Shattuck Labs, Inc. (STTK): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the financial runway for a clinical-stage biotech that's betting big on a novel mechanism for autoimmune disease, and for Shattuck Labs, Inc., that means scrutinizing every piece of their operating model. Honestly, as we look at their transition, the Business Model Canvas reveals a structure heavily reliant on advancing the lead candidate, SL-325, using their proprietary ARC platform, all while managing a burn rate that saw R&D expenses hit $7.6 million in Q3 2025. We need to see how their $86.1 million cash balance supports the key activities-like running Phase 1 trials-and what partnerships they need to lock in to keep the lights on past 2026; dive in below to see the nine blocks that define their strategy right now.

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

You're looking at the critical external relationships Shattuck Labs, Inc. (STTK) has locked in to drive its pipeline, especially as they move SL-325 into human trials. These partnerships are key to extending the cash runway and accessing specialized expertise.

Clinical Research Organizations (CROs) for managing Phase 1 SL-325 trials

Shattuck Labs is relying on external expertise to manage the execution of its lead asset's initial human testing. The Investigational New Drug (IND) application for SL-325 cleared in August 2025. The Phase 1 clinical trial, which began dosing first participants in the single-ascending dose (SAD) portion in the third quarter of 2025, is structured to complete enrollment for both SAD and multiple-ascending dose (MAD) portions by the second quarter of 2026. Initial data from this trial, which evaluates safety, tolerability, immunogenicity, and pharmacokinetics (PK), is anticipated by the second quarter of 2026.

OrbiMed and other institutional investors from the $103 million private placement

The August 2025 private placement provided a significant capital boost, led by OrbiMed. This financing secured up to approximately $103 million in gross proceeds. The structure included an initial gross proceeds amount of about $46 million, with an additional potential of up to $57 million if all accompanying common stock warrants are fully exercised. This funding, combined with existing cash, is projected to fund Shattuck Labs' operations into 2029, assuming full exercise of those warrants. This capital is earmarked to advance SL-325 through multiple Phase 2 clinical trials.

The partnership with the investors is formalized by changes to the Board of Directors. Mona Ashiya, Ph.D., a Member at OrbiMed, was appointed to the Board, alongside industry expert Daniel Baker, M.D. The investors participating alongside OrbiMed included Coastlands Capital, Prosight Capital, Adage Capital, Redmile Group, and NextBio Capital.

Academic and clinical investigators for trial execution and data generation

The execution of the Phase 1 trial for SL-325 involves clinical investigators at various sites. The trial is a randomized, double-blind, placebo-controlled study evaluating single-ascending dose (SAD) and multiple-ascending dose (MAD) cohorts in healthy volunteers. The goal is to determine the recommended Phase 2 dose and dosing schedule.

• Phase 1 SAD portion dosing started in the third quarter of 2025.
• Phase 1 MAD portion enrollment expected to start in the fourth quarter of 2025.
• Enrollment completion for both SAD and MAD portions is expected in the second quarter of 2026.

Ono Pharmaceutical for the development of certain ARC-platform oncology candidates

Shattuck Labs has a collaboration with Ono Pharmaceutical focused on its proprietary protein engineering technology for generating bifunctional fusion proteins. While the search results primarily detail a deal for autoimmune and inflammatory diseases, the partnership structure is relevant to Shattuck Labs' platform capabilities.

The agreement, initiated in February 2024, gives Ono an exclusive option to develop and commercialize multiple products worldwide. The total potential value of this arrangement could reach up to $227 million, which includes research funding, milestone payments, and tiered royalties on net sales.

Specialized contract manufacturing organizations (CMOs) for drug substance production

Shattuck Labs utilizes specialized contract manufacturing organizations for the production of drug substance for its clinical candidates, including SL-325. Specific names of CMO partners and associated contract values are not publicly detailed in the latest available financial reports.

Finance: draft 13-week cash view by Friday.

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

You're managing the key activities for a clinical-stage biotech, so the focus is entirely on execution and funding that next data point. Here's the breakdown of what Shattuck Labs, Inc. was actively driving as of late 2025, based on their Q3 2025 reporting.

Advancing the Phase 1 clinical trial for lead candidate SL-325

The primary activity here is moving SL-325, their Death Receptor 3 (DR3) antagonist antibody, through human trials. You saw the first participants dosed in the single-ascending dose (SAD) portion of the Phase 1 clinical trial during the third quarter of 2025. This trial is designed to evaluate safety, tolerability, immunogenicity, and pharmacokinetics in healthy volunteers. The plan is to complete enrollment for both the SAD and multiple-ascending dose (MAD) portions of this Phase 1 trial by the second quarter of 2026. This is the critical path activity right now.

Preclinical research and nomination of a lead DR3 bispecific candidate

Shattuck Labs, Inc. is simultaneously advancing its next wave of assets. They continue to develop multiple preclinical DR3-based bispecific antibodies designed to hit both the DR3/TL1A axis and another relevant target for Inflammatory Bowel Disease (IBD). While the company previously anticipated nominating a lead bispecific candidate in the second half of 2025, the current expectation is to announce a lead bispecific candidate from this preclinical pipeline in the first half of 2026. This work is supported by their ongoing R&D spend.

Here's a look at the recent operational spending supporting these activities:

Securing regulatory approvals (e.g., FDA IND clearance for SL-325 in Q3 2025)

A major hurdle was cleared in August 2025 when the Investigational New Drug (IND) application for SL-325 received clearance from the U.S. Food and Drug Administration (FDA). This clearance, which was anticipated in Q3 2025, allowed Shattuck Labs, Inc. to become the first company to enter clinical development with a DR3 blocking antibody. The IND clearance was a prerequisite for dosing the first participants in the Phase 1 trial, which started in Q3 2025.

Intellectual property (IP) management and patent portfolio expansion

Shattuck Labs, Inc. must maintain and expand the intellectual property estate around its DR3 platform, which underpins SL-325 and the bispecific pipeline. This involves filing and prosecuting patents covering the composition of matter, method of use, and manufacturing processes for their novel therapeutics targeting the TNF superfamily receptors. This activity is essential to securing market exclusivity for their potentially first-in-class assets.

Raising capital to fund operations, expected into 2029

Funding the transition from preclinical to clinical-stage development required a significant capital infusion. Shattuck Labs, Inc. closed an oversubscribed private placement in August 2025 for up to approximately $103 million in gross proceeds. This financing, combined with their existing cash position, is expected to fund planned operations into 2029. This runway is intended to support SL-325 through multiple clinical milestones, including a Phase 2 clinical trial in IBD and potentially another autoimmune disease.

Here are the key financial figures related to this funding event:

• Aggregate net proceeds expected to fund SL-325 through multiple Phase 2 clinical trials.
• Pro forma cash and cash equivalents, assuming full exercise of common stock warrants, expected to fund operations into 2029.
• Cash and cash equivalents and short-term investments stood at approximately $86.1 million as of September 30, 2025.
• The August 2025 private placement involved the sale of 15,225,158 shares of common stock and accompanying warrants.
• The purchase price for each share of common stock and accompanying warrant was $0.8677.

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

You're looking at the core assets Shattuck Labs, Inc. is relying on to drive value, which, as of late 2025, is heavily weighted toward proprietary technology and clinical progress. Honestly, for a company at this stage, the balance sheet and the pipeline are the most tangible resources you can point to.

The financial foundation is solidifying after a recent capital raise. As of September 30, 2025, Shattuck Labs reported cash and short-term investments of approximately $86.1 million. This is a critical number because management guided that this cash, assuming the full exercise of outstanding warrants from the August 2025 private placement, is expected to fund operations into 2029. That runway is definitely a key resource, providing the necessary time to hit major clinical milestones without immediate dilution pressure.

The technology itself is the engine. The Proprietary Agonist Redirected Checkpoint (ARC) platform technology is the underlying science that enables their approach to targeting the tumor necrosis factor (TNF) superfamily receptors. This platform is what underpins their lead candidate and future pipeline development.

Here's a quick look at the primary tangible and intangible assets as of late 2025:

The lead clinical asset, SL-325 (DR3 blocking antibody), represents the most immediate value driver. This molecule is designed to achieve a complete and durable blockade of the clinically validated Death Receptor 3 (DR3)/TL1A pathway. The Phase 1 trial in healthy volunteers commenced in Q3 2025, with enrollment targeted for completion in the second quarter of 2026. That progress-moving from IND submission in July 2025 to dosing in Q3 2025-is a tangible resource that de-risks the asset significantly.

The human capital is focused and specialized. The experienced executive and scientific team is specifically focused on the TNF superfamily receptors, which is the core competency driving the ARC platform and SL-325 development. This specialized focus helps streamline decision-making in a complex biological area.

Finally, the protection around the science is vital. The company relies on patents and trade secrets protecting the ARC fusion protein designs. While I don't have the specific patent numbers or expiration dates right here, the existence of this intellectual property is what secures the competitive space around their novel antibody constructs and bispecific development pipeline.

• SL-325 is a fully Fc-silenced humanized immunoglobulin G monoclonal antibody.
• Preclinical data showed superior activity over TL1A antibodies.
• The team is also developing multiple preclinical DR3-based bispecific antibodies.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.