Sab Biotherapeutics, Inc. · NASDAQ:SABS
Sab Biotherapeutics — Investor Presentation (April 2026)
30 slides from Sab Biotherapeutics's investor presentation, Apr 22, 2026
Slide 1: Save All Beta Cells: Sustained Autoimmune Balance with SAB-142
Exhibit 99.2 Save All Beta Cells: Sustained Autoimmune Balance with SAB-142 Induction and Maintenance Dosing April 22nd, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements The material in this presentation has been prepared by SAB Biotherapeutics, Inc., doing business as SAB BIO (“SAB”) and is general background information about SAB’s activities current as of the date of this presentation. This information is given in summary form and is no
Slide 3: SAB-142 is a Fully Human, Multi-Specific, Targeted Anti-Thymocyte Globulin
SAB-142 is a Fully Human, Multi-Specific, Targeted Anti-Thymocyte Globulin (hATG) for Delaying Onset and Progression of T1D POSITIVE PHASE 1 PROGRAM STATUS MANUFACTURING DATA SUPPORT DE- AND CLINICAL RISKED MOA SUPPLIES Phase 1 data show SAB-142 has a SAB-142 is in the Phase 2B Pivotal SAB-142 is ma
Slide 4: SAB-142: Clinically-validated, De-risked Mechanism of Action
SAB-142: Clinically-validated, De-risked Mechanism of Action to Potentially Control or Prevent T1D Over the Entire Life Span SAB-142, a human anti-thymocyte Rabbit anti-thymocyte globulin (rATG) tested in T1D patients across multiple studies globulin (hATG), tested in healthy volunteers and T1D pati
Slide 5: Rabbit ATG: De-Risked Mechanism of Action
MELD-ATG Rabbit ATG: De-Risked Mechanism of Action ATG is the only mechanism of action that has consistently reproduced MELD-ATG: Minimal Effective Low Dose of clinical data demonstrating preservation of C-peptide and Rabbit ATG* Preserved C-peptide in New Onset improvements in glycemic control T1D
Slide 6: SAB-142 Production Analogous to FDA-Approved Rabbit ATG
SAB-142 Production Analogous to FDA-Approved Rabbit ATG Thymocytes rpAbs Rabbit Immunization Rabbit Antibody Production Plasma Collection Purification Rabbit Antibodies Thymocytes hpAbs SAB-142 Anti-Thymocyte Globulin (Human) © 2026 SAB BIOTHERAPEUTICS, INC. 6
Slide 7: SAB-142 Binds to the Same Receptors as rATG
SAB-142 In vitro binding data SAB-142 Binds to the Same Receptors as rATG SAB-142 142 binds to CD2, CD3, CD4, gMFI APC (AF647) and CD8 receptor surface markers similar to rATG Binding of Directly Labeled SAB-142 and rATG Data generated by Judith Leitner from to CD2, CD3, CD4 and CD8 Cell Lines the l
Slide 8: SAB-142 has a competitive well-characterized MOA without lymphodepletion
SAB-142 has a competitive well-characterized MOA resulting in sustained immunomodulation without liability of lymphodepletion © 2026 SAB BIOTHERAPEUTICS, INC. 8
Slide 9: Phase 1 HUMAN Trial Study Design and Efficacy Signals
Phase 1: HUMAN* Trial Study SAB-142’s Phase 1 Data Demonstrated Encouraging Efficacy Signals Design with Clinically Validated, Multi-specific MOA with Sustained Randomized, double-blind, placebo-controlled, single- and Immunomodulation multiple- ascending dose, adaptive design clinical study Encoura
Slide 10: Cytokine Response Demonstrates MOA Analogous to Rabbit ATG
Cytokine Response following SAB-142 Demonstrates MOA Analogous to Rabbit ATG Correlative to C-peptide Preservation 01 0 2 4 7 14 30 240242 245247 4 0 25 27 0 2 4 7 14 30 240 2 245 7 4 0 24 25 27 24 pg/mL 03 0 2 4 7 14 30 240242 245247 25 4 27 0 14 30 240 2 245 7 4 0 0 2 4 7 24 24 25 27 Responders to
Slide 11: SAB-142 Demonstrates CD4+ T Cell Exhaustion Analogous to rATG
SAB-142-101 SAB-142 Demonstrates Sustained CD4+ T Conventional Cell SAB-142 Demonstrates CD4+Tcell Exhaustion Phase 1 Top Line Exhaustion Analogous to rATG Analogous to Rabbit ATG SAB-142 CD4+ T conv Cell Single Exhaustion Markers % of Pre-Infusion SAB-142 induced sustained expression of inhibitory
Slide 12: SAB-142 Does Not Cause Sustained Lymphodepletion
SAB-142-101 SAB-142 Does Not Cause Sustained Lymphodepletion Phase 1 Top Line Mean Absolute Lymphocytes ± SEM Normalized to Original Pre-SOI No sustained lymphodepletion 150 SAB-142 SAB-142 No lymphodepletion after induction and maintenance dose of SAB-142 SAB-142: Transient lymphopenia % of Pre-Inf
Slide 13: SAB-142 Does Not Cause Sustained Lymphodepletion: CD4+ T Cells
SAB-142-101 SAB-142 Does Not Cause Sustained Lymphodepletion Phase 1 Top Line No loss of CD4+ T Cells % of Pre-Infusion SAB-142 results in immunomodulation with no depletion of CD4+ T cells SAB-142 demonstrated validated MOA to deliver potentially Best-in- Class T1D immunotherapy Rabbit ATG causes s
Slide 14: Induction Dose: Safety Profile Enables Ambulatory Dosing
Induction Dose: SAB-142 Safety Profile Enables Ambulatory Dosing, with Safety Profile Comparable to PBO from Day 8 Onwards Majority of adverse events (AEs) are mild, associated with Day 1-2 infusions, and resolved by the end of the first week Overall summary of treatment Safety profile enables ambul
Slide 15: Maintenance Dose: Safety Profile Comparable to Induction Dosing
Maintenance Dose: SAB-142 Safety Profile of Maintenance Dosing is comparable to Safety of the Induction Dosing Majority of adverse events (AEs) are mild, associated with Day 1-2 infusions, and resolved by the end of the first week Overall summary of treatment Safety profile enables ambulatory dosing
Slide 16: Fully Human Biologic: Low Immunogenicity, No Serum Sickness
SAB-142 is a Fully Human Biologic: Low Immunogenicity and Does not Cause Serum Sickness rATG: Grade 3-4 serum sickness in >50% of subjects SAB-142: Low immunogenicity following the very first course At target doses (1.5 or 2.5mg/kg), SAB-142 did not generate anti-SAB-142 antibodies above backgroun
Slide 17: T1D Cohort Data
T1D Cohort Data
Slide 18: Adult T1D Cohort >2 Years from Onset: Baseline Characteristics
Adult T1D Cohort >2 Years from Onset: Baseline Characteristics T1D >2 Years from Onset All study participants met SAFEGUARD inclusion criteria with residual beta cell function and at least one T1D autoantibody at baseline SAB-142 2.5 mg/kg Placebo T1D (n=4) T1D (n=2)* Agerange Age range (mean) (mean
Slide 19: T1D Cohort: C-Peptide Response
SAB-142-101: T1D Cohort: C-Peptide Response T1D Cohort at 2.5mg/kg “Antithymocyte Globulin Plus G-CSF Combination Baseline-Corrected MMTT C-Peptide Mean AUC per Therapy Leads to Sustained Immunomodulatory min ± SEM and Metabolic Effects in a Subset of Responders PBO With Established Type 1 Diabetes.
Slide 20: Continuous Glucose Monitoring: Improved Glycemic Control
SAB-142-101 Continuous Glucose Monitoring (CGM): SAB-142-treated T1D Cohort at 2.5mg/kg patients improved glycemic control vs. baseline TIR TIR 73% 85 % SAB-142 effects on glycemic control are consistent with C-peptide response Data are based on the patients’ individual CGM devices © 2026 SAB BIOTHE
Slide 21: Total Insulin per Day: Insulin Use Decreased
SAB-142-101 Total Insulin per day and participant weight (IU/day/kg): T1D Cohort at 2.5mg/kg Insulin use decreased in SAB-142 group SAB-142 improvements in glycemic control were not driven by increase in insulin doses Insulin doses decreased over time in SAB-142 group © 2026 SAB BIOTHERAPEUTICS, INC
Slide 22: T1D Cohort: Individual C-Peptide Response
SAB-142-101 T1D Cohort: Individual C-Peptide Response T1D Cohort at 2.5mg/kg AUC C-peptide, nmol/L per min Change from baseline in mean SAB-142 exhibits C-Peptide preservation profile, similar to rATG. Predicted Decline was estimated by first calculating the AUC of TN19 PBO subject C-peptide MMTT da
Slide 23: Super Responder vs Responder C-Peptide Profile
SAB-142-101 SAB-142 exhibits super responder vs responder T1D Cohort at 2.5mg/kg C-Peptide profile, similar to rATG “Antithymocyte Globulin Plus G-CSF Combination Therapy Leads to Sustained Immunomodulatory and Metabolic Effects in a Subset of Responders With Established Type 1 Diabetes.” AUC C-pept
Slide 24: Super Responder vs Responder C-Peptide Profile
SAB-142-101 SAB-142 exhibits super responder vs responder T1D Cohort at 2.5mg/kg C-Peptide profile, similar to rATG Predicted Decline was estimated by first calculating the incremental AUC of TN19 PBO subject C-peptide MMTT data (n=26) for Weeks 48-96 with post-2hr values masked. The linear slope wa
Slide 25: Total Insulin per Day: Insulin Use Decreased
SAB-142-101 Total Insulin per day and participant weight (IU/day/kg): T1D Cohort at 2.5mg/kg Insulin use decreased in SAB-142 group SAB-142 improvements in glycemic control were not driven by increase in insulin doses Insulin doses decreased over time in SAB-142 group © 2026 SAB BIOTHERAPEUTICS, INC
Slide 26: T1D Cohort: Effect on CD4+ Tconv Cells
SAB-142-101 T1D Cohort: Effect on CD4+ Tconv Cells PD profile of T1D Cohort responders Relative Tconv (CD3+CD4+CD127hi/loCD25lo) ± SEM at 2.5mg/kg 160 SAB-142 Placebo Super Responders Responder 140 120 SAB-142 preserves CD4+ Tconv cells 100 80 60 Day 012 7 14 30 45 90 120 12 12 9 9 9 9 9 N= 3 3 2 3
Slide 27: SAFEGUARD study
SAFEGUARD study
Slide 28: SAFEGUARD: Global Phase 2b Safety and Efficacy Trial of SAB-142
SAFEGUARD: Multicenter, Global Phase 2b Safety and Efficacy Trial of SAB-142 in Stage 3 Type 1 Diabetes Patients Global study initiated, first patient dosed in December 2025 Topline results expected 2H 2027 Phase 2b Study SAFety and Efficacy of human anti-thymocyte immunoGlobUlin SAB-142 ARresting p
Slide 29: SAFEGUARD Study Design: Part A and B
SAFEGUARD Study Design: Part A and B A Phase 2B, Randomized, Double-Blind, Placebo-Controlled, Dose-Ranging Study Evaluating the Efficacy and Safety of SAB-142 for the delay of progression of Type 1 Diabetes in new/recent onset Stage 3 T1D patients 147 randomized 2.5mg/kg IV ⅓ adult 1.5mg/kg IV ⅔ <1
Slide 30: SAFEGUARD Study Design: Part C
SAFEGUARD Study Design: Part C Randomized Study to Establish Maintenance Safety and Efficacy of SAB-142 over 24 months Abbreviations: ET = Early Termination; MMTT = mixed meal tolerance test; ® = randomisation; SV = Screening Visit; T1D = type 1 diabetes. 30 *Optional clinic visit or mandatory phone
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