The stock is a binary event play on SL-325 Phase 2b data in H1 2028. Near-term catalysts include Phase 2b trial initiation (Q3 2026) and SL-846 preclinical data at UEG Week (Oct 2026). The strong cash position removes near-term dilution risk, but the stock will trade on pipeline execution and competitive positioning vs TL1A antibodies from Roche/Teva and Merck.
Price Chart
Executive Summary
Shattuck Labs reported Q2 2026 net loss of $0.12 per share, in line with consensus of -$0.12, with no revenue. The key positive was a strengthened cash position of $208.3M (up from $50.5M a year ago) following an $86.2M public offering and $57.1M warrant exercises, extending runway into 2029. The Phase 1 data for SL-325 showed favorable safety and durable DR3 blockade, with the Phase 2b Crohn's trial on track for Q3 2026 initiation.
Key Financial Metrics
Key Facts
- Net loss of $15.2M ($0.12/share) vs $12.5M ($0.24/share) in Q2 2025; EPS in line with consensus of -$0.12
- Cash and investments of $208.3M as of June 30, 2026, up from $50.5M a year ago, funded by $86.2M public offering and $57.1M warrant exercises
- Phase 1 data for SL-325 showed 3.7% antidrug antibody rate, durable DR3 blockade >3 months at >=1 mg/kg, no DR3 agonism
- Phase 2b RECEPTIVE-CD1 trial in Crohn's disease expected to initiate Q3 2026; primary endpoint endoscopic response at 12 weeks, data expected H1 2028
- SL-846 bispecific (DR3 x IL-23R) in IND-enabling GLP tox study; Phase 1 healthy volunteer trial expected to start in 2027
- R&D expenses $11.7M (up 35% YoY); G&A $4.5M (flat YoY)
- Cash runway guidance into 2029, excluding potential additional capital or business development
Financial Impact
Net loss of $15.2M in Q2 2026, with cash burn rate of ~$16M/quarter from operations; $208.3M cash provides ~3+ years runway
Risk Factors
- Phase 2b failure risk for SL-325 in Crohn's disease (primary endpoint at 12 weeks)
- Competition from TL1A antibodies (RVT-3101, MK-7240) with more advanced clinical data
- No revenue and ongoing operating losses; eventual need for additional capital beyond 2029
- SL-846 is preclinical; early-stage bispecific development risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342508 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G | — | awaiting T+5 | — | — |
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 15w 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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