Shattuck Labs, Inc. (STTK)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 reflected a clean pivot to the DR3 program: collaboration revenue was $0.00, R&D $15.4M, G&A $4.2M, and net loss of $18.7M ($0.37 per share), while cash and investments ended at approximately $73.0M, with runway guided into 2027 .
• Against S&P Global consensus, the company posted a miss on EPS and revenue: EPS of $(0.37) vs $(0.32), and revenue of $0.00 vs $0.80M; the miss was driven by no collaboration revenue recognition in Q4, while opex remained disciplined .
• Management formally terminated SL-172154 and highlighted encouraging preclinical NHP data for SL-325 (DR3 antibody), remaining on track for a Q3 2025 IND and a Phase 1 that completes enrollment by Q2 2026 .
• Near-term catalysts: ECCO data already presented, IND filing in Q3 2025, and initiation of first-in-human trial of SL-325; these events are likely stock-relevant as investors re-rate the DR3 opportunity versus TL1A precedents .

What Went Well and What Went Wrong

What Went Well

• Successfully executed strategic pivot: “Shattuck made the difficult but appropriate decision to terminate our SL-172154 program in 2024, and rapidly transitioned to our potential first-in-class DR3 blocking antibody, SL-325.” — Taylor Schreiber, CEO .
• Strong preclinical package: NHP GLP tox demonstrated favorable safety, full receptor occupancy at ≥1 mg/kg lasting >28 days, and no DR3 agonism, supporting a Q3 2025 IND for SL-325 .
• Cash runway intact post-restructuring: ~$73.0M cash/investments at 12/31/24, expected to fund operations into 2027, enabling progression of SL-325 without near-term financing dependency .

What Went Wrong

• EPS and revenue missed consensus in Q4: Actual EPS $(0.37) vs $(0.32)* and revenue $0.00 vs $0.80M*, reflecting no collaboration revenue recognition in the quarter and modest sequential opex reduction .
• Net loss widened sequentially: $(18.7)M in Q4 vs $(16.7)M in Q3; while YOY net loss improved for FY 2024, quarterly loss ticked up as revenue went to zero .
• Program discontinuation headwind: SL-172154 discontinuation removes a nearer clinical asset; the DR3-first strategy resets timelines to first human data post-IND in H2 2025–2026 .

Financial Results

Quarterly Financials and Trajectory

Q4 Actual vs Consensus

Values retrieved from S&P Global.*

Balance Sheet KPIs

Q4 Year-over-Year

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “In February, we presented preclinical results from our IND-enabling GLP toxicology study for SL-325 at ECCO, demonstrating differentiation from TL1A blocking monoclonal antibodies, along with a favorable safety profile, full receptor occupancy, and lack of DR3 agonism… We are on track for an IND filing in the third quarter of this year.” — Taylor Schreiber, CEO .
• “Our encouraging preclinical data underscore SL-325’s potential… We are excited to begin generating data with the first-ever DR3 blocking antibody to enter clinical trials.” — Taylor Schreiber .
• JPMorgan Q&A: “We do [expect to enter the clinic this year]. The IND goes in midyear; initial single ascending dose data by year-end; study fully completed by Q2 ’26.” — Taylor Schreiber .

Q&A Highlights

• Why DR3 vs TL1A: Management emphasized DR3’s constitutive and broader expression across GI tissues and potential to avoid immune complex formation associated with TL1A antibodies, supporting a differentiated efficacy and immunogenicity profile .
• Clinical timeline clarity: IND mid-2025, early SAD read by YE 2025, full Phase 1 completion by Q2 2026, followed by randomized, placebo-controlled studies in Crohn’s and UC .
• 2025 events: Oral ECCO presentation delivered; further conference guidance TBD, with investors kept informed .

Estimates Context

• Q4 results missed Street consensus on both EPS and revenue: EPS $(0.37) vs $(0.319)* and revenue $0.00 vs $0.799M*; the variance was principally due to no collaboration revenue recognized in the quarter .
• Given the pivot away from SL-172154 and toward SL-325 preclinical/clinical activities, consensus models may adjust revenue expectations toward minimal levels until collaboration or milestone flows resume; opex discipline and runway into 2027 provide cushion for clinical execution .
  Values retrieved from S&P Global.*

Key Takeaways for Investors

• Q4 was an intentional transition quarter: zero revenue, controlled opex, and a narrowed focus on DR3/SL-325; near-term stock narrative hinges on execution of the IND and early human data .
• The company’s cash and investments of ~$73.0M and guidance into 2027 reduce financing risk prior to Phase 1 completion, a constructive setup for clinical catalysts .
• The DR3 strategy aims to improve upon TL1A ligand-blocking profiles; preclinical evidence (durable receptor occupancy, no agonism) supports the thesis and potential differentiation .
• Expect Street models to reflect low/no revenue until business development or milestones materialize; monitoring quarterly opex trends (R&D and G&A) remains key for runway sustainability .
• Major catalysts: IND filing (Q3 2025), initial SAD data (YE 2025), Phase 1 completion (Q2 2026), and nomination of a DR3 bispecific candidate in 2025 .
• Risk considerations: clinical translation risk from preclinical to human trials; competitive TL1A programs from large pharma; and timing risk around IND/Phase 1 milestones .
• Trading lens: limited fundamental revenue drivers near term; stock should be sensitive to clinical updates and any BD signals; disciplined spending and extended runway are supportive in a catalyst-driven biotech setup .