Shattuck Labs (STTK) Q4 2025 earnings summary

Executive summary

• Lead candidate SL-325 advanced through Phase 1 clinical trial, with data expected in Q2 2026 and Phase 2 in Crohn's disease planned for Q3 2026.

• Significant reduction in R&D and net loss year-over-year due to pipeline prioritization and workforce reductions.

• Cash position strengthened by $21.4 million raised in Q1 2026, extending operational runway into 2029.

Financial highlights

• Cash and short-term investments were $78.1 million as of December 31, 2025, up from $73.0 million a year prior.

• R&D expenses for Q4 2025 were $9.1 million, down from $15.4 million in Q4 2024; full-year R&D was $35.3 million, down from $67.2 million.

• Net loss for Q4 2025 was $12.6 million ($0.12/share), improved from $18.7 million ($0.37/share) in Q4 2024; full-year net loss was $48.8 million ($0.70/share), down from $75.4 million ($1.49/share) in 2024.

• G&A expenses for 2025 were $17.2 million, down from $19.1 million in 2024.

Outlook and guidance

• Cash and investments, including Q1 2026 equity raise, expected to fund operations into 2029, assuming current plans and full warrant exercise.

• Phase 1 SL-325 data expected Q2 2026; Phase 2 in Crohn's disease to start Q3 2026, pending positive results and regulatory alignment.

• Lead bispecific antibody candidate to have targets and preclinical data disclosed in H1 2026.