Shattuck Labs Reports Phase 1 Data, Widens Cash Position to $208 Million

The Tip Desk · August 11, 2026 · 2 min read

The clinical-stage biotech's cash and short-term investments swelled to $208.3 million, extending its runway into 2029.

Shattuck Labs (STTK), a clinical-stage biotechnology company, reported positive Phase 1 data for its lead drug candidate SL-325 and disclosed a substantially strengthened balance sheet in its second-quarter results.

The quarter marked a turning point for the company's pipeline narrative. SL-325, a DR3 antagonist antibody, delivered Phase 1 results showing a 3.7% anti-drug antibody rate, complete DR3 blockade durable for more than three months at doses of 1 milligram per kilogram and above, no evidence of DR3 agonism, and a favorable safety profile. Those findings clear the path for a Phase 2b trial in Crohn's disease, the design of which is a randomized, placebo-controlled study enrolling roughly 232 patients across three dose levels, with a primary endpoint of endoscopic response at 12 weeks and data expected in the first half of 2028.

The company's net loss widened to $15.2 million in the quarter from $12.5 million a year earlier, but loss per share narrowed to $0.12 from $0.24, reflecting a significantly larger share count following multiple capital raises. Research and development expenses rose 34% to $11.7 million, driven by increased clinical development activity around SL-325, while general and administrative costs held roughly flat at $4.5 million.

Shattuck also formally named its second pipeline asset, SL-846, a DR3 x IL-23R bispecific antibody, replacing prior generic references to a lead bispecific candidate. The company now expects initial data from SL-846 in 2027, a slight shift from prior language that targeted Phase 1 initiation in the first half of that year.

Cash and short-term investments surged to $208.3 million as of June 30, up from $50.5 million a year earlier, a roughly $158 million increase fueled by an $86.2 million public offering completed during the quarter and $57.1 million generated from warrant exercises tied to the August 2025 private placement. The company also raised $21.4 million through at-the-market sales in the first quarter. Management reiterated guidance that the cash position funds operations into 2029.

With Phase 2b trial design locked in for SL-325 and a second clinical candidate advancing toward the clinic, Shattuck enters the back half of 2026 with its most defined pipeline to date and the capital to execute through multiple data catalysts.