Shattuck Labs, Inc. (STTK)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 showed streamlined operations and improved losses: GAAP net loss narrowed to $12.5M ($0.24 per share) versus $21.6M ($0.42) in Q2 2024, driven by materially lower R&D and G&A expenses; collaboration revenue was $0 as the company focuses on SL-325 .
• The company submitted an IND for SL-325 in July and expects FDA clearance in Q3 2025; Phase 1 first dose is targeted for Q3 2025 with completion in Q2 2026, maintaining timelines communicated earlier .
• Financing update: an oversubscribed private placement of up to $103M, contingent on IND clearance, combined with existing cash is expected to fund operations into 2029, materially extending cash runway versus prior guidance into 2027 .
• EPS modestly beat Wall Street consensus: GAAP EPS of $(0.24) versus S&P Global consensus of $(0.245)*; revenue was in line at $0, consistent with a clinical-stage pipeline focus .
• Near-term stock catalysts include IND clearance, initial SAD dosing of SL-325, and financing close; medium-term catalysts include Phase 1 data readout and the nomination of a DR3-based bispecific candidate in 2025 .

Note: Values retrieved from S&P Global for estimates.*

What Went Well and What Went Wrong

What Went Well

• IND submission for SL-325 achieved; management reiterated confidence: “We expect to begin enrollment... later this quarter, and to complete the trial during the second quarter of 2026.” This keeps development timelines intact .
• Operating discipline: R&D fell to $8.7M (from $19.2M YoY) and G&A to $4.4M (from $5.3M YoY), reducing quarterly net loss from $21.6M to $12.5M .
• Strengthened financing visibility: oversubscribed private placement up to $103M led by OrbiMed; pro forma funding expected to extend runway into 2029, supporting seamless transition into multiple Phase 2 trials .

What Went Wrong

• No collaboration revenue recognized in Q2 (vs $1.6M in Q2 2024), reflecting the pivot away from partnered oncology programs and toward wholly owned IBD assets, which heightens dependency on financing and capital markets .
• Continued losses despite improvements: operating expenses (R&D+G&A) were $13.0M, with net loss of $12.5M; the business remains pre-revenue and reliant on external funding .
• Financing contingent on IND clearance adds execution risk; warrant exercise proceeds are also dependent on timing of Phase 1 data and Phase 2 design announcement, expected in 2026 .

Financial Results

Note: Values retrieved from S&P Global for estimates.*

Guidance Changes

Earnings Call Themes & Trends

Note: An earnings call transcript was not available via filings or press materials for Q2 2025.

Management Commentary

• “We expect to begin enrollment in our Phase 1 clinical trial, subject to regulatory alignment, in healthy volunteers later this quarter, and to complete the trial during the second quarter of 2026. Following our recent private placement, led by OrbiMed, we are in a strong position and expect to transition seamlessly into multiple Phase 2 clinical trials for our lead asset, SL-325, and fund our operations into 2029.” — Taylor Schreiber, M.D., Ph.D., CEO .
• “Spending last quarter continued to come in line with expectations, and wind-down activities associated with the discontinued oncology programs have now been substantially completed. We continue to be well-positioned to fund operations into 2027, beyond the results from our Phase 1 clinical trial for SL-325.” — Q1 2025 CEO remarks .
• “Our encouraging preclinical data underscore SL-325’s potential for DR3 blockade to provide potentially best-in-class clinical remission rates for IBD patients.” — Q4 2024 CEO remarks .

Q&A Highlights

• No Q2 2025 earnings call transcript or Q&A content was available in SEC filings or press releases; therefore, no Q&A themes or clarifications can be extracted for this period .

Estimates Context

• EPS: GAAP EPS $(0.24) versus S&P Global consensus $(0.245)* — modest beat, driven by lower operating expenses and positive other income (other income $0.574M versus $1.410M prior year) .
• Revenue: Consensus $0.0*; actual collaboration revenue $0.0 — in line with the company’s clinical-stage focus and lack of active collaborations recognized in the quarter .
• Estimate base: 4 EPS and 4 revenue estimates in S&P Global consensus for Q2 2025*.

Note: Values retrieved from S&P Global for estimates.*

Key Takeaways for Investors

• Clinical execution remains on track: IND submitted and clearance expected Q3 2025; initial SAD dosing expected Q3 2025, MAD in Q4 2025, and completion Q2 2026 — key de-risking milestones for SL-325 .
• Operating discipline is translating to improved losses: R&D and G&A down sharply YoY, narrowing net loss; this supports the modest EPS beat vs consensus despite zero revenue recognition .
• Financing visibility improved materially: Oversubscribed private placement up to $103M, contingent on IND clearance, extends runway into 2029 and supports rapid Phase 2 transition — watch the closing trigger (IND clearance) and potential warrant exercise timeline tied to Phase 1 data in 2026 .
• DR3 receptor targeting thesis continues to be central: Company emphasizes potential immunogenicity and efficacy advantages versus TL1A antibodies; 2025 bispecific nomination could broaden the platform .
• Near-term trading catalysts: IND clearance and financing close; also initial dosing and enrollment updates for SL-325; IR calendar includes H.C. Wainwright in September .
• Risk watch: Financing is conditional on IND clearance; the warrant exercise proceeds depend on timely Phase 1 data and Phase 2 design disclosure, adding timing sensitivity to the cash runway scenario .
• Strategic focus: The pivot away from collaboration revenue to an IBD-first pipeline concentrates value on execution and clinical outcomes; investors should track Phase 1 pharmacokinetic, safety, and immunogenicity readouts as leading indicators for Phase 2 readiness .

Additional Relevant Press Releases

• Shattuck Labs Announces Oversubscribed Private Placement of Up to Approximately $103 Million — financing structure, pricing, warrant mechanics, and contingency on IND clearance .
• Participation in Leerink Partners Therapeutics Forum: I&I and Metabolism — continued external engagement around TL1A/DR3 modalities .

Source Documents

• Q2 2025 8-K and Exhibit 99.1 press release: financials and operational updates .
• Q1 2025 8-K press release: trend context and prior guidance .
• Q4 2024 8-K press release: trend context and preclinical data .
• Shattuck press releases: Q2 2025 results and financing .
• GlobeNewswire/Yahoo Finance: Q2 2025 press coverage corroborating press release .

Note: Values retrieved from S&P Global for estimates.*