SAB Biotherapeutics, Inc. announced that the company has received an additional $8.2 million from the U.S. Department of Defense (DoD) related to the closeout of the discontinued COVID-19 prototype research and development contract. This brings the total final closeout settlement to $16.8 million received since November 2022. SAB announced the discontinuation of the contract in August.

The agreement, which was awarded in the summer of 2019, underwent significant modifications as a result of the COVID-19 pandemic, and the government's evolving requirements no longer aligned with the goals of the agreement as originally contemplated. Based on its current operating plans and recent developments, SAB now expects cash and cash equivalents, and anticipated cash flows will be sufficient to fund its operating expenses and capital expenditure requirements through 2023.