Shattuck Labs (STTK) Q1 2026 earnings summary

Executive summary

• Clinical-stage biotech focused on DR3 blocking antibodies for inflammatory and immune-mediated diseases, with lead candidate SL-325 advancing through Phase 1 trials and Phase 2 initiation planned for Q3 2026.

• Completed enrollment in Phase 1 clinical trial of SL-325; data expected in Q2 2026.

• Lead bispecific DR3 antibody entered IND-enabling activities; targets and timelines to be disclosed in Q2 2026.

• Net loss for Q1 2026 was $14.8 million, up from $13.7 million in Q1 2025, reflecting increased R&D investment as clinical programs advance.

• Cash and cash equivalents totaled $90.4 million as of March 31, 2026, with management projecting sufficient liquidity into 2029, assuming full warrant exercise.

Financial highlights

• Revenue for Q1 2026 was $0, consistent with the prior year.

• Research and development expenses rose to $10.9 million in Q1 2026, up from $9.9 million in Q1 2025, driven by clinical advancement of SL-325 and higher personnel costs.

• General and administrative expenses were $4.6 million in Q1 2026, relatively flat year-over-year.

• Net cash used in operating activities was $13.4 million for Q1 2026, compared to $12.0 million in Q1 2025.

• Financing activities provided $25.8 million, primarily from ATM equity sales and warrant exercises.

Outlook and guidance

• Phase 1 trial for SL-325 expected to complete in Q2 2026, with Phase 2 in Crohn's Disease to begin in Q3 2026.

• Cash runway projected into 2029, assuming full exercise of outstanding warrants.

• Anticipates continued increase in R&D expenses as clinical programs progress and workforce expands.

• No product revenue expected until regulatory approval and commercialization, which is several years away.

• Guidance excludes potential additional capital from business development or new clinical activities.