Shattuck Labs (STTK) investor relations material

Strategic focus and pipeline overview

• Advancing 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.

• Ongoing Phase 2b clinical trial in Crohn's disease (RECEPTIVE-CD1) and planned Phase 2b trial in hidradenitis suppurativa (RECEPTIVE-HS1) expected to initiate in 2026.

• Additional preclinical candidates include SL-846 (DR3 x IL-23R bispecific) and SL-425 (extended half-life DR3 mAb).

• SL-846 Phase 1 initiation and data expected in 2027.

• Cash runway of $208.3 million as of June 30, 2026, expected to fund operations into 2029.

Scientific rationale and competitive differentiation

• Blocking DR3 may provide more complete and durable inhibition of the TL1A/DR3 axis than targeting TL1A alone, potentially leading to higher efficacy and lower immunogenicity.

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

• SL-325 avoids immune complex formation and demonstrates a best-in-mechanism immunogenicity profile with only 3.7% ADA in Phase 1, compared to 48-82% for anti-TL1A antibodies.

• Durable inhibition of TL1A binding to DR3 may enable quarterly maintenance dosing and improved patient convenience.

Clinical development and data highlights

• Phase 1 trial of SL-325 in healthy participants showed it was safe, well-tolerated, and achieved full DR3 occupancy at all dose levels.

• No evidence of residual DR3 agonism or changes in cytokine profiles was observed.

• Dose-proportional pharmacokinetics with an estimated half-life of 16 days and durable TL1A blockade for months at ≥1 mg/kg.

• Subcutaneous formulation developed for autoinjector compatibility.