Shattuck Labs (STTK) investor relations material

Pipeline and scientific rationale

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

• DR3 blockade may offer more complete and durable inhibition of the TL1A/DR3 axis than TL1A ligand blockade, potentially translating to higher efficacy and quarterly dosing.

• SL-325 and pipeline candidates (SL-846, SL-425) are positioned for IBD, rheumatoid arthritis, psoriatic arthritis, hidradenitis suppurativa, and other immune diseases.

• DR3 is constitutively expressed in inflamed and non-inflamed tissue, making it a more stable and abundant target than TL1A, which is transiently expressed.

• Blocking DR3 avoids immune complex formation and high anti-drug antibody (ADA) rates seen with TL1A-targeting antibodies, potentially improving efficacy and durability.

Clinical development and trial data

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

• SL-325 demonstrated dose-proportional pharmacokinetics, a half-life of 16 days, and durable DR3 occupancy, supporting quarterly maintenance dosing.

• No evidence of residual DR3 agonism or changes in cytokine profiles was observed, confirming SL-325 as a pure DR3 blocker.

• SL-325 achieved a potentially best-in-mechanism immunogenicity profile with only 3.7% ADA incidence, significantly lower than TL1A antibodies (48–82%).

• 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.

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

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

• 183.1 million shares outstanding as of July 2, 2026, with all warrants exercised.