Second Quarter 2026
Filed Aug 11, 2026Shattuck Labs Reports Second Quarter 2026 Financial Results and Recent Business Highlights
Shattuck reported favorable Phase 1 findings for SL-325, remains on track to initiate its RECEPTIVE-CD1 Phase 2b Crohn’s disease trial in the third quarter of 2026, and reported $208.3 million of cash, cash equivalents and short-term investments expected to fund operations into 2029. R&D expense and net loss were higher than the prior-year period.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Cash and cash equivalents and short-term investmentsother | $208.3M | – | – |
| Research and development expensesGAAP | $11.7M | – | – |
| General and administrative expensesGAAP | $4.5M | – | – |
| Net lossGAAP | $15.2M | – | – |
| Net loss per basic and diluted shareGAAP | $0.12 per basic and diluted share | – | – |
into 2029 outlook
- NoteShattuck’s current cash and cash equivalents, and short-term investments are expected to fund operations into 2029.
What drove it
- Phase 1 clinical trial results for SL-325 showed only 3.7% of participants developing antidrug antibodies.
- The Phase 1 trial showed complete blockade of TL1A binding to DR3 for over 3 months expected at doses of 1 mg/kg and higher.
- SL-325 was well tolerated with a favorable safety profile consistent with the TL1A inhibitor class, with no evidence of DR3 agonism.
- The RECEPTIVE-CD1 Phase 2b trial is expected to evaluate three dose levels of SL-325 compared with placebo in approximately 232 patients.
- SL-846 is in an ongoing IND-enabling GLP toxicology study in non-human primates.
Concerns
- R&D expenses were $11.7 million for the quarter ended June 30, 2026, as compared to $8.7 million for the quarter ended June 30, 2025.
- Net loss was $15.2 million for the quarter ended June 30, 2026, as compared to a net loss of $12.5 million for the quarter ended June 30, 2025.
- The cash runway guidance excludes any additional capital that may be received, proceeds from business development transactions, and/or additional costs associated with clinical development activities that may be undertaken.
- The RECEPTIVE-CD1 trial's primary endpoint data are expected in the first half of 2028.
What to watch
- Initiation of the RECEPTIVE-CD1 Phase 2b clinical trial of SL-325 in the third quarter of 2026.
- Preclinical data for SL-846 at UEG Week, to be held October 17-20, 2026.
- Initial Phase 1 healthy volunteer clinical trial data for SL-846 expected in 2027.
- Endoscopic response data at 12 weeks from RECEPTIVE-CD1, expected in the first half of 2028.
Balance sheet and cash flow
- As of June 30, 2026, cash and cash equivalents and short-term investments were $208.3 million, as compared to $50.5 million as of June 30, 2025.
- Shattuck completed an underwritten public offering with aggregate gross proceeds of approximately $86.2 million.
- As of July 1, 2026, all of the common stock warrants issued in the Company's August 2025 private placement have been exercised, resulting in aggregate gross proceeds of approximately $57.1 million.
Analysis
Shattuck’s quarter was defined by clinical progress and capital formation rather than commercial activity. The company reported Phase 1 results for SL-325 that it described as showing a favorable safety profile, only 3.7% of participants developing antidrug antibodies, no evidence of DR3 agonism, and complete blockade of TL1A binding to DR3 for over 3 months expected at doses of 1 mg/kg and higher. The company expects to initiate the RECEPTIVE-CD1 Phase 2b Crohn’s disease trial in the third quarter of 2026.
The planned Phase 2b study is a major execution milestone. RECEPTIVE-CD1 is designed as a randomized, double-blind, placebo-controlled trial evaluating three SL-325 dose levels against placebo in approximately 232 patients. Its primary endpoint is endoscopic response at 12 weeks, with data expected in the first half of 2028. Patients will continue treatment through a maintenance phase to 50 weeks, allowing the company to evaluate potential accumulating efficacy during maintenance.
Expense trends reflect continued pipeline investment. R&D expenses were $11.7 million, compared with $8.7 million in the prior-year quarter, while G&A expenses were $4.5 million compared with $4.4 million. Net loss was $15.2 million, compared with $12.5 million in the prior-year quarter. The filing does not provide prior-quarter financial comparisons, revenue, gross profit, operating income, or cash-flow metrics.
Liquidity was materially strengthened. Cash, cash equivalents and short-term investments were $208.3 million as of June 30, 2026, compared with $50.5 million as of June 30, 2025. The company also disclosed an underwritten public offering with aggregate gross proceeds of approximately $86.2 million and warrant exercises that generated aggregate gross proceeds of approximately $57.1 million as of July 1, 2026. Management expects current cash, cash equivalents and short-term investments to fund operations into 2029, subject to the stated exclusions for additional capital, business development proceeds, and potential additional clinical-development costs.
Beyond SL-325, SL-846 remains in an IND-enabling GLP toxicology study in non-human primates. Shattuck expects to present SL-846 preclinical data at UEG Week in October 2026, initiate a Phase 1 healthy-volunteer trial, and report initial data in 2027. The central figures to monitor are execution on the third-quarter RECEPTIVE-CD1 initiation, the timing and content of SL-846 data, R&D spending as clinical programs advance, and maintenance of the stated runway into 2029.
Management, verbatim
The Phase 1 clinical data for SL-325 has checked all of the boxes and positions SL-325 as a potentially winning antibody in the TL1A/DR3 axis heading into Phase 2 clinical development,
Taylor Schreiber, M.D., Ph.D., Chief Executive Officer of Shattuck
Not in the filing
stated, not guessed- Total revenue
- Segment revenue and segment comparisons
- Gross profit and gross margin
- Operating income or loss
- Non-GAAP financial metrics, including non-GAAP net income or loss and non-GAAP EPS
- Prior-quarter figures for cash, R&D expenses, G&A expenses, net loss, and net loss per share
- Reported year-over-year or quarter-over-quarter percentage changes for reported financial metrics
- Operating cash flow
- Free cash flow
- Debt
- Share repurchases
- Dividends
- Revenue, gross margin, operating-expense, and tax-rate guidance
- Previous-quarter outlook for comparison with reported results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.