Shattuck Labs, Inc. (STTK) has reported fourth-quarter and full-year 2025 financial results and outlined progress across its pipeline targeting the TL1A/DR3 pathway, a central driver of immune dysregulation and inflammation.
For the fourth quarter of 2025, the company incurred a net loss of $12.6 million, or $0.12 per basic and diluted share compared with a net loss of $18.7 million, or $0.37 per basic and diluted share in the same quarter of 2024.
For the full year 2025, Shattuck's net loss narrowed to $48.8 million, or $0.70 per basic and diluted share, from $75.4 million or $1.49 per basic and diluted share, in 2024.
The company's pipeline includes SL-325, SL-425, and multiple bispecific DR3 blocking antibodies, which are advancing through clinical and preclinical development.
--SL-325, Shattuck's lead candidate, is a fully Fc-silenced DR3 blocking antibody designed to achieve durable blockade of the DR3/TL1A pathway.
It is currently under evaluation in a Phase 1 clinical trial in healthy volunteers, assessing safety, tolerability, pharmacokinetics, receptor occupancy, and immunogenicity.
Enrollment in all single-ascending dose (SAD) cohorts has been completed, with the final multiple-ascending dose (MAD) cohort expected to be completed in the second quarter of 2026.
Shattuck anticipates reporting full Phase 1 data in the same quarter, which will guide the recommended Phase 2 dose. A Phase 2 trial in patients with Crohn's disease is expected to initiate in the third quarter of 2026.
--SL-425, an extended half-life DR3 blocking antibody, remains in preclinical development with a focus on inflammatory bowel disease.
--Meanwhile Shattuck's bispecific antibody program has entered IND-enabling activities. The lead bispecific candidate is designed to inhibit both the DR3/TL1A axis an additional biologically relevant target, with disclosure of its mechanism, supporting preclinical data, and development timelines expected in the first half of 2026.
Shattuck is scheduled to attend the Leerink Global Healthcare Conference 2026, where Dr. Schreiber will present at the conference and participate in one-on-one meetings.
The company ended 2025 with $78.1 million in cash and cash equivalents, with a subsequent capital raise in early 2026 extending the company's cash runway into 2029.
STTK has traded between $0.69 and $4.89 over the past year. The stock closed Wednesday's trading at $4.73, up 11.82%. During the pre-market trading Thursday, the stock fell 2.96%, to $4.59.
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