STTK Shattuck Labs, Inc.
Price Chart
Executive Summary
Shattuck Labs is conducting a $75M underwritten public offering of 10.9M common shares and 7.9M pre-funded warrants at $4.00/share, a ~6.3% discount to the $4.27 prior close. The company simultaneously disclosed that ~96% of warrants from its August 2025 PIPE have been exercised, generating ~$54.9M in gross proceeds, extending cash runway into 2029. The offering adds ~$70.5M net proceeds, but immediate dilution to new investors is $2.08/share (52% of offering price).
Actionable Insight
The dilutive offering at a discount to market price creates near-term selling pressure, but the extended cash runway into 2029 removes financing overhang for a pre-revenue biotech. Monitor for the underwriters' greenshoe exercise and any insider participation. The Phase 1 SL-325 data provides a positive catalyst backdrop, but the primary endpoint readout from the Phase 2b RECEPTIVE-CD1 trial is not expected until H1 2028 — a long wait with no near-term catalysts.
Key Facts
- Offering of 10,879,376 common shares and 7,870,624 pre-funded warrants at $4.00 per share, raising $75M gross / $70.5M net
- Offering price represents a ~6.3% discount to the $4.27 prior close on June 9, 2026
- Immediate dilution of $2.08 per share (52% of offering price) for new investors
- Pro forma net tangible book value per share after offering: $1.92 (vs. $1.27 pre-offering)
- Underwriters have 30-day option for an additional 2,812,500 shares
- Concurrent warrant exercises: ~50.6M common stock warrants exercised (96% of Aug 2025 PIPE), generating ~$54.9M gross proceeds
- Cash runway extended into 2029, per company guidance (including warrant exercise proceeds)
- Pre-funded warrants have nominal $0.0001 exercise price, no public trading market expected
- Positive Phase 1 SL-325 data announced June 8, 2026 — no serious AEs, complete DR3 occupancy at all doses, quarterly dosing potential
Financial Impact
$75M gross / $70.5M net proceeds from offering; $54.9M from warrant exercises; combined cash ~$215M pro forma (est.)
Risk Factors
- Immediate 52% dilution per share for new investors
- No public market for pre-funded warrants limits liquidity for those holders
- Massive warrant overhang: 47.5M common warrants and 38.4M pre-funded warrants outstanding as of March 31, 2026
- Pre-revenue biotech with no approved products; Phase 2b data not expected until H1 2028
- Stock price volatility typical for clinical-stage biotech; potential for further dilutive offerings
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-266618 |
| Document: 0001193125-26-266618-index-headers.html | 0001193125-26-266618 |
| Document: 0001193125-26-266618-index.html | 0001193125-26-266618 |
| Document: 0001193125-26-266618.txt | 0001193125-26-266618 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
7d ago
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8-K
| $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $4.74 (−13.40%) |
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Jun 11, 2026
7d ago
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Institutional Cluster
| $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $4.74 (−13.40%) |
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Jun 11, 2026
7d ago
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424B5
| $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $4.74 (−13.40%) |
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Jun 10, 2026
9d ago
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Press Release
| $4.13 $4.33 | ▼ −4.84% | ▼ −1.41% | $4.74 (−14.77%) |
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Jun 9, 2026
9d ago
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424B5
| $4.13 $4.33 | ▼ −4.84% | ▼ −1.41% | $4.74 (−14.77%) |
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Jun 9, 2026
9d ago
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8-K
| $4.13 $4.33 | ▲ +4.84% | ▲ +1.41% | $4.74 (+14.77%) |
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Jun 2, 2026
16d ago
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8-K
| $4.75 $4.13 | ▼ −13.05% | ▼ −9.23% | $4.74 (−0.21%) |
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May 15, 2026
5w ago
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Insider Cluster
| $6.26 $6.10 | ▼ −2.56% | ▼ −3.52% | $4.74 (−24.28%) |
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May 12, 2026
5w ago
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Insider Cluster
| $6.62 $5.79 | ▼ −12.54% | ▼ −11.94% | $4.74 (−28.40%) |
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May 7, 2026
6w ago
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8-K
| $6.26 $6.75 | ▲ +7.83% | ▲ +6.32% | $4.74 (−24.28%) |
US Market Status
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