Shattuck Labs (STTK) Q2 2026 earnings summary

Executive summary

• SL-325, a DR3 blocking antibody, completed Phase 1 with favorable safety, PK, low immunogenicity, and durable DR3 blockade, supporting quarterly dosing; Phase 2b in Crohn's Disease to start Q3 2026, with data expected in H1 2028.

• SL-846, a dual DR3/IL-23 bispecific antibody, is advancing through preclinical studies with Phase 1 data expected in 2027.

• Net loss for the six months ended June 30, 2026 was $29.9M, up from $26.2M year-over-year, driven by increased R&D for advancing clinical programs.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $208.3M as of June 30, 2026, up from $50.5M a year prior.

• Revenue for the six months ended June 30, 2026 was $0; operating expenses totaled $31.7M, up 15.6% year-over-year.

• R&D expenses rose 21.8% to $22.6M for the six months ended June 30, 2026; Q2 2026 R&D expenses were $11.7M, up from $8.7M in Q2 2025.

• General and administrative expenses were $9.1M for the six months ended June 30, 2026; Q2 2026 G&A expenses were $4.5M, relatively flat year-over-year.

• Other income increased 41.2% to $1.8M, reflecting higher investment balances.

Outlook and guidance

• Cash runway projected into 2029 based on current cash and investment balances and plans.

• Anticipates increased R&D expenses as SL-325 enters Phase 2 and SL-846 advances to Phase 1.

• Expects to continue incurring net losses and negative cash flows from operations until product commercialization.

• Phase 2b SL-325 trial in Crohn's disease to start Q3 2026, with primary endpoint data expected in H1 2028.

• Phase 1 trial for SL-846 in healthy volunteers to begin in 2027.