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Visual21 Nov 2025
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Shattuck Labs (STTK) investor relations material
Shattuck Labs Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
First participants dosed in Phase 1 clinical trial of SL-325, a DR3 antagonist antibody for IBD, with enrollment underway and completion expected in Q2 2026.
Discontinued development of SL-172154 and completed all obligations under prior collaboration agreements, shifting resources to SL-325 and related pipeline candidates.
Closed a private placement of up to $103 million in August 2025 to fund operations into 2029 and advance SL-325.
Appointed Dan Baker, M.D., and Mona Ashiya, Ph.D., to the Board of Directors in August 2025.
Net loss for the nine months ended September 30, 2025, was $36.2 million, a significant improvement from $56.7 million in the prior year period, driven by reduced R&D and G&A expenses.
Financial highlights
Cash and cash equivalents plus short-term investments totaled $86.1 million as of September 30, 2025, down from $90.1 million a year earlier.
License and collaboration revenue was $1.0 million for both the quarter and nine months ended September 30, 2025, down from $3.0 million and $5.7 million, respectively, in 2024.
Research and development expenses decreased 49.4% year-over-year to $26.2 million for the nine months, and to $7.6 million from $16.3 million for the quarter, primarily due to program discontinuations and workforce reductions.
General and administrative expenses fell 12.9% year-over-year to $12.9 million for the nine months, and to $4.1 million from $4.6 million for the quarter.
Net loss per share for the nine months was $(0.62), compared to $(1.12) in the prior year; for Q3 2025, net loss was $10.1 million ($0.14 per share), compared to $16.6 million ($0.33 per share) in Q3 2024.
Outlook and guidance
Cash, equivalents, and short-term investments, plus potential warrant proceeds, are expected to fund operations into 2029.
Initial Phase 1 data for SL-325 expected by Q2 2026; Phase 2 trial in IBD planned.
Lead bispecific candidate announcement from preclinical pipeline anticipated in H1 2026.
Ongoing focus on advancing SL-325 and exploring additional DR3-targeted and bispecific antibody candidates.
Management anticipates continued operating losses and negative cash flows until product commercialization.
Impact of unexercised warrants on cash runway?
Reason for significant Q3 2025 R&D expense drop?
SL-325's advantage over TL1A antibodies?
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Next Shattuck Labs earnings date
Q4 202520 Feb, 2026
Next Shattuck Labs earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Shattuck Labs Inc. is a clinical-stage biotechnology company focused on developing novel immunotherapies for the treatment of cancer and autoimmune diseases. The company leverages its proprietary Agonist Redirected Checkpoint (ARC) platform to create biologic therapies that enhance the body's immune response. Shattuck Labs' technology is designed to modulate immune pathways, potentially improving outcomes for patients with challenging conditions. The company is involved in research and development efforts, advancing its immunotherapy candidates through clinical trials. The company is headquartered in Durham, North Carolina, and its shares are listed on the NASDAQ.
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