Shattuck Labs, Inc. (STTK): History, Ownership, Mission, How It Works & Makes Money

When you look at a clinical-stage biotech like Shattuck Labs, Inc. (STTK), are you focused on the current $128.46 million market capitalization or the potential of their pipeline? Honestly, it has to be both, because this company is pioneering novel therapeutics for inflammatory and immune-related diseases by targeting the tumor necrosis factor (TNF) superfamily receptors, a complex area that could be a huge unlock in the biotech space. They just reported Q3 2025 financials showing a net loss of $10.1 million, but that burn rate is being managed by a cash position of $86.1 million as of September 30, 2025, plus a recent $103 million private placement that pushes their runway into 2029. We need to understand exactly how their lead candidate, SL-325, a first-in-class Death Receptor 3 (DR3) blocking antibody, actually works and what that means for your investment thesis.

Shattuck Labs, Inc. (STTK) History

You're looking for the foundational story of Shattuck Labs, Inc. (STTK), and honestly, it's a classic biotech pivot story. The company started focused on cancer, but a transformative financial move in 2025 solidified its new, laser-sharp focus on inflammatory and immune-mediated diseases, specifically with its lead drug candidate, SL-325.

Given Company's Founding Timeline

Year established

Shattuck Labs was established in 2016, a time when the potential of tumor necrosis factor (TNF) superfamily receptors in drug development was really starting to heat up.

Original location

The company is headquartered in Austin, Texas, with a presence in Durham, North Carolina, reflecting a common dual-hub strategy for biotech firms to tap into both the Texas and Research Triangle Park talent pools.

Founding team members

The company was co-founded by Josiah C. Hornblower and Taylor Schreiber, M.D., Ph.D. Dr. Schreiber, who is also the inventor of the core Agonist Redirected Checkpoints (ARC) platform, currently serves as the Chief Executive Officer.

Initial capital/funding

The company's early financial trajectory was strong, raising a total of approximately $165 million across six funding rounds before its public listing. A significant pre-IPO infusion was the Series C round, which brought in $83 million in June 2020.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most recent and defintely most transformative moment for Shattuck Labs wasn't a drug approval, but a strategic and financial realignment in 2025. This was a clear, decisive shift in focus.

The company formally repositioned itself as an immunology and inflammation-focused organization, moving away from its initial primary focus on immuno-oncology. This wasn't just a press release; it was backed by serious money and pipeline prioritization.

• Pipeline Shift: The company pivoted to prioritize SL-325, a Death Receptor 3 (DR3) blocking antibody, for inflammatory and immune-mediated diseases like IBD.
• Cash Infusion: The August 2025 private placement of up to approximately $103 million, led by OrbiMed, was the financial anchor for this pivot. Here's the quick math: as of September 30, 2025, cash and short-term investments stood at $86.1 million, and the new funding is intended to carry them into 2029.
• Financial Snapshot: For the third quarter of 2025, the company reported a net loss of $10.1 million and R&D expenses of $7.6 million, showing the high burn rate typical of a biotech in early clinical phases. Still, the cash runway is secure.

This pivot is a big deal because it concentrates all resources on making SL-325 a potentially first-in-class treatment, aiming for a more complete blockade of the DR3/TL1A signaling pathway than competitors. You can read more about the core business direction here: Mission Statement, Vision, & Core Values of Shattuck Labs, Inc. (STTK).

Shattuck Labs, Inc. (STTK) Ownership Structure

Shattuck Labs, Inc. is controlled by a mix of institutional funds and corporate insiders, which together hold a significant majority of the outstanding shares, steering the company's strategic direction as a clinical-stage biotechnology firm.

Shattuck Labs, Inc.'s Current Status

Shattuck Labs, Inc. (STTK) is a publicly traded company, listed on the NASDAQ Global Select Market (NasdaqGS) under the ticker symbol STTK. This status means its shares are available for purchase by the general public, but its governance is heavily influenced by large institutional investors and the executive leadership team.

The company recently bolstered its cash position, closing a private placement of up to approximately $103 million in August 2025, with proceeds expected to fund operations into 2029, assuming the full exercise of common stock warrants. This financial move defintely shows a strong commitment from key investors to its lead candidate, SL-325, a Death Receptor 3 (DR3) blocking antibody.

You can dig deeper into the major financial backers and their positions by Exploring Shattuck Labs, Inc. (STTK) Investor Profile: Who's Buying and Why?

Shattuck Labs, Inc.'s Ownership Breakdown

The ownership structure of Shattuck Labs, Inc. is typical for a clinical-stage biotech, with a high concentration among institutional and insider groups. This concentration means strategic decisions are often a result of consensus among a few powerful stakeholders.

Institutional holdings are substantial, with OrbiMed Advisors LLC and Prosight Management, LP being among the largest shareholders, each holding over 6 million shares as of the third quarter of 2025. This kind of institutional support is a strong vote of confidence in the company's pipeline and long-term vision.

Shattuck Labs, Inc.'s Leadership

The company is steered by an experienced management team, with an average tenure of 4.4 years, providing continuity in its complex clinical development programs. The leadership team's direct ownership of shares, including CEO Taylor Schreiber's stake, helps align their focus with maximizing shareholder value.

The key executive leaders as of November 2025 include:

• Taylor H. Schreiber, MD, PhD: Chief Executive Officer and Co-founder. He directly owns about 4.28% of the company's shares.
• Andrew R. Neill, MBA: Chief Financial Officer.
• Lini Pandite, MD, MBA: Chief Medical Officer.
• Casi DeYoung, MBA: Chief Business Officer.
• Abhinav A. Shukla, PhD: Chief Technical Officer.

CEO Taylor Schreiber's total yearly compensation was approximately $3.22 million, with the majority being performance-based, which is a common structure in the biotech sector to reward clinical and regulatory milestones. The board also saw changes in August 2025, bringing in industry expert Daniel Baker, M.D., and Mona Ashiya, Ph.D., a Member at OrbiMed Advisors LLC, further solidifying the link between institutional ownership and governance.

Shattuck Labs, Inc. (STTK) Mission and Values

Shattuck Labs, Inc.'s core purpose transcends drug development; it's about challenging conventional thinking in protein engineering to deliver truly transformational medicines that measurably improve patients' lives. This commitment is backed by a financial strategy that prioritizes long-term scientific rigor over short-term returns, which is defintely the right move in biotech.

Given Company's Core Purpose

The company's cultural DNA is built on a foundation of scientific excellence and a sense of urgency, recognizing that the diseases they target, like inflammatory bowel disease (IBD) and cancer, demand immediate, groundbreaking solutions. This isn't just a lab running experiments; it's a mission-driven organization focused on translating innovative ideas into tangible patient benefits.

Official mission statement

Shattuck Labs, Inc.'s mission is simple but powerful: to use novel approaches to protein engineering to deliver drugs that improve the lives of patients. Their approach is centered on uniting top-tier scientists, drug manufacturers, and physicians to actively challenge traditional therapeutic development. This focus means they are constantly pushing the boundaries of what a biologic medicine can do.

• Develop transformational medicines, not just incremental improvements.
• Challenge conventional thinking in drug creation.
• Unite leading experts to improve patient outcomes significantly.

Vision statement

Their vision is to build incredible medicines off the beaten path, which means they are willing to take on the tough, often overlooked, targets in oncology and autoimmune/inflammatory diseases. This forward-looking goal requires thoughtful stewardship of capital, a critical factor for investors looking at cash runway. Here's the quick math: the August 2025 private placement of up to $103 million, led by OrbiMed, is expected to fund planned operations into 2029, assuming full warrant exercise. That's a clear, long-term commitment.

• Build incredible medicines by thinking differently.
• Maintain scientific excellence and thoughtful resource stewardship.
• Improve the lives of patients with serious diseases.

To see how this long-term vision is translating into investor confidence, you should read Exploring Shattuck Labs, Inc. (STTK) Investor Profile: Who's Buying and Why?

Given Company slogan/tagline

While Shattuck Labs, Inc. doesn't use a catchy, consumer-facing slogan, their operational focus serves as their de facto tagline: Specializing in the Development of TNF Receptor Modulators. This precision highlights their scientific niche-targeting the tumor necrosis factor (TNF) superfamily of receptors-which is key to their strategy. For example, their R&D expenses for the third quarter of 2025 were $7.6 million, a significant investment in this specialized area. This shows they put their money where their mission is.

Shattuck Labs, Inc. (STTK) How It Works

Shattuck Labs, Inc. operates as a clinical-stage biotechnology company that creates value by pioneering the development of novel therapeutics, specifically antibodies, which target the tumor necrosis factor (TNF) superfamily receptors to treat inflammatory and immune-mediated diseases. Their business model is centered on advancing their lead drug candidate, SL-325, through clinical trials to demonstrate safety and efficacy, which is the key driver of their valuation and future revenue potential.

Shattuck Labs, Inc.'s Product/Service Portfolio

Shattuck Labs, Inc.'s Operational Framework

The company's operational framework is laser-focused on the disciplined execution of its drug development pipeline, which is typical for a clinical-stage biotech. Their primary value creation process is the successful progression of SL-325 through the regulatory and clinical gauntlet.

• Clinical Advancement: They secured an Investigational New Drug (IND) clearance for SL-325 in August 2025 and dosed the first participants in the Phase 1 single-ascending dose (SAD) portion during the third quarter of 2025. Enrollment for the SAD and multiple-ascending dose (MAD) portions is expected to wrap up by Q2 2026, with initial data following soon after.
• Financial Discipline: Research and Development (R&D) expenses for the quarter ended September 30, 2025, were $7.6 million, with General and Administrative (G&A) expenses at $4.1 million, reflecting a strategic focus on the lead program. Honestly, every dollar counts in biotech R&D.
• Funding Runway: A critical operational component is their cash position. As of September 30, 2025, Shattuck Labs reported cash and short-term investments of approximately $86.1 million. Plus, a private placement in August 2025 raised up to $103 million, which is expected to fund operations into 2029 (assuming full exercise of warrants). That's a long runway.
• Revenue Generation: Since they are a clinical-stage company, their revenue is minimal and non-product-based, reporting only $1.00 million for the quarter ending September 30, 2025. Their net loss for the same period was $10.1 million.

Here's the quick math: they are burning cash to fund R&D, but the August 2025 financing gives them a strong buffer to hit key clinical milestones. For a deeper dive into these figures, you should check out Breaking Down Shattuck Labs, Inc. (STTK) Financial Health: Key Insights for Investors.

Shattuck Labs, Inc.'s Strategic Advantages

Shattuck Labs' market success hinges on a few clear advantages that differentiate them in the competitive inflammatory disease space.

• Novel Mechanism of Action: SL-325 is a potential first-in-class DR3 blocking antibody. Most competitors target the ligand (TL1A), but Shattuck's approach targets the Death Receptor 3 (DR3) itself, aiming for a more complete and durable blockade of the clinically validated DR3/TL1A signaling pathway.
• Extended Financial Stability: The capital raised in August 2025 provides a cash runway that is projected to last into 2029. This long-term funding significantly de-risks the company by removing near-term financing pressure and allowing them to focus on clinical data generation.
• Protein Engineering Expertise: The company's core expertise is in protein engineering, specifically in developing novel therapeutics targeting TNF superfamily receptors. This proprietary knowledge is the foundation for both SL-325 and their preclinical bispecific pipeline.

What this estimate hides is the binary risk of a Phase 1 failure, which could quickly negate the cash advantage. Still, the novel target and strong cash position make them a defintely interesting player in the autoimmune therapeutic market.

Shattuck Labs, Inc. (STTK) How It Makes Money

Shattuck Labs, Inc. (STTK) is a clinical-stage biotechnology company, meaning it currently generates revenue not from selling commercialized drugs, but almost entirely from strategic agreements like collaboration and license fees related to its scientific platforms and pipeline assets. This is the classic pre-commercial biotech model: its financial engine runs on capital raises and partnership payments, not product sales.

Shattuck Labs, Inc.'s Revenue Breakdown

For a company like Shattuck Labs, in the drug development phase, the revenue is not stable product sales; it's a recognition of payments from partners for research and development (R&D) work or intellectual property licenses. The company is actively pivoting its focus to its wholly-owned assets, which explains the variability in this stream.

Looking at the third quarter of 2025 (Q3 2025), Shattuck Labs reported quarterly revenue of $1.0 million. This figure represents license and collaboration revenue, reflecting a significant year-over-year decline from prior periods as the company shifts resources away from partnered oncology programs to focus on its lead, wholly-owned candidate, SL-325. The company has no product sales, so 100% of its revenue is non-recurring collaboration revenue.

Business Economics

The economics of a clinical-stage biotech like Shattuck Labs are simple but high-risk: you spend money to create a valuable asset (a drug) that you hope to sell or license for a massive return later. Right now, its primary value driver is its pipeline, particularly SL-325, a potentially first-in-class DR3 blocking antibody for inflammatory and immune-mediated diseases like Inflammatory Bowel Disease (IBD).

• Pricing Strategy: There is no current product pricing. The future pricing power will depend entirely on the clinical data for SL-325 and its position against existing IBD and autoimmune treatments. If it's a first-in-class drug, the pricing will be premium.
• Cost Structure: The cost structure is dominated by Research and Development (R&D) expenses, which were $7.6 million in Q3 2025. This R&D spend is the investment in future revenue. It's defintely the most important number to track.
• Cash Runway: The company's sustainability is tied to its cash on hand. Following a successful private placement of up to $103 million in August 2025, management projects the cash and short-term investments of $86.1 million as of September 30, 2025, will fund operations into 2029, assuming the full exercise of outstanding warrants. This is a massive de-risking event.

The core economic fundamental is that the business is valued on the probability and potential size of a future commercial product, not current earnings. You are buying a call option on a successful Phase 2 and Phase 3 clinical trial.

Shattuck Labs, Inc.'s Financial Performance

Shattuck Labs' financial performance must be viewed through the lens of a development-stage company, where managing the burn rate (net loss) and extending the cash runway are the key metrics, not profitability. The Q3 2025 results show a significant improvement in operating discipline compared to the prior year.

• Net Loss: The net loss for Q3 2025 was $10.1 million, or ($0.14) per share. This is a material improvement from the Q3 2024 net loss of $16.6 million.
• Expense Management: R&D expenses dropped to $7.6 million in Q3 2025, down from $16.3 million in the same quarter last year, reflecting a strategic streamlining of the pipeline. General and Administrative (G&A) expenses also decreased to $4.1 million from $4.6 million year-over-year.
• Cash Position: The company ended Q3 2025 with cash and short-term investments of approximately $86.1 million. This strong balance sheet, bolstered by the August 2025 private placement, is the company's most important financial asset right now.

Here's the quick math: the quarterly net loss of $10.1 million against the $86.1 million cash balance suggests a significant runway, which is why management can confidently guide funding into 2029. What this estimate hides, however, is the potential for R&D costs to spike as the lead candidate, SL-325, moves into more expensive late-stage trials. For more on the capital structure, you should be Exploring Shattuck Labs, Inc. (STTK) Investor Profile: Who's Buying and Why?

Shattuck Labs, Inc. (STTK) Market Position & Future Outlook

Shattuck Labs, Inc. is positioned as a high-risk, high-reward clinical-stage biotechnology company, having strategically pivoted its entire focus to its lead autoimmune candidate, SL-325. The company's future trajectory is singularly tied to the clinical success of this potential first-in-class therapy, with a market capitalization of $128.46 million as of November 2025, reflecting its early-stage status.

The core outlook is simple: the successful Phase 1 data readout expected in Q2 2026 for SL-325 will be the defintely most critical near-term catalyst.

Competitive Landscape

Shattuck Labs is challenging the massive Inflammatory Bowel Disease (IBD) market, which is projected to be valued at over $24.1 billion in 2025.

Its main competitors fall into two camps: the established market giants with approved biologics, and the direct, well-funded rivals developing similar pathway-blocking therapies.

Opportunities & Challenges

The company's strategic focus on the DR3/TL1A pathway is a clear swing for the fences in the autoimmune space. Here's a quick map of what's ahead.

Industry Position

Shattuck Labs is a clinical-stage micro-cap biotech with a clear, singular bet: the success of SL-325. The company reported minimal revenue of just $1.00 million in the third quarter of 2025, primarily from collaboration agreements, which underscores its pre-commercial status.

• Niche Innovation: The core value proposition is the technical differentiation of targeting the DR3 receptor instead of the TL1A ligand, a mechanistic advantage that could translate to superior clinical outcomes.
• Financial Stability (Near-Term): The cash position of $86.1 million as of September 30, 2025, plus the new funding, provides a solid buffer to reach the critical Phase 1 data readout in 2026.
• Analyst Sentiment: Wall Street analysts currently hold a 'Moderate Buy' consensus rating for the stock, with an average 12-month price target of $3.00, representing an upside of over 47% from the current price.

Honesty, this is a binary play; the stock will move hard on the next clinical data. To see who is betting on this outcome, you should be Exploring Shattuck Labs, Inc. (STTK) Investor Profile: Who's Buying and Why?