Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 11, 2026
Sab Biotherapeutics, Inc. (SABS)
A forensic read on Sab Biotherapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
6.9
Distress distance
2
Forensic signals
15.0%
ROE
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Sab Biotherapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 6.9, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+156.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +156.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 73% of net operating assets, against an accruals ratio of 156.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-$104.2M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $63.0M against operating cash flow of -$104.2M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
Key fundamentals
Free Cash Flow-$45.7M
Return on Equity15.0%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Sab Biotherapeutics, Inc.'s actual 10-K/10-Q/8-K filings?