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Jun 30
Shattuck Labs Q2 2025 Earnings Report
Shattuck Labs reported a reduced net loss in Q2 2025 and maintained a strong cash position ahead of expected IND clearance for its lead asset SL-325.
Key Takeaways
Shattuck Labs posted no collaboration revenue in Q2 2025 and reported a net loss of $12.5M. R&D and G&A expenses decreased significantly year-over-year. The company ended the quarter with $50.5M in cash and cash equivalents and anticipates that funds from its recent private placement will support operations into 2029.
No revenue reported in Q2 2025, down from $1.6M in Q2 2024
R&D expenses decreased to $8.7M from $19.2M YoY
Net loss narrowed to $12.5M, or $0.24 per share
Cash and cash equivalents stood at $50.5M as of June 30, 2025
Shattuck Labs
Shattuck Labs
Forward Guidance
Shattuck expects IND clearance and initiation of a Phase 1 trial for SL-325 in Q3 2025 and anticipates a multi-year operational runway funded by recent private placement proceeds.
Positive Outlook
- IND submitted for SL-325 with clearance expected in Q3
- Phase 1 clinical trial for SL-325 expected to begin in Q3
- Strong reduction in R&D and G&A expenses
- Oversubscribed private placement expected to raise up to $103M
- Cash runway expected to extend operations into 2029
Challenges Ahead
- No revenue generated in Q2 2025
- Net loss of $12.5M still substantial despite narrowing
- Continued cash burn from operating activities
- Total assets declined YoY due to lower investment balance
- Pending IND clearance is a gating item for trial and financing