The positive Phase 1 data for SL-325 is a major de-risking event that validates the DR3 mechanism and supports the upcoming Phase 2b initiation. Traders should watch for the Phase 2b trial start in Q3 2026 and any early efficacy signals from the TL1A/DR3 class. The strong cash position removes near-term financing risk.
Price Chart
Executive Summary
Shattuck Labs reported Q2 2026 net loss of $0.12 per share, in line with consensus estimates of $-0.12. The key positive catalyst is the successful Phase 1 data for SL-325, showing a favorable safety and immunogenicity profile, which de-risks the upcoming Phase 2b RECEPTIVE-CD1 trial in Crohn's disease. The company also strengthened its balance sheet with $208.3M in cash, extending the runway into 2029, and announced a new bispecific candidate SL-846.
Key Financial Metrics
Key Facts
- Phase 1 data for SL-325 showed a potentially best-in-mechanism immunogenicity profile with only 3.7% anti-drug antibodies and complete DR3 blockade for over 3 months at low doses.
- RECEPTIVE-CD1 Phase 2b trial of SL-325 in Crohn's disease expected to initiate in Q3 2026 with primary endpoint data in H1 2028.
- Announced lead bispecific candidate SL-846 (DR3 x IL-23R), with initial Phase 1 data expected in 2027.
- Cash and short-term investments of $208.3M as of June 30, 2026, up from $50.5M a year ago, funded by an $86.2M public offering and $57.1M from warrant exercises.
- Net loss of $15.2M ($0.12/share) for Q2 2026 vs $12.5M ($0.24/share) in Q2 2025; EPS in line with consensus of $-0.12.
Financial Impact
Cash runway extended into 2029 with $208.3M; net loss increased to $15.2M from $12.5M YoY.
Risk Factors
- Phase 2b clinical trial failure or disappointing efficacy data for SL-325.
- Competition from TL1A-targeting antibodies (e.g., from Prometheus/Roivant).
- Dilution risk from future capital raises despite current cash runway.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055484 |
| Document: sttk-20260811.htm | 0001628280-26-055484 |
| Document: 0001628280-26-055484-index-headers.html | 0001628280-26-055484 |
| Document: 0001628280-26-055484-index.html | 0001628280-26-055484 |
| Document: 0001628280-26-055484.txt | 0001628280-26-055484 |
| 8-K Data (Synthetic) | 0001628280-26-055484 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G | $5.55 | awaiting T+5 | — | $5.77 (+3.96%) |
Aug 11, 2026 11w ago | 8-K | $7.18 $7.45 | ▲ +3.76% | ▲ +4.16% | $5.77 (−19.64%) |
Aug 11, 2026 11w ago | Press Release | $7.18 $7.45 | ▲ +3.76% | ▲ +4.16% | $5.77 (−19.64%) |
Jul 7, 2026 16w ago | Insider Cluster | $6.88 $6.29 | ▼ −8.58% | ▼ −9.44% | $5.77 (−16.13%) |
Jul 2, 2026 16w ago | Insider Cluster | $7.05 $7.03 | ▼ −0.28% | ▼ −1.21% | $5.77 (−18.16%) |
Jun 11, 2026 19w ago | 8-K | $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $5.77 (−38.04%) |
Jun 11, 2026 19w ago | Institutional Cluster | $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $5.77 (−38.04%) |
Jun 11, 2026 19w ago | 424B5 | $4.18 $4.74 | ▼ −13.40% | ▼ −12.96% | $5.77 (−38.04%) |
Jun 10, 2026 19w ago | Press Release | $4.13 $4.33 | ▼ −4.84% | ▼ −1.41% | $5.77 (−39.71%) |
Jun 9, 2026 20w ago | 424B5 | $4.13 $4.33 | ▼ −4.84% | ▼ −1.41% | $5.77 (−39.71%) |
US Market Status
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