Here are a few analogies for Shattuck Labs:

• A startup Amgen for cancer and autoimmune drug discovery.

• Like a small, independent R&D lab for Pfizer or Merck, but focused on experimental drugs for cancer and autoimmune diseases.

• SL-172154: A therapeutic product candidate in Phase 1 clinical trial for the treatment of ovarian, fallopian tube, and peritoneal cancers.
• SL-279252: A therapeutic product candidate in Phase 1 clinical trial for patients with advanced solid tumors and lymphoma.

Shattuck Labs, Inc. (STTK) is a clinical-stage biotechnology company focused on developing therapeutics for cancer and autoimmune diseases. As described, their lead product candidates are currently in Phase 1 clinical trials. This means the company is in the research and development phase and has not yet commercialized any products or services.

Therefore, Shattuck Labs does not have major customers in the traditional sense of companies or individuals purchasing their products or services.

Taylor H. Schreiber, MD, PhD Chief Executive Officer, Co-founder, and Director

Dr. Schreiber co-founded Shattuck Labs in 2016 and served as Chief Scientific Officer before his appointment as CEO in January 2020. Prior to Shattuck, he served as Chief Scientific Officer of Heat Biologics, Inc., where he co-invented significant elements of their ImPACT and ComPACT technology platforms. He also co-invented TNFRSF25 agonist technology developed by Pelican Therapeutics, Inc., where he served as Chairman of the Scientific Advisory Board. Pelican Therapeutics was sold in 2017.

Andrew R. Neill Chief Financial Officer

Mr. Neill has served as Chief Financial Officer of Shattuck Labs since March 2021, having joined the company in 2017. He previously served as Vice President of Finance and Corporate Strategy, and Vice President of Corporate Development and Strategy. Prior to joining Shattuck, Mr. Neill was the co-founder of Lumos Pharma, a biopharmaceutical company focused on developing therapeutics for genetic rare diseases. He played a key role in Shattuck's Series B and B-1 financings and initial public offering.

Lini Pandite, MD, MBA Chief Medical Officer

Dr. Pandite joined Shattuck Labs in July 2017 as Chief Medical Officer. She brings over 25 years of academic, medical, and pharmaceutical experience with broad expertise in oncology drug development, spanning from early-to-late phase development through registration and commercialization.

Suresh de Silva, PhD Chief Scientific Officer

Dr. de Silva has served as Chief Scientific Officer since January 2023. He joined Shattuck in 2017 and is one of the scientific co-inventors of the ARC technology platform. He previously served as Vice President of Product Development and Executive Director of Research and Development. Prior to Shattuck, he was the Director of Research and Development at Heat Biologics, Inc., where he co-developed the ComPact cell-based vaccine platform.

Casi DeYoung Chief Business Officer

Ms. DeYoung has served as Chief Business Officer since December 2019. From June 2018 to December 2019, she served as Vice President and Chief Operating Officer for ImmuneSensor Therapeutics, an immunotherapy-focused biotechnology company, where she was responsible for corporate strategy, start-up operations, intellectual property, oversight of the company's first IND filing, and the initiation of a first-in-human Phase I clinical trial.

The key risks for Shattuck Labs (STTK), a clinical-stage biotechnology company, primarily revolve around the inherent uncertainties of drug development and commercialization in the highly regulated and competitive biotechnology sector.

1. Clinical Trial Failure: Shattuck Labs' valuation and future prospects are heavily dependent on the successful outcome of its ongoing clinical trials, particularly for its lead product candidate, SL-325. There is no guarantee that preliminary data for SL-325, currently in Phase 1 for inflammatory bowel diseases (IBD), will be positive or viewed favorably by the market. The company has previously discontinued its SL-172154 oncology program due to "modest improvement" in overall survival, highlighting the tangible risk and impact of clinical trial failures, which can lead to significant financial losses and strategic shifts. Biotechnology development is characterized by high attrition rates and substantial development costs, making clinical success a paramount risk.

2. Regulatory Approval Risk: As with all biotechnology companies, Shattuck Labs faces significant inherent risks associated with obtaining regulatory approvals for its drug candidates. The U.S. Food and Drug Administration (FDA) approval process is complex, lengthy, and never guaranteed, even with positive clinical data. Failure to comply with stringent regulatory requirements can result in severe penalties, delaying or preventing market access for potential therapies.

3. Lack of Profitability and Dependence on Future Funding: Shattuck Labs is currently a clinical-stage company with no product revenue, operating with significant net losses and negative operating margins. While the company has extended its cash runway, anticipating sufficient capital into 2029, this projection is contingent upon the full exercise of outstanding common stock warrants. The biotechnology industry often faces challenges in raising capital, particularly in an uncertain economic landscape, making sustained profitability and access to future funding critical risks.

Shattuck Labs (STTK) was developing therapeutics for several cancer indications. While their lead product candidates, SL-172154 and SL-279252, were initially aimed at these markets, Shattuck Labs has since discontinued their clinical development for these specific oncology programs.

Here are the addressable market sizes for the indications that Shattuck Labs' main products were initially targeting:

SL-172154 (Discontinued Oncology Program)

SL-172154 was in Phase 1 clinical trials for the treatment of ovarian, fallopian tube, and peritoneal cancers. However, Shattuck Labs discontinued the SL-172154 clinical program in October 2024 due to modest improvements in median overall survival compared to benchmarks, and shifted focus to other programs.

• Ovarian Cancer: The global ovarian cancer market size was valued at approximately USD 2.5 billion in 2025 and is projected to reach USD 5.8 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 9.21% from 2026 to 2034. North America is a leading region in this market.
• Fallopian Tube Cancer: The global fallopian tube cancer treatment market size was valued at USD 1.80 billion in 2025 and is expected to reach USD 3.35 billion by 2033, growing at a CAGR of 8.10%. North America held the largest revenue share in this market in 2025. The global fallopian tube cancer therapeutics market size was also calculated at USD 1.93 billion in 2025 and is predicted to increase to approximately USD 5.41 billion by 2035, expanding at a CAGR of 10.86% from 2026 to 2035.
• Peritoneal Cancer: Market sizes for primary peritoneal cancer are often integrated with those of ovarian and fallopian tube cancers due to their clinical similarities and shared treatment approaches.

SL-279252 (Discontinued Oncology Program)

SL-279252 was in Phase 1 clinical trials for advanced solid tumors and lymphoma. Shattuck Labs discontinued clinical development of SL-279252 in February 2023 because it did not observe an overall response rate necessary to justify continued development.

• Advanced Solid Tumors: The global solid tumors market size was valued at USD 362.21 billion in 2024 and is projected to reach USD 1557.42 billion by 2032, with a CAGR of 20.00% during the forecast period of 2025 to 2032. North America dominates the solid tumors market. Another source indicates the global solid tumor therapeutics market size reached USD 223.65 billion in 2026 and is forecast to reach USD 326.82 billion by 2031.
• Lymphoma: The global lymphoma treatment market size was valued at USD 8.3 billion in 2024 and is expected to reach USD 18.3 billion by 2034, growing at a CAGR of 8.4% from 2025 to 2034. The U.S. lymphoma treatment market was valued at USD 2.9 billion in 2023 and is projected to reach USD 6.8 billion by 2034. North America held a dominant share of approximately 49% in the global lymphoma treatment market in 2024.

Here are the expected drivers of future revenue growth for Shattuck Labs (STTK) over the next 2-3 years:

1. Successful Clinical Development and Regulatory Progress of SL-325: Shattuck Labs has shifted its primary focus to SL-325, a Death Receptor 3 (DR3) antagonist antibody, for the treatment of inflammatory bowel disease (IBD) and other inflammatory conditions. The company anticipated filing an Investigational New Drug (IND) application for SL-325 and initiating a Phase 1 clinical trial in the third quarter of 2025. Positive data from this ongoing Phase 1 trial and subsequent clinical development stages would be a key driver for future revenue, potentially leading to regulatory approvals and market entry.
2. Strategic Partnerships and Licensing Agreements for SL-325: As a clinical-stage biotechnology company, a significant driver of future revenue growth could come from securing strategic collaborations or licensing agreements for SL-325. Successful early-stage clinical data for SL-325 could attract larger pharmaceutical partners, potentially resulting in upfront payments, milestone payments, and future royalties, which could contribute to revenue within the specified timeframe.
3. Expansion of the DR3 Blocking Antibody Pipeline: Beyond SL-325, Shattuck Labs is also working on nominating additional lead DR3 bispecific development candidates. The successful advancement and diversification of its DR3 blocking antibody pipeline could create multiple future product opportunities and revenue streams in the long term, building upon the initial development of SL-325.

Share Repurchases

No information available regarding share repurchases or authorized future share repurchases over the last 3-5 years.

Share Issuance

• Shattuck Labs sold shares of its common stock under an at-the-market offering facility, generating aggregate gross proceeds of $21.4 million in the first quarter of 2026.
• The company's number of shares outstanding increased by 37.09% in one year.
• As of February 28, 2026, cash, cash equivalents, and short-term investments totaled approximately $94.5 million, which included the $21.4 million in gross proceeds from at-the-market stock sales.

Inbound Investments

• As a result of at-the-market stock sales in the first quarter of 2026, accounts advised by T. Rowe Price Investment Management, Inc. reported beneficial ownership exceeding 10% of Shattuck Labs' outstanding common stock.

Capital Expenditures

• Shattuck Labs' capital expenditures in the last 12 months were -$71,000.
• The company reported $0 in capital expenditures in the fourth quarter of 2025.