Shattuck Labs, Inc. (STTK) - Q1 2026 Filing Summary
Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended March 31, 2026. Shattuck Labs, Inc. is a clinical-stage biotechnology company developing DR3 blocking antibodies for inflammatory and immune-mediated diseases. The company's lead program, SL-325, is a potentially first-in-class antibody targeting the DR3/TL1A pathway for the treatment of inflammatory bowel disease (IBD). As of the reporting date, the company is conducting a Phase 1 clinical trial for SL-325 in healthy volunteers and expects to initiate a Phase 2 trial in Crohn's Disease patients in Q3 2026.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Revenue | $0 | $0 |
| Net Loss | $(14.8) million | $(13.7) million |
| Net Loss Per Share (Basic/Diluted) | $(0.13) | $(0.27) |
| Research & Development Expenses | $10.9 million | $9.9 million |
| General & Administrative Expenses | $4.6 million | $4.5 million |
| Cash and Cash Equivalents (End of Period) | $90.4 million | $60.9 million |
| Accumulated Deficit | $(445.3) million | $(395.4) million |
| Net Cash Used in Operating Activities | $(13.4) million | $(12.0) million |
| Net Cash Provided by Financing Activities | $25.8 million | $(0.1) million |
Material Changes vs. Prior Period
- Revenue: No product revenue was recognized in Q1 2026. The company previously recognized $1.0 million in license revenue in Q3 2025 from a related party agreement (Kayak Therapeutics), which is not recurring in this period.
- Expenses: Total operating expenses increased by $1.2 million (8.0%) to $15.5 million. R&D expenses rose by $1.0 million (10.4%), driven by increased clinical development costs for SL-325 and higher personnel costs.
- Liquidity: Cash and cash equivalents increased by $36.2 million to $90.4 million. This increase was primarily due to $21.4 million in proceeds from an At-The-Market (ATM) offering and $5.4 million from the exercise of common stock warrants, offset by operating cash burn.
- Capital Structure: The company issued 5.0 million shares via its ATM facility and saw significant exercise of pre-funded warrants and common stock warrants, increasing outstanding shares from 63.3 million (Dec 2025) to 75.6 million (Mar 2026).
Outlook, Risks, and Management Commentary
- Clinical Outlook: Management expects to complete the Phase 1 trial for SL-325 in Q2 2026 and initiate a Phase 2 trial in Crohn's Disease patients in Q3 2026. The company believes SL-325 offers a superior immunogenicity profile compared to TL1A-blocking antibodies.
- Liquidity Position: Management believes current cash resources ($90.4 million) are sufficient to fund operations for at least the next 12 months. If outstanding common stock warrants are fully exercised, the company estimates funding could extend into 2029.
- Financing Needs: The company anticipates incurring additional losses until product candidates are approved and commercialized. Future funding will likely require additional equity or debt financings, collaborations, or licensing agreements.
- Risks: Key risks include the uncertainty of clinical trial results, the potential for high anti-drug antibody (ADA) formation in competitors' TL1A-targeting therapies (which Shattuck aims to avoid), and the general risks associated with biotechnology development, including regulatory delays and funding availability.
Investor Verification Checklist
- Verify the timeline and enrollment status of the ongoing Phase 1 trial for SL-325 and the planned initiation of the Phase 2 Crohn's Disease trial.
- Monitor the utilization of the $75.0 million ATM facility and the exercise status of the 47.5 million outstanding common stock warrants.
- Assess the burn rate relative to the $90.4 million cash balance to confirm the 12-month liquidity runway.
- Review future updates on the Kayak Therapeutics related-party agreement for any contingent milestone payments or royalty triggers.
- Track R&D expense trends to ensure alignment with the expected ramp-up of clinical activities for SL-325.