Shattuck Labs, Inc.

What they do

Shattuck Labs develops monoclonal and bispecific antibodies that block Death Receptor 3 (DR3), the sole known receptor for TL1A, for inflammatory and immune-mediated diseases. Its lead candidate SL-325 is a DR3 blocking antibody being developed for Crohn's disease and ulcerative colitis, and it is completing a Phase 1 trial in healthy volunteers. A second candidate, SL-846, is a half-life extended DR3 x IL-23 receptor bispecific antibody in IND-enabling toxicology. The company has no approved products and reported no revenue in the quarters ended March 31 and June 30, 2026.

Revenue drivers

• SL-325 (DR3 blocking antibody) — Lead clinical program and the primary focus of spending; no product revenue, with annual revenue of $1.0M in 2025 and $0.00 in each of the last two quarters.
• SL-846 (DR3 x IL-23 receptor bispecific) — Preclinical bispecific antibody in an ongoing IND-enabling GLP toxicology study; no revenue and Phase 1 expected to begin in 2027.
• Collaboration and other revenue — Prior-year revenue of $5.7M in 2024 and $1.0M in 2025 reflects non-product sources; the most recent three quarters show no revenue reported.

Recent performance

Revenue was $1.0M for full-year 2025 and $0.00 in the quarters ended December 31, 2025, March 31, 2026, and June 30, 2026. Net loss was $48.8M in 2025, an improvement from $75.4M in 2024, with diluted EPS of -$0.70 versus -$1.49. Operating cash use was $39.9M in 2025, down from $60.5M in 2024. As of June 30, 2026, total assets were $220.7M, total liabilities $9.5M, shareholder equity $211.1M, and cash and equivalents $63.3M; the company cited approximately $208.3M in cash, cash equivalents and short-term investments.

Strategy

The company is prioritizing SL-325, having completed a Phase 1 trial of 72 healthy volunteers and expecting to start the randomized, placebo-controlled Phase 2b RECEPTIVE-CD1 trial in Crohn's disease in the third quarter of 2026. It is also advancing SL-846, a DR3 x IL-23 receptor bispecific, through IND-enabling toxicology toward a Phase 1 trial and initial data in 2027. Management states it expects its cash, cash equivalents and short-term investments to fund operations into 2029. The stated thesis is that blocking DR3 will provide more complete and durable blockade of the TL1A/DR3 pathway than TL1A blocking antibodies, with a better immunogenicity profile.

Risks

• No product revenue — The company reported $0.00 revenue in the last three quarters and will depend on financing or partnerships until any product is approved and sold.
• Clinical failure risk — SL-325's Phase 2b RECEPTIVE-CD1 trial in Crohn's disease has not yet begun, and its primary endoscopic response endpoint at 12 weeks is not expected until the first half of 2028.
• Cash burn and dilution — Operating cash use was $39.9M in 2025, and funding operations into 2029 as stated depends on actual spending, trial costs and any additional financing.
• Competitive TL1A/DR3 field — The company positions SL-325 against TL1A blocking antibodies including afimkibart, tulisokibart, SPY-002 and XmAb942, several of which are further along in development.

Outlook

Management expects to initiate the Phase 2b RECEPTIVE-CD1 trial of SL-325 in moderately-to-severely active Crohn's disease in the third quarter of 2026, enrolling approximately 232 patients across three dose levels with data expected in the first half of 2028. It expects preclinical data for SL-846 at UEG Week in October 2026, a Phase 1 trial of SL-846 and initial data in 2027. The company states its cash, cash equivalents and short-term investments of approximately $208.3M as of June 30, 2026 should fund operations into 2029.