On March 27, 2025, Shattuck Labs Inc (STTK, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full year ending December 31, 2024. Shattuck Labs Inc, a clinical-stage biotechnology company, is pioneering the development of dual-sided fusion proteins as a new class of biologic medicine. The company is advancing its lead product candidate, SL-325, a DR3 blocking antibody for inflammatory bowel disease (IBD) and other immune-mediated diseases.
Performance and Challenges
Shattuck Labs Inc reported a net loss of $18.7 million for the fourth quarter of 2024, translating to a loss of $0.37 per share. This result fell short of the analyst estimate of a $0.34 loss per share. The company's revenue for the quarter was $0.71 million, missing the estimated $0.80 million. For the full year, the net loss was $75.4 million, or $1.49 per share, compared to the analyst estimate of a $1.45 loss per share. The revenue for the year was $5.72 million, below the estimated $6.51 million.
Financial Achievements and Industry Context
Despite the financial challenges, Shattuck Labs Inc's cash balance stood at approximately $73.0 million as of December 31, 2024, which is expected to fund operations into 2027. This financial stability is crucial for a biotechnology company, as it allows continued investment in research and development, particularly for innovative therapies like SL-325.
Key Financial Metrics
The company's research and development (R&D) expenses were $15.4 million for the fourth quarter, slightly up from $15.2 million in the same period the previous year. For the full year, R&D expenses decreased to $67.2 million from $74.3 million in 2023, primarily due to reduced manufacturing costs for the SL-172154 program. General and administrative expenses also saw a slight decrease, reflecting cost management efforts.
| Financial Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Net Loss | $18.7 million | $17.7 million | $75.4 million | $87.3 million |
| R&D Expenses | $15.4 million | $15.2 million | $67.2 million | $74.3 million |
| G&A Expenses | $4.2 million | $4.4 million | $19.1 million | $19.3 million |
Company's Strategic Shift
Shattuck Labs Inc made a strategic decision to terminate its SL-172154 program in 2024, redirecting focus to SL-325. The company presented promising preclinical data for SL-325, highlighting its potential as a first-in-class DR3 blocking antibody. The IND filing for SL-325 is expected in the third quarter of 2025, with a Phase 1 clinical trial planned to evaluate its safety and efficacy.
“Shattuck made the difficult but appropriate decision to terminate our SL-172154 program in 2024, and rapidly transitioned to our potential first-in-class DR3 blocking antibody, SL-325,” said Taylor Schreiber, M.D., Ph.D., Chief Executive Officer of Shattuck.
Analysis and Outlook
Shattuck Labs Inc's financial results reflect the challenges of transitioning focus within the biotechnology sector. The company's strategic pivot to SL-325, supported by a solid cash position, positions it well for future growth. The successful development of SL-325 could significantly enhance Shattuck's market position, offering a novel treatment option for IBD and other immune-mediated diseases.
Explore the complete 8-K earnings release (here) from Shattuck Labs Inc for further details.
