SABS — what changed in the latest 10-Q
A section-by-section comparison of SABS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-05 vs the prior 10-Q · 2026-08-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +25 | −20 | ~21 | 18 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-05
PRISE-hATG is a randomized, double-blind, placebo-controlled study designed to assess SAB-142 in patients with Stage 3 T1D up to two years from diagnosis with residual beta cell function, extending evaluation beyond the newly diagnosed population studied in SAFEGUARD. The investigator-led study is s…
vivo and in vitro pre-clinical and Phase 1 work from SAB-142 in T1D support direct progression into Phase 2 in other autoimmune indications.
In September 2026, the SAFEGUARD Study Data Monitoring Committee (DMC) approved the second and final stepdown, expanding enrollment to pediatric patients ages 5-11. Additionally, the adult and adolescent cohorts in SAFEGUARD are now fully enrolled and closed for screening.
In October 2026, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to SAB-142 for treatment of new-onset Stage 3 T1D. Fast Track designation is intended to facilitate the development and expedite the review of therapies for serious conditions where there is an unmet medical …
Warrant issuance expense consists of offering costs allocated to warrants that are classified as liabilities at issuance, which are expensed as incurred. Warrant issuance expense for the prior-year period is related to the warrants issued in the Series B Offering.
Text removed vs the prior filing · source: 10-Q · 2026-08-06
In July 2026, Breakthrough T1D awarded a grant to support the investigator‑led Phase 3 clinical trial, called the PRISE‑hATG study, evaluating SAB‑142 in patients with Stage 3 T1D who are between 100 days and two years from diagnosis. We are co-funding the study. The PRISE-hATG study is a registrati…
During Q2 2026, we began construction of a second farm facility in South Dakota to increase manufacturing capacity and establish a redundant herd to support long-term commercial supply for SAB-142.
Interest expense consists primarily of interest expense associated with finance lease arrangements.
Changes in fair value of warrant liabilities increased by $0.5 million, or 77.2% during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to the increase in fair value of our Preferred Tranche C Warrants.
Interest expense in the three months ended June 30, 2026 was consistent with interest expense in the three months ended June 30, 2025.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice