Big Cypress Acquisition Corp.
BCYP · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Big Cypress Holdings LLC, listed on Nasdaq in January 2021.
- What it's doing now
- It agreed to buy SAB Biotherapeutics, Inc., a biopharmaceutical immunotherapy development company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- SAB Biotherapeutics, Inc. — Biotherapeutics, Inc.
- Industry
- Health Care — biopharmaceutical immunotherapy development
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 12 January 2021
- size not on file
- Headquarters
- 777 W 41ST ST, MIAMI BEACH, FL, 33140
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Kropotova Alexandra (CHIEF MEDICAL OFFICER) · Sullivan Eddie Joe (Director) · Reich Samuel J (CEO)
- Listed securities
- BCYP common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 12 January 2021IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedHealth Care
The score
deterministic, from filed fieldsBCYP is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Big Cypress Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker BCYP. The company priced its initial public offering on January 12, 2021, under SEC file number 333-251178, with shares registered for cash on S-1 0001493152-20-023047 filed December 7, 2020. The registrant self-described as a blank check company in its 424B4 prospectus and was classified under SIC industry code 2836 (Biological Products, (No Diagnostic Substances)). On October 28, 2021, the company filed an 8-K reporting a change in shell company status under item 5.06, establishing that it had completed a business combination and no longer files as a blank-check vehicle. SEC CIK 0001833214 is now filed under the name SAB Biotherapeutics, Inc.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The company is burning cash faster as it advances its registrational Phase 2b trial, with operating cash usage of $24.1M in 1H 2026, but states existing resources are sufficient for at least 12 months. The March 2026 raise extended runway, but the accumulated deficit reached $152.3M and further dilution or capital raises will likely be needed to fund commercial readiness.
The proxy itself concedes the Series B conversion may constitute a change of control under Nasdaq rules - so holders of the 10.4 million common shares are being asked to approve handing control of the company to the preferred investor, at a conversion price below market. That combination, below-minimum-price plus change of control, is the most dilutive form of financing a Nasdaq issuer can undertake. The Big Cypress trust was released at the de-SPAC.
Two amendments in, the registered ceiling has not moved. It remains a fully diluted figure covering common stock issued in the merger, common stock resulting from the exercise of SAB Biotherapeutics options and warrants, and shares issuable under the earn-out provisions of the Business Combination Agreement — all inside the 41,702,970 rather than added to it. The $2,201.89 is one-third of the aggregate par value of the target's securities under Rule 457(f)(2), not a valuation of anything.
The $2,201.89 is a Rule 457(f)(2) construct — SAB Biotherapeutics is private, no market exists for its securities and it has an accumulated capital deficit, so the price is one-third of the aggregate par value of the securities to be exchanged immediately prior to the business combination. The 41,702,970 share count is the usable figure and it is a fully diluted ceiling: it covers common stock issued in the merger, common stock resulting from exercise of the target's options and warrants, and shares issuable under the earn-out provisions.
The $2,201.89 is a Rule 457(f)(2) construct rather than a valuation: SAB Biotherapeutics is private, no market exists for its securities and it has an accumulated capital deficit, so the price is one-third of the aggregate par value of the securities to be exchanged. The figure that carries meaning is 41,702,970 shares, and it is a single blended number covering closing consideration, option and warrant exercises and earn-out shares together, so the split between them cannot be read from the fee table.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
What changed: SAB Biotherapeutics filed its Q2 2026 10-Q showing 90,986,368 shares outstanding as of August 3, 2026, up from 47,664,564 at year-end 2025, driven by a March 2026 public offering (~21.9M shares at $3.85/share for ~$88.7M net) and Series B preferred conversions. Net loss widened to $41.4M for the six months ended June 30, 2026 (vs. $15.3M in 1H 2025), with R&D spending nearly doubling to $29.6M as the Phase 2b SAFEGUARD trial for SAB-142 progressed. Why it matters: The company is burning cash faster as it advances its registrational Phase 2b trial, with operating cash usage of $24.1M in 1H 2026, but states existing resources are sufficient for at least 12 months. The March 2026 raise extended runway, but the accumulated deficit reached $152.3M and further dilution or capital raises will likely be needed to fund commercial readiness.
What changed: SAB Biotherapeutics, Inc., the Big Cypress Acquisition Corp. successor, furnished a July 7, 2026 press release issued with Breakthrough T1D announcing that the organisation has awarded a grant to Michael J. Haller, M.D., Professor and Chief of Pediatric Endocrinology at the University of Florida, in support of PRISE-hATG. That clinical study evaluates SAB-142 in patients with Stage 3 type 1 diabetes who are 100 days to two years from diagnosis, Stage 3 being the point at which insulin is required. The information is furnished rather than filed. Why it matters: Third-party grant funding for a study of the company's lead asset shifts part of the clinical development cost off its own balance sheet, which is meaningful for a de-SPAC funding trials from a finite cash balance. It also carries an implicit endorsement from the principal type 1 diabetes research organisation. The study population is narrow — patients within two years of a Stage 3 diagnosis — so a positive result would support a specific label rather than the broader indication the equity story assumes.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Big Cypress Holdings LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1283 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001193125-25-277813
Trading & liquidity
Company profile
Directors & officers
- Kropotova AlexandraCHIEF MEDICAL OFFICER
- Sullivan Eddie JoeDirector
- Reich Samuel JCEO
- Bausch Christoph LawrenceCHIEF OPERATING OFFICER
- To LucySee Remarks
- Jain RitaDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
8 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- HAMILTON CHRISTINE Ewith 1 other reporting person on the same schedule17.3% · SC 13D/ADec 16, 2022 stale
- Sullivan Eddie Joewith 1 other reporting person on the same schedule13.3% · SC 13D/ASep 8, 2022 stale
- RTW INVESTMENTS, LPwith 1 other reporting person on the same schedule10.0% · SC 13GFeb 14, 2024 stale
- BIOTECHNOLOGY VALUE FUND L Pwith 9 other reporting persons on the same schedule10.0% · SC 13GDec 4, 2023 stale
- Big Cypress Holdings LLCwith 2 other reporting persons on the same schedule7.0% · SC 13D/AMay 27, 2022 stale
- COMMODORE CAPITAL LPwith 1 other reporting person on the same schedule3.5% · SC 13G/AFeb 14, 2024 stale
- Radcliffe Capital Management, L.P.with 5 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2024 stale
- BASSO CAPITAL MANAGEMENT, L.P.with 3 other reporting persons on the same schedule0.0% · SC 13G/AFeb 11, 2022 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- big cypress acquisition corp.
SEC EDGARundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — BCYP (Big Cypress Acquisition Corp.)
vault-note · /vault/tickers/BCYP
- Vault deal note — SAB Biotherapeutics, Inc. (BCYP)
vault-note · /vault/deals/sab-biotherapeutics-inc
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail4 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 2836 (Biological Products, (No Diagnostic Substances)). The screen found it by filing SHAPE instead — S-1 2020-12-07 → 8-A12B 2021-01-08 → 424B4 2021-01-12 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2836 + self-described blank check in 424B4 0001493152-21-000839; 424B 0001493152-21-000839 priced 2021-01-12 under S-1 0001493152-20-023047 (file 333-251178, an offering for cash); common ticker BCYP off 10-Q 0001493152-21-019063 (2021-08-09); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-251178, which belongs to S-1 0001493152-20-023047 (2020-12-07) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-01-12). Ending PROVEN, not inferred: CLOSED per 8-K 0001493152-21-026649 (2021-10-28) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,4.01,5.01,5.02,5.03,5.06,9.01). EDGAR now files this CIK as "SAB Biotherapeutics, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Big Cypress Holdings LLC" (SEC CIK 0001833242) sourced from Form 3 reportingOwner (10% owner) acc 0001493152-21-000768.
[CLOSED-RENAME] EDGAR CIK 0001833214 records "Big Cypress Acquisition Corp." ending 2021-10-22; the registrant continues as "SAB Biotherapeutics, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-10-22. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists.
OTHER -> BIOTECH, on S-4/A 0001493152-21-023292: "SAB Biotherapeutics is a private company, no market exists for its securities and SAB Biotherapeutics has an accumulated capital deficit."