(15) Subsequent Events

Exercise of Enrollment Date Warrants

In July 2026, 74,933 Enrollment Date Warrants were exercised for 74,933 shares of Series B Preferred Stock for aggregate gross proceeds of $13.1 million, which were converted into 7,493,300 shares of the Company’s common stock. Following these exercises, Enrollment Date Warrants exercisable for 90,496,700 shares of common stock remained outstanding as of the date of issuance of these financial statements.

Breakthrough T1D Grant and PRISE-hATG Study

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. The Company is co-funding the study. The PRISE-hATG study is a registrational clinical trial that could expand the potential future label of SAB-142 to patients with Stage 3 T1D with onset up to two years from diagnosis. The Company has committed to provide funding of up to $1.4 million to Breakthrough T1D, and has also agreed to make additional payments to Breakthrough T1D of up to five times the Actual Award (as defined in the agreement, subject to an Actual Award cap of $3.9 million), payable upon the occurrence of certain contingencies, including but not limited to regulatory approval of SAB-142 or certain related technologies.