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Shattuck Labs, Inc. (STTK)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 delivered operational execution: first participants were dosed in the SL-325 Phase 1 SAD trial, and the program remains on track to complete SAD/MAD enrollment in Q2 2026, with initial results expected by Q2 2026 .
  • Financials improved: net loss narrowed to $10.1M and EPS to $(0.14) vs $(0.33) YoY, alongside materially lower R&D and G&A; cash and short-term investments were $86.1M at quarter-end .
  • Capital runway extended: management guides funding into 2029, contingent on full warrant exercise from the August 2025 private placement—closing led by OrbiMed with up to ~$103M gross proceeds and short-dated warrant exercise window linked to Phase 1 data disclosure .
  • Versus S&P Global consensus: EPS of $(0.14) slightly beat the $(0.146)* mean, and the company reported $1.0M license revenue vs $0.0M* revenue consensus, reflecting recognized collaboration/license revenue in the quarter (no product sales) .
  • Near-term stock catalysts: ongoing Phase 1 progress updates, investor conference visibility (Piper Sandler and Evercore ISI in December), and clarity on warrant exercises as Phase 1 timelines proceed .

Estimates marked with * retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • First-in-human progress: “SL-325 became the first DR3 blocking antibody to enter clinical development… our Phase 1 trial is proceeding as we anticipated” (CEO) .
  • Strengthened balance sheet and strategic runway: private placement of up to ~$103M supports SL-325, with cash runway guided into 2029 assuming warrant exercise .
  • Operating discipline: R&D fell to $7.6M vs $16.3M YoY, G&A to $4.1M vs $4.6M YoY, driving improved EPS and net loss .

What Went Wrong

  • License/collaboration revenue declined YoY to $1.0M vs $3.0M, highlighting variability in non-product revenue streams .
  • Cash balance/investments, while bolstered by financing, remain reliant on warrant exercise and future capital events to fully realize the 2029 runway .
  • No earnings call transcript available this quarter to assess tone shifts, detailed Q&A or additional guidance granularity (will update upon availability).

Financial Results

Quarterly Performance vs Prior Quarters (USD Millions unless noted)

MetricQ1 2025Q2 2025Q3 2025
License/Collaboration Revenue$0.00 $0.00 $1.00
R&D Expense$9.92 $8.68 $7.62
G&A Expense$4.47 $4.35 $4.10
Operating Expenses (Total)$14.39 $13.03 $11.72
Net Loss$(13.70) $(12.46) $(10.06)
Diluted EPS$(0.27) $(0.24) $(0.14)
Weighted Avg Shares (M)51.0 51.0 72.2

Year-over-Year (YoY) Comparison: Q3 2024 vs Q3 2025

MetricQ3 2024Q3 2025YoY Change
License/Collaboration Revenue ($M)$2.997 $1.000 −66.6% (calc from cited values)
R&D Expense ($M)$16.313 $7.618 −53.3% (calc from cited values)
G&A Expense ($M)$4.604 $4.098 −11.0% (calc from cited values)
Net Loss ($M)$(16.675) $(10.056) +$6.619 improvement (calc)
Diluted EPS ($)$(0.33) $(0.14) +$0.19 improvement (calc)

Actuals vs S&P Global Consensus (Q3 2025)

MetricActualConsensus Mean# of Estimates
EPS ($)$(0.14) $(0.146)*6*
Revenue ($M)$1.00 $0.00*5*

Estimates marked with * retrieved from S&P Global.

KPIs

KPIQ1 2025Q2 2025Q3 2025
Cash & Equivalents ($M)$60.90 $50.47 $42.55
Short-term Investments ($M)$0.00 $0.00 $43.58
Cash + ST Investments ($M)$60.90 (calc) $50.47 (calc) $86.13 (calc)
Other Income ($M)$0.69 $0.57 $0.66

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayQ1 2025Fund operations into 2027 ——
Cash RunwayQ2 2025Into 2029, contingent on IND clearance/closing; plus potential warrant exercise —Raised vs Q1
Cash RunwayQ3 2025Into 2029, assuming full exercise of outstanding common stock warrants Into 2029 Maintained vs Q2; clarified warrant dependency
SL-325 INDQ2 2025IND submitted July 2025; clearance expected Q3 2025 —On track vs prior
SL-325 Phase 1 StartQ1 2025First patient expected Q3 2025 First participants dosed Q3 2025 Achieved
Phase 1 Enrollment CompletionQ1–Q3 2025Complete SAD/MAD enrollment by Q2 2026 Q2 2026 Maintained
Phase 1 Initial Results DisclosureQ3 2025—Initial results expected by Q2 2026 New specificity
Financial Metrics (Revenue, Margins, OpEx, OI&E, Tax)Q3 2025Not providedNot providedN/A

Earnings Call Themes & Trends

No earnings call transcript was available to review for Q3 2025 at the time of this analysis; themes are inferred from company earnings press releases.

TopicPrevious Mentions (Q1–Q2 2025)Current Period (Q3 2025)Trend
R&D Execution (SL-325)IND expected Q3; Phase 1 design/timelines specified First participants dosed; timelines maintained for Q2 2026 completion and results by Q2 2026 Positive execution; milestones achieved
RegulatoryIND submitted (July); clearance expected Q3 IND clearance occurred Aug 2025 Progressed to cleared
Funding/CapitalCash into 2027 (Q1); private placement announced for up to ~$103M, into 2029 (Q2) Cash & investments $86.1M; runway into 2029 assuming warrant exercise Improved liquidity; runway contingent
Pipeline Bispecifics (DR3-based)Lead bispecific nomination targeted in 2025 Lead bispecific announcement planned 1H 2026; ongoing preclinical progress Timeline extended, progress steady
Leadership/Board—Appointed Dan Baker, M.D., and Mona Ashiya, Ph.D. (OrbiMed) to Board in Aug 2025 Governance strengthened
Investor EngagementNeedham, Leerink forums HC Wainwright in Sept; Piper Sandler & Evercore ISI in Dec Ongoing visibility

Management Commentary

  • “SL-325 became the first DR3 blocking antibody to enter clinical development, and our Phase 1 trial is proceeding as we anticipated… we are well-capitalized to advance SL-325 into Phase 2 trials” — Taylor Schreiber, M.D., Ph.D., CEO .
  • “We expect to begin enrollment… 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…” — CEO (Q2 release) .
  • Q3 highlights emphasize disciplined execution and runway extension contingent on warrant exercise supporting multiple Phase 2 trials .

Q&A Highlights

  • Not available: An earnings call transcript was not found within the document corpus for Q3 2025; no Q&A themes or guidance clarifications could be assessed. We will update this section if/when a transcript becomes available.

Estimates Context

  • EPS modest beat: $(0.14) actual vs $(0.146)* consensus mean; variance reflects improved operating discipline (lower R&D/G&A) .
  • Revenue upside vs consensus: $1.0M actual vs $0.0M* consensus mean, driven by license/collaboration revenue recognized in Q3 (company has no product revenues) .
  • Target price and recommendation data were minimal for the period (limited coverage), with mean target at $3.0* (2 estimates)*; broader estimate revisions likely hinge on Phase 1 cadence and financing execution [GetEstimates].

Estimates marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Execution de-risks the SL-325 program near term: IND clearance and first dosing achieved; timelines for Q2 2026 enrollment completion disclosed, with initial results expected by Q2 2026 .
  • Operating model tightening: R&D and G&A fell materially YoY, narrowing net loss and EPS; expect continued focus on spending discipline while advancing clinical milestones .
  • Financing structure adds conditional runway: 2029 guide assumes full warrant exercise; investors should monitor Phase 1 data timing and warrant exercise dynamics (warrants expire 30 days after Phase 1 data/design announcement) as part of liquidity analysis .
  • Near-term catalysts and visibility: December investor conferences (Piper Sandler, Evercore ISI) may provide narrative updates; watch for Phase 1 enrollment updates and any additional business development .
  • Revenue variability: License/collaboration revenue can create quarterly noise vs consensus (Q3 beat), but no product revenue expected until later stages; model conservatively for core OpEx trend .
  • Pipeline optionality: DR3-based bispecifics progressing; lead candidate announcement targeted for 1H 2026, extending long-term optionality beyond SL-325 .
  • Risk framework: Warrant dependency, clinical execution, and regulatory timelines remain key drivers; cash/investments provide interim flexibility, but milestones must continue on schedule .