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Dec 31, 2025
Shattuck Labs Q4 2025 Earnings Report
Shattuck Labs Q4 2025 Earnings Report
Key Takeaways
Shattuck Labs reported a narrowed net loss for the fourth quarter of 2025 as it transitioned its focus toward the SL-325 DR3 blocking antibody program. The company significantly reduced R&D expenses following the discontinuation of the SL-172154 program and strengthened its balance sheet through early 2026 capital markets activity, extending its cash runway into 2029.
Phase 1 clinical trial of lead candidate SL-325 is nearly complete, with data expected in Q2 2026.
Net loss narrowed to $12.6 million in Q4 2025 compared to $18.7 million in Q4 2024.
R&D expenses decreased by 41% year-over-year in Q4 due to pipeline prioritization and workforce reductions.
Cash runway is projected to last into 2029, supported by $21.4 million in gross proceeds from ATM sales in early 2026.
Forward Guidance
Shattuck Labs expects its current capital to fund operations into 2029, assuming full exercise of outstanding warrants and including recent ATM proceeds.
Positive Outlook
- Cash runway extended into 2029
- SL-325 Phase 1 data readout expected in Q2 2026
- Initiation of Phase 2 Crohn’s disease trial expected in Q3 2026
- Lead bispecific antibody program entered IND-enabling activities
- Successful capital raise of $21.4 million in Q1 2026
Challenges Ahead
- Cash runway assumes full exercise of outstanding common stock warrants
- Guidance excludes additional costs from potential new clinical development activities
- Ongoing net losses as a clinical-stage company
- Dependence on successful Phase 1 data for SL-325 to proceed
Historical Earnings Impact
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Avg. Return Before/After Earnings
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