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.
Price Chart
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.
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
Investment Themes
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 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 11w ago | 8-K | $7.18 $7.45 | ▲ +3.76% | ▲ +4.16% | $5.54 (−22.84%) |
Aug 11, 2026 11w 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%) |
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