STTK Shattuck Labs, Inc.
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Executive Summary
Shattuck Labs announced positive Phase 1 data for SL-325 (DR3 blocking antibody) showing low immunogenicity (3.7% ADA), durable DR3 occupancy, and favorable safety, alongside warrant exercises raising ~$54.9M to extend cash runway into 2029. The data support a potentially best-in-mechanism profile and de-risk the upcoming Phase 2b trial in Crohn's disease.
Actionable Insight
The strong Phase 1 immunogenicity and PK profile differentiates SL-325 from TL1A antibodies. Traders should monitor Phase 2b initiation (Q3 2026) as the next catalyst. The cash runway removes near-term financing risk, but dilution from warrant exercises (~50.6M shares) is a consideration.
Key Facts
- Phase 1 SL-325: 3.7% anti-drug antibody rate, no serious AEs, complete DR3 occupancy at ≥0.1 mg/kg for >10 weeks.
- Warrant exercises: 96% of August 2025 warrants exercised, gross proceeds ~$54.9M including $5.6M prior to March 31, 2026.
- Cash and equivalents ~$90.4M as of March 31, 2026; combined with warrant proceeds, runway extended into 2029.
- RECEPTIVE-CD1 Phase 2b trial in Crohn's disease expected to start Q3 2026, with primary endpoint (endoscopic response at 12 weeks) readout in 1H 2028.
- SL-846 (DR3xIL-23R bispecific) IND submission expected 1H 2027; NHP tox data expected 2H 2026.
Financial Impact
Warrant exercises add ~$49.3M in additional proceeds beyond the $5.6M already received, total ~$54.9M. Cash runway extended into 2029, supporting pipeline development.
Risk Factors
- Phase 2b failure in Crohn's disease could negate the Phase 1 promise.
- Competition from TL1A inhibitors (e.g., tulisokibart, duvakitug) may limit market opportunity.
- Significant dilution from warrant exercises (50.6M shares) weighs on per-share metrics.
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-263831 |
| Document: d120796dex991.htm | 0001193125-26-263831 |
| Document: d120796dex993.htm | 0001193125-26-263831 |
| Document: d120796dex992.htm | 0001193125-26-263831 |
| Document: 0001193125-26-263831-index-headers.html | 0001193125-26-263831 |
| Document: 0001193125-26-263831-index.html | 0001193125-26-263831 |
| Document: 0001193125-26-263831.txt | 0001193125-26-263831 |
Track record builds as more directional reports settle.
Filters
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Jun 11, 2026
3d ago
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8-K
| $4.13 awaiting T+1 | awaiting T+1 | — | $4.94 (−19.61%) |
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Jun 11, 2026
3d ago
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Institutional Cluster
| $4.13 awaiting T+1 | awaiting T+1 | — | $4.94 (−19.61%) |
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Jun 11, 2026
4d ago
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424B5
| $4.13 awaiting T+1 | awaiting T+1 | — | $4.94 (−19.61%) |
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Jun 10, 2026
5d ago
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Press Release
| $4.27 awaiting T+1 | awaiting T+1 | — | $4.94 (−15.69%) |
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Jun 9, 2026
5d ago
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424B5
| $4.27 awaiting T+1 | awaiting T+1 | — | $4.94 (−15.69%) |
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Jun 9, 2026
5d ago
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8-K
| $4.27 awaiting T+1 | awaiting T+1 | — | $4.94 (+15.69%) |
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Jun 2, 2026
12d ago
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8-K
| $4.75 $4.80 | ▲ +1.05% | ▲ +0.65% | $4.94 (+4.00%) |
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May 15, 2026
4w ago
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Insider Cluster
| $6.26 $5.97 | ▼ −4.63% | ▼ −4.57% | $4.94 (−21.09%) |
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May 12, 2026
4w ago
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Insider Cluster
| $6.62 $6.75 | ▲ +1.96% | ▲ +1.39% | $4.94 (−25.38%) |
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May 7, 2026
5w ago
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8-K
| $6.26 $6.85 | ▲ +9.42% | ▲ +8.59% | $4.94 (−21.09%) |
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