Shattuck Labs (STTK) investor relations material

Pipeline overview and scientific rationale

• Developing first-in-class monoclonal and bispecific DR3 blocking antibodies for inflammatory and immune-mediated diseases, with lead candidate SL-325 targeting DR3, the receptor for TL1A.

• DR3 blockade may offer superior efficacy and durability compared to TL1A ligand blockade, with potential for quarterly dosing and improved immunogenicity profile.

• Preclinical and clinical data suggest DR3 is a more stable and abundant target than TL1A, supporting more complete pathway inhibition.

• Pipeline includes SL-325 (monospecific DR3), SL-846 (DR3 x IL-23R bispecific), and SL-425 (extended half-life DR3).

• Additional indications beyond IBD, such as rheumatoid arthritis and psoriatic arthritis, are under consideration.

Clinical development and trial results

• Phase 1 trial of SL-325 in healthy participants showed it was safe and well tolerated across a wide dosing range, with no serious adverse events.

• SL-325 demonstrated highly durable DR3 occupancy and dose-dependent TL1A blockade, supporting potential for quarterly maintenance dosing.

• No evidence of residual DR3 agonism or off-target effects was observed in Phase 1.

• SL-325 achieved a low anti-drug antibody (ADA) rate of 3.7%, significantly lower than TL1A antibodies, indicating a best-in-mechanism immunogenicity profile.

• Phase 2b RECEPTIVE-CD1 trial in Crohn's disease is expected to initiate in Q3 2026, with induction data anticipated in 1H 2028.

Market opportunity and financials

• Large unmet need remains in Crohn's disease and IBD, with current therapies achieving only ~20% placebo-adjusted remission rates.

• IBD market projected to reach $33.3 billion in worldwide sales by 2030.

• As of June 30, 2026, $208.3 million in cash and equivalents, expected to fund operations into 2029.

• 183.2 million shares outstanding as of August 10, 2026.