0001193125-26-218195 | 10-Q | XBRL Viewer

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Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment reporting, expense information used by CODM, description	The CODM assesses the Company's performance by reviewing GAAP operating expense and significant expenses by function along with the annual budget. The chief operating decision maker considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

Leases - Estimated Useful Lives of Finance Lease Assets (Details)	Mar. 31, 2026
Animal Facilty [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	40 years
Equipment [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	7 years
Equipment [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	3 years
Equipment [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	7 years

Nature of Business	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	(1) Nature of Business SAB Biotherapeutics, Inc., a Delaware corporation (“SAB” or “SAB Biotherapeutics”, and together with its subsidiaries, the “Company”), is a clinical-stage biopharmaceutical company focused on the development of human polyclonal immunotherapeutic antibodies, or human immunoglobulins (“hIgG”), to address immune system disorders and infectious diseases. The Company’s antibodies are both target-specific and polyclonal, meaning they are comprised of multiple hIgGs and can bind to multiple sites on specific immunogens, making them ideally suited to address the complexities associated with many immune-mediated disorders. The Company’s lead candidate, SAB-142 is a human anti-thymocyte globulin (“ATG”) focused on preventing or delaying the progression of type 1 diabetes (“T1D”). Australian Research and Development Tax Credit In June 2023, the Company formed a new subsidiary in Australia, SAB BIO PTY LTD, a proprietary limited company (“SAB Australia”), primarily to conduct preclinical and clinical activities for product candidates. SAB Australia’s research and development activities qualify for the Australian government’s tax credit program, which provides a 48.5% credit for qualifying research and development expenses. Liquidity As of March 31, 2026, the Company had an accumulated deficit of $129.8 million. The Company anticipates that it will continue to generate losses for the foreseeable future and expects the losses to increase as the Company continues the development of, or seeks regulatory approvals for product candidates, and begins commercialization of products. As a result, the Company will require additional capital to fund operations in order to support long-term plans. Based on the Company’s current level of operating expenses, existing resources will be sufficient to cover operating cash needs through at least the twelve months following the date of this report. In the future, the Company may seek additional funding through a combination of equity or debt financings, or other third-party financing, collaborative or other funding arrangements.

Nature of Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

(1) Nature of Business

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

Australian Research and Development Tax Credit

In June 2023, the Company formed a new subsidiary in Australia, SAB BIO PTY LTD, a proprietary limited company (“SAB Australia”), primarily to conduct preclinical and clinical activities for product candidates. SAB Australia’s research and development activities qualify for the Australian government’s tax credit program, which provides a 48.5% credit for qualifying research and development expenses.

Liquidity

As of March 31, 2026, the Company had an accumulated deficit of $129.8 million. The Company anticipates that it will continue to generate losses for the foreseeable future and expects the losses to increase as the Company continues the development of, or seeks regulatory approvals for product candidates, and begins commercialization of products. As a result, the Company will require additional capital to fund operations in order to support long-term plans.

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of warrant liabilities	$ 482,474	$ (5,035,769)
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value disclosure	0		$ 0
Liabilities fair value disclosure	$ 0		$ 0

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Income Tax Disclosure [Abstract]
Valuation allowance, deferred tax asset, increase (decrease), amount	$ 4.0

Leases - Schedule of Operating and Finance Leases Discount Rate (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining operating lease term (years)	3 years 9 months 7 days	3 years 7 months 13 days
Weighted-average remaining finance lease term (years)	12 years 8 months 1 day	12 years 11 months 1 day
Weighted-average operating lease discount rate (percentage)	11.20%	9.45%
Weighted-average finance discount rate (percentage)	7.72%	7.72%

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

(6) Leases

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

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

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

In April 2024, the Company entered into a lease for 1,272 square feet of office space in Miami Beach, Florida. The initial term was 62 months, with monthly payments of approximately $7 thousand through 2024 and annual escalations of 4% through 2029. The lease liability was measured using an IBR of 7.12%. In September 2025, the Company terminated this lease and entered into a new lease for expanded space totaling 3,099 square feet in the same location. The new lease commenced in January 2026 with a 60-month term, monthly payments of approximately $17 thousand through 2026, and annual escalations of 3% through 2030. The new lease liability was measured using an IBR of 14.90%. The Company estimated the IBR based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Company.

The Company has the following finance leases:

•

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

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

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


Animal Facility		40 years
Equipment		3–7 years
Land		Indefinite

The Company’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of March 31, 2026 and December 31, 2025 are:


	March 31, 2026						December 31, 2025
2026 - remaining	Operating			Finance			Operating			Finance
Weighted-average remaining lease term (years)	3.77			12.67			3.62			12.92
Weighted-average discount rate (percentage)		11.20	%		7.72	%		9.45	%		7.72	%

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 sheets as of March 31, 2026:


	Operating			Finance
2026 - remaining	$	830,626		$	301,122
2027		836,602			401,496
2028		855,450			401,496
2029		874,728			401,496
2030		211,021			401,496
Thereafter		—			3,178,510
Undiscounted future minimum lease payments		3,608,427			5,085,616
Less: Amount representing interest payments		(673,835	)		(1,847,085	)
Total lease liabilities		2,934,592			3,238,531
Less current portion		(763,705	)		(156,958	)
Noncurrent lease liabilities	$	2,170,887		$	3,081,573

Operating lease expense was approximately $301 thousand for the three months ended March 31, 2026, and $268 thousand for the three months ended March 31, 2025. Operating lease costs are included within research and development expenses on the condensed consolidated statements of operations and comprehensive loss.

Finance lease costs for the three months ended March 31, 2026 included approximately $22 thousand in right-of-use asset amortization and approximately $63 thousand of interest expense.

Finance lease costs for the three months ended March 31, 2025 included approximately $22 thousand in right-of-use asset amortization and approximately $66 thousand of interest expense. Finance lease costs are included within research and development expenses on the condensed consolidated statements of operations and comprehensive loss.

Cash payments under operating leases were approximately $280 thousand for the three months ended March 31, 2026. Cash payments under finance leases were approximately $100 thousand for the three months ended March 31, 2026.

Cash payments under operating leases were approximately $213 thousand for the three months ended March 31, 2025. Cash payments under finance leases were approximately $100 thousand for the three months ended March 31, 2025.

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

(17) Subsequent Events

Exercise of Underwriters’ Option

In April 2026, in connection with the March 2026 Public Offering, the underwriters partially exercised their option to purchase an additional 610,188 shares of common stock at the public offering price of $3.85 per share, less underwriting discounts and commissions, resulting in additional net proceeds to the Company of approximately $2.2 million. As of April 20, 2026, the remaining Optional Shares of 701,500 expired without exercise.

Manufacturing Services Agreement

On April 28, 2026 (the “MSA Effective Date”), the Company entered into a Master Manufacturing Services Agreement (the “MSA”) with Emergent BioSolutions Canada Inc. (“Emergent”). Pursuant to the MSA, Emergent will perform clinical and commercial manufacturing and related services for the Company with respect to SAB-142 (the “Product”) at Emergent’s facility in Canada. The MSA commences on the MSA Effective Date and would continue for a period of five (5) years from the date the Product obtains approval from the United States Food and Drug Administration (“FDA”), with a minimum aggregate spend following any FDA approval equal to $36 million. The parties may mutually agree to extend the term by execution of an amendment at any time prior to its expiration. The MSA may be terminated: (i) by either party immediately upon an insolvency or bankruptcy event; (ii) by Emergent immediately if the Company fails to pay undisputed amounts within thirty (30) days after written notice; (iii) by either party for material breach, subject to a cure period of thirty (30) days (or up to ninety (90) days if diligently pursued); (iv) by mutual written agreement; or (v) by either party upon thirty (30) days’ notice if a force majeure event prevents performance for ninety (90) consecutive calendar days. Upon termination by Emergent for the Company’s insolvency, non-payment, or material breach, the Company must pay Emergent an amount equal to the minimum annual aggregate spend for each remaining calendar year of the term, less saved costs. The applicable batch price and fees for commercial manufacturing services will be agreed upon in a subsequent amendment to the MSA. Development services pricing will be set forth in individual statements of work executed by the parties. Pricing is subject to annual adjustments. Emergent has the sole and exclusive right to manufacture the Product during the term of the MSA. The Company may contract with a third party to establish an alternative manufacturing source. The Company may purchase from an alternative source in limited circumstances and in all cases, only in quantities that Emergent is unable or declines to manufacture. The MSA includes customary mutual confidentiality obligations.

Sanford Lease Amendment

On April 1, 2026, the Company entered into a lease amendment for its operating lease with Sanford Health, which reduced the lease square footage to 13,492 and decreased the monthly lease payments to approximately $33 thousand.

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Estimated Useful Lives of Finance Lease Assets

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


Animal Facility		40 years
Equipment		3–7 years
Land		Indefinite

Schedule of Operating and Finance Leases Discount Rate

The Company’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of March 31, 2026 and December 31, 2025 are:


	March 31, 2026						December 31, 2025
2026 - remaining	Operating			Finance			Operating			Finance
Weighted-average remaining lease term (years)	3.77			12.67			3.62			12.92
Weighted-average discount rate (percentage)		11.20	%		7.72	%		9.45	%		7.72	%

Schedule of Undiscounted Future Minimum Lease Payments


	Operating			Finance
2026 - remaining	$	830,626		$	301,122
2027		836,602			401,496
2028		855,450			401,496
2029		874,728			401,496
2030		211,021			401,496
Thereafter		—			3,178,510
Undiscounted future minimum lease payments		3,608,427			5,085,616
Less: Amount representing interest payments		(673,835	)		(1,847,085	)
Total lease liabilities		2,934,592			3,238,531
Less current portion		(763,705	)		(156,958	)
Noncurrent lease liabilities	$	2,170,887		$	3,081,573

Earnings per share - Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Parenthetical) (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	211,161,814	29,039,570
Warrants issued	2,753,246
Common stock outstanding	75,744,576		47,609,899
Common stock issued	75,799,241		47,664,564
Series A Preferred Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	4,504,824	6,669,742
Series A-2 Preferred Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock outstanding	28,380	42,019
Common stock issued	28,380	42,019
Public Warrants [Member] \| Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	575,000
Private Placement Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants issued	850,119
Outstanding warrants	20,860		20,860	20,860
Private Placement Warrants [Member] \| Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	20,860
Ladenburg Agreement [Member] \| Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	30,000
PIPE Private Placement Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants issued	736,337				736,337
Placement Agent Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants issued	21,091				21,091
Preferred Tranche C Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Outstanding warrants	107,115		107,115	107,115
Common stock issued	17,002,381
Release Date Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	50,000,000
Enrollment Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	98,300,000

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

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

At March 31, 2026, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:


	As of March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	75,470,377	$	18,342	$	(32,219	)	$	75,456,500

Long-term:
U.S. treasury securities	$	110,582,343	$	34,909	$	(381,712	)	$	110,235,540

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


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

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

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

The amortized cost and estimated fair value by maturity or next repricing date of investment securities at March 31, 2026 are shown in the following table. Fixed rate securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.


	As of March 31, 2026
	Amortized Cost		Fair Value
Within one year or less	$	75,470,377	$	75,456,500
One through five years		110,582,343		110,235,540
Total	$	186,052,720	$	185,692,040

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

The following table shows gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of March 31, 2026:


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		92	$	115,840,233	$	413,931		—	$	—	$	—		92	$	115,840,233	$	413,931
Total		92	$	115,840,233	$	413,931		—	$	—	$	—		92	$	115,840,233	$	413,931


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

Summary of Gross Realized gains and Losses on the Sale of Available-for-Sale Debt Securities

The following table summarizes the Company’s gross realized gains and losses on the sale of available-for-sale debt securities:


	For The Three Months Ended March 31,
	2026			2025
Gross realized gains	$	49,652		$	—
Gross realized losses		(2,563	)		—
Net realized gains	$	47,089		$	—

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


	For The Three Months Ended March 31,
	2026			2025
Net gains (losses) recognized during the period	$	(9,587	)	$	961
Less: Realized net gains (losses) recognized on equity securities sold		2,549			(6,934	)
Unrealized net gains (losses) recognized on equity securities held	$	(12,136	)	$	7,895

Earnings per share - Schedule of Earnings per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Calculation of basic loss per share attributable to the Company's shareholders
Net loss attributable to common stockholders	$ (18,868,885)	$ (5,196,773)
Weighted-average common shares outstanding - basic	53,558,639	9,291,641
Weighted-average common shares outstanding - diluted	53,558,639	9,291,641
Earnings per share - basic	$ (0.35)	$ (0.56)
Earnings per share - diluted	$ (0.35)	$ (0.56)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 17
-Subparagraph (d)(1)
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-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

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

+ References

+ Details

Nature of Business - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Nature Of Business [Line Items]
Accumulated deficit	$ 129,764,052		$ 110,895,167
AUSTRALIA \| SAB BIO PTY LTD [Member]
Nature Of Business [Line Items]
Percentage of research and development tax credit	48.50%
Research and development tax credit	$ 100,000	$ 400,000

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Condensed Consolidated Operating Expenses and Loss

A reconciliation to condensed consolidated operating expenses as our single segment operating loss for the three months ended March 31, 2026 and 2025, is included in the table below:


	Three Months Ended March 31,
	2026		2025
Direct research and development expenses
Research and development salaries and benefits	$	3,769,049	$	2,651,894
Clinical trial expense		3,196,835		1,927,208
Lab supplies and animal care		1,094,645		556,421
Lab services, consulting, and other direct research costs		1,002,618		942,704
Total direct research and development expenses		9,063,147		6,078,227
Indirect research and development expenses		1,472,920		1,246,805
Share based compensation (research and development)		2,861,910		332,289
Total research and development expense		13,397,977		7,657,321
General and administrative expense
Administrative payroll		1,818,302		1,352,628
Professional fees and travel		717,451		425,638
Insurance, office expense, and other administrative expenses		1,466,004		1,055,853
Share based compensation (general and administrative)		2,598,002		280,662
Total general and administrative expenses		6,599,759		3,114,781
Total operating expense	$	19,997,736	$	10,772,102

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

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

Basis of presentation

The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles accepted in the United States of America (“GAAP”) for interim financial statements and the rules of the Securities and Exchange Commission (“SEC”) applicable to interim financial statements. 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. The accompanying unaudited condensed consolidated financial statements have been prepared by management without audit and should be read in conjunction with our audited consolidated financial statements, including the notes thereto, appearing in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position, consolidated results of operations and other comprehensive loss and consolidated cash flows, for the periods indicated, have been made. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of operating results that may be achieved over the course of the full year.

Emerging growth company status

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

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Principles of consolidation

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

Significant risks and uncertainties

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

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

Use of estimates

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

Fair Value Measurements

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

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

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

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

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

The Company accounts for warrants to purchase its common stock par value of $0.0001 per share (its “common stock”) pursuant to Accounting Standards Codification (“ASC”) Topic 470, Debt (“ASC 470”), and ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), and classifies warrants for common stock as liabilities or equity. The warrants classified as liabilities are reported at their estimated fair value (see Note 11, Fair Value Measurements) and any changes in fair value are reflected in other income

(expense). The warrants classified as equity are reported at their estimated relative fair value with no subsequent remeasurement. The Company’s outstanding warrants are discussed in more detail in Note 10, Warrants.

Deferred Issuance Costs

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

The Company did not have any deferred issuance costs as of March 31, 2026. As of December 31, 2025, the Company had $150 thousand of deferred issuance costs, related to the Company’s sales agreement with UBS Securities LLC. The sales agreement is discussed further in Note 8, Stockholders’ Equity.

Cash, cash equivalents, and restricted cash

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

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

Short-term and long-term investments

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

At March 31, 2026, the Company’s short-term and long-term investments consisted of U.S. treasury securities with original maturity exceeding 90 days, and investments in exchange traded mutual funds. The Company classifies these securities as current and non-current. The Company considers all of its securities for which there is a determinable fair market value, and there are no restrictions on the Company’s ability to sell within the next twelve months, as available-for-sale securities.

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

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

The Company did not recognize any credit losses on its short-term and long-term investments during the three months ended March 31, 2026 and 2025.

Concentration of credit risk

The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Although the Company currently believes that the financial institutions with whom it does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts for the three months ended March 31, 2026 and 2025.

Lease liabilities and right-of-use assets

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

The Company elected not to apply the recognition requirements of ASC 842 to short-term leases, which are deemed to be leases with a lease term of twelve months or less. Instead, the Company recognizes lease payments in the condensed consolidated statements of operations and comprehensive loss on a straight-line basis over the lease term and variable payments in the period in which the obligation for these payments was incurred. The Company elected this policy for all classes of underlying assets.

Research and development expenses

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

During the three months ended March 31, 2026 and 2025, the Company had contracts with multiple contract research organizations (“CRO”) to complete studies as part of research grant agreements. These costs include upfront, milestone and monthly expenses as well as reimbursement for pass through costs. All research and development costs are expensed as incurred except when the Company is accounting for nonrefundable advance payments for goods or services to be used in future research and development activities. In these cases, these payments are capitalized at the time of payment and expensed in the period the research and development activity is performed. As actual costs become known, the Company will adjust the accrual; such changes in estimate may result in material changes in the Company’s clinical study accrual, which could also materially affect reported results of operations. For the three months ended March 31, 2026 and 2025, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.

Property, Plant and Equipment

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



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

Repairs and maintenance expenses are expensed as incurred.

Impairment of long-lived assets

The Company reviews the recoverability of long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If necessary, the Company compares the estimated undiscounted future net cash flows to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value, which is based either on discounted cash flows or appraised values in the period the impairment becomes known. The Company believes that long-lived assets are recoverable, and no impairment was deemed necessary, during the three months ended March 31, 2026 and 2025.

Stock-based compensation

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

In determining the fair value of stock-based awards, the Company utilizes the Black-Scholes option-pricing model, which uses both historical and current market data to estimate fair value. The Black-Scholes option-pricing model incorporates various assumptions, such as the value of the underlying common stock, the risk-free interest rate, expected volatility, expected dividend yield, and expected life of the options. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. No awards may have a term in excess of ten years. Forfeitures are recorded when they occur. Stock-based compensation expense is classified in the condensed consolidated statements of operations based on the function to which the related services are provided. The Company recognizes stock-based compensation expense over the vesting period.

Income taxes

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

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

Foreign Currency Translations and Transactions

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

Comprehensive loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The components of comprehensive loss for the three months ended March 31, 2026 and 2025 consist of foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency, and unrealized gains and losses on available-for-sale debt securities. During the three months ended March 31, 2026, $47 thousand of net realized gains was reclassified from accumulated comprehensive income (loss) to other income. The Company did not reclassify any realized gains or losses for the three months ended March 31, 2025.

Litigation

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

Earnings per share

In accordance with ASC 260, Earnings per Share (“ASC 260”), basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common stock outstanding during the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common stock outstanding for the period including potential dilutive common shares such as stock options and convertible preferred stock. See Note 4, Earnings per share, for further details.

Segment reporting

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

Australian Research and Development Tax Credit

The Company recognizes other income from Australian research and development incentives when there is reasonable assurance that the income will be received, the relevant expenditure has been incurred, and the consideration can be reliably measured. The research and development incentive is one of the key elements of the Australian Government’s support for Australia’s innovation system and is supported by legislative law primarily in the form of the Australian Income Tax Assessment Act 1997, as long as eligibility criteria are met. Under the program, a percentage of eligible research and development expenses incurred by the Company through its subsidiary in Australia are reimbursed. The Company recognized $0.1 million and $0.4 million in tax credit income for the three months ended March 31, 2026 and 2025, respectively.

Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive regime described above. At each period end,

management estimates the refundable tax offset available to the Company based on available information at the time and it is included in other income in the condensed consolidated statements of operations and comprehensive loss.

Stock Option Plans (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options

Stock option activity for employees and non-employees under the Equity Compensation Plans for the three months ended March 31, 2026, was as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (periods)		Aggregate Intrinsic Value
Outstanding options, December 31, 2025		20,887,772		$	2.93		9.48	$	26,069,500
Granted		18,643,100		$	4.43
Forfeited		(522,997	)	$	3.52
Exercised		(39,083	)	$	2.89
Expired		(8,855	)	$	9.76
Outstanding options, March 31, 2026		38,959,937		$	3.64		9.53	$	27,556,141
Options vested and exercisable, March 31, 2026		1,555,511		$	8.65		7.19	$	506,292

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

The estimated fair value of stock options granted to employees and consultants during the three months ended March 31, 2026 and 2025, were calculated using the Black-Scholes option-pricing model using the following assumptions:


	For The Three Months Ended March 31,
	2026			2025
Expected volatility	90.7 - 102.0		%	*	%
Weighted-average volatility		101.7	%	*	%
Expected dividends	—		%	*	%
Expected term (in periods)	6.00 - 6.08			*
Risk-free rate	3.81 - 3.94		%	*	%

* No options were granted during the three months ended March 31, 2025.

Summary of Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the three months ended March 31, 2026, was as follows:


	Number of shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		14,639		$	8.93
Vested and issued		(4,180	)	$	11.56
Unvested as of March 31, 2026		10,459		$	7.88

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three months ended March 31, 2026 and 2025, was as follows:


	For The Three Months Ended March 31,
	2026		2025
Research and development	$	2,861,910	$	332,289
General and administrative		2,598,001		280,662
Total	$	5,459,911	$	612,951

Earnings per share - Additional Information (Details)	Mar. 31, 2026 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares issuable upon exercise of pre-funded warrants	2,753,246
Common Stock [Member] \| Pre-Funded Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares issuable upon exercise of pre-funded warrants	2,753,246

Leases - Additional Information (Details)			1 Months Ended		3 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2025 USD ($) ft²	Apr. 01, 2024 USD ($) ft²	Nov. 30, 2023 USD ($)	Dec. 31, 2018 USD ($)	Mar. 31, 2026 USD ($) Period	Mar. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Finance lease payments					$ 100,000	$ 100,000
Finance lease, right-of-use asset, amortization					21,705	21,706
Operating lease payments					280,000	213,000
Finance lease interest expense					$ 63,000	66,000
Miami Lease [Member]
Lessee, Lease, Description [Line Items]
Area of property leased \| ft²	3,099	1,272
Operating lease payments per month, year one	$ 17,000	$ 7,000
Operating lease payments annual increases rate	3.00%	4.00%
Operating lease liablity discount rate	14.90%	7.12%
Operating lease term	60 months	62 months
Dakota Ag Properties [Member]
Lessee, Lease, Description [Line Items]
Finance lease payments				$ 34,000
Lessee finance lease interest rate				8.00%
Finance lease term				20 years
Lease payback construction cost				$ 4,000,000
Laboratory Space [Member]
Lessee, Lease, Description [Line Items]
Lessee advanced written notice period					1 year
Lease renewed					5 years
Lease expiration date					Dec. 31, 2029
Office, Laboratory, and Warehouse [Member]
Lessee, Lease, Description [Line Items]
Operating lease number of option to extended additional period \| Period					3
Operating lease option to extended additional period					3 years
Operating lease cost per month			$ 31,000
Operating lease liablity discount rate			8.14%
Operating lease term					3 years
Lease Agreement [Member] \| Sanford Health [Member]
Lessee, Lease, Description [Line Items]
Operating lease payments per month					$ 50,000
Operating lease payments annual increases rate					2.00%
Operating lease liablity discount rate					9.90%
Research and Development Expense [Member]
Lessee, Lease, Description [Line Items]
Operating lease expense					$ 301,000	$ 268,000

Property, plant and equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Line Items]

Schedule of Property, plant and equipment

As of March 31, 2026 and December 31, 2025, the Company’s property, plant and equipment was as follows:


	March 31, 2026			December 31, 2025
Laboratory equipment	$	11,521,555		$	11,339,840
Animal facility leasehold improvements		8,400,580			8,400,580
Animal facility equipment		1,267,529			1,278,123
Construction-in-progress		1,435,480			759,279
Leasehold improvements		7,166,839			7,064,721
Vehicles		201,590			201,590
Office furniture and equipment		1,943,751			1,778,231
Total Property, plant and equipment, gross		31,937,324			30,822,364
Less: accumulated depreciation and amortization		(18,123,754	)		(17,516,462	)
Property, plant and equipment, net	$	13,813,570		$	13,305,902

Fair Value Measurements - Summary of Changes in Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member]	3 Months Ended
	Mar. 31, 2026 USD ($)
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance	$ 6,508
Change in fair value of Private Placement Warrant liability	(1,063)
Balance	5,445
Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance	5,449,204
Change in fair value of Private Placement Warrant liability	512,863
Balance	$ 5,962,067

Investments - Schedule of Amortized Cost and Estimated Fair Value by Maturity of Investment Securities (Details)	Mar. 31, 2026 USD ($)
Amortized Cost
Within one year or less	$ 75,470,377
One through five years	110,582,343
Total	186,052,720
Fair Value
With in one year or less	75,456,500
One through five years	110,235,540
Total	$ 185,692,040

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

(16) Segment Reporting

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

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

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company's single reporting segment. A reconciliation to condensed consolidated operating expenses as our single segment operating loss for the three months ended March 31, 2026 and 2025, is included in the table below:


	Three Months Ended March 31,
	2026		2025
Direct research and development expenses
Research and development salaries and benefits	$	3,769,049	$	2,651,894
Clinical trial expense		3,196,835		1,927,208
Lab supplies and animal care		1,094,645		556,421
Lab services, consulting, and other direct research costs		1,002,618		942,704
Total direct research and development expenses		9,063,147		6,078,227
Indirect research and development expenses		1,472,920		1,246,805
Share based compensation (research and development)		2,861,910		332,289
Total research and development expense		13,397,977		7,657,321
General and administrative expense
Administrative payroll		1,818,302		1,352,628
Professional fees and travel		717,451		425,638
Insurance, office expense, and other administrative expenses		1,466,004		1,055,853
Share based compensation (general and administrative)		2,598,002		280,662
Total general and administrative expenses		6,599,759		3,114,781
Total operating expense	$	19,997,736	$	10,772,102

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	3 Months Ended
	Mar. 31, 2026
Animal Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	7 years
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Equipment description	Shorter of asset life or lease term
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	5 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	5 years

Investments - Schedule of fair value and amortized cost of available-for-sale debt securities (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Total	$ 186,052,720
Fair Value	185,692,040
U.S. Treasury Securities - Short-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Total	75,470,377	$ 23,993,821
Gross Unrealized Gains	18,342	33,439
Gross Unrealized Losses	(32,219)
Fair Value	75,456,500	24,027,260
Corporate Bonds - Short-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Total		2,923,265
Gross Unrealized Gains		9,677
Gross Unrealized Losses		(32)
Fair Value		2,932,910
U.S. Treasury Securities - Long-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Total	110,582,343	42,651,824
Gross Unrealized Gains	34,909	143,223
Gross Unrealized Losses	(381,712)	(11,058)
Fair Value	$ 110,235,540	42,783,989
Corporate Bonds - Long-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Total		4,098,031
Gross Unrealized Gains		11,698
Gross Unrealized Losses		(836)
Fair Value		4,108,893
Short-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Total		26,917,086
Gross Unrealized Gains		43,116
Gross Unrealized Losses		(32)
Fair Value		26,960,170
Long-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Total		46,749,855
Gross Unrealized Gains		154,921
Gross Unrealized Losses		(11,894)
Fair Value		$ 46,892,882

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Payroll and employee-related costs	$ 2,894,637	$ 5,036,039
Accrued research and development expenses	1,008,218	322,743
Accrued financing fees payable	386,335
Accrued business consulting	547,740	354,361
Accrued legal fees	188,050	0
Accrued interest	20,835	21,075
Other accrued expenses	340,715	849,778
Total Accrued Expenses and Other Current Liabilities	$ 5,386,530	$ 6,583,996

Stock Option Plans

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Option Plans

(9) Stock Option Plans

On August 5, 2014, the Company approved a stock option grant plan (the “2014 Equity Incentive Plan”) for employees, directors, and non-employee consultants, which provides for the issuance of options to purchase common stock. As of March 31, 2026, there were 728,650 shares of common stock reserved for issuance under the 2014 Equity Incentive Plan, with 534,290 shares of common stock available for grant and 194,360 shares of common stock underlying outstanding grants.

The Company adopted the 2021 Omnibus Equity Incentive Plan (as amended, the “2021 Equity Incentive Plan”, and collectively with the 2014 Equity Incentive Plan, the “Equity Compensation Plans”), which reserved 1,100,000 shares of common stock for issuance. At the beginning of each calendar year, the shares reserved for future issuance shall increase by two percent (2%) of the total number of shares of common stock issued and outstanding on a fully-diluted basis as of the end of the Company’s immediately preceding fiscal year (or such lesser number of shares, including no shares, determined by the Board in its sole discretion); provided, however, that the aggregate number of additional shares available for issuance pursuant to this paragraph (b) shall not exceed a total of 500,000 shares (the “Annual Increase”). In June 2024, the Company held the 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). At the 2024 Annual Meeting, the stockholders of the Company approved an amendment to the 2021 Equity Incentive Plan which, among other things, increased the number of shares of common stock available for grant under the 2021 Equity Incentive Plan by 3,900,000 and increased the Annual Increase from 2% to 5% (the “2021 Plan Amendment”). At the 2025 Special Meeting, the stockholders of the Company approved an amendment to the 2021 Equity Incentive Plan which, among other things, increased the number of shares of common stock available for grant under the 2021 Equity Incentive Plan by 24,180,000 and increased the maximum number of additional shares available pursuant to the Annual Increase from 10,000,000 shares to 73,750,000 shares. As of March 31, 2026, there were 47,624,055 shares of common stock reserved for issuance under the 2021 Equity Incentive Plan, with 8,848,019 shares of common stock available for grant and 38,776,036 shares of common stock underlying outstanding grants.

The Company offers an Employee Stock Purchase Plan (“ESPP”) that allows eligible employees to purchase shares of common stock at a discount of up to 15% from the lower of the fair market value at the beginning or end of the offering period. Under ASC 718, the ESPP is classified as compensatory, and stock-based compensation expense is recognized for the fair value of the discount and any embedded option features. No shares were issued under the ESPP during either the three months ended March 31, 2026 and 2025, and no stock-based compensation expense was recognized. As of March 31, 2026, 100,000 shares remained available for future issuance.

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

Stock Options

Stock option activity for employees and non-employees under the Equity Compensation Plans for the three months ended March 31, 2026, was as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (periods)		Aggregate Intrinsic Value
Outstanding options, December 31, 2025		20,887,772		$	2.93		9.48	$	26,069,500
Granted		18,643,100		$	4.43
Forfeited		(522,997	)	$	3.52
Exercised		(39,083	)	$	2.89
Expired		(8,855	)	$	9.76
Outstanding options, March 31, 2026		38,959,937		$	3.64		9.53	$	27,556,141
Options vested and exercisable, March 31, 2026		1,555,511		$	8.65		7.19	$	506,292

Total unrecognized compensation cost related to non-vested stock options as of March 31, 2026, was approximately $97.4 million and is expected to be recognized within future operating results over a weighted-average period of 3.53 years.

The weighted average grant date fair value of options granted during the three months ended March 31, 2026, was $3.61 per share. During the three months ended March 31, 2026, 150,849 options vested with a fair value totaling $0.5 million.

There were no stock options granted during the three months ended March 31, 2025. During the three months ended March 31, 2025, 281,812 options vested with a fair value totaling $1.1 million.


	For The Three Months Ended March 31,
	2026			2025
Expected volatility	90.7 - 102.0		%	*	%
Weighted-average volatility		101.7	%	*	%
Expected dividends	—		%	*	%
Expected term (in periods)	6.00 - 6.08			*
Risk-free rate	3.81 - 3.94		%	*	%

* No options were granted during the three months ended March 31, 2025.

Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the three months ended March 31, 2026, was as follows:


	Number of shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		14,639		$	8.93
Vested and issued		(4,180	)	$	11.56
Unvested as of March 31, 2026		10,459		$	7.88

At March 31, 2026, the Company had an aggregate of $0.1 million of unrecognized equity-based compensation related to restricted stock units (“RSUs”) outstanding. During the three months ended March 31, 2026, a total of 4,180 RSUs vested. The aggregate fair value of RSUs vested during the three-month period was approximately $48 thousand. Of the 4,180 RSUs issued, 1,163 units were withheld and returned to the Company in satisfaction of employee payroll withholding tax obligations. For the three months ended March 31, 2026, the Company issued a net total of 3,017 RSUs. The unrecognized expense for restricted stock units is expected to be recognized within future operating results over a weighted average period of 0.76 years.

Stock-based compensation expense

Stock-based compensation expense for the three months ended March 31, 2026 and 2025, was as follows:


	For The Three Months Ended March 31,
	2026		2025
Research and development	$	2,861,910	$	332,289
General and administrative		2,598,001		280,662
Total	$	5,459,911	$	612,951

Property, plant and equipment - Schedule of Property Plant and Equipment (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	$ 31,937,324	$ 30,822,364
Less: accumulated depreciation and amortization	(18,123,754)	(17,516,462)
Property, plant and equipment, net	13,813,570	13,305,902
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	11,521,555	11,339,840
Animal Facility Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	8,400,580	8,400,580
Animal Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	1,267,529	1,278,123
Construction-in-Progress [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	1,435,480	759,279
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	7,166,839	7,064,721
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	201,590	201,590
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	$ 1,943,751	$ 1,778,231

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

Mar. 31, 2026

Dec. 31, 2025

Dec. 31, 2024

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

6 months 21 days

9 months 21 days

Measurement Input, Risk Free Interest Rate [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

0.0375

0.0383

Measurement Input, Option Volatility [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

2.317

2.004

Measurement Input, Share Price [Member]

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

0.0383

0.0374

Preferred Tranche B Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

2 months 23 days

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

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

0.0393

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

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

0.75

Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

^[1]

2 years 7 months 28 days

2 years 10 months 28 days

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

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

^[1]

0.038

0.0354

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

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

1.025

1.05

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

Class of Warrant or Right [Line Items]

Warrants, outstanding inputs

3.1229

3.0495

[1]

Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of dissolution, should SABS’ intellectual property fail to yield positive results in forthcoming clinical trials, potentially leading to dissolution before 2028. The probability was 47.5% as of March 31, 2026 and December 31, 2025.

Stock Option Plans - Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options (Details)	3 Months Ended
	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average volatility	101.70%
Risk-free rate, minimum	3.81%
Risk-free rate, maximum	3.94%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	90.70%
Expected term (in periods)	6 years
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, maximum	102.00%
Expected term (in periods)	6 years 29 days

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Warrants - Summary of Warrant Activity (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Business Combination Public Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	575,000	575,000
Outstanding, Ending Balance	575,000	575,000
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	20,860	20,860
Outstanding, Ending Balance	20,860	20,860
PIPE Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	736,337	736,337
Outstanding, Ending Balance	736,337	736,337
Pre-Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants Issued	2,753,246
Outstanding, Ending Balance	2,753,246
PIPE Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	21,091	21,091
Outstanding, Ending Balance	21,091	21,091
Ladenburg Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	30,000	30,000
Outstanding, Ending Balance	30,000	30,000
Preferred Tranche B Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	0	42,846
Warrants Forfeited		42,846
Outstanding, Ending Balance		0
Preferred Tranche C Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	107,115	107,115
Outstanding, Ending Balance	107,115	107,115
Preferred PIPE Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	850,119	850,119
Outstanding, Ending Balance	850,119	850,119
Preferred PIPE Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding, Beginning Balance	1,500,000
Warrants Issued		1,500,000
Warrants Exercised	17,000
Outstanding, Ending Balance	1,483,000	1,500,000

Stock Option Plans - Additional Information (Details) - USD ($)			3 Months Ended
	Sep. 26, 2025	Sep. 25, 2025	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated weighted average amortization period			3 years 6 months 10 days
Unrecognized compensation expense			$ 97,400,000
Number of stock options granted			18,643,100
Share based compensation			$ 5,459,911	$ 612,951
Option vested fair value			$ 500,000	$ 1,100,000
Number of stock options vested			150,849	281,812
Weighted average grant date fair value of options granted			$ 3.61
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated weighted average amortization period			9 months 3 days
Unrecognized equity-based compensation			$ 100
Fair Value of shares vested			$ 48,000
Units returned in exchange for paying the payroll withholding taxes			1,163
Restricted stock units, net issued			3,017
Number of shares vested			4,180
Number of shares, vested and issued			4,180
2014 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance			728,650
Common stock available for grant			534,290
Number of stock options granted			194,360
Omnibus Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance			1,100,000
Common stock reserved for future issuance increased, percentage			2.00%
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Authorized			3,900,000
Common stock reserved for future issuance			47,624,055
Common stock available for grant	24,180,000		8,848,019
Number of stock options granted			38,776,036
Additional Shares available for issuance not exceed	73,750,000	10,000,000	500,000
2021 Equity Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of annual increase			5.00%
2021 Equity Incentive Plan [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of annual increase			2.00%
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance			100,000
Maximum allowed discount to employees to purchase common stock			15.00%
Shares issued under the ESPP			0	0
Share based compensation			$ 0	$ 0

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

(8) Stockholders’ Equity

Authorized and Outstanding Capital Stock

The total number of shares of the Company’s authorized capital stock is 810,000,000. The total amount of authorized capital stock consists of 800,000,000 shares of common stock and 10,000,000 shares of preferred stock. As of March 31, 2026, 75,744,576 shares of common stock, 28,380 shares of Series A Preferred Stock and 587,879 shares of Series B Preferred Stock were outstanding.

Series A Preferred Stock and Warrants

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

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

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

Following receipt of required stockholder approval, 24,918 shares of Series A-1 Preferred Stock were automatically converted into an aggregate of 3,954,674 shares of common stock at a conversion price of $6.30 per share (approximately 158.8 shares of common stock for each share of Series A-1 Preferred Stock). The remaining 42,236 shares of Series A-1 Preferred Stock were converted into an equal number of shares of Series A-2 Preferred Stock, which are convertible into common stock at the same conversion price of $6.30 per share, subject to certain beneficial ownership limitations as set forth in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock (the “Certificate of Designation”). There were no Series A-2 Preferred stock converted for the three months ended March 31, 2026 and 13,639 shares of Series A-2 Preferred Stock were converted into 2,164,918 shares of common stock during the twelve months ended December 31, 2025.

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

For additional information regarding the Company’s outstanding warrants, refer to Note 10, Warrants.

Series B Convertible Preferred Stock and Warrants

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

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

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

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

The Series B Preferred Stock is entitled to receive dividends on an as-converted-to-common-stock basis when and if declared by the Board of Directors and converts to common stock at a ratio of one-for-one hundred, subject to certain potential adjustments. From the date of issuance until the requisite approval, the Series B Preferred Shares contained a redemption right that was outside of the Company’s control. Following the requisite approval, there is no liquidation preference or redemption rights and the shares are considered to be equity classified. After Requisite Approval at the option of the holder they can convert the Series B Preferred Stock shares to shares of the Company’s Common Stock subject to certain ownership limitations. Following stockholder approval, each share of Series B Preferred Stock, is convertible into Conversion Shares at a conversion price of $1.75 per share. For the three months ended March 31, 2026 there were 67,679 shares of Series B Preferred stock converted into 6,767,900 shares of common stock.

The Release Date and Enrollment Date Warrants provide for the purchase of up to 500,000 and 1,000,000 shares of Series B Preferred Stock, respectively. The Release Date Warrants and Enrollment Date Warrants have an exercise price of $218.75 and $175.00 per share, respectively. The Release Date Warrants have an expiration of the earlier of five years from the issuance date or the Phase II Release Date (as defined in the warrant). The Enrollment Warrants have an expiration date of the earlier of five years from the issuance date or the Phase II Enrollment Date (as defined in the warrant). There were 17,000 Enrollment Warrants exercised for 17,000 shares of Series B Preferred Stock during the three months ended March 31, 2026.

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

For additional information regarding the Company’s outstanding warrants, refer to Note 10, Warrants.

March 2026 Public Offering

On March 17, 2026, the Company entered into an underwriting agreement (the “March 2026 Public Offering”) under which the Company agreed to issue and sell (i) 19,324,677 shares of the Company's common stock, par value $0.0001 per share (the "Firm Shares"), at a public offering price of $3.85 per share, and (ii) pre-funded warrants to purchase up to 2,753,246 shares of common stock (the “Pre-Funded Warrants”), at a public offering price of $3.8499 per Pre-Funded Warrant, which represents the per share public offering price for the Firm Shares less the $0.0001 per share exercise price of each Pre-Funded Warrant. The Company also granted the underwriters a 30-day option to purchase up to an additional 3,311,688 shares of common stock at the public offering price, less underwriting discounts and commissions (the “Optional Shares”). As of March 31, 2026, the underwriters partially exercised their option and purchased an additional 2,000,000 shares of common stock at the public offering price of $3.85 per share.

The Company received aggregate net proceeds from the offering, including the partial exercise of the underwriters’ option, of approximately $86.4 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. Issuance costs were allocated between the common stock and the pre-funded warrants on a relative fair value basis and charged to additional paid-in capital.

For additional information regarding the Company’s outstanding warrants, refer to Note 10, Warrants.

Earnout Shares

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

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

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

(i)

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

(ii)

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

(iii)

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

(iv)

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

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

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

Shelf Registration Statement

On December 29, 2025 the Company filed a Registration Statement on Form S-3 (Registration No. 333-292482) (the “Shelf Registration Statement”), declared effective on January 7, 2026 by the SEC, which includes a base prospectus that allows the Company to offer and sell, from time to time, in one or more offerings, common stock, preferred stock, debt securities, warrants, rights or units up to an aggregate public offering price of $300 million. The Shelf Registration Statement is intended to preserve the Company’s flexibility to raise capital from time to time, if and when needed.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 06, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Entity File Number	001-39871
Entity Registrant Name	SAB BIOTHERAPEUTICS, INC.
Entity Central Index Key	0001833214
Entity Tax Identification Number	85-3899721
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	777 W 41st St
Entity Address, Address Line Two	Suite 401
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33140
City Area Code	605
Local Phone Number	679-6980
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		76,464,094
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	SABS
Security Exchange Name	NASDAQ
Warrants Each Exercisable for Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of Common Stock
Trading Symbol	SABSW
Security Exchange Name	NASDAQ

- Details

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

Leases - Schedule of Undiscounted Future Minimum Lease Payments (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Operating Lease
Operating Lease 2026 - remaining	$ 830,626
Operating Lease 2027	836,602
Operating Lease 2028	855,450
Operating Lease 2029	874,728
Operating Lease 2030	211,021
Operating lease Undiscounted future minimum lease payments	3,608,427
Less:Operating Lease Amount representing interest payments	(673,835)
Total Operating lease liabilities	2,934,592
Less current portion of Operating Lease	(763,705)	$ (797,402)
Noncurrent Operating lease liabilities	2,170,887	1,877,360
Finance Lease
Finance Lease 2026 - remaining	301,122
Finance Lease 2027	401,496
Finance Lease 2028	401,496
Finance Lease 2029	401,496
Finance Lease 2030	401,496
Finance Leases Thereafter	3,178,510
Finance lease Undiscounted future minimum lease payments	5,085,616
Less: Finance lease Amount representing interest payments	(1,847,085)
Total finance lease liabilities	3,238,531
Less current portion of finance Lease	(156,958)	(153,967)
Noncurrent finance lease liabilities	$ 3,081,573	$ 3,121,952

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

(11) 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.

The following tables present information about the Company's assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	As of March 31, 2026
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market funds	$	15,895,107	$	15,895,107	$	—	$	—
U.S. treasury securities		3,689,533		3,689,533		—		—
Short-term investments
Mutual funds		11,415,357		11,415,357		—		—
U.S. treasury securities		75,456,500		75,456,500		—		—
Long-term investments
U.S. treasury securities		110,235,540		110,235,540		—		—
Liabilities:
Public Warrant liability	$	150,074	$	150,074	$	—	$	—
Private Placement Warrant liability		5,445		—		—		5,445
Tranche C Preferred Warrants		5,962,067		—		—		5,962,067


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

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



Balance, December 31, 2025	$	6,508
Change in fair value of Private Placement Warrant liability		(1,063	)
Balance, March 31, 2026	$	5,445

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


Balance, December 31, 2025	$	5,449,204
Change in fair value of the Preferred Warrant liabilities		512,863
Balance, March 31, 2026	$	5,962,067

As of March 31, 2026 and December 31, 2025, the Company did not have any other assets or liabilities that are recorded at fair value on a recurring basis.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

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

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

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

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

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

+ Details

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

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 17, 2026

Jan. 07, 2026

Sep. 26, 2025

Jul. 21, 2025

Jan. 01, 2025

Sep. 29, 2023

Dec. 31, 2022

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2023

Dec. 31, 2025

Sep. 30, 2025

Dec. 31, 2024

Oct. 22, 2021

Class of Stock [Line Items]

Capital units, authorized (in shares)

810,000,000

Common stock, shares authorized (in shares)

800,000,000

Preferred stock, shares authorized (in shares)

10,000,000

Common stock, shares outstanding

75,744,576

47,609,899

Common stock, par value

$ 0.0001

Warrants and rights outstanding, term (year)

6 months 21 days

9 months 21 days

Fair value warrants, liability

$ 482,474

$ (5,035,769)

Warrants issued

2,753,246

Earnout shares at fair value

1,200,000

Earnout value at fair value

$ 101,300,000

Minimum [Member]

Class of Stock [Line Items]

Beneficial ownership blocker limit on common stock outstanding, percentage

4.99%

Maximum [Member]

Class of Stock [Line Items]

Beneficial ownership blocker limit on common stock outstanding, percentage

9.99%

Preferred Tranche B Warrants [Member]

Class of Stock [Line Items]

Warrants and rights outstanding, term (year)

2 months 23 days

Fair value warrants, liability

$ 3

Preferred Tranche C Warrants [Member]

Class of Stock [Line Items]

Warrants and rights outstanding, term (year)

^[1]

2 years 7 months 28 days

2 years 10 months 28 days

Release Date Warrants [Member]

Class of Stock [Line Items]

Warrants exercisable price per share

$ 218.75

Enrollment Date Warrants [Member]

Class of Stock [Line Items]

Warrants exercisable price per share

$ 175

Conversion of convertible securities, instruments converted

17,000

Shelf Registration Statement [Member]

Class of Stock [Line Items]

Proceeds from issuance or sale of equity

$ 300,000,000

Private Placement [Member]

Class of Stock [Line Items]

Warrants and rights outstanding, term (year)

5 years

Proceeds from issuance or sale of equity

$ 8,000,000

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

Class of Stock [Line Items]

Preferred stock, par value

$ 0.0001

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

Class of Stock [Line Items]

Preferred stock, par value

0.0001

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

Class of Stock [Line Items]

Preferred stock, par value

$ 0.0001

Warrants and rights outstanding, term (year)

5 years

March 2026 Public Offering [Member]

Class of Stock [Line Items]

Common stock, par value

$ 0.0001

Proceeds from issuance or sale of equity

$ 86,400,000

March 2026 Public Offering [Member] | Pre-Funded Warrants [Member]

Class of Stock [Line Items]

Share offering price per share

$ 3.8499

Warrants exercisable price per share

$ 0.0001

Underwriters Option [Member]

Class of Stock [Line Items]

Common stock reserved for future issuance

3,311,688

Common Stock [Member]

Class of Stock [Line Items]

Conversion of Stock and Warrants into shares (in shares)

36,144,200

6,767,900

2,164,918

Common Stock [Member] | Pre-Funded Warrants [Member]

Class of Stock [Line Items]

Warrants issued

2,753,246

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

Class of Stock [Line Items]

Conversion of Stock and Warrants into shares (in shares)

100,000,000

Common Stock [Member] | March 2026 Public Offering [Member]

Class of Stock [Line Items]

Number of shares issued

19,324,677

Share offering price per share

$ 3.85

Common Stock [Member] | March 2026 Public Offering [Member] | Pre-Funded Warrants [Member]

Class of Stock [Line Items]

Warrants issued

2,753,246

Common Stock [Member] | Underwriters Option [Member]

Class of Stock [Line Items]

Number of shares issued

2,000,000

Share offering price per share

$ 3.85

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

Class of Stock [Line Items]

Contingent right to receive pro rate portion of earn out shares

1,200,000

Earn out shares, contingently issuable

150,806

Contingent right earn out shares, outstanding

1,049,194

Contingent right earn out shares returned

1,049,194

Warrant [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Offering costs

$ 4,900,000

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares)

10,000,000

Preferred stock, shares outstanding

28,380

Preferred stock, par value

$ 0.0001

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

Class of Stock [Line Items]

Preferred stock, par value

$ 6.30

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares)

2,928,570

Preferred stock, shares outstanding

587,879

638,558

Preferred stock, par value

$ 0.0001

Conversion of stock, shares converted

361,442

67,679

Conversion of Stock and Warrants into shares (in shares)

17,000

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

Class of Stock [Line Items]

Individual investor's beneficial ownership

4.99%

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

Class of Stock [Line Items]

Warrants exercisable price per share

$ 218.75

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

Class of Stock [Line Items]

Warrants issued

500,000

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

Class of Stock [Line Items]

Warrants issued

500,000

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

Class of Stock [Line Items]

Warrants exercisable price per share

$ 175

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

Class of Stock [Line Items]

Warrants issued

1,000,000

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

Class of Stock [Line Items]

Number of shares issued

1,000,000

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

Class of Stock [Line Items]

Preferred stock, par value

$ 1.75

Conversion of Stock and Warrants into shares (in shares)

6,767,900

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

Class of Stock [Line Items]

Offering costs

$ 6,200,000

Series A-1 Preferred Stock [Member]

Class of Stock [Line Items]

Stock issued during period, shares, conversion of units

67,154

Conversion of stock, shares converted

42,236

Series A-1 Preferred Stock [Member] | Private Placement [Member]

Class of Stock [Line Items]

Conversion of stock, shares converted

24,918

Series A-1 Preferred Stock [Member] | Private Placement [Member] | Securities Purchase Agreement [Member]

Class of Stock [Line Items]

Number of shares issued

7,500

Preferred stock, par value

$ 0.0001

Series A-1 Preferred Stock [Member] | Private Placement [Member] | Securities Purchase Agreement [Member] | Preferred Tranche A Warrants [Member]

Class of Stock [Line Items]

Number of shares issued

59,654

Gross proceeds from private placement

$ 59,650,000

Series A-1 Preferred Stock [Member] | Common Stock [Member]

Class of Stock [Line Items]

Number of shares issued

158.8

Preferred stock, par value

$ 6.3

Conversion of Stock and Warrants into shares (in shares)

3,954,674

Series A-2 Preferred Stock [Member]

Class of Stock [Line Items]

Conversion of stock, shares converted

13,639

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

Class of Stock [Line Items]

Issuance of shares and warrants

$ 175,000,000

Offering costs

11,100,000

Issuance of shares and warrants, net

163,900,000

Warrants, value

284,000,000

Fair value warrants, liability

152,700,000

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

Class of Stock [Line Items]

Gross proceeds from private placement

$ 22,300,000

Series A-2 Convertible Preferred Stock [Member]

Class of Stock [Line Items]

Common stock, shares outstanding

28,380

42,019

Preferred stock, par value

$ 6.3

First Earnout [Member]

Class of Stock [Line Items]

Percentage of earn out shares to be released

25.00%

Period to issue earn out shares (year)

5 years

Volume weighted average price threshold (in dollars per share)

$ 150

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

20 days

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

30 days

Second Earnouts [Member]

Class of Stock [Line Items]

Percentage of earn out shares to be released

25.00%

Period to issue earn out shares (year)

5 years

Volume weighted average price threshold (in dollars per share)

$ 200

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

20 days

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

30 days

Third Earnouts [Member]

Class of Stock [Line Items]

Percentage of earn out shares to be released

25.00%

Period to issue earn out shares (year)

5 years

Volume weighted average price threshold (in dollars per share)

$ 250

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

20 days

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

30 days

Fourth Earnouts [Member]

Class of Stock [Line Items]

Percentage of earn out shares to be released

25.00%

Period to issue earn out shares (year)

5 years

Volume weighted average price threshold (in dollars per share)

$ 300

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

20 days

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

30 days

[1]

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(15) Commitments and Contingencies

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

Fortrea Inc.

In October 2024, the Company entered into a clinical master services agreement and work orders with Fortrea Holdings Inc. (“Fortrea”) to act as the contract research organization (“CRO”) overseeing the Company’s Phase 2b efficacy and safety study for SAB-142. Approximately $2.4 million and $0.8 million was expensed with respect to the Fortrea agreements during the period ended March 31, 2026 and 2025, respectively, which amounts are included in research and development expenses in the accompanying consolidated statements of operations and comprehensive loss. The Company expects to make ongoing payments to Fortrea over the next 12 to 18 months in connection with services provided by Fortrea, as well as clinical trial site and other pass-through costs relating to the Phase 2b efficacy and safety study for SAB-142.

Earnings per share - Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	211,161,814	29,039,570
Stock Options and Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	38,970,396	2,983,234
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,233,407	2,233,407
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	4,504,824	6,669,742
Preferred Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	17,002,381	17,002,381
Enrollment Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	98,300,000
Release Date Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	50,000,000
Contingently Issuable Earnout Shares from Unexercised Rollover Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	150,806	150,806

Property, plant and equipment - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 730,965	$ 756,595

- Definition

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

+ References + Details

Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

(12) Investments

Available-For-Sale Debt Securities

At March 31, 2026, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:


	As of March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities	$	75,470,377	$	18,342	$	(32,219	)	$	75,456,500

Long-term:
U.S. treasury securities	$	110,582,343	$	34,909	$	(381,712	)	$	110,235,540

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


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

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


	As of March 31, 2026
	Amortized Cost		Fair Value
Within one year or less	$	75,470,377	$	75,456,500
One through five years		110,582,343		110,235,540
Total	$	186,052,720	$	185,692,040


	Unrealized losses less than 12 months						Unrealized losses 12 months or greater						Total
	Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss		Number of Individual Securities		Fair Value		Unrealized Loss
Available-for-sale securities:
U.S. treasury securities		92	$	115,840,233	$	413,931		—	$	—	$	—		92	$	115,840,233	$	413,931
Total		92	$	115,840,233	$	413,931		—	$	—	$	—		92	$	115,840,233	$	413,931


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

The unrealized losses on the Company’s available-for-sale debt securities as of March 31, 2026 and December 31, 2025 were caused by fluctuations in market value and interest rates as a result of the economic environment. The Company concluded that an allowance for credit losses was unnecessary as of March 31, 2026 and December 31, 2025 because the decline in the market value was attributable to changes in market conditions and not credit quality, and that it is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery.

Gross realized gains and losses on the sale of short-term and long-term investments are included in other income in the Company’s condensed consolidated statements of operations and comprehensive loss. Net realized gains for the three months ended March 31, 2026, include $47 thousand reclassified from accumulated comprehensive income (loss), representing unrealized gains previously recognized in other comprehensive income that were realized upon the sale of available-for-sale debt securities. The following table summarizes the Company’s gross realized gains and losses on the sale of available-for-sale debt securities:


	For The Three Months Ended March 31,
	2026			2025
Gross realized gains	$	49,652		$	—
Gross realized losses		(2,563	)		—
Net realized gains	$	47,089		$	—

Accrued interest receivable related to the above investment securities was $1.6 million and $0.9 million at March 31, 2026 and December 31, 2025, respectively, and is included within accrued interest receivable on the condensed consolidated balance sheets.

Equity Securities

The Company holds investments in mutual funds that are classified as equity securities, primarily representing diversified portfolios of publicly traded equity instruments managed by third-party investment advisors. As of March 31, 2026 and December 31, 2025, the Company had $11.4 million and $59.1 million, respectively, of equity securities included within short-term investments on the condensed consolidated balance sheets. The following is a summary of unrealized and realized gains (losses) recognized on equity securities included in other income (expense) in the condensed consolidated statements of operations and comprehensive loss.


	For The Three Months Ended March 31,
	2026			2025
Net gains (losses) recognized during the period	$	(9,587	)	$	961
Less: Realized net gains (losses) recognized on equity securities sold		2,549			(6,934	)
Unrealized net gains (losses) recognized on equity securities held	$	(12,136	)	$	7,895

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

As of March 31, 2026 and December 31, 2025, accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Payroll and employee-related costs	$	2,894,637	$	5,036,039
Accrued research and development expenses		1,008,218		322,743
Accrued financing fees payable		386,335		—
Accrued business consulting		547,740		354,361
Accrued legal fees		188,050		—
Accrued interest		20,835		21,075
Other accrued expenses		340,715		849,778
	$	5,386,530	$	6,583,996

Earnings per share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per share

(4) Earnings per share

Since the Company reported a net loss for the three months ended March 31, 2026 and 2025, it was required by ASC 260 to use basic weighted-average shares outstanding when calculating diluted net loss per share for the three months ended March 31, 2026 and 2025, as the potential dilutive securities are anti-dilutive.

The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the three months ended March 31, 2026 and 2025:


	For The Three Months Ended March 31,
	2026			2025
Calculation of basic loss per share attributable to the Company’s shareholders
Net loss attributable to common stockholders		(18,868,885	)		(5,196,773	)
Weighted-average common shares outstanding - basic and diluted		53,558,639			9,291,641
Earnings per share - basic and diluted	$	(0.35	)	$	(0.56	)

Included within weighted average common shares outstanding for the three months ended March 31, 2026, are 2,753,246 common shares issuable upon the exercise of pre-funded warrants, as the warrants are exercisable at any time for nominal consideration, and, as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share attributable to common stockholders.

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


	For The Three Months Ended March 31,
	2026		2025
Stock options and awards		38,970,396		2,983,234
Common Stock Warrants (1)		2,233,407		2,233,407
Series A Preferred Stock (2)		4,504,824		6,669,742
Preferred Stock Warrants (3)		17,002,381		17,002,381
Enrollment Warrants (4)		98,300,000		—
Release Date Warrants (4)		50,000,000		—
Contingently issuable Earnout Shares from unexercised Rollover Options		150,806		150,806
Total		211,161,814		29,039,570

(1)

Contained within common stock warrants are the 575,000 shares of common stock underlying public warrants (the “Public Warrants”), 20,860 shares of common stock underlying warrants held by assignees of Big Cypress Holdings, LLC (the “Private Placement Warrants”), 30,000 shares underlying warrants held by Ladenburg Thalmann & Co. Inc. (the “Ladenburg Warrants”), 736,337 shares underlying warrants issued to the investors in the December 2022 Private Placement (the “the PIPE Warrants”), 21,091 shares underlying warrants issued to the placement agent in the December 2022 Private Placement (the “PIPE Placement Agent Warrants”), and 850,119 shares underlying the Preferred PIPE Placement Agent Warrants issued to the placement agent in the September 2023 Offering. See Note 10, Warrants for further details on the Company’s outstanding warrants.

(2)

Represents 4,504,824 and 6,669,742 shares of common stock underlying 28,380 and 42,019 issued and outstanding shares of Series A-2 Preferred Stock, for the three months ended March 31, 2026 and 2025, respectively. See Note 8, Stockholders’ Equity for further details on the Company’s preferred stock.

(3)

Represents 17,002,381 shares of common stock underlying 107,115 outstanding Preferred Tranche C Warrants (as defined below) for the three months ended March 31, 2026. See Note 10, Warrants for further details on the Company’s outstanding warrants.

(4)

Represents 50,000,000 and 98,300,000 shares of common stock underlying the Release Date Warrants and Enrollment Warrants, respectively, for the three months ended March 31, 2026.

Investments - Schedule of unrealized losses and fair value of available-for-sale securities (Details)	Mar. 31, 2026 USD ($) Security	Dec. 31, 2025 USD ($) Security	Sep. 30, 2025 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, number of individual securities \| Security	92	12
Unrealized losses less than 12 months, fair value	$ 115,840,233	$ 8,573,907
Unrealized losses less than 12 months, unrealized losses	$ 413,931	$ 11,926
Unrealized losses 12 months or greater, number of individual securities \| Security	0	0
Unrealized losses 12 months or greater, fair value	$ 0	$ 0
Unrealized losses 12 months or greater, unrealized loss	$ 0		$ 0
Total number of Individual Securities \| Security	92	12
Total fair value	$ 115,840,233	$ 8,573,907
Total unrealized loss	$ 413,931	$ 11,926
U.S. Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, number of individual securities \| Security	92	4
Unrealized losses less than 12 months, fair value	$ 115,840,233	$ 7,802,140
Unrealized losses less than 12 months, unrealized losses	$ 413,931	11,058
Unrealized losses 12 months or greater, number of individual securities \| Security	0
Unrealized losses 12 months or greater, fair value	$ 0	0
Unrealized losses 12 months or greater, unrealized loss	$ 0	$ 0
Total number of Individual Securities \| Security	92	4
Total fair value	$ 115,840,233	$ 7,802,140
Total unrealized loss	$ 413,931	$ 11,058
Corporate Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, number of individual securities \| Security		8
Unrealized losses less than 12 months, fair value		$ 771,767
Unrealized losses less than 12 months, unrealized losses		$ 868
Unrealized losses 12 months or greater, number of individual securities \| Security		0
Unrealized losses 12 months or greater, fair value		$ 0
Unrealized losses 12 months or greater, unrealized loss			$ 0
Total number of Individual Securities \| Security		8
Total fair value		$ 771,767
Total unrealized loss		$ 868

Stock Option Plans - Summary of Stock Options (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Number of Stock Options Outstanding, Beginning of Period	20,887,772
Number of Stock Options, Granted	18,643,100
Number of Stock Options, Forfeited	(522,997)
Number of Stock Options, Exercised	(39,083)
Number of Stock Options, Expired	(8,855)
Number of Stock Options Outstanding, End of Period	38,959,937	20,887,772
Options vested and exercisable, March 31, 2026	1,555,511
Weighted Average Exercise Price Per Share, Beginning of Period	$ 2.93
Weighted Average Exercise Price Per Share, Granted	4.43
Weighted Average Exercise Price Per Share, Forfeited	3.52
Weighted Average Exercise Price Per Share, Exercised	2.89
Weighted Average Exercise Price Per Share, Expired	9.76
Weighted Average Exercise Price, End of Period	3.64	$ 2.93
Weighted Average Exercise Price, Options vested and exercisable at September 30, 2025	$ 8.65
Weighted-Average Remaining Contractual Life (years), Options outstanding	9 years 6 months 10 days	9 years 5 months 23 days
Weighted-Average Remaining Contractual Life (years), Options vested and exercisable at March 31, 2026	7 years 2 months 8 days
Aggregate Intrinsic Value, Options outstanding	$ 27,556,141	$ 26,069,500
Aggregate Intrinsic Value, Options vested and exercisable at March 31, 2026	$ 506,292

Investments - Summary of Gross Realized gains and Losses on the Sale of Available-for-Sale Debt Securities (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Debt Securities, Available-for-Sale, Realized Gain (Loss) [Abstract]
Gross realized gains	$ 49,652
Gross realized losses	(2,563)
Net realized gains	$ 47,089

Stock Option Plans - Summary of Restricted Stock (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of unvested shares, Beginning of Period \| shares	14,639
Number of shares, Vested and issued \| shares	(4,180)
Number of unvested shares, End of Period \| shares	10,459
Weighted Average Grant Date Fair Value, Beginning of Period \| $ / shares	$ 8.93
Weighted Average Grant Date Fair Value, Vested and issued \| $ / shares	11.56
Weighted Average Grant Date Fair Value, End of Period \| $ / shares	$ 7.88

- Definition

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

+ References

+ Details

Stock Option Plans - Schedule of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 5,459,911	$ 612,951
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	2,861,910	332,289
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 2,598,001	$ 280,662

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 20,519,724	$ 10,502,680
Short-term investments	86,871,857	86,089,779
Accrued interest receivable	1,555,061	946,781
Prepaid expenses and other current assets	3,835,400	3,513,384
Total current assets	112,782,042	101,052,624
Deferred issuance cost	0	150,145
Long-term prepaid assets	5,279,709	5,309,345
Long-term investments	110,235,540	46,892,882
Operating lease right-of-use assets	2,885,331	2,603,059
Financing lease right-of-use assets	3,474,306	3,496,012
Property, plant and equipment, net	13,813,570	13,305,902
Total assets	248,470,498	172,809,969
Current liabilities
Accounts payable	3,544,958	3,145,805
Accrued expenses and other current liabilities	5,386,530	6,583,996
Operating lease liabilities, current portion	763,705	797,402
Finance lease liabilities, current portion	156,958	153,967
Total current liabilities	9,852,151	10,681,170
Operating lease liabilities, noncurrent	2,170,887	1,877,360
Finance lease liabilities, noncurrent	3,081,573	3,121,952
Warrant liabilities	6,117,586	5,635,112
Total liabilities	21,222,197	21,315,594
Commitments and contingencies (Note 15)
Stockholders equity
Common stock; $0.0001 par value; 800,000,000 shares authorized at March 31, 2026 and December 31, 2025;75,799,241 and 47,664,564 shares issued at March 31, 2026 and December 31, 2025, respectively, and 75,744,576 and 47,609,899 outstanding at March 31, 2026 and December 31, 2025, respectively	7,580	4,766
Treasury stock, at cost; 54,665 shares held at March 31, 2026 and December 31, 2025, respectively	(5,521,246)	(5,521,246)
Additional paid-in capital	362,748,721	267,719,445
Accumulated other comprehensive income (loss)	(222,764)	186,510
Accumulated deficit	(129,764,052)	(110,895,167)
Total stockholders' equity	227,248,301	151,494,375
Total liabilities and stockholders' equity	248,470,498	172,809,969
Series A Preferred Stock [Member]
Stockholders equity
Preferred stock	3	3
Series B Preferred Stock [Member]
Stockholders equity
Preferred stock	$ 59	$ 64

Warrants - Summary of Warrant Activity (Parenthetical) (Details)		3 Months Ended
	Jan. 01, 2025 USD ($) shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025	Dec. 31, 2024 $ / shares
Class of Warrant or Right [Line Items]
Recognized gain other income		$ 482,474	$ (5,035,769)
Warrants and rights outstanding, term (year)		6 months 21 days		9 months 21 days
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs		0.0375		0.0383
Implied Volatility [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs		2.317		2.004
Measurement Input, Share Price [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs		0.0383		0.0374
Tranche B Warrants [Member] \| Measurement Input, Share Price [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs \| $ / shares					3.0937
Preferred Tranche B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants expired and unexercised \| shares	42,846
Recognized gain other income	$ 3
Warrants and rights outstanding, term (year)					2 months 23 days
Preferred Tranche B Warrants [Member] \| Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs					0.0393
Preferred Tranche B Warrants [Member] \| Implied Volatility [Member]
Class of Warrant or Right [Line Items]
Warrants, outstanding inputs					0.75

Investments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Realized gains and losses on investment	$ 47,089
Other comprehensive income (loss), reclassification adjustment from AOCI for sale of securities, net of tax	47,000	$ 0
Accrued interest receivable	1,555,061		$ 946,781
Equity securities included within short-term investments	$ 11,400,000		$ 59,100,000

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Expenses [Abstract]
Research and development	$ 13,397,977	$ 7,657,321
General and administrative	6,599,759	3,114,781
Total operating expenses	19,997,736	10,772,102
Loss from operations	(19,997,736)	(10,772,102)
Changes in fair value of warrant liabilities	(482,474)	5,035,769
Interest expense	(62,745)	(69,565)
Interest income	1,047,197	62,498
Other income	626,873	546,627
Total other income	1,128,851	5,575,329
Net loss	(18,868,885)	(5,196,773)
Other comprehensive income (loss):
Unrealized loss, change in fair value of available-for-sale securities, net of reclassification adjustment and tax	(546,791)	(975)
Foreign currency translation gain	137,517	24,792
Total comprehensive loss	$ (19,278,159)	$ (5,172,956)
Loss per common share attributable to the Company's shareholders
Basic loss per common share	$ (0.35)	$ (0.56)
Diluted loss per common share	$ (0.35)	$ (0.56)
Weighted-average common shares outstanding - basic	53,558,639	9,291,641
Weighted-average common shares outstanding - diluted	53,558,639	9,291,641

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

(7) Accrued Expenses and Other Current Liabilities

As of March 31, 2026 and December 31, 2025, accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Payroll and employee-related costs	$	2,894,637	$	5,036,039
Accrued research and development expenses		1,008,218		322,743
Accrued financing fees payable		386,335		—
Accrued business consulting		547,740		354,361
Accrued legal fees		188,050		—
Accrued interest		20,835		21,075
Other accrued expenses		340,715		849,778
	$	5,386,530	$	6,583,996

Segment Reporting - Schedule of Reconciliation of Condensed Consolidated Operating Expenses and Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total research and development expense	$ 13,397,977	$ 7,657,321
Total general and administrative expenses	6,599,759	3,114,781
Total operating expenses	19,997,736	10,772,102
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	9,063,147	6,078,227
Indirect research and development expenses	1,472,920	1,246,805
Share based compensation (research and development)	2,861,910	332,289
Total research and development expense	13,397,977	7,657,321
Total general and administrative expenses	6,599,759	3,114,781
Total operating expenses	19,997,736	10,772,102
Operating Segments [Member] \| Share based Compensation [Member]
Segment Reporting Information [Line Items]
Total general and administrative expenses	2,598,002	280,662
Research and Development Salaries and Benefits [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	3,769,049	2,651,894
Clinical Trial Expense [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	3,196,835	1,927,208
Lab Supplies and Animal Care [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	1,094,645	556,421
Lab Services Consulting and Other Direct Research Costs [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total direct research and development expenses	1,002,618	942,704
Administrative Payroll [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total general and administrative expenses	1,818,302	1,352,628
Professional Fees and Travel [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total general and administrative expenses	717,451	425,638
Insurance Office Expense and Other Administrative Expenses [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total general and administrative expenses	$ 1,466,004	$ 1,055,853

Property, plant and equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, plant and equipment

(5) Property, plant and equipment

As of March 31, 2026 and December 31, 2025, the Company’s property, plant and equipment was as follows:


	March 31, 2026			December 31, 2025
Laboratory equipment	$	11,521,555		$	11,339,840
Animal facility leasehold improvements		8,400,580			8,400,580
Animal facility equipment		1,267,529			1,278,123
Construction-in-progress		1,435,480			759,279
Leasehold improvements		7,166,839			7,064,721
Vehicles		201,590			201,590
Office furniture and equipment		1,943,751			1,778,231
Total Property, plant and equipment, gross		31,937,324			30,822,364
Less: accumulated depreciation and amortization		(18,123,754	)		(17,516,462	)
Property, plant and equipment, net	$	13,813,570		$	13,305,902

Depreciation and amortization expense was $0.7 million for the three months ended March 31, 2026 and $0.8 million for the three months ended March 31, 2025.

Employee Benefit Plan

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Employee Benefit Plan

(14) Employee Benefit Plan

The Company sponsors a defined contribution retirement plan. All the Company’s employees are eligible to be enrolled in the employer-sponsored contributory retirement savings plan, which include features under Section 401(k) of the Internal Revenue Code of 1986, as amended, and provides for Company matching contributions. The Company’s contributions to the plan are determined by its Board of Directors, subject to certain minimum requirements specified in the plan. The Company has historically made matching contributions of 100% on 3% of the employee contributions, with an additional 50% match on the next 2% of employee contributions. The Company made contributions of approximately $0.2 million during the three months ended March 31, 2026, and $0.1 million, during the three months ended March 31, 2025.

- Definition

The entire disclosure for defined benefit plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (r)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 715
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477317/912-715-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715-20/tableOfContent

+ Details

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	$ 150,074	$ 179,400
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	5,445	6,508
Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	5,962,067	5,449,204
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	15,895,107	9,128,243
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	3,689,533	0
Short-term investments measured at fair value	75,456,500	24,027,260
Long-term investments measured at fair value	110,235,540	42,783,989
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	11,415,357	59,129,609
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value		0
Short-term investments measured at fair value		2,932,910
Long-term investments measured at fair value		4,108,893
Fair Value, Inputs, Level 1 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	150,074	179,400
Fair Value, Inputs, Level 1 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0	0
Fair Value, Inputs, Level 1 [Member] \| Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0	0
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	15,895,107	9,128,243
Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	3,689,533	0
Short-term investments measured at fair value	75,456,500	24,027,260
Long-term investments measured at fair value	110,235,540	42,783,989
Fair Value, Inputs, Level 1 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	11,415,357	59,129,609
Fair Value, Inputs, Level 1 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value		0
Fair Value, Inputs, Level 2 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0	0
Fair Value, Inputs, Level 2 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0	0
Fair Value, Inputs, Level 2 [Member] \| Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0	0
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	0	0
Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	0	0
Short-term investments measured at fair value	0	0
Long-term investments measured at fair value	0	0
Fair Value, Inputs, Level 2 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	0	0
Fair Value, Inputs, Level 2 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value		0
Short-term investments measured at fair value		2,932,910
Long-term investments measured at fair value		4,108,893
Fair Value, Inputs, Level 3 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	0
Fair Value, Inputs, Level 3 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	5,445	6,508
Fair Value, Inputs, Level 3 [Member] \| Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	5,962,067	5,449,204
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	0	0
Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	0	0
Short-term investments measured at fair value	0	0
Long-term investments measured at fair value	0	0
Fair Value, Inputs, Level 3 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	$ 0	0
Fair Value, Inputs, Level 3 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value		$ 0

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) Segment $ / shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares
Product Information [Line Items]
Impairment of long lived assets	$ 0	$ 0
Other comprehensive income (loss), reclassification adjustment from AOCI for sale of securities, net of tax	$ 47,000	0
Number of reporting segments \| Segment	1
Common stock par value \| $ / shares	$ 0.0001		$ 0.0001
Deferred issuance cost	$ 0		$ 150,145
Credit losses	$ 0	$ 0
Maximum [Member]
Product Information [Line Items]
Vesting period of awards	10 years

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis


	As of March 31, 2026
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market funds	$	15,895,107	$	15,895,107	$	—	$	—
U.S. treasury securities		3,689,533		3,689,533		—		—
Short-term investments
Mutual funds		11,415,357		11,415,357		—		—
U.S. treasury securities		75,456,500		75,456,500		—		—
Long-term investments
U.S. treasury securities		110,235,540		110,235,540		—		—
Liabilities:
Public Warrant liability	$	150,074	$	150,074	$	—	$	—
Private Placement Warrant liability		5,445		—		—		5,445
Tranche C Preferred Warrants		5,962,067		—		—		5,962,067


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

Private Placement Warrants [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Changes in Level 3 Fair Value Measurements

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



Balance, December 31, 2025	$	6,508
Change in fair value of Private Placement Warrant liability		(1,063	)
Balance, March 31, 2026	$	5,445

Preferred Warants [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Changes in Level 3 Fair Value Measurements

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


Balance, December 31, 2025	$	5,449,204
Change in fair value of the Preferred Warrant liabilities		512,863
Balance, March 31, 2026	$	5,962,067

Subsequent Events (Additional Information) (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Apr. 28, 2026 USD ($)	Apr. 01, 2026 USD ($) ft²	Mar. 17, 2026 USD ($) $ / shares shares	Apr. 30, 2026 USD ($) $ / shares shares	Mar. 31, 2026 shares
Subsequent Event [Line Items]
Number of Stock Option, Expired					8,855
March 2026 Public Offering [Member]
Subsequent Event [Line Items]
Proceeds from issuance or sale of equity \| $			$ 86,400
Common Stock [Member] \| Underwriters Option [Member]
Subsequent Event [Line Items]
Number of shares issued			2,000,000
Share offering price per share \| $ / shares			$ 3.85
Common Stock [Member] \| March 2026 Public Offering [Member]
Subsequent Event [Line Items]
Number of shares issued			19,324,677
Share offering price per share \| $ / shares			$ 3.85
Subsequent Event [Member]
Subsequent Event [Line Items]
Minimum aggregate spend amount \| $	$ 36,000
Decreased monthly lease payments \| $		$ 33
Area of lease \| ft²		13,492
Subsequent Event [Member] \| Common Stock [Member] \| Underwriters Option [Member]
Subsequent Event [Line Items]
Number of shares issued				610,188
Share offering price per share \| $ / shares				$ 3.85
Number of Stock Option, Expired				701,500
Subsequent Event [Member] \| Common Stock [Member] \| March 2026 Public Offering [Member]
Subsequent Event [Line Items]
Proceeds from issuance or sale of equity \| $				$ 2,200

Warrants - Schedule of Key Inputs into Monte Carlo Simulation (Parenthetical) (Details)	Mar. 31, 2026	Dec. 31, 2025
Preferred Tranche C Warrants [Member]
Class of Warrant or Right [Line Items]
Probability weighted input percentage adjusted	47.50%	47.50%

New Accounting Standards

3 Months Ended

Mar. 31, 2026

New Accounting Standards

New Accounting Standards

(3) New accounting standards

Accounting Pronouncements Not Yet Adopted

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

- Definition

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

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+ Details

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,868,885)	$ (5,196,773)

- Definition

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

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-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (18,868,885)	$ (5,196,773)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	730,965	756,595
Amortization of finance right-of-use assets	21,705	21,706
Stock-based compensation expense	5,459,911	612,951
Gain on the sale of equipment	(2,217)
Net realized and unrealized (gain) loss on equity securities	9,587	(961)
Net realized gain on debt securities	(47,089)
Changes in fair value of warrant liabilities	482,474	(5,035,769)
Accretion of discounts on investments	10,075	(19,489)
Gain in early termination of lease liability	(7,042)
Changes in operating assets and liabilities
Accrued interest receivable	(608,280)	33,569
Prepaid expenses and other current assets	(297,263)	(291,075)
Operating lease right-of-use assets and liabilities, net	(74,224)	54,785
Accounts payable	114,119	684,171
Accrued expense and other current liabilities	(1,194,966)	583,073
Net cash used in operating activities	(14,271,130)	(7,797,217)
Cash flows from investing activities:
Proceeds from the sale of equipment	2,217	500
Purchases of equipment	(983,257)
Purchases of investments	(139,262,781)	(70,905)
Proceeds from sales and maturities of investments	74,596,145	4,741,508
Net cash provided by (used in) investing activities	(65,647,676)	4,671,103
Cash flows from financing activities:
Proceeds from the March 2026 Public Offering, net of issuance costs	79,636,964
Proceeds from the March 2026 Public Offering Underwriters Option, net of issuance costs	7,238,000
Proceeds from exercised warrants	2,975,000
Principal payments on financed director and officer insurance		(137,295)
Principal payments on finance leases	(37,388)	(34,618)
Proceeds from exercise of stock options	113,116
Tax payments for share settlement of restricted stock units	(4,571)	(2,072)
Net cash provided by (used in) financing activities	89,921,121	(173,985)
Effect of exchange rate changes on cash and cash equivalents	14,729	42,500
Net increase (decrease) in cash and cash equivalents	10,017,044	(3,257,599)
Cash and cash equivalents
Beginning of period	10,502,680	8,897,966
End of period	20,519,724	5,640,367
Supplemental cash flow information:
Cash paid for interest	62,986	70,011
Supplemental information on non-cash investing and finance activities:
Right-of-use asset written off due to early termination of lease	368,425
Operating lease liability written off due to early termination of lease	280,415
Right-of-use assets obtained in exchange for operating lease liabilities	775,143	$ 2,422,191
March 2026 Public Offering Issuance Costs included in accrued expenses	386,335
Purchases of equpment included in accounts payable	$ 255,376

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies [Line Items]
Research and development expenses	$ 13,397,977	$ 7,657,321
Fortrea Agreement
Commitments and Contingencies [Line Items]
Research and development expenses	$ 2,400,000	$ 800,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, shares authorized	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	75,799,241	47,664,564
Common stock, shares outstanding	75,744,576	47,609,899
Treasury stock, shares (in shares)	54,665	54,665
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	28,380	28,380
Preferred stock, shares outstanding	28,380	28,380
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,928,570	2,928,570
Preferred stock, shares issued	587,879	638,558
Preferred stock, shares outstanding	587,879	638,558

Earnings per share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings per Share

The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the three months ended March 31, 2026 and 2025:


	For The Three Months Ended March 31,
	2026			2025
Calculation of basic loss per share attributable to the Company’s shareholders
Net loss attributable to common stockholders		(18,868,885	)		(5,196,773	)
Weighted-average common shares outstanding - basic and diluted		53,558,639			9,291,641
Earnings per share - basic and diluted	$	(0.35	)	$	(0.56	)

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

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


	For The Three Months Ended March 31,
	2026		2025
Stock options and awards		38,970,396		2,983,234
Common Stock Warrants (1)		2,233,407		2,233,407
Series A Preferred Stock (2)		4,504,824		6,669,742
Preferred Stock Warrants (3)		17,002,381		17,002,381
Enrollment Warrants (4)		98,300,000		—
Release Date Warrants (4)		50,000,000		—
Contingently issuable Earnout Shares from unexercised Rollover Options		150,806		150,806
Total		211,161,814		29,039,570

(1)

(2)

(3)

(4)

Represents 50,000,000 and 98,300,000 shares of common stock underlying the Release Date Warrants and Enrollment Warrants, respectively, for the three months ended March 31, 2026.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of presentation

Emerging Growth Company Status

Emerging growth company status

Principles of consolidation

Significant risks and uncertainties

Use of estimates

Fair Value Measurements

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

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

Deferred Issuance Costs

Cash, cash equivalents, and restricted cash

Short-term and long-term investments

The Company did not recognize any credit losses on its short-term and long-term investments during the three months ended March 31, 2026 and 2025.

Concentration of credit risk

Lease liabilities and right-of-use assets

Research and development expenses

Property, Plant and Equipment

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



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

Repairs and maintenance expenses are expensed as incurred.

Impairment of long-lived assets

Stock-based compensation

Income taxes

Foreign Currency Translations and Transactions

Comprehensive income (loss)

Comprehensive loss

Litigation

Earnings per share

Segment reporting

Australian Research and Development Tax Credit

Warrants

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrants

(10) Warrants

Public Warrants

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

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

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

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

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

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

Private Placement Warrants

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

PIPE Warrants and PIPE Placement Agent Warrants

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

2023 Ladenburg Agreement Warrants

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

stock to satisfy a portion of its obligations under the 2023 Ladenburg Agreement. Following the completion of the 2023 Private Placement, the Company settled the remaining $1.1 million due to Ladenburg in cash.

September 2023 Purchase Agreement Warrants

As of March 31, 2026, the Company had outstanding 107,115 Preferred Tranche C Warrants to purchase shares of Series A-3 Preferred Stock having an aggregate exercise price of approximately $107.1 million.

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

For more information see Note 8, Stockholders’ Equity.

Preferred PIPE Placement Agent Warrant

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

Preferred PIPE Series B Warrants

On July 21, 2025, the Company issued the Release Date Warrants and Enrollment Date Warrants to various investors as part of the Series B Offering. The Release Date Warrants and Enrollment Date Warrants provide for the purchase of up to 500,000 and 1,000,000 shares of Series B Preferred Stock, respectively. The Release Date Warrants and Enrollment Date warrants have an exercise price of $218.75 and $175.00 per share, respectively. The Release Date Warrants have an expiration of the earlier of five years from the issuance date or the Phase II Release Date. The Enrollment Warrants have an expiration date of the earlier of five years from the issuance date or the Phase II Enrollment Date.

The Release Date Warrants and Enrollment Date Warrants were initially classified as liabilities because the underlying preferred shares were redeemable, requiring the Company to settle the instruments in cash under certain conditions; however, upon receiving the requisite approval on September 26, 2025, the preferred stock was no longer redeemable, and the Release Date Warrants and Enrollment Date Warrants were reclassified from liabilities to stockholders’ equity. There were 17,000 Enrollment Warrants exercised during the three months ended March 31, 2026.

Pre-Funded Warrants

In March 2026, the Company issued pre‑funded warrants to purchase up to 2,753,246 shares of common stock at a public offering price of $3.8499 per warrant, which represents the public offering price of $3.85 per share of common stock less the $0.0001 exercise price per share. The pre-funded warrants are indexed to the Company’s common stock and meet all other conditions for equity classification. The pre-funded warrants were classified as equity and accounted for as a component of additional-paid-in capital at the time of issuance.

The following table summarizes warrant activity for the three months ended March 31, 2026 and 2025:


	Outstanding December 31, 2025		Warrants Issued		Warrants Exercised			Warrants Forfeited		Outstanding March 31, 2026
Common Stock Warrants
Equity Classified
PIPE Placement Agent Warrants		21,091		—		—			—		21,091
Preferred PIPE Placement Agent Warrants		850,119		—		—			—		850,119
Ladenburg Warrants		30,000		—		—			—		30,000
PIPE Warrants		736,337		—		—			—		736,337
Pre-Funded Warrants		—		2,753,246		—			—		2,753,246
Liability Classified
Business Combination Public Warrants		575,000		—		—			—		575,000
Private Placement Warrants		20,860		—		—			—		20,860
Preferred Stock Warrants
Equity Classified
Preferred PIPE Series B Warrants		1,500,000		—		(17,000	)		—		1,483,000
Liability Classified
Preferred Tranche C Warrants		107,115		—		—			—		107,115


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

(1)

On January 1, 2025, 42,846 Preferred Tranche B Warrants expired, unexercised. The Company recognized a gain of $3 thousand in other income in our condensed consolidated statement of operations, representing the fair value of the warrants at expiration. The valuation as of December 31, 2024, was based on a risk-free interest rate of 3.93%, an expected remaining term of 0.23 periods, implied volatility of 75%, and an underlying stock price of $309.37.

Presentation and Valuation of the Warrants

Liability Classified Warrants

Public Warrants and Private Placement Warrants

The Public Warrants and Private Placement Warrants are accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity and were presented within warrant liabilities on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. The initial fair value of the warrant liabilities was measured at fair value at the Closing Date, and changes in the fair value of the warrant liabilities were presented within changes in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss for three months ended March 31, 2026 and 2025.

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

The Public Warrants were classified as a Level 1 fair value measurement, due to the use of the quoted market price, and the Private Placement Warrants held privately by assignees of Big Cypress Holdings LLC, were classified as a Level 3 fair value measurement, due to the use of unobservable inputs. See Note 11, Fair Value Measurements, for changes in fair value of the Private Placement Warrants.

The key inputs into the valuations as of March 31, 2026 and December 31, 2025, were as follows:


	March 31, 2026			December 31, 2025
Risk-free interest rate		3.75	%		3.83	%
Expected term remaining (periods)		0.56			0.81
Implied volatility		231.7	%		200.4	%
Closing common stock price on the measurement date	$	3.83		$	3.74

Series A Preferred Warrants

Should the Company enter into or be party to a fundamental transaction, the Company will be required to purchase all outstanding Warrants from the holders by paying cash in an amount equal to the Black Scholes Value of the unexercised portion of each Series A Preferred Warrant. As a result, the Series A Preferred Warrants are accounted for as derivative liabilities in accordance with ASC 480 and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity and were presented within warrant liabilities on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. The initial fair value of the warrant liabilities was measured at fair value at the Closing Date, and changes in the fair value of the warrant liabilities were presented within changes in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025.

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

All tranches of the Preferred Warrants were classified as Level 3 fair value measurements, due to the use of unobservable inputs. See Note 11, Fair Value Measurements, for changes in fair value of the Preferred Warrants.

The key inputs utilized in determining the fair value of each Preferred Tranche C Warrant as of March 31, 2026 and December 31, 2025, were as follows:


	March 31, 2026			December 31, 2025
Risk-free interest rate (1)		3.80	%		3.54	%
Expected term remaining (periods) (1)		2.66			2.91
Implied volatility		102.5	%		105.0	%
Underlying Stock Price (Preferred Series A)	$	312.29		$	304.95

(1)

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

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



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

Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($)	Total	Prefunded Warrants [Member]	Series B Preferred Stock [Member]	Series B Preferred Stock [Member] Enrollment Warrants [Member]	Common Stock [Member]	Common Stock [Member] Prefunded Warrants [Member]	Common Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member] Enrollment Warrants [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member] Prefunded Warrants [Member]	Additional Paid-In Capital [Member] Series B Preferred Stock [Member]	Additional Paid-In Capital [Member] Series B Preferred Stock [Member] Enrollment Warrants [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2024	$ 25,969,576				$ 935			$ 5			$ 155,794,142				$ (5,521,246)	$ (124,168,850)	$ (135,410)
Balance (in shares) at Dec. 31, 2024					9,343,533			42,019
Balance (in shares) at Dec. 31, 2024															(54,665)
Stock-based compensation	612,951										612,951
Issuance of common stock pursuant to vesting of restricted stock units					$ 1						(1)
Issuance of common stock pursuant to vesting of restricted stock units (in shares)					2,829
Payment of taxes withheld on issuance of restricted stock units	(2,072)										(2,072)
Net loss	(5,196,773)															(5,196,773)
Foreign currency translation	24,792																24,792
Unrealized gain (loss), change in fair value of available-for-sale securities	(975)																(975)
Balance at Mar. 31, 2025	21,407,499				$ 936			$ 5			156,405,020				$ (5,521,246)	(129,365,623)	(111,593)
Balance (in shares) at Mar. 31, 2025					9,346,362			42,019
Balance (in shares) at Mar. 31, 2025															(54,665)
Balance at Dec. 31, 2024	25,969,576				$ 935			$ 5			155,794,142				$ (5,521,246)	(124,168,850)	(135,410)
Balance (in shares) at Dec. 31, 2024					9,343,533			42,019
Balance (in shares) at Dec. 31, 2024															(54,665)
Conversion of Stock and Warrants into shares (in shares)					2,164,918
Balance at Dec. 31, 2025	$ 151,494,375				$ 4,766			$ 3	$ 64		267,719,445				$ (5,521,246)	(110,895,167)	186,510
Balance (in shares) at Dec. 31, 2025					47,664,564			28,380	638,558
Balance (in shares) at Dec. 31, 2025	54,665														(54,665)
Stock-based compensation	$ 5,459,911										5,459,911
Issuance of common stock for exercise of stock options	113,116				$ 4						113,112
Issuance of common stock for exercise of stock options (in shares)					39,083
Issuance of common stock pursuant to vesting of restricted stock units					$ 1						(1)
Issuance of common stock pursuant to vesting of restricted stock units (in shares)					3,017
Payment of taxes withheld on issuance of restricted stock units	(4,571)										(4,571)
Conversion of Stock and Warrants into shares				$ 2,975,000			$ 677		$ (7)	$ 2			$ (670)	$ 2,974,998
Conversion of Stock and Warrants into shares (in shares)			17,000		6,767,900		6,767,900		(67,679)	17,000
Issuance of common stock and prefunded warrants under the March 2026 Public Offering, net of issuance costs		$ 79,250,629				$ 1,932						$ 79,248,697
Issuance of common stock and prefunded warrants under the March 2026 Public Offering, net of issuance costs (in shares)						19,324,677
Issuance of common stock under the March 2026 Public Offering Underwriters Option, net of issuance costs	7,238,000				$ 200						7,237,800
Issuance of common stock under the March 2026 Public Offering Underwriters Option, net of issuance costs (in shares)					2,000,000
Net loss	(18,868,885)															(18,868,885)
Foreign currency translation	137,517																137,517
Unrealized loss, change in fair value of available-for-sale securities, net of reclassification adjustment	(546,791)																(546,791)
Balance at Mar. 31, 2026	$ 227,248,301				$ 7,580			$ 3	$ 59		$ 362,748,721				$ (5,521,246)	$ (129,764,052)	$ (222,764)
Balance (in shares) at Mar. 31, 2026					75,799,241			28,380	587,879
Balance (in shares) at Mar. 31, 2026	54,665														(54,665)

Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Class of Warrant or Right [Line Items]

Summary of Warrant Activity

The following table summarizes warrant activity for the three months ended March 31, 2026 and 2025:


	Outstanding December 31, 2025		Warrants Issued		Warrants Exercised			Warrants Forfeited		Outstanding March 31, 2026
Common Stock Warrants
Equity Classified
PIPE Placement Agent Warrants		21,091		—		—			—		21,091
Preferred PIPE Placement Agent Warrants		850,119		—		—			—		850,119
Ladenburg Warrants		30,000		—		—			—		30,000
PIPE Warrants		736,337		—		—			—		736,337
Pre-Funded Warrants		—		2,753,246		—			—		2,753,246
Liability Classified
Business Combination Public Warrants		575,000		—		—			—		575,000
Private Placement Warrants		20,860		—		—			—		20,860
Preferred Stock Warrants
Equity Classified
Preferred PIPE Series B Warrants		1,500,000		—		(17,000	)		—		1,483,000
Liability Classified
Preferred Tranche C Warrants		107,115		—		—			—		107,115


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

(1)

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs into the valuations as of March 31, 2026 and December 31, 2025, were as follows:


	March 31, 2026			December 31, 2025
Risk-free interest rate		3.75	%		3.83	%
Expected term remaining (periods)		0.56			0.81
Implied volatility		231.7	%		200.4	%
Closing common stock price on the measurement date	$	3.83		$	3.74

Series A

Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs utilized in determining the fair value of each Preferred Tranche C Warrant as of March 31, 2026 and December 31, 2025, were as follows:


	March 31, 2026			December 31, 2025
Risk-free interest rate (1)		3.80	%		3.54	%
Expected term remaining (periods) (1)		2.66			2.91
Implied volatility		102.5	%		105.0	%
Underlying Stock Price (Preferred Series A)	$	312.29		$	304.95

(1)

Employee Benefit Plan - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	100.00%
Defined contribution plan, maximum annual contributions per employee, percent	3.00%
Defined contribution plan, maximum annual contributions per employee, amount	$ 200	$ 100
Additional Employee Contributions [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, maximum annual contributions per employee, percent	2.00%

Warrants - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

Dec. 31, 2023

Jun. 30, 2023

Mar. 21, 2023

Dec. 31, 2022

Mar. 31, 2026

Dec. 31, 2025

Jul. 21, 2025

Dec. 31, 2024

Nov. 21, 2023

Class of Warrant or Right [Line Items]

Warrants issued

2,753,246

Warrants and rights outstanding, term (year)

6 months 21 days

9 months 21 days

Common Stock [Member]

Class of Warrant or Right [Line Items]

Shares Issued, Price Per Share

$ 3.85

PIPE Private Placement Warrants [Member]

Class of Warrant or Right [Line Items]

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

$ 10.8

$ 17,000

Warrants issued

736,337

Placement Agent Warrants [Member]

Class of Warrant or Right [Line Items]

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

$ 13.5

Warrants issued

21,091

Warrants and rights outstanding, term (year)

5 years

Warrants or right, issued, percentage of shares purchased

7.00%

Ladenburg Agreement Warrants [Member]

Class of Warrant or Right [Line Items]

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

$ 5.424

Issuance of common stock under the March 2026 Public Offering Underwriters Option, net of issuance costs (in shares)

191,689

Warrants issued

30,000

Warrants and rights outstanding, term (year)

3 years

Stock issued

$ 1,100

$ 1,500

$ 500

Cash payment to settle warrants

$ 1,100

Preferred Tranche B Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

2 months 23 days

Outstanding warrants

42,846

Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

^[1]

2 years 7 months 28 days

2 years 10 months 28 days

Outstanding warrants

107,115

Preferred PIPE Placement Agent Warrants [Member]

Class of Warrant or Right [Line Items]

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

$ 6.3

Warrants issued

850,119

Outstanding warrants

850,119

Preferred PIPE Series B Warrants [Member]

Class of Warrant or Right [Line Items]

Outstanding warrants

1,483,000

1,500,000

Release Date Warrants [Member]

Class of Warrant or Right [Line Items]

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

$ 218.75

Preferred PIPE Series B Warrants Release Date [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

5 years

Enrollment Date Warrants [Member]

Class of Warrant or Right [Line Items]

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

$ 175

Preferred PIPE Series B Warrants Enrollment Date [Member]

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

5 years

Private Placement [Member]

Class of Warrant or Right [Line Items]

Issuance of common stock under the March 2026 Public Offering Underwriters Option, net of issuance costs (in shares)

736,337

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

$ 10.8

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

$ 1.25

Warrants and rights outstanding, term (year)

5 years

Placement agent fee, percentage of gross proceeds

7.00%

Proceeds from issuance or sale of equity

$ 8,000

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

Class of Warrant or Right [Line Items]

Warrants and rights outstanding, term (year)

5 years

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

Class of Warrant or Right [Line Items]

Outstanding warrants

107,115

Aggregate exercise price

$ 107,100

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

Class of Warrant or Right [Line Items]

Warrants issued

1,000,000

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

Class of Warrant or Right [Line Items]

Warrants issued

500,000

Public Warrants [Member]

Class of Warrant or Right [Line Items]

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

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

$ 115

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

0.01

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

180

Pre-Funded Warrants [Member]

Class of Warrant or Right [Line Items]

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

0.0001

Shares Issued, Price Per Share

$ 3.8499

[1]

Investments - Schedule of unrealized and realized gains (losses) recognized on equity securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period	$ (9,587)	$ 961
Less: Realized net gains (losses) recognized on equity securities sold	2,549	(6,934)
Unrealized net gains (losses) recognized on equity securities held	$ (12,136)	$ 7,895

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

(13) Income Taxes

Due to current and prior year losses the Company does not expect to have any Income Tax Provision.

The Company continues to record a valuation allowance on its net deferred tax assets. The valuation increased by approximately $4.0 million during the three months ended March 31, 2026. The Company has not recognized any reserves for uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details