Jan. 26 at 2:29 PM
$SABS live short interest 7.98%, CTB 31.74, outside of Chardan Capital being here i see a lot of green lights.
OS: 47.61M
Float: 37.02M
Market Cap:
$201.4M
Key Dilution Weapons Active
• 150M Series B Pref warrants @
$1.75 (institutional)
• 63.9M remaining Series B Pref convert @
$1.75
• 6.7M remaining Series A-2 Pref convert @
$6.30
•
$75M UBS ATM (unused, unrestricted)
•
$300M shelf (unused)
This is an institutional biotech cap table built around large structured private preferred financings rather than retail pipes. RA/Commodore/Blackstone/Vivo/RTW/Sessa et al are not “toxic note” shops, they are long-horizon biotech allocators using pref + warrant structures for asymmetric upside. The cap table math is heavy (150M warrants + >70M potential converts), but it is aligned with clinical funding rather than death-spirals. The ATM and shelf simply provide optionality for future program scaling. Cash runway (~4 years) removes near-term financing pressure.
Completed Dilutive Events (last 3 years)
July 2025 – Private Placement (Series B Convertible Preferred + Warrants)
• 100,000,000 shares equivalent @
$1.75
• 150,000,000 warrants @
$1.75
•
$175,000,000 raised
Banks: Leerink, UBS, Chardan, Oppenheimer
Investors: RA Capital, Commodore, Vivo, Blackstone, Spurce Street, Forge Life, Woodline, Sessa, T1D, ATW
Date: 2025-07-21 07:30
October 2023 – Private Placement (Series A Convertible Preferred + Warrants)
• 11,904,762 shares equivalent @
$0.63
• 206,349,206 warrants
•
$7,500,000 raised
Bank: Chardan
Investors: BVF, Commodore, JDRF T1D, Marshall Wace, RA Capital, RTW, Sessa
Date: 2023-10-02 07:30
December 2022 – Private Placement
• 7,300,000 shares @
$1.08
• 7,300,000 warrants
•
$7,900,000 raised
Bank: Brookline
Investors: Denny Sanford, Dominion, Firstfire, Iroquois, Mank, Warberg (and others)
Date: 2022-12-07 17:16
Deal Memory (Price Levels That Matter)
$1.75 (2025 institutional pref/follow-on anchor)
$0.63 (2023 Series A financing)
$1.08 (2022 PP)
Current spot ~
$4.00–
$4.25
Structurally heavy but not toxic. Dilution optionality sits with institutional biotech funds holding deep pref + warrant packages, not floating VWAP convertibles. The capital stack funds multi-year R&D without retail bleed, and the shelf/ATM combo is idle rather than actively drawn. This is what well-capitalized clinical platforms look like pre-late-stage readouts.