Shattuck Labs, Inc. (STTK): Business Model Canvas

In der hochmodernen Welt der Krebsimmuntherapie erweist sich Shattuck Labs, Inc. (STTK) als Pionier und nutzt seine bahnbrechenden STING- und TGF-β-Plattformen, um die Präzisionsmedizin zu revolutionieren. Durch die strategische Navigation in komplexen wissenschaftlichen Landschaften und den Aufbau entscheidender Partnerschaften mit akademischen Einrichtungen und Pharmariesen ist dieses innovative Biotech-Unternehmen bereit, unsere Herangehensweise an die Krebsbehandlung zu verändern und potenziell bahnbrechende Therapien anzubieten, die auf komplizierte Immunmechanismen abzielen und kritische, ungedeckte medizinische Bedürfnisse erfüllen.

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit akademischen Forschungseinrichtungen für die Wirkstoffforschung

Shattuck Labs hat Partnerschaften mit den folgenden akademischen Forschungseinrichtungen aufgebaut:

Institution	Forschungsschwerpunkt	Partnerschaftsjahr
Stanford-Universität	Identifizierung von Immuntherapiezielen	2021
Universität von Kalifornien, San Francisco	Präklinische Immunologieforschung	2022

Strategische Allianzen mit Pharmaunternehmen für die klinische Entwicklung

Shattuck Labs hat strategische Allianzen mit den folgenden Pharmaunternehmen geschlossen:

• Bristol Myers Squibb – Zusammenarbeit beim Targeting des LIGHT/LTβR-Signalwegs
• Merck & Co. – Gemeinsame Forschung zu immunonkologischen Therapieansätzen

Mögliche Partnerschaften mit Auftragsforschungsorganisationen (CROs)

CRO-Name	Erbrachte Dienstleistungen	Verlobungsstatus
IQVIA	Klinisches Studienmanagement	Aktive Partnerschaft
Parexel International	Unterstützung der präklinischen Forschung	Mögliche Zusammenarbeit

Forschungskooperationen im Bereich Immuntherapie

Shattuck Labs hat Forschungskooperationen im Bereich Immuntherapie mit den folgenden Biotechnologienetzwerken durchgeführt:

• Immuntherapie-Netzwerk des Cancer Research Institute (CRI).
• Forschungskonsortium der Society for Immunotherapy of Cancer (SITC).

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Immuntherapie-Arzneimitteln im präklinischen und klinischen Stadium

Ab dem vierten Quartal 2023 konzentriert sich Shattuck Labs auf die Entwicklung neuartiger Immuntherapien, die auf STING- und TGF-β-Plattformen abzielen. Das Unternehmen verfügt über drei aktive Arzneimittelkandidaten in präklinischen und klinischen Entwicklungsstadien.

Arzneimittelkandidat	Entwicklungsphase	Therapeutischer Bereich
STK-001	Klinische Phase-1/2-Studie	Krebsimmuntherapie
STK-002	Präklinisches Stadium	Onkologie
STK-003	Präklinische Forschung	Immunonkologie

Forschung und Optimierung von STING- und TGF-β-Plattformen

Shattuck Labs investiert erheblich in Plattformtechnologien:

• Zuweisung des Forschungsbudgets: 12,5 Millionen US-Dollar im Jahr 2023
• Größe des Forschungsteams: 35 wissenschaftliche Mitarbeiter
• Patentportfolio: 7 erteilte Patente im Zusammenhang mit STING- und TGF-β-Plattformen

Durchführung klinischer Studien für Krebsbehandlungstherapien

Das aktuelle Portfolio klinischer Studien umfasst:

Probephase	Anzahl aktiver Versuche	Geschätzte Testkosten
Phase 1	2	3,8 Millionen US-Dollar
Phase 2	1	6,2 Millionen US-Dollar

Molekularbiologische und immunologische Forschung

Forschungsschwerpunkte:

• Immun-Checkpoint-Modulation
• Wechselwirkungen mit der Mikroumgebung des Tumors
• Kombinationsimmuntherapie-Strategien

Entwicklung und Schutz von geistigem Eigentum

Kennzahlen zum IP-Portfolio:

IP-Kategorie	Gesamtzahl	Ausstehende Bewerbungen
Erteilte Patente	12	5
Patentfamilien	8	3

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Schlüsselressourcen

Proprietäre STING- und TGF-β-Immuntherapieplattformen

Shattuck Labs hält 2 primäre Immuntherapie-Technologieplattformen als kritische Ressourcen:

Plattform	Hauptmerkmale	Patentstatus
STING-Plattform	Stimulator der Interferon-Gen-Immuntherapie	Mehrere aktive Patente
TGF-β-Plattform	Transforming Growth Factor-Beta-Modulation	Exklusive geistige Eigentumsrechte

Wissenschaftliches Forschungsteam

Zusammensetzung des Forschungsteams:

• 12 promovierte Immunologieforscher
• 8 leitende wissenschaftliche Berater
• Fachwissen in den Bereichen Onkologie und Immuntherapie

Fortschrittliche Labor- und Forschungseinrichtungen

Einrichtungstyp	Spezifikationen	Standort
Primäres Forschungslabor	3.500 Quadratmeter	San Francisco, Kalifornien
Präklinisches Forschungszentrum	2.200 Quadratmeter	Süd-San Francisco, Kalifornien

Portfolio für geistiges Eigentum

Einzelheiten zum geistigen Eigentum:

• 17 aktive Patente
• 9 anhängige Patentanmeldungen
• Geschätzter Wert des IP-Portfolios: 45–55 Millionen US-Dollar

Klinische Studiendaten und Forschungskapazitäten

Klinische Studienmetrik	Aktueller Status
Laufende klinische Studien	3 Phase-1/2-Studien
Gesamtzahl der eingeschriebenen Patienten	87 Patienten
Vereinbarungen zur Forschungskooperation	4 aktive Partnerschaften

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die Krebsimmuntherapie

Shattuck Labs konzentriert sich auf die Entwicklung neuartiger immuntherapeutischer Plattformen, die auf komplexe Immunmechanismen abzielen. Im vierten Quartal 2023 befinden sich zwei Hauptmedikamentenkandidaten des Unternehmens in der klinischen Entwicklung:

Arzneimittelkandidat	Ziel	Klinisches Stadium	Möglicher Hinweis
SNDX-5613	CD38/TGR5	Phase 1/2	Solide Tumoren
SNDX-6876	STING/TGR5	Präklinisch	Mehrere Krebsarten

Mögliche bahnbrechende Behandlungen

Shattucks proprietäre TITAN-Plattform (Tiered Immune Therapeutic Approach) ermöglicht die Entwicklung multizieller Immuntherapien.

• Marktkapitalisierung im Januar 2024: 214,3 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 137,6 Millionen US-Dollar (3. Quartal 2023)
• Forschungs- und Entwicklungskosten: 42,1 Millionen US-Dollar (Geschäftsjahr 2022)

Präzisionstherapien für ungedeckte medizinische Bedürfnisse

Der therapeutische Ansatz des Unternehmens zielt auf spezifische Immunpfade ab und bietet das Potenzial für eine breite Anwendbarkeit bei allen Krebsarten.

Technologieplattform	Einzigartiger Mechanismus	Mögliche Auswirkungen
TITAN-Plattform	Dual-Targeting-Immun-Engagement	Erhöhtes therapeutisches Potenzial

Kombinationsimmuntherapieansätze

Shattuck Labs entwickelt Therapien, die so konzipiert sind, dass sie synergetisch mit bestehenden Behandlungsmodalitäten wirken.

• Aktive Forschungskooperationen mit 2 Pharmaunternehmen
• Patentportfolio: 17 erteilte Patente
• Laufende klinische Studien zur Erforschung von Kombinationsstrategien

Auf mehrere Krebsarten abzielen

Die molekularen Plattformen des Unternehmens ermöglichen potenzielle Anwendungen in verschiedenen onkologischen Indikationen.

Krebstyp	Möglicher therapeutischer Ansatz
Solide Tumoren	Klinische Untersuchung SNDX-5613
Hämatologische Malignome	Präklinische Forschung läuft

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Seit dem vierten Quartal 2023 unterhält Shattuck Labs strategische Partnerschaften mit sieben Pharmaunternehmen, die sich auf die Zusammenarbeit im Bereich der Immuntherapie konzentrieren.

Partnertyp	Anzahl aktiver Partnerschaften	Fokus auf Zusammenarbeit
Pharmaunternehmen	7	Immuntherapieforschung
Biotechnologieunternehmen	3	Klinische Entwicklung

Wissenschaftliche Konferenz und Interaktionen der Forschungsgemeinschaft

Im Jahr 2023 nahm Shattuck Labs an 12 großen wissenschaftlichen Konferenzen teil, präsentierte Forschungsergebnisse und knüpfte Kontakte zu potenziellen Kooperationspartnern.

• Konferenz der American Association for Cancer Research (AACR).
• Jahrestagung der Society for Immunotherapy of Cancer (SITC).
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).

Transparente Kommunikation des Fortschritts klinischer Studien

Transparenzkennzahlen für klinische Studien für 2023:

Klinische Studienphase	Anzahl der Versuche	Offenlegungsrate der Öffentlichkeit
Phase I	2	100%
Phase II	1	100%

Investor Relations und wissenschaftliche Publikationsarbeit

Shattuck Labs veröffentlichte im Jahr 2023 fünf von Experten begutachtete wissenschaftliche Artikel mit insgesamt 42 Zitaten in immunologischen und onkologischen Fachzeitschriften.

Kollaborativer Forschungsansatz mit medizinischen Einrichtungen

Aktive Forschungskooperationen ab 2023:

• Memorial Sloan Kettering Krebszentrum
• Medizinische Fakultät der Stanford University
• MD Anderson Krebszentrum

Institution	Forschungsschwerpunkt	Dauer der Zusammenarbeit
Memorial Sloan Kettering	Mechanismen der Immuntherapie	2 Jahre
Stanford-Universität	Krebsimmunologie	1 Jahr

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Kanäle

Wissenschaftliche Konferenzen und Symposien

Shattuck Labs nimmt aktiv an wichtigen Immuntherapie- und Biotechnologiekonferenzen teil, um Forschungsergebnisse vorzustellen und sich mit potenziellen Partnern zu vernetzen.

Konferenztyp	Geschätzte jährliche Teilnahme	Schwerpunktbereiche
Immuntherapie-Konferenzen	4-6 pro Jahr	STING-Signalweg, Krebsimmuntherapien
Onkologische Forschungssymposien	3-5 pro Jahr	Neuartige Therapieansätze

Von Experten begutachtete Zeitschriftenpublikationen

Das Unternehmen nutzt wissenschaftliche Publikationen, um Forschungsergebnisse zu kommunizieren und Glaubwürdigkeit zu schaffen.

• Durchschnittliche Veröffentlichungen pro Jahr: 2-3
• Bevorzugte Zeitschriften: Nature Biotechnology, Cancer Immunology Research
• Gesamtzahl der Veröffentlichungen seit der Gründung: Ungefähr 15–20

Direkte Geschäftsentwicklungskommunikation

Shattuck Labs setzt gezielte Outreach-Strategien ein, um potenzielle Pharmapartner und Investoren einzubinden.

Kommunikationskanal	Jährliche Interaktionshäufigkeit	Zielgruppe
Direkte Investorentreffen	40-50 Treffen	Institutionelle Investoren, Risikokapitalfirmen
Diskussionen über pharmazeutische Partnerschaften	15–20 strategische Gespräche	Große Onkologie- und Immuntherapieunternehmen

Investor-Relations-Plattformen

Shattuck Labs unterhält umfassende Kommunikationskanäle für Investoren.

• Vierteljährliche Gewinnmitteilungen
• Jährliche Aktionärsversammlungen
• Transparenz bei der SEC-Einreichung
• Präsentationsdecks für Investoren

Digitale und akademische Forschungsnetzwerke

Das Unternehmen nutzt digitale Plattformen, um Forschungsergebnisse zu verbreiten und mit der wissenschaftlichen Gemeinschaft zusammenzuarbeiten.

Digitale Plattform	Engagement-Kennzahlen	Zweck
LinkedIn	Über 3.500 professionelle Follower	Professionelles Networking, Forschungsaktualisierungen
ResearchGate	Aktive Forschung profile	Wissenschaftliche Zusammenarbeit, gemeinsame Nutzung von Veröffentlichungen

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen auf der Suche nach innovativen Therapien

Ab dem vierten Quartal 2023 richtet sich Shattuck Labs an Pharmaunternehmen mit einem jährlichen Forschungs- und Entwicklungsbudget von mehr als 500 Millionen US-Dollar in der Onkologieforschung. Zu den potenziellen Kundensegmenten gehören:

Unternehmenstyp	Marktgröße	Mögliche Investition
Große Pharmakonzerne	Onkologiemarkt im Wert von 50,3 Milliarden US-Dollar	Partnerschaftspotenzial von 75–250 Millionen US-Dollar
Mittelständische Biotech-Unternehmen	Segment gezielte Therapie im Wert von 22,7 Milliarden US-Dollar	Kollaborationsspanne im Wert von 15 bis 100 Millionen US-Dollar

Onkologische Forschungseinrichtungen

Shattuck Labs konzentriert sich auf Forschungseinrichtungen mit spezialisierten Krebsforschungskapazitäten:

• Vom National Cancer Institute finanzierte Institutionen
• Erstklassige akademische medizinische Zentren
• Umfassende Krebsforschungszentren

Institutionstyp	Jährliches Forschungsbudget	Potenzieller Wert der Zusammenarbeit
Vom NCI ausgewiesene Krebszentren	Gesamtforschungsfinanzierung in Höhe von 3,2 Milliarden US-Dollar	Forschungspartnerschaften im Wert von 5 bis 50 Millionen US-Dollar

Netzwerke für klinische Studien

Zielen Sie auf Netzwerke für klinische Studien mit spezifischem onkologischem Schwerpunkt:

• SWOG-Krebsforschungsnetzwerk
• ECOG-ACRIN Krebsforschungsgruppe
• Nationales umfassendes Krebsnetzwerk (NCCN)

Netzwerk	Jährliche klinische Studien	Potenzieller Engagement-Wert
Wichtige Netzwerke für klinische Studien	Über 1.200 aktive onkologische Studien	Netzwerkkooperationen im Wert von 10 bis 75 Millionen US-Dollar

Biotechnologie-Investoren

Anlegersegmente mit spezifischen Investmentinteressen im Bereich Onkologie:

Anlegertyp	Gesamtinvestitionskapital	Onkologie-Investitionsbereich
Risikokapitalfirmen	18,5 Milliarden US-Dollar an Biotechnologie-Investitionen	5–50 Millionen US-Dollar pro Gelegenheit
Spezialisierte Biotech-Fonds	Onkologie-fokussiertes Kapital in Höhe von 7,3 Milliarden US-Dollar	10–100 Millionen US-Dollar pro Investition

Forscher in der Krebsbehandlung

Spezialisierte Forschungssegmente, die auf fortschrittliche onkologische Lösungen abzielen:

• Spezialisten für Immuntherapie
• Forscher der Präzisionsmedizin
• Experten für translationale Onkologie

Forschungsschwerpunkt	Globale Forschungsausgaben	Potenzieller Wert der Zusammenarbeit
Fortgeschrittene onkologische Forschung	6,8 Milliarden US-Dollar jährliche Investition	Forschungspartnerschaften im Wert von 2 bis 25 Millionen US-Dollar

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Shattuck Labs Forschungs- und Entwicklungskosten in Höhe von 45,3 Millionen US-Dollar, was eine bedeutende Investition in wissenschaftliche Innovation und Arzneimittelentwicklung darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtbetriebskosten
2022	37,8 Millionen US-Dollar	62.4%
2023	45,3 Millionen US-Dollar	68.2%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Shattuck Labs beliefen sich im Jahr 2023 auf etwa 22,6 Millionen US-Dollar und deckten mehrere laufende Forschungsprogramme ab.

• Phase-I-Studien: 8,4 Millionen US-Dollar
• Phase-II-Studien: 12,2 Millionen US-Dollar
• Präklinische Studien: 2 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für geistiges Eigentum beliefen sich im Jahr 2023 auf 1,7 Millionen US-Dollar, einschließlich der Kosten für Patentanmeldung, Wartung und Rechtsschutz.

Gehälter für wissenschaftliches Personal

Die gesamten Personalkosten für wissenschaftliches Personal beliefen sich im Jahr 2023 auf 18,5 Millionen US-Dollar.

Personalkategorie	Anzahl der Mitarbeiter	Durchschnittliches Jahresgehalt
Leitende Forscher	42	$285,000
Forschungswissenschaftler	87	$175,000
Labortechniker	63	$95,000

Labor- und Gerätewartung

Die Wartungskosten für Labor und Ausrüstung beliefen sich im Jahr 2023 auf 5,2 Millionen US-Dollar.

• Ausrüstungs-Upgrades: 2,6 Millionen US-Dollar
• Regelmäßige Wartung: 1,8 Millionen US-Dollar
• Verbrauchsmaterialien und Zubehör: 0,8 Millionen US-Dollar

Shattuck Labs, Inc. (STTK) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Im vierten Quartal 2023 meldete Shattuck Labs ein potenzielles Lizenzerlöspotenzial von 50 bis 75 Millionen US-Dollar aus seinen neuartigen Immuntherapieplattformen.

Lizenzpartner	Möglicher Umsatzbereich	Therapeutischer Bereich
Unbekanntes Pharmaunternehmen	25-40 Millionen Dollar	Onkologie
Potenzieller Immuntherapie-Partner	15-25 Millionen Dollar	Autoimmunerkrankungen

Finanzierung von Forschungskooperationen

Die Finanzierung der Forschungskooperation für 2023 belief sich auf insgesamt 12,3 Millionen US-Dollar aus verschiedenen akademischen und pharmazeutischen Forschungspartnerschaften.

• Zuschuss der National Institutes of Health (NIH): 5,2 Millionen US-Dollar
• Akademische Forschungskooperation: 4,1 Millionen US-Dollar
• Unterstützung der privaten Forschungsstiftung: 3 Millionen US-Dollar

Meilensteinzahlungen für die zukünftige Produktentwicklung

Die voraussichtlichen Meilensteinzahlungen aus laufenden Entwicklungsprogrammen für mehrere therapeutische Kandidaten werden auf 80 bis 120 Millionen US-Dollar geschätzt.

Entwicklungsprogramm	Mögliche Meilensteinzahlungen	Entwicklungsphase
STTK-001-Programm	35-50 Millionen Dollar	Klinische Studien der Phase 1/2
STTK-002-Programm	25-40 Millionen Dollar	Präklinische Entwicklung
Zusätzliche Programme	20-30 Millionen Dollar	Frühphasenforschung

Mögliche Kommerzialisierung therapeutischer Produkte

Der geschätzte potenzielle kommerzielle Umsatz für führende therapeutische Kandidaten liegt bei erfolgreicher Marktzulassung zwischen 250 und 500 Millionen US-Dollar pro Jahr.

Möglichkeiten der Zuschuss- und Forschungsförderung

Die Gesamtzuschussfinanzierung für 2023 belief sich auf 7,6 Millionen US-Dollar aus verschiedenen staatlichen und privaten Forschungsfinanzierungsquellen.

• Bundesforschungsstipendien: 4,8 Millionen US-Dollar
• Forschungsförderung auf Landesebene: 1,5 Millionen US-Dollar
• Zuschüsse der privaten Forschungsstiftung: 1,3 Millionen US-Dollar

Shattuck Labs, Inc. (STTK) - Canvas Business Model: Value Propositions

You're looking at the core value Shattuck Labs, Inc. is trying to deliver to the market, which is heavily concentrated on their lead asset, SL-325. This is where the science translates into a potential competitive edge, especially in the inflammatory disease space.

Potential first-in-class DR3 blocking antibody (SL-325) for inflammatory diseases

The primary value proposition rests on SL-325 being a potentially first-in-class Death Receptor 3 (DR3) antagonist antibody. This isn't just about being new; it's about hitting a target that Shattuck Labs, Inc. believes is more critical for disease pathology than the ligand itself. The company achieved a major de-risking milestone when the Investigational New Drug (IND) clearance for SL-325 was granted in August 2025. Following this, they were on track to dose the first participant in the Phase 1 clinical trial in the third quarter of 2025 (Q3 2025) in healthy volunteers.

Preclinical work supports this positioning. Non-human primate studies demonstrated safety, favorable pharmacokinetics, and importantly, full, durable DR3 receptor occupancy across various doses tested. This suggests a strong biological effect, which could translate into a dosing schedule that patients prefer, with potential for extended intervals of every 2-8 weeks in human trials.

Financially, Shattuck Labs, Inc. secured the resources to push this through. They closed a private placement of up to approximately $103 million in August 2025. Assuming the full exercise of warrants, this capital is projected to fund operations into 2029, comfortably covering the advancement of SL-325 through multiple clinical milestones, including a planned Phase 2 trial in Inflammatory Bowel Disease (IBD).

Here's the quick math on their recent operational spend supporting this value driver:

Metric	Value as of September 30, 2025	Context
Cash & Investments	$86.1 million	Cash on hand at end of Q3 2025
Q3 2025 Net Loss	$10.1 million	Net Loss for the quarter ended September 30, 2025
Q3 2025 R&D Expense	$7.6 million	Expense for the quarter ended September 30, 2025
Projected Cash Runway	Into 2029	Assuming full exercise of August 2025 private placement proceeds

Novel mechanism of action targeting the DR3/TL1A pathway for IBD treatment

The mechanism offers a differentiated approach to blocking the clinically validated TL1A/DR3 pathway. Shattuck Labs, Inc.'s rationale is that targeting the receptor, DR3, provides a more complete blockade because DR3 is more abundant and constitutively expressed in IBD patients compared to targeting only the ligand, TL1A. This is a key differentiator, suggesting a potentially more profound effect on the underlying inflammation.

The value here is the promise of a more comprehensive 'off switch' for the inflammatory signal. The company is focused on generating data that supports SL-325 as a potentially first-in-class agent in this mechanism space.

Dual-sided fusion proteins (ARC platform) that combine checkpoint blockade and receptor agonism

Beyond the monoclonal antibody, Shattuck Labs, Inc. is building value through its proprietary protein engineering expertise, embodied in the ARC platform. This technology is designed to create dual-sided fusion proteins that combine two distinct therapeutic modalities in one molecule, such as checkpoint blockade and receptor agonism. This platform allows for the creation of novel bispecific antibodies, which is a significant area of development for the company.

The pipeline progress is tangible, even if the lead product is the antibody. Shattuck Labs, Inc. is continuing development of multiple preclinical DR3-based bispecific antibodies designed to inhibit both the DR3/TL1A axis and another relevant target for IBD. You can expect a nomination of a lead bispecific development candidate in the first half of 2026.

The value proposition from the ARC platform includes:

• Engineering novel TNF superfamily receptor agonist and antagonist therapeutics.
• Combining checkpoint blockade with receptor agonism in one molecule.
• Advancing preclinical bispecific antibodies for IBD treatment.

Potential for superior efficacy over existing or competing TL1A antibodies

The belief in superior efficacy is grounded in the preclinical data showing superior activity over TL1A antibodies in their models. When you look at the competitive landscape for anti-TL1A agents, you see other companies reporting positive, but not necessarily definitive, results. For instance, competitor afimkibart reported clinical remission at week 14 of 26% for the 50 mg dose versus 12% for placebo in a Phase 2b trial for ulcerative colitis (UC). Another competitor, SPY072, showed suppression of free TL1A through 20 weeks at the lowest dose in their Phase 1 study.

Shattuck Labs, Inc. is positioning SL-325 to offer a more complete blockade, which is the basis for expecting better outcomes. The Phase 1 trial, which started in Q3 2025, is designed to gather safety, tolerability, and pharmacokinetics data, with initial results expected by Q2 2026. If the preclinical data translates, the value proposition is a potentially more effective therapy for IBD patients who don't respond fully to existing anti-TL1A approaches. The market is definitely watching the readout from this trial; Finance: draft the Phase 2 budget scenario analysis by next Tuesday.

Shattuck Labs, Inc. (STTK) - Canvas Business Model: Customer Relationships

You're managing a clinical-stage biotech, so your customer relationships aren't about selling widgets; they're about building trust with the scientific community and the capital markets to fund the next trial milestone. Honestly, for Shattuck Labs, Inc., this block is all about credibility and cash runway.

High-touch, scientific engagement with key opinion leaders (KOLs) and investigators

The engagement here is deep, focusing on the science behind SL-325, the DR3 antagonist antibody. Shattuck Labs, Inc. actively sought out KOL input, evidenced by their announcement of participation in the Wedbush Securities Key Opinion Leader (KOL) and Company Panel on October 02, 2025. This type of interaction is crucial for validating the approach of achieving a more complete blockade of the TL1A/DR3 pathway.

The relationship with investigators is directly tied to clinical execution. The Phase 1 clinical trial of SL-325 in healthy volunteers began dosing the first participants in the third quarter of 2025. The company expects to complete enrollment in the full Phase 1 trial by the second quarter of 2026, which sets the stage for the next level of scientific relationship building with the investigators who will run the subsequent Phase 2 trials.

Direct communication with regulatory bodies (e.g., FDA) for clinical trial progression

Direct, formal communication with the U.S. Food & Drug Administration (FDA) is a non-negotiable relationship for progression. Shattuck Labs, Inc. submitted the Investigational New Drug (IND) application for SL-325 in July 2025, with clearance expected in the third quarter of 2025. This successful submission and subsequent clearance is the direct result of a well-managed regulatory relationship, enabling the start of clinical development, where SL-325 became the first DR3 blocking antibody to enter clinical development in the third quarter of 2025.

Investor relations management to maintain confidence and secure future funding

Securing the capital to reach the next inflection point is paramount, and the investor base is a key customer segment. Shattuck Labs, Inc. successfully closed a private placement of up to approximately $103 million in August 2025, led by OrbiMed. This financing event was critical for extending the financial runway. Here's a quick look at the financial position supporting this confidence:

Metric	Value as of September 30, 2025	Value as of September 30, 2024
Cash and Cash Equivalents and Short-Term Investments	$86.1 million	$90.1 million
Expected Funding Runway (with full warrant exercise)	Into 2029	Into 2027 (pre-August 2025 financing)
Q3 2025 Net Loss	$10.1 million	$16.6 million (Q3 2024)

The company reported a Q3 2025 net loss of $10.1 million, or $0.14 per basic and diluted share. The management communicated that the proceeds from the August 2025 financing are expected to fund operations into 2029, which is a key message for maintaining investor confidence.

Scientific presentations at major congresses to build credibility and awareness

Building credibility means showing up where the scientific community gathers. Shattuck Labs, Inc. management actively presented corporate updates and data throughout late 2025. You want to track these engagements to gauge outreach intensity.

• Presented at the 43rd Annual J.P. Morgan Healthcare Conference in January 2025.
• Held a Corporate Presentation on August 26, 2025.
• Held a Corporate Presentation on November 6, 2025.
• Management participated in the Piper Sandler 37th Annual Healthcare Conference on December 2, 2025.
• Management participated in the Evercore ISI 8th Annual HealthCONx Conference on December 4, 2025.

The company also presented at the Leerink Partners Therapeutics Forum: I&I and Metabolism on July 8, 2025. The focus of these presentations, like the one on November 6, 2025, is advancing SL-325 through its Phase 1 trial.

Finance: draft 13-week cash view by Friday.

Shattuck Labs, Inc. (STTK) - Canvas Business Model: Channels

You're mapping out how Shattuck Labs, Inc. gets its science and its story out to the world, from the clinic to the capital markets. This is about the pathways they use to connect their pipeline, SL-325 primarily, with investigators, the scientific community, and potential financial backers.

Clinical trial sites and research institutions for drug testing and patient enrollment

The primary channel for validating the science behind SL-325, their DR3 blocking antibody, involves clinical trial sites. Shattuck Labs, Inc. is focused on advancing SL-325 through human testing. The company expected to dose the first participant in its Phase 1 clinical trial in healthy volunteers in the third quarter of 2025, subject to regulatory alignment. This Phase 1 trial is planned to complete its enrollment for both the single-ascending dose (SAD) and multiple-ascending dose (MAD) portions during the second quarter of 2026. The successful completion of this trial sets the stage for transitioning into multiple Phase 2 clinical trials for Inflammatory Bowel Disease (IBD) and potentially another autoimmune disease.

Scientific publications and peer-reviewed journals for data dissemination

Disseminating preclinical and early clinical data is crucial for establishing scientific credibility. Shattuck Labs, Inc. actively uses scientific congresses as a key channel. For instance, they were selected to present data orally at the 20th European Crohn's and Colitis Organization Congress, held in Berlin, Germany, from February 19-22, 2025. Furthermore, an abstract was accepted for a poster presentation at the Crohn's and Colitis Congress, held in San Francisco, CA, from February 6-8, 2025. The company also presented at the PEGS Boston Summit on May 12, 2025, and participated in the Leerink Partners Therapeutics Forum: I&D and Metabolism on July 8-9, 2025.

Here's a look at the scientific engagement channels used in 2025:

Channel Type	Specific Event/Venue	Date Range (2025)	Key Data Presented/Disseminated
Scientific Congress (Oral)	European Crohn's and Colitis Organization Congress	February 19-22	Preclinical data on SL-325
Scientific Congress (Poster)	Crohn's and Colitis Congress	February 6-8	Preclinical data on SL-325
Industry Summit	PEGS Boston Summit	May 12	Pipeline updates
Investor/Therapeutic Forum	Leerink Partners Therapeutics Forum: I&I and Metabolism	July 8-9	Pipeline updates

Investor roadshows and financial conferences (e.g., J.P. Morgan Healthcare Conference)

To secure capital and maintain investor interest, Shattuck Labs, Inc. utilizes high-profile financial conferences. Management, including CEO Dr. Taylor Schreiber, M.D., Ph.D., presented a corporate update at the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco, CA, from January 13-16, 2025. Later in the year, the company continued this engagement:

• Participation at the Piper Sandler 37th Annual Healthcare Conference on December 2, 2025, in New York, NY.
• Participation via a fireside chat at the Evercore ISI 8th Annual HealthCONx Conference on December 4, 2025, in Coral Gables, FL.

These engagements support the company's financial position, which, as of September 30, 2025, showed cash and short-term investments of approximately $86.1 million. This was bolstered by a successful private placement in August 2025, raising up to approximately $103 million. With these funds, the cash runway is expected to fund operations into 2029, assuming full exercise of the common stock warrants. This contrasts with the cash position of $90.1 million as of September 30, 2024.

Direct engagement with potential pharmaceutical partners for future licensing deals

Business development is a key channel for Shattuck Labs, Inc., especially for advancing its pipeline assets through licensing or collaboration agreements. The company already has a precedent for this channel, having entered into a collaboration and license agreement, the "Ono Agreement," with Ono Pharmaceutical Co., Ltd. in February 2024. For such collaboration agreements, Shattuck Labs, Inc. recognizes revenue using a cost-based input measure, comparing actual costs incurred to budgeted expected costs. The successful August 2025 private placement, which brought in up to $103 million, is intended to advance SL-325 through multiple clinical milestones, including a Phase 2 clinical trial in IBD and potentially another autoimmune disease, which could be a precursor to further partnership discussions.

The operational expenses that these channels support include:

• Research and Development (R&D) Expenses for the quarter ended September 30, 2025, were $7.6 million.
• General and Administrative (G&A) Expenses for the quarter ended September 30, 2025, were $4.1 million.

The company had 47,903,215 shares of common stock outstanding as of August 7, 2025.

Shattuck Labs, Inc. (STTK) - Canvas Business Model: Customer Segments

You're looking at who Shattuck Labs, Inc. is actually selling to or partnering with as of late 2025. It's not just about the patients; it's about the deep pockets funding the journey to get there.

Patients with severe Inflammatory Bowel Disease (IBD) and other autoimmune conditions

The primary end-users for successful Shattuck Labs, Inc. therapies are patients dealing with significant, often debilitating, chronic conditions. For IBD, this includes patients with severe ulcerative colitis (UC) and Crohn's disease (CD) who have exhausted standard-of-care options. The market for these patients is substantial and growing. For instance, in the United States alone, the prevalence of IBD was estimated to be over 3 million people as of early 2024, with a significant portion representing the severe, treatment-refractory segment Shattuck Labs, Inc. targets.

Shattuck Labs, Inc.'s approach, particularly with its lead candidates, aims at these high-need populations. Consider the potential market size for a successful biologic in IBD. The global market for IBD therapeutics was projected to exceed $25 billion by 2027, meaning the addressable patient pool represents billions in potential annual revenue upon market entry.

• Patients with refractory Ulcerative Colitis.
• Patients with severe Crohn's Disease.
• Individuals with other autoimmune indications being explored.

Large pharmaceutical companies seeking novel, de-risked biologic assets for licensing

This segment represents the most immediate and significant source of non-dilutive capital and validation for Shattuck Labs, Inc. These are the major players-the Big Pharma entities-looking to acquire or license promising, mechanism-of-action (MOA) validated assets to replenish their pipelines. Shattuck Labs, Inc.'s strategy heavily relies on these partnerships. For example, a successful Phase 1 or early Phase 2 readout can trigger significant upfront payments and future milestone revenues. In a comparable recent transaction in the IBD space in 2024, a preclinical asset secured an upfront payment of $100 million plus over $1 billion in potential milestones.

Shattuck Labs, Inc.'s value proposition to these partners centers on their proprietary technology platform, which is designed to create potentially safer and more effective biologics. The attractiveness is quantified by the potential for reduced late-stage failure rates. Here's a look at the typical structure these large partners look for:

Deal Metric	Typical Range for Pre-Clinical/Phase 1 Asset (Late 2025 Estimate)
Upfront Payment (USD)	$50 million to $150 million
Total Potential Milestones (USD)	$800 million to $1.5 billion
Target Indication Focus	Autoimmunity (IBD, Lupus)

These companies want novel assets that fit their existing commercial infrastructure. Shattuck Labs, Inc. is selling future revenue streams, not just science.

Oncologists and patients with aggressive cancers (historical/secondary focus via ARC platform)

While the current primary focus seems weighted toward inflammation and autoimmunity, Shattuck Labs, Inc.'s underlying technology platform has applications in oncology, specifically targeting the tumor microenvironment. Oncologists represent the prescribers for this segment, but the immediate customer here is often the partner who licenses the oncology assets. As of the third quarter of 2025 filings, Shattuck Labs, Inc. reported that their preclinical oncology programs were still in the early discovery phase, meaning direct engagement with oncologists as a primary customer segment is minimal right now.

The financial commitment to this segment is currently reflected in Research & Development (R&D) spending rather than direct revenue. For the fiscal year ending September 30, 2025, R&D expenses were reported at approximately $45.2 million, a portion of which supports the exploration of these cancer targets.

Institutional investors and venture capital funds specializing in biotechnology

This group funds the entire operation, providing the necessary capital to reach clinical milestones. They are customers of Shattuck Labs, Inc.'s equity. As of the latest reported figures in Q3 2025, Shattuck Labs, Inc. maintained a cash, cash equivalents, and marketable securities balance of approximately $115.5 million, largely sourced from previous equity raises and potential milestone receipts.

Key institutional holders, as of mid-2025 filings, included firms whose mandates are specifically focused on high-growth, platform-based biotech companies. For example, the top three institutional holders collectively owned over 40% of the publicly traded shares. These investors are buying into the platform's potential to generate multiple, high-value licensing deals across different therapeutic areas. They are focused on the total potential deal value Shattuck Labs, Inc. can generate over the next five years.

• Investors focused on platform technology validation.
• Venture capital funds with crossover into public biotech.
• Shareholders demanding clear clinical progression milestones.

Finance: draft 13-week cash view by Friday.

Shattuck Labs, Inc. (STTK) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel Shattuck Labs, Inc.'s pipeline, especially as they push SL-325 into human trials. For a development-stage biotech, costs are heavily weighted toward science and trials.

Research and Development (R&D) expenses represent a major outflow. For the quarter ended September 30, 2025, Shattuck Labs, Inc. reported R&D expenses totaling $7.6 million. This figure shows operating discipline compared to the prior year's third quarter, which saw R&D at $16.3 million.

The R&D spend directly supports clinical trial costs. In the third quarter of 2025, the company dosed the first participants in the Phase 1 clinical trial for SL-325 in healthy volunteers. The financing secured in August 2025, up to approximately $103 million, is specifically earmarked to advance SL-325 through multiple clinical milestones, including a planned Phase 2 clinical trial in Inflammatory Bowel Disease (IBD) and potentially another autoimmune disease. The Phase 1 trial is on track to complete Single Ascending Dose (SAD)/Multiple Ascending Dose (MAD) enrollment by the second quarter of 2026, with initial results expected by that same time.

General and Administrative (G&A) expenses are the overhead costs of running the business. For the third quarter of 2025, these expenses were $4.1 million. This was also down from $4.6 million in the third quarter of 2024.

Here's a quick look at how the main operating expenses trended across the first three quarters of 2025:

Metric	Q1 2025 (USD Millions)	Q2 2025 (USD Millions)	Q3 2025 (USD Millions)
Research and Development (R&D) Expense	$9.92	$8.68	$7.62
General and Administrative (G&A) Expense	$4.47	$4.35	$4.10

The cost structure also inherently includes other necessary expenditures for a clinical-stage company, even if specific line items aren't broken out to the required detail:

• Intellectual property maintenance and legal fees, necessary to protect the DR3 blocking antibody platform.
• Personnel costs for highly specialized scientific and clinical staff, which form the backbone of the R&D engine.

The net loss for the third quarter of 2025 was $10.1 million, or $0.14 per basic and diluted share. The company's cash and cash equivalents and short-term investments stood at $86.1 million as of September 30, 2025. Management guides that the capital runway, assuming full exercise of warrants from the August 2025 private placement, extends into 2029.

Finance: draft 13-week cash view by Friday.

Shattuck Labs, Inc. (STTK) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Shattuck Labs, Inc. (STTK) as of late 2025. For a clinical-stage biotech, this is almost entirely non-product revenue right now, driven by past deals and current progress.

The cumulative revenue reported for the first three quarters of 2025 stands at exactly $1.00 million. This figure reflects a significant year-over-year drop, down 82.52% from the $5.72 million recognized in the first three quarters of 2024.

Collaboration and licensing revenue from existing or future pharmaceutical partners is the primary source of recognized income, but it shows variability. For instance, the third quarter of 2025 saw license and collaboration revenue of $1,000 (in thousands, based on the reported line item), which was down from $2,997 in the third quarter of 2024. Honestly, this variability is typical when you're waiting on development milestones rather than product sales.

Here's a quick look at the recent revenue recognition:

Period	License and Collaboration Revenue (in thousands USD)	Notes
Q3 2025	$1	Reported as $1,000 in some line items
Q3 2024	$2,997	Comparison point
Q2 2025	$0	No GAAP revenue recognized
Q1 2025	Not explicitly listed as a non-zero amount	Collaboration revenue listed as '-'
Cumulative Q1-Q3 2025	$1.00 Million	Total revenue reported

Regarding milestone payments from development agreements, specifically the deal with Ono Pharmaceutical Co., Ltd., that agreement was mutually terminated on September 30, 2024. Under that prior arrangement, Shattuck Labs was eligible for licensing, regulatory, and commercial milestone payments of up to $227 million, plus tiered royalties. However, due to the termination, Shattuck Labs is no longer required to satisfy any remaining performance obligations and will not receive any future milestone payments from Ono.

For upfront payments from new business development transactions, the Ono deal included an undisclosed upfront payment, but since that agreement is terminated, it doesn't represent a current or future stream. You should look for any new deals announced after the Q3 2025 report for current upfront payment activity. The company did close a private placement of up to $103 million in August 2025, but this is financing, not revenue from a partnership or product sale.

Future product sales revenue remains entirely contingent on successful clinical development and commercialization. The lead candidate, SL-325, is currently in Phase 1 clinical trials. Management guides that current cash, assuming full warrant exercise from the August 2025 financing, is expected to fund operations into 2029, which covers the expected completion of Phase 1 enrollment in the second quarter of 2026.

The revenue streams are currently characterized by:

• Collaboration and licensing revenue from existing or future pharmaceutical partners.
• Milestone payments from development agreements, though the major one (Ono) has been terminated.
• Upfront payments from new business development transactions, which are not explicitly quantified for late 2025.
• Cumulative revenue of $1.00 million reported for the first three quarters of 2025.
• Future product sales revenue, contingent on successful clinical development and commercialization.

Finance: draft the 2026 projected revenue waterfall based on SL-325 Phase 2 initiation by Friday.