Monitor the final offering terms (size, price) when announced. The massive existing warrant overhang (~86M shares) and this new offering will pressure the stock. Positive Phase 1 data provides some fundamental support, but the dilutive capital raise is the dominant near-term factor.
Price Chart
Executive Summary
Shattuck Labs filed a preliminary prospectus supplement for an underwritten public offering of common stock and pre-funded warrants, with all key terms (number of shares, offering price, net proceeds) left as placeholders. The filing follows positive Phase 1 data for lead candidate SL-325 and concurrent warrant exercises expected to generate ~$54.9M in gross proceeds. The dilutive offering, while providing additional capital to extend runway into 2029, creates immediate and substantial dilution for new investors.
Key Facts
- Offering of common stock and pre-funded warrants; all pricing and size details are TBD placeholders
- Last reported sale price on June 8, 2026 was $3.90 per share
- Company reported positive Phase 1 data for SL-325 on June 8, 2026
- Warrant exercises from August 2025 private placement expected to yield ~$54.9M gross proceeds
- Cash and investments of ~$90.4M as of March 31, 2026; pro forma runway into 2029
- 75,581,787 shares outstanding as of March 31, 2026; massive overhang from 47.5M common warrants and 38.4M pre-funded warrants
- Net tangible book value per share as of March 31, 2026 was $1.27; offering will cause immediate and substantial dilution
Financial Impact
Offering size and pricing undisclosed; immediate substantial dilution to new investors; pro forma cash runway extended into 2029
Risk Factors
- Immediate and substantial dilution to existing and new shareholders
- Massive overhang from ~86M outstanding warrants and pre-funded warrants
- No established trading market for pre-funded warrants limits liquidity
- Broad discretion in use of proceeds may not enhance shareholder value
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-264029 |
| Document: 0001193125-26-264029-index-headers.html | 0001193125-26-264029 |
| Document: 0001193125-26-264029-index.html | 0001193125-26-264029 |
| Document: 0001193125-26-264029.txt | 0001193125-26-264029 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 10w ago | 8-K | $7.18 $7.45 | ▲ +3.76% | ▲ +4.16% | $5.54 (−22.84%) |
Aug 11, 2026 10w ago | Press Release | $7.18 $7.45 | ▲ +3.76% | ▲ +4.16% | $5.54 (−22.84%) |
Jul 7, 2026 15w ago | Insider Cluster | $6.88 $6.29 | ▼ −8.58% | ▼ −9.44% | $5.54 (−19.48%) |
Jul 2, 2026 16w ago | Insider Cluster | $7.05 $7.03 | ▼ −0.28% | ▼ −1.21% | $5.54 (−21.42%) |
Jun 11, 2026 19w ago | 8-K | $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $5.54 (−32.54%) |
Jun 11, 2026 19w ago | Institutional Cluster | $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $5.54 (−32.54%) |
Jun 11, 2026 19w ago | 424B5 | $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $5.54 (−32.54%) |
Jun 10, 2026 19w ago | Press Release | $4.13 $4.33 | ▼ −4.84% | ▼ −1.41% | $5.54 (−34.14%) |
Jun 9, 2026 19w ago | 424B5 | $4.13 $4.33 | ▼ −4.84% | ▼ −1.41% | $5.54 (−34.14%) |
Jun 9, 2026 19w ago | 8-K | $4.13 $4.33 | ▲ +4.84% | ▲ +1.41% | $5.54 (+34.14%) |
US Market Status
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