Shattuck Labs, Inc. (STTK): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde de pointe de l'immunothérapie contre le cancer, Shattuck Labs, Inc. (STTK) émerge comme une force pionnière, tirant parti de ses plates-formes de piqûre et de TGF-β révolutionnaires pour révolutionner la médecine de précision. En naviguant stratégiquement des paysages scientifiques complexes et en forgeant des partenariats critiques avec les établissements universitaires et les géants pharmaceutiques, cette entreprise de biotechnologie innovante est prête à transformer la façon dont nous abordons le traitement contre le cancer, offrant des thérapies potentiellement révolutionnaires qui ciblent les mécanismes immunitaires complexes et répondons aux besoins critiques médicaux non sécurisés.

Shattuck Labs, Inc. (STTK) - Modèle d'entreprise: partenariats clés

Collaboration avec les établissements de recherche universitaires pour la découverte de médicaments

Shattuck Labs a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Année de partenariat
Université de Stanford	Identification de la cible d'immunothérapie	2021
Université de Californie, San Francisco	Recherche d'immunologie préclinique	2022

Alliances stratégiques avec des sociétés pharmaceutiques pour le développement clinique

Shattuck Labs a formé des alliances stratégiques avec les sociétés pharmaceutiques suivantes:

• Bristol Myers Squibb - Collaboration sur le ciblage de la voie Light / LTβR
• Miserrer & Co. - Recherche conjointe des approches thérapeutiques immuno-oncologiques

Partenariats potentiels avec les organisations de recherche sous contrat (CROS)

Nom de CRO	Services fournis	Statut d'engagement
Iqvia	Gestion des essais cliniques	Partenariat actif
Parexel International	Soutien de la recherche préclinique	Collaboration potentielle

Collaborations de recherche sur immunothérapie

Shattuck Labs s'est engagé dans des collaborations de recherche sur l'immunothérapie avec les réseaux de biotechnologie suivants:

• Réseau d'immunothérapie de l'Institut de recherche sur le cancer (CRI)
• Consortium de recherche sur l'immunothérapie du cancer (SITC)

Shattuck Labs, Inc. (STTK) - Modèle d'entreprise: Activités clés

Développement de médicaments d'immunothérapie de stade préclinique et clinique

Depuis le Q4 2023, Shattuck Labs se concentre sur le développement de nouvelles immunothérapies ciblant les plates-formes Sting et TGF-β. L'entreprise compte 3 candidats en médicaments actifs à des stades précliniques et cliniques de développement.

Drogue	Étape de développement	Zone thérapeutique
STK-001	Essai clinique de phase 1/2	Immunothérapie contre le cancer
STK-002	Étape préclinique	Oncologie
STK-003	Recherche préclinique	Immuno-oncologie

Recherche et optimisation des plates-formes Sting et TGF-β

Shattuck Labs investit considérablement dans les technologies de plate-forme:

• Attribution du budget de la recherche: 12,5 millions de dollars en 2023
• Taille de l'équipe de recherche: 35 personnel scientifique
• Portefeuille de brevets: 7 brevets émis liés aux plates-formes Sting et TGF-β

Effectuer des essais cliniques pour les thérapies de traitement du cancer

Le portefeuille actuel des essais cliniques comprend:

Phase de procès	Nombre d'essais actifs	Coût estimé d'essai
Phase 1	2	3,8 millions de dollars
Phase 2	1	6,2 millions de dollars

Recherche de biologie moléculaire et d'immunologie

Les domaines d'intérêt de la recherche:

• Modulation de point de contrôle immunitaire
• Interactions tumorales du microenvironnement
• Stratégies d'immunothérapie combinées

Développement et protection de la propriété intellectuelle

Métriques du portefeuille IP:

Catégorie IP	Nombre total	Applications en attente
Brevets délivrés	12	5
Familles de brevets	8	3

Shattuck Labs, Inc. (STTK) - Modèle commercial: Ressources clés

Plate-forme d'immunothérapie propriétaire et TGF-β

Shattuck Labs tient 2 plateformes de technologie d'immunothérapie primaire comme ressources critiques:

Plate-forme	Caractéristiques clés	Statut de brevet
Plate-forme de piqûre	Stimulateur des gènes d'interféron immunothérapie	Multiples brevets actifs
Plate-forme TGF-β	Transformer la modulation du facteur de croissance-bêta	Droits de propriété intellectuelle exclusive

Équipe de recherche scientifique

Composition de l'équipe de recherche:

• 12 chercheurs en immunologie au niveau du doctorat
• 8 conseillers scientifiques supérieurs
• Expertise dans les domaines d'oncologie et d'immunothérapie

Installations avancées de laboratoire et de recherche

Type d'installation	Caractéristiques	Emplacement
Laboratoire de recherche primaire	3 500 pieds carrés	San Francisco, Californie
Centre de recherche préclinique	2 200 pieds carrés	South San Francisco, Californie

Portefeuille de propriété intellectuelle

Détails de la propriété intellectuelle:

• 17 brevets actifs
• 9 demandes de brevet en instance
• Valeur du portefeuille IP estimé: 45 à 55 millions de dollars

Données d'essai cliniques et capacités de recherche

Métrique d'essai clinique	État actuel
Essais cliniques en cours	Trimes de 1/2 phase 1/2
Patients totaux inscrits	87 patients
Accords de collaboration de recherche	4 partenariats actifs

Shattuck Labs, Inc. (STTK) - Modèle d'entreprise: propositions de valeur

Solutions d'immunothérapie contre le cancer innovantes

Shattuck Labs se concentre sur le développement de nouvelles plates-formes immunothérapeutiques ciblant les mécanismes immunitaires complexes. Au quatrième trimestre 2023, la société compte deux principaux candidats au médicament en développement clinique:

Drogue	Cible	Étape clinique	Indication potentielle
SNDX-5613	CD38 / TGR5	Phase 1/2	Tumeurs solides
SNDX-6876	Sting / TGR5	Préclinique	Plusieurs types de cancer

Traitements de percée potentielles

La plate-forme propriétaire Titan (Approche thérapeutique immunitaire) de Shattuck permet le développement d'immunothérapies multi-cibles.

• Capitalisation boursière en janvier 2024: 214,3 millions de dollars
• Equivalents en espèces et en espèces: 137,6 millions de dollars (troisième trimestre 2023)
• Dépenses de recherche et de développement: 42,1 millions de dollars (2022 Exercice)

Thérapies de précision répondant aux besoins médicaux non satisfaits

L'approche thérapeutique de l'entreprise cible des voies immunitaires spécifiques avec un potentiel d'applicabilité large entre les types de cancer.

Plate-forme technologique	Mécanisme unique	Impact potentiel
Plate-forme Titan	Engagement immunitaire à double ciblage	Potentiel thérapeutique amélioré

Approches combinées à l'immunothérapie

Shattuck Labs développe des thérapies conçues pour travailler en synergie avec les modalités de traitement existantes.

• Partenariats de recherche en collaboration active avec 2 sociétés pharmaceutiques
• Portefeuille de brevets: 17 brevets accordés
• Essais cliniques en cours explorant les stratégies de combinaison

Ciblant plusieurs types de cancer

Les plates-formes moléculaires de l'entreprise permettent des applications potentielles à travers diverses indications oncologiques.

Type de cancer	Approche thérapeutique potentielle
Tumeurs solides	SNDX-5613 Investigation clinique
Tumeurs malignes hématologiques	Recherche préclinique en cours

Shattuck Labs, Inc. (STTK) - Modèle d'entreprise: relations clients

Engagement direct avec les partenaires pharmaceutiques

Depuis le quatrième trimestre 2023, Shattuck Labs a maintenu des partenariats stratégiques avec 7 sociétés pharmaceutiques, en se concentrant sur la collaboration par immunothérapie.

Type de partenaire	Nombre de partenariats actifs	Focus de la collaboration
Sociétés pharmaceutiques	7	Recherche d'immunothérapie
Entreprises de biotechnologie	3	Développement clinique

Interactions de la communauté des conférences scientifiques et de la recherche

En 2023, Shattuck Labs a participé à 12 conférences scientifiques majeures, présentant des résultats de recherche et réseautage avec des collaborateurs potentiels.

• Conférence de l'American Association for Cancer Research (AACR)
• Réunion annuelle de la Society for Immunotherapy of Cancer (SITC)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)

Communication transparente des progrès des essais cliniques

Métriques de transparence des essais cliniques pour 2023:

Phase d'essai clinique	Nombre de procès	Taux de divulgation publique
Phase I	2	100%
Phase II	1	100%

Relations avec les investisseurs et sensibilisation des publications scientifiques

Shattuck Labs a publié 5 articles scientifiques évalués par des pairs en 2023, avec des citations totales de 42 à travers les revues d'immunologie et d'oncologie.

Approche de recherche collaborative avec les institutions médicales

Collaborations de recherche active à partir de 2023:

• Memorial Sloan Kettering Cancer Center
• École de médecine de l'Université de Stanford
• MD Anderson Cancer Center

Institution	Focus de recherche	Durée de collaboration
Memorial Sloan Kettering	Mécanismes d'immunothérapie	2 ans
Université de Stanford	Immunologie du cancer	1 an

Shattuck Labs, Inc. (STTK) - Modèle d'entreprise: canaux

Conférences scientifiques et symposiums

Shattuck Labs participe activement à des conférences clés d'immunothérapie et de biotechnologie pour présenter la recherche et réseauter avec des partenaires potentiels.

Type de conférence	Participation annuelle estimée	Domaines d'intervention clés
Conférences d'immunothérapie	4-6 par an	Voie de piqûre, immunothérapies contre le cancer
Symposiums de recherche en oncologie	3-5 par an	Nouvelles approches thérapeutiques

Publications de journal évaluées par des pairs

L'entreprise tire parti des publications scientifiques pour communiquer les résultats de la recherche et établir la crédibilité.

• Publications moyennes par an: 2-3
• Journaux préférés: Biotechnologie de la nature, recherche sur l'immunologie du cancer
• Publications cumulatives totales depuis la fondation: environ 15-20

Communications de développement commercial direct

Shattuck Labs utilise des stratégies de sensibilisation ciblées pour engager des partenaires et des investisseurs pharmaceutiques potentiels.

Canal de communication	Fréquence d'engagement annuelle	Public cible
Réunions des investisseurs directs	40-50 réunions	Investisseurs institutionnels, sociétés de capital-risque
Discussions de partenariat pharmaceutique	15-20 conversations stratégiques	Grandes entreprises d'oncologie et d'immunothérapie

Plateformes de relations avec les investisseurs

Shattuck Labs maintient les canaux de communication des investisseurs complets.

• Appels de résultats trimestriels
• Réunions annuelles des actionnaires
• Transparence du dépôt de la SEC
• Disques de présentation des investisseurs

Réseaux de recherche numériques et universitaires

L'entreprise utilise des plateformes numériques pour diffuser la recherche et collaborer avec la communauté scientifique.

Plate-forme numérique	Métriques d'engagement	But
Liendin	3 500+ abonnés professionnels	Réseau professionnel, mises à jour de la recherche
Researchgate	Recherche active profile	Collaboration scientifique, partage de publication

Shattuck Labs, Inc. (STTK) - Modèle d'entreprise: segments de clientèle

Les sociétés pharmaceutiques à la recherche de thérapies innovantes

Au quatrième trimestre 2023, Shattuck Labs cible les sociétés pharmaceutiques avec des budgets de R&D annuels dépassant 500 millions de dollars en recherche en oncologie. Les segments de clients potentiels comprennent:

Type d'entreprise	Taille du marché	Investissement potentiel
Grandes sociétés pharmaceutiques	Marché d'oncologie de 50,3 milliards de dollars	Potentiel de partenariat de 75 à 250 millions de dollars
Entreprises biotechnologiques de taille moyenne	Segment de thérapie ciblée de 22,7 milliards de dollars	Gamme de collaboration de 15 à 100 millions de dollars

Institutions de recherche en oncologie

Shattuck Labs se concentre sur les institutions de recherche avec des capacités de recherche spécialisées sur le cancer:

• Institutions financées du National Cancer Institute
• Centres médicaux académiques de haut niveau
• Centres de recherche sur le cancer complets

Type d'institution	Budget de recherche annuel	Valeur de collaboration potentielle
Centres de cancer désignés par le NCI	Financement total de la recherche de 3,2 milliards de dollars	5 à 50 millions de dollars de partenariats de recherche

Réseaux d'essais cliniques

Réseaux d'essais cliniques cibles avec une focalisation en oncologie spécifique:

• Swog Cancer Research Network
• Groupe de recherche sur le cancer ECOG-ACRIN
• National Comprehensive Cancer Network (NCCN)

Réseau	Essais cliniques annuels	Valeur d'engagement potentielle
Réseaux d'essais cliniques majeurs	1 200+ essais d'oncologie actifs	10 à 75 millions de dollars collaborations de réseau

Investisseurs en biotechnologie

Segments d'investisseurs avec des intérêts d'investissement en oncologie spécifiques:

Type d'investisseur	Capital d'investissement total	Gamme d'investissement en oncologie
Sociétés de capital-risque	18,5 milliards de dollars d'investissements en biotechnologie	5 à 50 millions de dollars par opportunité
Fonds biotechnologiques spécialisés	Capital axé sur l'oncologie de 7,3 milliards de dollars	10-100 millions de dollars par investissement

Chercheurs en traitement du cancer

Segments de recherche spécialisés ciblant les solutions avancées en oncologie:

• Spécialistes de l'immunothérapie
• Chercheurs en médecine de précision
• Experts en oncologie translationnelle

Focus de recherche	Dépenses de recherche mondiales	Valeur de collaboration potentielle
Recherche avancée en oncologie	Investissement annuel de 6,8 milliards de dollars	2 à 25 millions de dollars de partenariats de recherche

Shattuck Labs, Inc. (STTK) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Shattuck Labs a déclaré des dépenses de R&D de 45,3 millions de dollars, ce qui représente un investissement important dans l'innovation scientifique et le développement de médicaments.

Exercice fiscal	Dépenses de R&D	Pourcentage des coûts d'exploitation totaux
2022	37,8 millions de dollars	62.4%
2023	45,3 millions de dollars	68.2%

Investissements d'essais cliniques

Les dépenses des essais cliniques pour Shattuck Labs en 2023 ont totalisé environ 22,6 millions de dollars, couvrant plusieurs programmes de recherche en cours.

• Essais de phase I: 8,4 millions de dollars
• Essais de phase II: 12,2 millions de dollars
• Études précliniques: 2 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de propriété intellectuelle étaient de 1,7 million de dollars en 2023, notamment les frais de dépôt de brevets, d'entretien et de protection juridique.

Salaires du personnel scientifique

Les coûts totaux du personnel pour le personnel scientifique en 2023 ont atteint 18,5 millions de dollars.

Catégorie de personnel	Nombre d'employés	Salaire annuel moyen
Chercheurs principaux	42	$285,000
Chercheur	87	$175,000
Techniciens de laboratoire	63	$95,000

Entretien de laboratoire et d'équipement

Les coûts de maintenance en laboratoire et en équipement pour 2023 étaient de 5,2 millions de dollars.

• Mises à niveau de l'équipement: 2,6 millions de dollars
• Entretien régulier: 1,8 million de dollars
• Consommables et fournitures: 0,8 million de dollars

Shattuck Labs, Inc. (STTK) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Au quatrième trimestre 2023, Shattuck Labs a déclaré un potentiel potentiel de revenus de licence de 50 à 75 millions de dollars par rapport à ses nouvelles plateformes immunothérapeutiques.

Partenaire de licence	Fourchette de revenus potentiel	Zone thérapeutique
Société pharmaceutique non divulguée	25 à 40 millions de dollars	Oncologie
Partenaire d'immunothérapie potentielle	15-25 millions de dollars	Maladies auto-immunes

Financement de collaboration de recherche

Le financement de la collaboration de recherche pour 2023 a totalisé 12,3 millions de dollars provenant de divers partenariats de recherche universitaire et pharmaceutique.

• Grant des National Institutes of Health (NIH): 5,2 millions de dollars
• Collaboration de recherche universitaire: 4,1 millions de dollars
• Support de la Fondation de recherche privée: 3 millions de dollars

Paiements d'étape de développement des produits futurs

Les paiements d'étape projetés des programmes de développement en cours sont estimés à 80 à 120 millions de dollars chez plusieurs candidats thérapeutiques.

Programme de développement	Paiements de jalons potentiels	Étape de développement
Programme STTK-001	35 à 50 millions de dollars	Essais cliniques de phase 1/2
Programme STTK-002	25 à 40 millions de dollars	Développement préclinique
Programmes supplémentaires	20 à 30 millions de dollars	Recherche en début de scène

Commercialisation potentielle des produits thérapeutiques

Les revenus commerciaux potentiels estimés pour les candidats thérapeutiques principaux varient de 250 à 500 millions de dollars par an après une approbation réussie du marché.

Opportunités de financement de subvention et de recherche

Le financement total des subventions pour 2023 a atteint 7,6 millions de dollars auprès de diverses sources de financement du gouvernement et de la recherche privée.

• Concessions de recherche fédérales: 4,8 millions de dollars
• Financement de la recherche au niveau de l'État: 1,5 million de dollars
• Concessions de la Fondation de recherche privée: 1,3 million de dollars

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.