(13) 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 registrational study for SAB-142. Approximately $6.5 million and $1.8 million were expensed with respect to the Fortrea agreements during the six months ended June 30, 2026 and 2025, respectively, which amounts are included in research and development expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.

Manufacturing Service Agreement

On April 28, 2026, the Company entered into a Master Manufacturing Services Agreement (the “MSA”) with Emergent BioSolutions Canada Inc. (“Emergent”), under which Emergent will perform clinical and commercial manufacturing services for SAB-142 (the “Product”) at its facility in Canada. The MSA runs for five years from FDA approval of the Product, with a minimum aggregate spend of $36.0 million following approval, and grants Emergent exclusive manufacturing rights for the Product during the term, subject to limited exceptions if Emergent is unable or declines to manufacture. In May 2026, the Company entered into a work order under the MSA and expensed approximately $0.4 million to research and development during the six months ended June 30, 2026, which is included in research and development expenses in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company expects to make substantial additional payments to Emergent over the next 24 to 36 months for services and pass-through costs, including production equipment purchases.