Shattuck Labs, Inc. STTK
We are a clinical-stage biotechnology company pioneering the development of potentially first-in-class monoclonal and bispecific Death Receptor 3 ("DR3") blocking antibodies for the treatment of patients with inflammatory and immune-mediated diseases. Our expertise in protein engineering and the development of novel tumor necrosis factor ("TNF") receptor therapeutics come together in our lead program, SL-325, a potentially first-in-class DR3 blocking antibody designed to achieve a more complete blockade of the clinically validated DR3/TL1A pathway than TL1A blocking antibodies.
SL-325 is a high-affinity DR3 blocking monoclonal antibody. DR3 is the sole known receptor for tumor necrosis factor like ligand 1A ("TL1A"). In our head-to-head preclinical studies, SL-325 blocked TL1A binding to DR3 better than sequence equivalents of leading TL1A blocking antibodies. We believe that the underlying biological differences in the expression of DR3 and TL1A, and the design characteristics of SL-325, may allow SL-325 to achieve best-in-class clinical remission rates in patients with IBD due to a more complete and durable blockade of the clinically validated DR3/TL1A pathway. Additionally, we expect that SL-325 has the potential to demonstrate a superior immunogenicity profile in comparison to TL1A blocking antibodies. By targeting DR3 instead of TL1A, we expect to avoid the formation of immune complexes, which we believe are the primary source of immunogenicity for all TL1A blocking antibodies, and lead to high rates of anti-drug antibody ("ADA") formation toward TL1A targeting antibodies. ADA to TL1A targeting antibodies has been shown to reduce efficacy in IBD patients. We are currently conducting a single ascending dose ("SAD") and multiple ascending dose ("MAD") Phase 1 clinical trial evaluating SL-325 in healthy volunteers. We expect this Phase 1 clinical trial to be completed in the second quarter of 2026. We expect to initiate a randomized, placebo-controlled Phase 2 clinical trial evaluating SL-325 in patients with Crohn's Disease ("CD") in the third quarter of 2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M | $5.7M | $1.7M | $652.0K | $30.0M | $9.9M | $9.9M | — |
| R&D | $35.3M | $67.2M | $74.3M | $82.9M | $56.6M | $37.5M | $29.2M | — |
| SG&A | $17.2M | $19.1M | $19.3M | $21.1M | $18.7M | $9.4M | $5.7M | — |
| Total operating expenses | $52.5M | $86.3M | $93.6M | $104.0M | $75.3M | $46.9M | $35.0M | — |
| Operating income | -$51.5M | -$80.6M | -$92.0M | -$103.3M | -$45.3M | -$36.9M | -$25.1M | — |
| Pre-tax income | -$48.8M | -$75.4M | -$87.3M | -$101.9M | -$45.0M | -$36.6M | -$24.0M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$48.8M | -$75.4M | -$87.3M | -$101.9M | -$45.0M | -$36.6M | -$24.0M | — |
| EPS, basic | -0.70 | -1.49 | -2.05 | -2.41 | -1.07 | -2.36 | — | — |
| EPS, diluted | -0.70 | -1.49 | -2.05 | -2.41 | -1.07 | -2.36 | -3.17 | — |
| Shares, diluted (wtd. avg.) | 69.6M | 50.8M | 42.6M | 42.4M | 42.0M | 15.5M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $54.2M | $57.4M | $125.6M | $47.4M | $92.3M | $157.9M | $7.0M | $31.6M |
| Short-term investments | — | — | $5.0M | $113.9M | $176.5M | $177.6M | $32.1M | — |
| Total current assets | $82.5M | $79.2M | $143.2M | $184.6M | $288.3M | $345.6M | $42.4M | — |
| Property, plant and equipment | $6.1M | $9.8M | $13.8M | $17.7M | $9.9M | $3.0M | $2.4M | — |
| Total assets | $91.0M | $91.0M | $159.6M | $205.3M | $298.6M | $349.0M | $45.0M | — |
| Accounts payable | $2.1M | $2.4M | $1.6M | $7.2M | $10.0M | $1.8M | $3.1M | — |
| Total current liabilities | $7.1M | $8.9M | $11.5M | $25.0M | $24.6M | $16.8M | $20.0M | — |
| Total liabilities | $8.6M | $11.4M | $14.9M | $29.2M | $26.8M | $39.1M | $30.5M | — |
| Retained earnings | -$430.5M | -$381.7M | -$306.3M | -$219.0M | -$117.1M | -$72.1M | -$35.5M | — |
| Total equity | $82.4M | $79.6M | $144.7M | $176.2M | $271.8M | $309.9M | -$34.5M | -$11.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$39.9M | -$60.5M | -$81.2M | -$94.5M | -$57.1M | -$33.7M | -$21.0M | — |
| Depreciation and amortisation | $3.7M | $3.8M | $4.0M | $3.1M | $1.4M | $600.0K | $500.0K | — |
| Stock-based compensation | $7.0M | $9.5M | $6.9M | $6.5M | $5.5M | $1.3M | $461.0K | — |
| Capital expenditure | $71.0K | $59.0K | $407.0K | $11.6M | $7.9M | $727.0K | $470.0K | — |
| Investing cash flow | -$7.9M | -$8.5M | $110.9M | $49.4M | -$10.4M | -$146.3M | -$3.6M | — |
| Financing cash flow | $44.6M | $787.0K | $48.6M | $171.0K | $1.9M | $330.9M | -$64.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-146293.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $9.9M | $9.9M | $30.0M | $652.0K | $1.7M | $5.7M | $1.0M |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$24.0M | -$36.6M | -$45.0M | -$101.9M | -$87.3M | -$75.4M | -$48.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Material agreement signed Item 1.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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