Shattuck Labs (STTK) Q3 2026 earnings summary

Executive summary

• Initiated the Phase 2b RECEPTIVE-CD1 trial of SL-325 in Crohn’s disease; induction data expected in H1 2028.

• SL-325 Phase 1 showed favorable safety and tolerability, a 3.7% antidrug antibody rate, durable inhibition of TL1A binding to DR3, and no DR3 agonism.

• Cash, cash equivalents and short-term investments totaled $196.3M at September 30, 2026, and are expected to fund operations into 2029 based on current plans.

Financial highlights

• Q3 2026 net loss was $25.2M vs. $10.1M; operating expenses were $27.0M vs. $11.7M.

• Q3 R&D expense was $21.6M vs. $7.6M; G&A was $5.5M vs. $4.1M.

• 9M 2026 net loss was $55.1M vs. $36.2M; operating expenses were $58.7M vs. $39.1M.

• Related-party license revenue was $0 in Q3 and 9M 2026, down from $1.0M in each 2025 period; 9M other income was $3.6M vs. $1.9M.

• 9M operating cash use was $41.1M; financing provided $158.0M, lifting cash and cash equivalents by $7.6M.

Outlook and guidance

• RECEPTIVE-CD1 induction data and RECEPTIVE-HS1 primary-treatment data are expected in H1 2028; SL-846 Phase 1 initiation and initial data are expected in 2027.

• R&D expenses are expected to increase YoY with Phase 2 trials, clinical material manufacturing, process development and hiring.

• Operations are expected to be funded into 2029 based on current plans; guidance excludes additional capital, business-development proceeds and costs from potential clinical activities.