Shattuck Labs, Inc. (STTK) - Q2 2026 10-Q Summary
Business Context and Reporting Period
This report covers the quarterly period ended June 30, 2026. Shattuck Labs, Inc. is a clinical-stage biotechnology company developing monoclonal and bispecific antibodies targeting the Death Receptor 3 (DR3) pathway for inflammatory and immune-mediated diseases. The company's lead program, SL-325, is a DR3 blocking antibody currently in Phase 2 development for Crohn's Disease. A second candidate, SL-846, is a dual DR3 and IL-23 receptor blocking bispecific antibody in preclinical/early clinical stages.
Key Financial Metrics
| Metric (in thousands) | Q2 2026 (3 Months) | YTD 2026 (6 Months) | YTD 2025 (6 Months) |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Net Loss | $(15,152) | $(29,919) | $(26,160) |
| Operating Expenses | $16,155 | $31,699 | $27,421 |
| Research & Development (R&D) | $11,700 | $22,646 | $18,599 |
| General & Administrative (G&A) | $4,455 | $9,053 | $8,822 |
| Cash & Cash Equivalents | $63,299 | $63,299 | $50,467 |
| Short-Term Investments | $145,004 | $145,004 | $23,873 |
| Total Liquidity | $208,303 | $208,303 | $74,340 |
| Accumulated Deficit | $(460,448) | $(460,448) | $(407,880) |
Cash Flow (Six Months Ended June 30, 2026):
- Net cash used in operating activities: $(23.6) million
- Net cash used in investing activities: $(121.1) million (primarily purchases of investments)
- Net cash provided by financing activities: $153.8 million (proceeds from equity sales and warrant exercises)
Material Changes vs. Prior Period
- Increased R&D Spend: R&D expenses increased by $4.0 million (21.8%) year-over-year for the six-month period. This was driven by a $6.0 million increase in clinical and pre-clinical activities for SL-325 and SL-846, and a $1.1 million increase in compensation due to added headcount. These increases were partially offset by a $3.4 million decrease due to the discontinuation of the SL-172154 program.
- Significant Capital Raise: The company raised substantial capital in the first half of 2026, including a public offering in June 2026 (gross proceeds of $86.2 million) and sales via an ATM facility ($21.4 million). Additionally, $52.8 million was generated from the exercise of common stock warrants.
- Liquidity Position: Total cash, cash equivalents, and short-term investments grew from $74.3 million at the end of 2025 to $208.3 million as of June 30, 2026, significantly extending the company's runway.
- Investment Portfolio: Investments increased from $23.9 million to $145.0 million as the company deployed excess cash into U.S. government securities.
Outlook, Guidance, and Risks
- Clinical Milestones: The company expects to initiate the RECEPTIVE-CD1 Phase 2b clinical trial for SL-325 in Crohn's Disease in the third quarter of 2026. Data from the induction portion is expected in the first half of 2028. Pre-clinical data for SL-846 is expected in the second half of 2026, with initial Phase 1 data anticipated in 2027.
- Financial Outlook: Management expects to continue incurring significant operating losses until product candidates are approved and commercialized. The company believes its current liquidity of $208.3 million is sufficient to fund operations into 2029.
- Key Risks:
- Dependence on successful clinical trial outcomes for SL-325 and SL-846.
- Need for additional financing if development timelines extend or costs increase.
- Reliance on third-party CDMOs and CROs for manufacturing and trial management.
- Potential for high immunogenicity in bispecific antibody formats (though SL-846 is designed to mitigate this).
Investor Verification Checklist
- Runway Validation: Verify the $208.3 million liquidity figure against projected burn rates to confirm the "into 2029" funding statement.
- SL-325 Phase 2 Initiation: Monitor announcements in Q3 2026 regarding the start of the RECEPTIVE-CD1 trial and patient enrollment rates.
- Warrant Exercises: Note that $4.2 million in proceeds from remaining warrant exercises occurred in July 2026 (post-period); confirm total capital raised.
- Discontinued Programs: Review the impact of the SL-172154 discontinuation on future R&D budgeting and pipeline focus.
- Related Party Transactions: Review the Kayak Therapeutics license agreement (Note 6) regarding the $1.0 million equity consideration and future milestone potential.