Shattuck Labs, Inc. (STTK) SEC Filings & Earnings Calls

No revenue, ongoing losses

“We do not expect to generate significant product revenue unless and until we successfully complete development and obtain regulatory and marketing approval of, and begin to sell, one or more of our product candidates, if ever, which we expect will take several years.” · word for word

Clinical trial failure risk

“We may never succeed in achieving regulatory approval for any of our product candidates due to the uncertainties discussed above.” · word for word

Dilution risk from future financings

“The issuance of equity securities may result in dilution to stockholders and the issuance of debt securities may have rights, preferences and privileges senior to those of our common stock” · word for word

Clinical development risk; Phase 2b data not expected until 2028.

“Phase 2b data expected in first half of 2028; long timeline to potential approval.”

Cash runway into 2029 provides buffer but depends on clinical progress.

“Cash expected to fund operations into 2029; excludes additional capital needs.”

Dilution risk from warrant exercises

“OPI IX holds Pre-Funded Warrants to purchase 24,257,041 Shares that are not exercisable due to the Blocker.”

Dilution risk from warrant exercises

“OPI IX holds Pre-Funded Warrants to purchase 24,257,041 Shares that are not exercisable due to the Blocker.”

Significant dilution from equity offering and pre-funded warrants.

“Total potential shares issued up to 21.56 million.”

Clinical trial failure pressure: Phase 2b results not expected until first half of 2028, with inherent risk of failure.

“Primary endpoint for RECEPTIVE-CD1 Phase 2b trial expected to be disclosed in first half of 2028.”

Clinical trial failure pressure: SL-325 Phase 1 data not yet released; Phase 2 initiation subject to positive data and regulatory alignment.

“Subject to positive Phase 1 data and regulatory alignment, Shattuck expects to initiate a Phase 2 clinical trial of SL-325 in patients with Crohn’s disease in the third quarter of 2026.” · word for word

Clinical-stage biotech with no revenue

“We do not expect to generate significant product revenue unless and until we successfully complete development and obtain regulatory and marketing approval of, and begin to sell, one or more of our product candidates, if ever, which we expect will take several years.” · word for word

Dilution risk from ATM and warrant exercises

“In January 2026, we entered into a sales agreement ... to offer and sell up to $75.0 million of shares of our common stock from time to time through our ATM Facility.” · word for word

Going concern risk due to ongoing net losses and no product revenue

“We have not been profitable since inception, and as of December 31, 2025, we had an accumulated deficit of $430.5 million and $78.1 million in cash and cash equivalents and short-term investments.” · word for word

Dependence on future financing; potential dilution

“Until we obtain regulatory approval to market our product candidates, if ever, we cannot generate revenues from sales of our products. Even if we are able to sell our products, we may not generate a sufficient amount of product revenues to finance our cash requirements. Accordingly, it will be necessary for us to seek to raise additional capital through equi” · word for word

Clinical-stage biotech with no approved products; reliance on SL-325 trial success.

“Phase 1 data expected Q2 2026; Phase 2 initiation subject to positive data and regulatory alignment.”

Cash burn; net loss continues; ATM offering dilutes existing shareholders.

“Net loss of $12.6M in Q4 2025; raised $21.4M via ATM in Q1 2026.”

Clinical-stage biotech with no approved products; reliance on SL-325 success.

“SL-325 in Phase 1; no revenue from product sales.”

Cash burn; net loss of $10.1M in quarter.

“Net loss $10.1M; cash $86.1M.”

No Approved Products / Revenue Dependency

“We have no products approved for commercial sale, and we have not generated any revenue from commercial product sales.” · word for word

Nasdaq Compliance Risk (Resolved)

“On August 8, 2025, we received written notice from Nasdaq that we were not in compliance with the minimum bid price requirements... On September 16, 2025, we received written notice from Nasdaq that we satisfied the requirement and have regained compliance.” · word for word

Dilution Risk from Equity Financing

“In August 2025, we issued and sold 15,225,158 shares of common stock, common stock warrants, pre-funded warrants to purchase up to 37,410,188 shares of common stock, and accompanying common stock warrants to purchase up to 52,635,346 shares of common stock for gross proceeds of $45.7 million.” · word for word