share Price	$ 10.00

Private Placement (Details Narrative) - USD ($)		2 Months Ended	9 Months Ended
Private Placement (Details Narrative) - USD ($)	Jan. 14, 2021	Dec. 31, 2020	Sep. 30, 2021	Jan. 04, 2021	Nov. 20, 2020
Big Cypress Acquisition Corp [Member]
Unit issued price				$ 0.008	$ 0.012
Sponsor [Member] \| Closing of the IPO [Member]
Unit issued price			$ 10.00
Sponsor [Member] \| Closing of the IPO [Member] \| Big Cypress Acquisition Corp [Member]
Sale of units	417,200	417,200	417,200
Unit issued price	$ 10.00	$ 10.00
Proceeds from sale of units	$ 4,172,000	$ 4,172,000	$ 4,172,000

Related Party Transactions (Details Narrative) - USD ($)											1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended		12 Months Ended
	Dec. 07, 2021	Jan. 14, 2021	Jan. 14, 2021	Jan. 04, 2021	Jan. 03, 2021	Dec. 07, 2020	Nov. 20, 2020	Nov. 19, 2020	Nov. 19, 2020	Nov. 13, 2020	Mar. 31, 2019	Dec. 31, 2020	Sep. 30, 2021	Jul. 31, 2018	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 21, 2021	Dec. 31, 2017	Dec. 31, 2016	Feb. 24, 2016
Related Party Transaction [Line Items]
Stock issued during the period																$ 9,900,205	$ 9,900,206	$ 4,304,900
Common stock, shares outstanding												35,216,000	35,216,000		35,216,000		35,216,000	35,216,000
Debt instrument convertible conversion price per share													$ 10.10		$ 10.10					$ 10.10
Corporation payment												$ 710,768	$ 49,156		$ 49,156		$ 710,768	$ 9,203
Consulting fees																	25,000	33,527
Due from related party												$ 6,250					6,250	6,250
Purchases from related party																	20,000	40,000
Lease payments											$ 5,956			$ 807	836,000	338,000	564,000	327,000	$ 33,458
Expenses from transactions with related party																		42,500
Consulting expenses																	0
Line of credit																					$ 350,000	$ 2,500,000
Network Plus LLC [Member]
Related Party Transaction [Line Items]
Corporation payment																19,000
Dakota Ag Properties [Member]
Related Party Transaction [Line Items]
Corporation lease payment															301,000	301,000
Sanford Health [Member]
Related Party Transaction [Line Items]
Corporation lease payment															589,000	435,000
Christine Hamilton [Member]
Related Party Transaction [Line Items]
Corporation payments															19,000	19,000
Christiansen Land and Cattle Ltd [Member]
Related Party Transaction [Line Items]
Corporation payments																$ 1,400,000
Working Capital Loan [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of promissory note to related party															$ 1,500,000
Working Capital Loan [Member] \| Officer And Directors [Member]
Related Party Transaction [Line Items]
Debt conversion description															Up to $1,500,000 of such Working Capital Loans may be convertible into units at a price of $10.00 per unit at the option of the lender, upon consummation of the Company’s Initial Business Combination. The units would be identical to the Placement Units. At September 30, 2021, no Working Capital Loans were outstanding.
IPO [Member] \| Promissory Note [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of promissory note to related party																	$ 150,000
Big Cypress Acquisition Corp [Member]
Related Party Transaction [Line Items]
Units issued during the period, shares							2,156,250
Stock issued during the period							$ 25,000
Shares issued price per share				$ 0.008			$ 0.012
Shares forfeited during the period												375,000
Common stock, shares outstanding												2,875,000	3,292,200		3,292,200		2,875,000
Shares exercised during the period				375,000
Agreement description		In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.10 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.10 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.										The Company’s initial stockholder has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and not to transfer, assign or sell the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares.			The Company’s initial stockholder has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and not to transfer, assign or sell the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares.
Proceeds from issuance of promissory note to related party			$ 150,000									$ 150,000
Debt conversion description												Up to $1,500,000 of such Working Capital Loans may be convertible into units at a price of $10.00 per unit at the option of the lender, upon consummation of the Company’s Initial Business Combination.
Service fee expense												$ 7,742	$ 30,000		$ 90,000
Big Cypress Acquisition Corp [Member] \| Working Capital Loan [Member] \| Officer And Directors [Member]
Related Party Transaction [Line Items]
Debt instrument convertible conversion price per share													$ 10.00		$ 10.00
Big Cypress Acquisition Corp [Member] \| Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Units issued during the period, shares		1,500,000
Shares issued price per share		$ 10.10	$ 10.10
Big Cypress Acquisition Corp [Member] \| IPO [Member]
Related Party Transaction [Line Items]
Units issued during the period, shares		11,500,000
Shares issued price per share		$ 10.00	$ 10.00
Agreement description		The Company will have 15 months (or up to 21 months) from the closing of the IPO on January 14, 2021 to consummate a Business Combination (the “Combination Period”). However, if the Company is unable to complete a Business Combination within the Combination Period, the Company will redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding public shares, subject to applicable law and as further described in registration statement, and then seek to dissolve and liquidate.
Founder Shares [Member] \| Big Cypress Acquisition Corp [Member]
Related Party Transaction [Line Items]
Shares forfeited during the period					375,000
Common stock, shares outstanding					2,875,000
Founder Shares [Member] \| Big Cypress Acquisition Corp [Member] \| Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Shares exercised during the period		375,000
Sponsor [Member]
Related Party Transaction [Line Items]
Monthly fee												10,000			$ 10,000
Sponsor [Member] \| Big Cypress Acquisition Corp [Member]
Related Party Transaction [Line Items]
Shares forfeited during the period				343,125
Common stock, shares outstanding				2,630,625
Debt instrument maturity date								This loan is non-interest bearing and payable on the earlier of March 31, 2021 or the completion of the IPO.	This loan was non-interest bearing and payable on the earlier of March 31, 2021 or the completion of the IPO. As of December 31, 2020, the Company had drawn down $150,000 under the promissory note. On January 14, 2021, the Company paid the $150,000 balance on the note from the proceeds of the IPO
Sponsor [Member] \| Big Cypress Acquisition Corp [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Unsecured promissory note								$ 250,000	$ 250,000
Sponsor [Member] \| Founder Shares [Member] \| Big Cypress Acquisition Corp [Member]
Related Party Transaction [Line Items]
Units issued during the period, shares										2,156,250
Stock issued during the period										$ 25,000
Shares issued price per share										$ 0.012
Shares forfeited during the period	161,719			28,750		161,719
Shares owned				2,630,625
Agreement description				The Sponsor has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property.
Ladenburg and Certain Employees [Member] \| Big Cypress Acquisition Corp [Member]
Related Party Transaction [Line Items]
Shares forfeited during the period				31,875
Ladenburg and Certain Employees [Member] \| Representative Shares [Member] \| Big Cypress Acquisition Corp [Member]
Related Party Transaction [Line Items]
Units issued during the period, shares	161,719			28,750		161,719
Stock issued during the period	$ 1,875			$ 230		$ 1,875
Shares issued price per share	$ 0.012			$ 0.008		$ 0.012
Shares forfeited during the period				28,750	31,875
Common stock, shares outstanding				244,375
Shares exercised during the period				28,750	31,875
Shares owned					244,375
Sanford Health Corporation [Member]
Related Party Transaction [Line Items]
Due from related party												$ 10,000					$ 10,000	0
Lease payments																	$ 152,000	$ 190,000
Christiansen Land and Cattle Ltd [Member] \| Revolving Credit Facility [Member]
Related Party Transaction [Line Items]
Line of credit																							$ 3,000,000.0

Commitments and Contingencies (Details Narrative) - USD ($)			9 Months Ended
	Jan. 14, 2021	Nov. 20, 2020	Sep. 30, 2021	Apr. 30, 2021
Commitments [Member]
Subsidiary, Sale of Stock [Line Items]
Commitments				$ 4,500,000
Big Cypress Acquisition Corp [Member]
Subsidiary, Sale of Stock [Line Items]
Units issued during the period, shares		2,156,250
Gross proceeds from IPO			$ 116,150,000
IPO [Member] \| Big Cypress Acquisition Corp [Member]
Subsidiary, Sale of Stock [Line Items]
Units issued during the period, shares	11,500,000
Gross proceeds from IPO	$ 115,000,000
IPO [Member] \| Underwriters [Member] \| Big Cypress Acquisition Corp [Member]
Subsidiary, Sale of Stock [Line Items]
Units issued during the period, shares	1,500,000
Cash underwriting fee, percentage	1.33%
Gross proceeds from IPO	$ 1,529,500
Underwriting fee percentage	3.67%
Proceeds from deferred underwriting	$ 4,220,500
Over-Allotment Option [Member] \| Underwriting Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Units issued during the period, shares	1,500,000
Over-Allotment Option [Member] \| Big Cypress Acquisition Corp [Member]
Subsidiary, Sale of Stock [Line Items]
Units issued during the period, shares	1,500,000
Gross proceeds from IPO	$ 115,000,000
Over-Allotment Option [Member] \| Big Cypress Acquisition Corp [Member] \| Underwriting Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Units issued during the period, shares	1,500,000

Stockholders’ Equity (Details Narrative) - USD ($)								2 Months Ended	9 Months Ended		12 Months Ended
Stockholders’ Equity (Details Narrative) - USD ($)	Dec. 07, 2021	Jan. 14, 2021	Jan. 04, 2021	Jan. 03, 2021	Dec. 07, 2020	Nov. 20, 2020	Nov. 13, 2020	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2019	Aug. 31, 2019
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized																50,000,000
Preferred stock, shares issued								0	0		0
Preferred stock, shares outstanding								0	0		0				8,000,000
Common stock, par value								$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares issued								35,216,000	35,216,000		35,216,000	35,216,000
Common stock, shares outstanding								35,216,000	35,216,000		35,216,000	35,216,000
Stock issued during the period										$ 9,900,205	$ 9,900,206	$ 4,304,900
Common Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Units issued during the period, shares
Stock issued during the period
Big Cypress Acquisition Corp [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized								1,000,000	1,000,000		1,000,000
Preferred stock, par value								$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock, shares issued								0	0		0
Preferred stock, shares outstanding								0	0		0
Common stock, shares authorized								50,000,000	50,000,000		50,000,000
Common stock, par value		$ 0.0001						$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares issued								2,875,000	3,292,200		2,875,000
Common stock, shares outstanding								2,875,000	3,292,200		2,875,000
Common stock shares redemption									11,500,000		0
Agreement description		In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.10 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.10 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.						The Company’s initial stockholder has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and not to transfer, assign or sell the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares.	The Company’s initial stockholder has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and not to transfer, assign or sell the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares.
Shares issued price per share			$ 0.008			$ 0.012
Units issued during the period, shares						2,156,250
Stock issued during the period						$ 25,000
Shares forfeited during the period								375,000
Shares exercised during the period			375,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.01						$ 0.01			$ 0.01
Big Cypress Acquisition Corp [Member] \| Warrant [Member]
Subsidiary or Equity Method Investee [Line Items]
Agreement description								In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s Sponsor or its affiliates, without taking into account any founder shares held by the Company’s Sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial business combination on the date of the consummation of the initial business combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
Big Cypress Acquisition Corp [Member] \| Sponsor [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding			2,630,625
Shares forfeited during the period			343,125
Big Cypress Acquisition Corp [Member] \| Ladenburg and Certain Employees [Member]
Subsidiary or Equity Method Investee [Line Items]
Shares forfeited during the period			31,875
Big Cypress Acquisition Corp [Member] \| Common Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Shares issued price per share		$ 11.50							$ 12.50
Big Cypress Acquisition Corp [Member] \| Founder Shares [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding				2,875,000
Shares forfeited during the period				375,000
Big Cypress Acquisition Corp [Member] \| Founder Shares [Member] \| Sponsor [Member]
Subsidiary or Equity Method Investee [Line Items]
Agreement description			The Sponsor has agreed not to transfer, assign or sell 50% of its founder shares until the earlier to occur of (A) six months after the completion of the Company’s initial business combination or (B) the date the last sale price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, and the remaining 50% of the founder shares until six months after the completion of the Company’s initial business combination, or earlier, if, in either case, subsequent to the Company’s initial business combination, the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property.
Shares issued price per share							$ 0.012
Units issued during the period, shares							2,156,250
Stock issued during the period							$ 25,000
Shares forfeited during the period	161,719		28,750		161,719
Big Cypress Acquisition Corp [Member] \| Founder Shares [Member] \| Sponsor [Member]
Subsidiary or Equity Method Investee [Line Items]
Shares forfeited during the period					161,719
Big Cypress Acquisition Corp [Member] \| Representative Shares [Member] \| Ladenburg and Certain Employees [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding			244,375
Shares issued price per share	$ 0.012		$ 0.008		$ 0.012
Units issued during the period, shares	161,719		28,750		161,719
Stock issued during the period	$ 1,875		$ 230		$ 1,875
Shares forfeited during the period			28,750	31,875
Shares exercised during the period			28,750	31,875
Big Cypress Acquisition Corp [Member] \| Representative Shares [Member] \| Ladenburg and Certain Employees [Member]
Subsidiary or Equity Method Investee [Line Items]
Shares issued price per share					$ 0.012
Units issued during the period, shares					161,719
Stock issued during the period					$ 1,875

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Big Cypress Acquisition Corp [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Money Market held in Trust Account	$ 116,158,244
Public Warrants Liability	5,290,000
Private Placement Warrants Liability	239,312
Fair value of liabilities	5,529,312
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Money Market held in Trust Account	116,158,244
Public Warrants Liability	5,290,000
Private Placement Warrants Liability
Fair value of liabilities	5,290,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Money Market held in Trust Account
Public Warrants Liability
Private Placement Warrants Liability
Fair value of liabilities
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Money Market held in Trust Account
Public Warrants Liability
Private Placement Warrants Liability	239,312
Fair value of liabilities	$ 239,312

Schedule of Change in Fair Value Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - Big Cypress Acquisition Corp [Member]	9 Months Ended
	Sep. 30, 2021 USD ($)
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Beginning
Initial Measurement	249,963
Change in valuation	(10,651)
Transferred to Level 1
Fair value of liabilities	239,312
Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Beginning
Initial Measurement	6,775,220
Change in valuation	(1,485,220)
Transferred to Level 1	(5,290,000)
Fair value of liabilities
Warrants Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Beginning
Initial Measurement	7,025,183
Change in valuation	(1,495,871)
Transferred to Level 1	(5,290,000)
Fair value of liabilities	$ 239,312

Schedule of Key Inputs into Monte Carlo Simulation (Details) - $ / shares		9 Months Ended			12 Months Ended
	Jan. 14, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Risk-free interest rate		0.14%	0.13%		0.13%	1.58%
Expected term remaining (years)		2 years 4 months 2 days		6 years 3 months	6 years 3 months
Expected volatility		99.70%	106.10%		106.10%	102.90%
Big Cypress Acquisition Corp [Member]
Risk-free interest rate	0.60%	1.00%
Expected term remaining (years)	5 years 8 months 1 day	5 years 1 month 20 days
Expected volatility	24.20%	18.70%
Stock price	$ 9.41	$ 10.08

Subsequent Events (Details Narrative) - USD ($)

2 Months Ended

9 Months Ended

12 Months Ended

Dec. 07, 2021

Oct. 22, 2021

Jun. 21, 2021

Jan. 14, 2021

Jan. 04, 2021

Jan. 03, 2021

Dec. 07, 2020

Nov. 20, 2020

Nov. 13, 2020

Dec. 31, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Jun. 30, 2021

Apr. 30, 2021

Mar. 31, 2021

Nov. 11, 2020

Dec. 31, 2018

Common stock par value

$ 0.0001

Business combination agreement

$ 300,000,000

$ 39,007,835

$ 35,078,010

$ 30,308,513

$ 39,007,835

$ (2,305,566)

$ 2,004,435

Corporation equity value

$ 10.10

(i) each share of the Corporation’s Common Stock and the Corporation’s Preferred Stock outstanding as of immediately prior to the Effective Time was exchanged for shares of common stock, par value $0.0001 per share, of New SAB based on the agreed upon Corporation’s equity value of $300 million (the “Equity Value”) and a conversion rate of $10.10; (ii) each outstanding vested and unvested option to purchase shares of the Corporation’s Common Stock was exchanged for a comparable option to purchase New SAB Common Stock, based on the Equity Value and a conversion rate of $10.10; and (iii) holders of vested options to purchase shares of the Corporation’s common stock received, in the aggregate, 1,507,124 restricted stock units (the “Earnout RSUs”) related to shares of New SAB Common Stock

Agreed corporation equity value

$ 300,000,000

Common stock equity value

$ 10.10

35,216,000

9,900,205

$ 9,900,206

$ 4,304,900

Commitments [Member]

Restricted Stock Units (RSUs) [Member]

Commitments

$ 4,500,000

Total earnout shares

12,000,000

1,507,124

IPO [Member]

Sponsor [Member] | Closing of the IPO [Member]

Transaction costs

$ 6,038,360

$ 6,108,360

$ 10.00

Common Stock [Member]

Aggregate of restricted stock units, shares

$ 3,522

3,522

$ 3,522

12,000,000

Common stock par value

$ 0.0001

$ (10,018,169)

$ 16,004

$ (9,293,329)

$ 16,004

$ (8,962,500)

$ (6,760,339)

2,875,000

3,292,200

2,875,000

375,000

2,156,250

$ 0.008

$ 0.012

$ 25,000

375,000

Proceeds from issuance of promissory note to related party

$ 116,150,000

$ 150,000

Big Cypress Acquisition Corp [Member] | IPO [Member]

11,500,000

$ 10.00

Proceeds from sale of units

$ 115,000,000

116,150,000

Underwriting fee

1,529,500

Deferred underwriting fee

4,220,500

$ 4,220,500

Other offering costs

$ 288,360

Big Cypress Acquisition Corp [Member] | Over-Allotment Option [Member]

1,500,000

$ 10.10

Big Cypress Acquisition Corp [Member] | Sponsor [Member]

$ 115,000,000

2,630,625

Big Cypress Acquisition Corp [Member] | Sponsor [Member] | Closing of the IPO [Member]

343,125

Proceeds from sale of units

$ 10.00

10.00

$ 10.00

Sale of units

417,200

$ 4,172,000

Big Cypress Acquisition Corp [Member] | Ladenburg and Certain Employees [Member]

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

31,875

$ 288

$ 330

$ 288

$ 330

Total earnout shares

^[1]

2,875,000

Big Cypress Acquisition Corp [Member] | Founder Shares [Member]

$ 11.50

11.50

$ 12.50

2,875,000

Big Cypress Acquisition Corp [Member] | Founder Shares [Member] | Over-Allotment Option [Member]

375,000

Big Cypress Acquisition Corp [Member] | Founder Shares [Member] | Sponsor [Member]

375,000

161,719

28,750

161,719

2,156,250

$ 0.012

Big Cypress Acquisition Corp [Member] | Representative Shares [Member] | Ladenburg and Certain Employees [Member]

$ 25,000

244,375

28,750

31,875

161,719

28,750

161,719

$ 0.012

$ 0.008

$ 0.012

$ 1,875

$ 230

$ 1,875

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member]

28,750

31,875

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member] | IPO [Member]

375,000

11,500,000

Deferred underwriting fee

$ 10.00

Transaction costs

$ 6,038,360

Underwriting fee

1,529,500

4,220,500

$ 4,220,500

Other offering costs

288,360

$ 288,360

Proceeds from issuance of promissory note to related party

$ 150,000

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member] | Over-Allotment Option [Member]

1,500,000

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member] | Sponsor [Member]

$ 115,000,000

2,630,625

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member] | Sponsor [Member] | Closing of the IPO [Member]

343,125

Proceeds from sale of units

$ 10.00

Sale of units

417,200

$ 4,172,000

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member] | Ladenburg and Certain Employees [Member]

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member] | Founder Shares [Member]

31,875

2,875,000

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member] | Founder Shares [Member] | Sponsor [Member]

375,000

Subsequent Event [Member] | Big Cypress Acquisition Corp [Member] | Representative Shares [Member] | Ladenburg and Certain Employees [Member]

28,750

244,375

28,750

$ 0.008

Subsequent Event [Member] | Business Combination Agreement [Member] | Big Cypress Acquisition Corp [Member]

$ 230

Common stock par value

$ 0.0001

Aggregate of restricted stock units, shares

$ 300,000,000

Corporation equity value

$ 10.10

1,507,124

Subsequent Event [Member] | Business Combination Agreement [Member] | Big Cypress Acquisition Corp [Member] | Common Stock [Member]

Aggregate of restricted stock units, shares

12,000,000

[1]

Merger (Details Narrative) - USD ($)	Jun. 21, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt instrument convertible conversion price per share	$ 10.10	$ 10.10
Equity value	$ 300,000,000	$ 35,078,010	$ 39,007,835	$ 30,308,513	$ (2,305,566)	$ 2,004,435
Common Stock [Member]
Aggregate of restricted stock units, shares	12,000,000
Equity value		$ 3,522	$ 3,522	$ 3,522	$ 3,522	$ 3,522

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Revenue (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended			10 Months Ended	12 Months Ended		24 Months Ended		48 Months Ended
Revenue (Details Narrative) - USD ($)	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	May 31, 2019	Jan. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2021	Mar. 31, 2021	Jul. 31, 2021
Disaggregation of Revenue [Line Items]
Research and development cost		$ 46,535,671	$ 12,601,333			$ 27,908,659	$ 8,019,705
Offset cost						12,000,000
National Institute of Health [Member]
Disaggregation of Revenue [Line Items]
Grant								$ 1,400,000
Government [Member]
Disaggregation of Revenue [Line Items]
Revenue		49,800,000	27,100,000			52,800,000	2,900,000
Grant									$ 1,500,000
Grant income		41,000	86,000			99,000	97,000
Remaining grant		853,000				1,100,000
Contract cost		143,000,000				$ 143,000,000
Additional development	$ 60,500,000
Revenue remaining percentage						9.00%
Revenue remaining obligation						$ 12,000,000
Research and development cost						0
Government [Member] \| National Institute of Health [Member]
Disaggregation of Revenue [Line Items]
Grant								$ 1,400,000
Grant income		457,000	219,000			228,000	343,000
Remaining grant		243,000				850,000
Contract cost	$ 204,000,000
Government [Member] \| Geneva Foundation [Member]
Disaggregation of Revenue [Line Items]
Grant										$ 2,700,000
Grant income		72,000	248,000			351,000	261,000
Remaining grant		1,500,000				1,600,000
Government [Member] \| Advanced Technology International [Member]
Disaggregation of Revenue [Line Items]
Grant		25,000,000				25,000,000
Grant income		49,200,000	26,500,000			52,100,000	2,200,000
Remaining grant		100,100,000				88,800,000
Non Government [Member]
Disaggregation of Revenue [Line Items]
Revenue		$ 0	2,400,000			$ 2,400,000	500,000
Grant income			$ 2,400,000
Contracts description		there were three contracts for a combined $2.4 million that were started and completed in 2020.				there were three contracts for a combined $2.4 million that were started and completed in 2020.
Description		These contracts were related to research and development for a COVID-19 therapeutic ($2 million) and two other targets ($400,000)				These contracts were related to research and development for a COVID-19 therapeutic ($2 million) and two other targets ($400,000).
Non Government [Member] \| Battelle Memorial Institute [Member]
Disaggregation of Revenue [Line Items]
Grant revenue					$ 2,000,000.0
Income from contract							400,000
Non Government [Member] \| Henry Jackson Foundation [Member]
Disaggregation of Revenue [Line Items]
Grant revenue				$ 250,000
Income from contract							$ 51,000
Government [Member]
Disaggregation of Revenue [Line Items]
Revenue percentage		100.00%	92.00%			96.00%	85.00%
Non Government [Member]
Disaggregation of Revenue [Line Items]
Revenue percentage		0.00%	8.00%			4.00%	12.00%

Schedule of Earnings per Share (Details) - USD ($)	9 Months Ended		12 Months Ended
Schedule of Earnings per Share (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Net loss attributable to the Corporation’s shareholders	$ 5,593,035			$ 8,986,289
Basic and diluted weighted average shares outstanding	35,216,000			35,216,000
Basic and diluted net loss per share, Common stock	$ (0.16)			$ (0.26)
Net income attributable to the Corporation’s shareholders applicable to common stock		$ 7,592,438
Weighted-average common shares outstanding – basic	35,216,000	35,216,000	35,216,000	35,216,000
Basic EPS	$ (0.16)	$ 0.22	$ 0.37	$ (0.26)
Net income attributable to the Corporation’s shareholders	$ (5,593,035)	$ 11,673,099	$ 20,117,773	$ (8,986,289)
Weighted-average common shares outstanding - diluted	35,216,000	58,496,676	58,051,614	35,216,000
Diluted EPS	$ (0.16)	$ 0.20	$ 0.35	$ (0.26)
Common Stock [Member]
Net income attributable to the Corporation’s shareholders			$ 12,982,933

Schedule of Earnings per Share Allocation of Net Income (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)	$ (5,593,035)	$ 11,673,099	$ 20,117,773	$ (8,986,289)
Net income attributable to the Corporation’s shareholders applicable to preferred stock		4,080,661
Net income attributable to the Corporation’s shareholders applicable to common stock		$ 7,592,438
Preferred Stock [Member]
Net income (loss)			7,134,840
Common Stock [Member]
Net income (loss)			$ 12,982,933

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

Earnings (loss) per share (Details Narrative) - shares	9 Months Ended	12 Months Ended
Earnings (loss) per share (Details Narrative) - shares	Sep. 30, 2021	Dec. 31, 2019
Common Stock [Member]
Share outstanding	10,062,381	17,750,882
Preferred Stock [Member]
Share outstanding	20,604,636	6,748,250

Schedule of Equipment (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 25,172,549	$ 16,612,656	$ 3,891,855
Less: accumulated depreciation and amortization	2,604,072	1,767,186	1,388,197
Property, plant and equipment net	22,568,477	14,845,470	2,503,658
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,997,964	5,205,346	1,740,088
Breeding and Production Animals [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,267,498	3,371,125	1,459,459
Animal Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,197,366	1,003,629	540,000
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,922,079	6,729,673	83,966
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,605,847	185,971	34,285
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	135,593	96,693	22,710
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 46,202	$ 20,219	$ 11,347

Schedule of Construction-in-Progress (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total construction-in-progress	$ 4,922,079	$ 6,729,673	$ 83,966
Construction in Progress [Member] \| 200L Commercial Facility [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress		4,148,113
Construction in Progress [Member] \| 200L Commercial Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress	1,658,189	486,381
Construction in Progress [Member] \| First New Animal Barn [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress		1,551,167
Construction in Progress [Member] \| Two New Animal Barn [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress	2,093,263
Construction in Progress [Member] \| New Office Space [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress		477,907
Construction in Progress [Member] \| New Laboratory Space [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress	922,077
Construction in Progress [Member] \| New Laboratory Space Equipment [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress	60,448
Construction in Progress [Member] \| Software [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress	137,811
Construction in Progress [Member] \| Other Segments [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress	$ 50,291	66,105	83,966
Construction in Progress [Member] \| Animal Barn [Member]
Property, Plant and Equipment [Line Items]
Total construction-in-progress		$ 1,551,167

Equipment (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
Equipment (Details Narrative) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 868,630	$ 223,888	$ 383,142	$ 197,210
Property, plant and equipment, useful life			3 years
Acquisition costs			$ 5,000

Schedule of Operating and Finance Leases Discount Rate (Details)	Sep. 30, 2021	Dec. 31, 2020
Leases
Weighted-average remaining operating lease term	2 years 7 months 28 days	3 years 5 months 4 days
Weighted-average remaining finance lease term	16 years 11 months 23 days	17 years 7 months 9 days
Weighted-average operating lease discount rate	4.74%	4.75%
Weighted-average finance discount rate	7.70%	7.96%

Schedule of Undiscounted Future Minimum Lease Payments (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Operating Leases, 2021 (remaining three months)	$ 285,481
Finance Leases, 2021 (remaining three months)	128,861
Operating Lease 2021	1,138,368	$ 1,053,891
Finance Lease 2021	449,159	490,848
Operating Lease 2022	1,067,594	1,048,573
Finance Lease 2022	406,339	444,928
Operating Lease 2023	467,968	989,107
Finance Lease 2023	401,496	406,339
Operating Lease 2024		467,968
Finance Lease 2024	401,496	401,496
Operating Leases, Thereafter
Finance Leases, Thereafter	5,185,990
Operating Lease Undiscounted future minimum lease payments	2,959,411	3,559,539
Finance lease Undiscounted future minimum lease payments	6,973,341	7,331,097
Less:Operating Lease Amount representing interest payments	(170,673)	(262,497)
Less: Finance lease Amount representing interest payments	(2,989,666)	(3,212,826)
Total Operating Lease liabilities	2,788,738	3,297,042
Total finance lease liabilities	3,983,675	4,118,271
Less current portion of Operating Lease	(1,035,211)	(924,265)	$ (371,263)
Less current portion of finance Lease	(180,243)	(194,717)	(182,343)
Noncurrent Operating lease liabilities	1,753,527	2,372,777	1,519,366
Noncurrent finance lease liabilities	$ 3,803,432	3,923,554	$ 4,118,272
Operating Lease 2025
Finance Lease 2025		401,496
Operating Lease Thereafter
Finance Lease Thereafter		$ 5,185,990

Leases (Details Narrative) - USD ($)	1 Months Ended		7 Months Ended	9 Months Ended		12 Months Ended
Leases (Details Narrative) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Jul. 31, 2018	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating lease expense				$ 2,788,738		$ 3,297,042
Finance lease right of use asset amortization				124,000	$ 124,000	163,000	$ 140,000
Finance lease interest expense				228,000	232,000	445,000	316,000
Operating lease payments	$ 5,956		$ 807	836,000	338,000	564,000	327,000	$ 33,458
Finance lease cash payments				372,000	362,000	491,000	491,000
Operating lease liablity discount rate		8.00%						8.00%
Operating lease term	3 years	20 years						20 years
Lease payback construction cost		$ 4,000,000						$ 4,000,000
Lease agreement term description			five-year
Purchase of assets	$ 1		$ 1
Operating lease expense						$ 710,000	373,000
Equipment [Member]
Operating lease payments		$ 8,199
Operating lease term		5 years						5 years
Estimated useful lives of the finance lease assets						3 – 7 years
Animal Facilty [Member]
Estimated useful lives of the finance lease assets						40 years
Land [Member]
Estimated useful lives of the finance lease assets						Indefinite
Lab Space [Member]
Operating lease payments						$ 58,496
Lease termination description						This lease can be terminated with 30 days advance written notice.
Operating lease liablity discount rate						4.77%
Warehouse [Member]
Operating lease liablity discount rate						4.69%
Operating lease term						3 years
Lease cost						$ 28,716
Barn Space [Member]
Operating lease liablity discount rate						4.08%
Operating lease term						2 years
Lease cost						$ 678	$ 665
Research and Development Expense [Member]
Operating lease expense				$ 789,000	$ 491,000

Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued vacation	$ 673,541	$ 438,936	$ 248,722
Accrued payroll	208,105	314,451	143,210
Accrued construction-in-progress	87,926	637,776
Accrued lab supplies	1,261,696	301,989	18,837
Accrued contract manufacturing	1,709,964
Accrued clinical trial expense	338,802
Accrued outside lab services	85,764
Accrued project consulting	470,476	120,744	5,352
Accrued animal care expense	128,028
Other accrued expenses	44,797	90,982	78,433
Total	$ 5,009,099	$ 1,904,878	$ 494,554

Schedule of Debt (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Total debt	$ 49,156	$ 710,768	$ 9,203
Less: current portion of debt	24,143	538,731
Long-term debt, net	25,013	172,037
Tractor Loan [Member]
Short-term Debt [Line Items]
Total debt	49,156	49,156
PPP Loan [Member]
Short-term Debt [Line Items]
Total debt		$ 661,612

Debt (Details Narrative) - USD ($)			1 Months Ended	7 Months Ended	9 Months Ended		12 Months Ended
Debt (Details Narrative) - USD ($)	Mar. 27, 2020	Nov. 15, 2017	Mar. 31, 2019	Jul. 31, 2018	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Aug. 31, 2018	Dec. 31, 2016	Feb. 24, 2016
Short-term Debt [Line Items]
Gains on extinguishment					$ 661,612
Line of credit									$ 350,000		$ 2,500,000
Interest rate							6.00%
Proceeds from repayment of debt and equity							$ 15,000,000
Loan payable										$ 1,000,000.0
Additional payments to loan										$ 30,000
Notes payable								$ 1,364,644
Accrued interest								3,580
Loans payable to bank		$ 18,997
Monthly payment of loan		$ 440							$ 25,913
Notes Payable					49,156		710,768	9,203
Purchase of assets			$ 1	$ 1
Payments for forgiveness of the loan							0
Paycheck Protection Program [Member]
Short-term Debt [Line Items]
Interest rate	1.00%
Proceeds from bank loan	$ 661,612
Tractor [Member]
Short-term Debt [Line Items]
Interest rate									3.60%
Loan payable							49,156	$ 72,459
Purchase of assets									$ 116,661
Trailer Truck Scale And Chute [Member]
Short-term Debt [Line Items]
Interest rate									5.90%
Monthly payment of loan									$ 920
Purchase of assets									$ 47,721
Revolving Credit Facility [Member] \| Christiansen Land and Cattle Ltd [Member]
Short-term Debt [Line Items]
Line of credit												$ 3,000,000.0
PPP Loan [Member]
Short-term Debt [Line Items]
Gains on extinguishment					661,612
Notes Payable							$ 661,612

Schedule of share option activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Number of Stock Options Outstanding, Outstanding at End of Period	10,062,381	8,815,992		6,748,250	6,516,250
Weighted Average Fair value Price Per Share, Outstanding at Beginning of Period	$ 0.62		$ 0.38	$ 0.35
Weighted Average Exercise Price, Outstanding at End of Period	$ 0.79	$ 0.60	$ 0.41	$ 0.38
Number of Stock Options Outstanding, Granted	1,897,916		2,067,742	232,000
Weighted Average Fair Value Price Per Share, Granted	$ 2.43			$ 1.01
Weighted Average Exercise Price Per Share, Granted	$ 1.78	1.25	$ 1.04
Number of Stock Options Outstanding, Forfeited	(651,527)
Weighted Average Fair Value Price Per Share, Forfeited	$ 1.09
Weighted Average Exercise Price Per Share, Forfeited	1.04
Weighted Average Fair value Price Per Share, Outstanding at Ending of Period	$ 0.93	0.62		$ 0.38
Number of Non-vested Stock Options	2,166,097
Weighted Average Fair value, Unvested	$ 1.94	1.44
Weighted Average Exercise Price Per Share, Unvested	$ 1.51	$ 1.20
Number of Non-vested Stock Options Outstanding, Vested	7,896,284	6,882,575
Weighted Average Fair value, Vested	$ 0.54	$ 0.39
Weighted Average Exercise Price Per Share, Vested	$ 0.52	$ 0.44

Schedule of share based compensation expense (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,663,210	$ 1,040,776	$ 1,295,423	$ 371,388
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	726,245	491,092	635,824	150,773
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 936,965	$ 549,684	$ 659,599	$ 220,615

Stock Option Plan (Details Narrative) - USD ($)	9 Months Ended			12 Months Ended
Stock Option Plan (Details Narrative) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Aug. 05, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting stock option	7,896,284			6,882,575
Aggregate intrinsic value, outstanding				$ 11,256,034
Risk-free interest rate	0.14%	0.13%		0.13%	1.58%
Weighted average period	6 years 3 months	6 years 3 months		2 years 4 months 13 days
Expected dividend	0.00%	0.00%		0.00%	0.00%
Estimated volatility	99.70%	106.10%		106.10%	102.90%
Stock options forfeitures	651,527
Non-vested stock options	$ 4,200,000
Expected term	2 years 4 months 2 days		6 years 3 months	6 years 3 months
Stock option vested	5 years 8 months 4 days			4 years 11 months 26 days
Weighted-average contractual term vested options	4 years 8 months 26 days
Number of Non-vested Stock Options Outstanding, Vested	837,319	791,367		6,882,575	6,021,528
Number of shares authorized to issuance					16,000,000	8,000,000
Aggregate intrinsic value, unvested				$ 1,315,588
Aggregate intrinsic value, exercisable				9,940,446
Aggregate intrinsic value, vested				9,940,446
Unrecognized compensation expense				$ 2,592,025
Stock option outstanding				5 years 11 months 8 days
Shares vested				861,047	636,530
Stock Option Grant Plan 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized						8,000,000
Number of authorized shares increase						16,000,000
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, outstanding	$ 41,291,069
Unvested	7,209,646
Vested and exercisable	$ 34,081,423

Income Taxes (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
Income Taxes (Details Narrative) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0	$ (0)	$ (0)
Effective tax rate	0.00%	0.00%
Reconcilation effective tax rate			21.00%
Increase in Valuation allowance of asset			$ 4,226,000	1,885,000
Federal net operating losses			$ 12,662,000
Effective income tax rate percentage amount			80.00%
Uncertain tax provision amount			$ 0	0
Income tax penalties accrued			0	0
Income tax interest accrued			$ 0	$ 0

Schedule of Estimated Useful Lives (Details)	12 Months Ended
Schedule of Estimated Useful Lives (Details)	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Equipment useful life	3 years
Animal Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	7 years
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 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

Schedule of Computation Of Diluted Net loss Per Share (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2019
Earnings (loss) per common share attributable to the Corporation’s shareholders
Net loss attributable to the Corporation’s shareholders	$ 5,593,035	$ 8,986,289
Basic and diluted weighted average shares outstanding	35,216,000	35,216,000
Basic and diluted net loss per share, Common stock	$ (0.16)	$ (0.26)

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Schedule of Future Loan Payments (Details) - Loans Payable [Member]	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
2021	$ 538,731
2022	172,037
Total	$ 710,768