Analogy 1: A clinical-stage biotechnology company pioneering a new class of 'dual-action' biologic drugs for cancer and autoimmune diseases, much like Genentech blazed a trail with therapeutic antibodies.

Analogy 2: Like a 'next-generation' Merck or Bristol Myers Squibb, but focused on developing superior dual-action immunotherapies for cancer with a novel protein platform.

Analogy 3: A platform biotechnology company creating a new class of protein-based immunotherapies for cancer and autoimmune diseases, similar to how Moderna built its novel mRNA platform.

• SL-172154: An investigational ARC fusion protein designed to simultaneously block the CD47 "don't eat me" signal and activate the CD40 co-stimulatory receptor, currently in clinical development for various cancers.
• SL-279252: An investigational ARC fusion protein targeting PD-1 and OX40, currently in clinical development for various cancers.

Shattuck Labs (STTK) is a clinical-stage biotechnology company that sells primarily to other companies through collaboration and licensing agreements, rather than directly to individuals. As a clinical-stage company, its revenue model is based on partnerships that fund the development of its therapeutic candidates.

Its major customer (partner) is:

• Takeda Pharmaceutical Company Limited (NYSE: TKPYY - American Depositary Receipts)

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Taylor H. Schreiber, MD, PhD Chief Executive Officer

Taylor H. Schreiber is a co-founder of Shattuck Labs and currently serves as Chief Executive Officer and a member of the Board of Directors. Before his appointment as CEO in January 2020, he was the company's Chief Scientific Officer. Dr. Schreiber is the lead inventor of Shattuck's ARC technology platform. Prior to Shattuck, he served as Chief Scientific Officer of Heat Biologics, Inc., where he was a co-inventor of significant elements of Heat's ImPACT and ComPACT technology platforms. He also co-invented Pelican Therapeutics' TNFRSF25 agonist technology, where he served as Chairman of the Scientific Advisory Board.

Andrew R. Neill, MBA Chief Financial Officer

Andrew R. Neill has served as Shattuck Labs' Chief Financial Officer since March 2021. He previously served as the company's Vice President of Finance and Corporate Strategy from July 2020 to March 2021, and as Vice President of Corporate Development and Strategy from May 2017 to July 2020. Mr. Neill joined Shattuck Labs in 2017 and brings over 10 years of biotechnology company management experience. He was also the co-founder of Lumos Pharma, a biopharmaceutical company focused on developing therapeutics for genetic rare diseases.

Lini Pandite, MD, MBA Chief Medical Officer

Lini Pandite joined Shattuck Labs in July 2017 as Chief Medical Officer, bringing over 25 years of academic, medical, and pharmaceutical experience. Her expertise in oncology drug development spans early-to-late phase development. Before Shattuck, Dr. Pandite was the Head of Global Clinical Development and Senior Vice President at Adaptimmune. She also spent several years with GlaxoSmithKline (GSK), culminating in her role as Vice President R&D and Head Unit Physician for Oncology.

Casi DeYoung, MBA Chief Business Officer

Casi DeYoung joined Shattuck Labs in December 2019. She has a background in management consulting and over twenty years in the healthcare and life science industries, holding leadership roles in five US start-up businesses (private and public). Most recently, Ms. DeYoung served as Chief Operating Officer for ImmuneSensor Therapeutics, where she was responsible for corporate strategy, start-up operations, intellectual property, and the initiation of a first-in-human Phase 1 clinical trial. Her previous leadership positions include Chief Business Officer at Mirna Therapeutics and Vice President of Business Development at Reata Pharmaceuticals and ODC Therapy.

Abhinav A. Shukla, PhD Chief Technical Officer

Dr. Abhinav A. Shukla joined Shattuck Labs in June 2021 as Chief Technical Officer, bringing demonstrated leadership across the full spectrum of biologics process development and manufacturing. Prior to Shattuck, Dr. Shukla served as Chief Technical Operations Officer at Redpin Therapeutics, where he was responsible for process, analytical, and formulation development, and cGMP manufacturing. He has also held senior leadership positions such as Vice President of Manufacturing at CRISPR Therapeutics, Vice President and Head of Biologics Process Development at Shire, and Senior Vice President of Process Development and Manufacturing at KBI Biopharma. Earlier in his career, he held senior scientific roles at Bristol-Myers Squibb and Amgen. Dr. Shukla has been involved in over 75 investigational new drug applications and the commercialization of several therapeutics.

The key risks to Shattuck Labs (STTK) primarily stem from the inherent uncertainties of the biotechnology industry, particularly concerning drug development and commercialization.

1. Clinical Trial and Regulatory Approval Risks: Shattuck Labs' success heavily depends on the outcomes of its preclinical studies and clinical trials, and the subsequent timing and likelihood of regulatory filings and approvals (e.g., FDA clearance of IND applications). The relationship between preclinical results and clinical study results is unpredictable, and actual outcomes could differ materially from expectations.
2. Liquidity and Capital Resources: As a biotechnology company, Shattuck Labs requires significant capital to fund its research and development programs, including ongoing clinical trials. While the company recently secured funding, future liquidity and the need for additional capital, including whether common stock warrants will be exercised to provide further capital, remain a key risk.
3. Stock Volatility: The company's stock is considered "very high risk" due to its potential for significant daily price movements and a large prediction interval from the Bollinger Band. High volatility can be influenced by various factors, including clinical trial updates and market sentiment.

Shattuck Labs (STTK) is primarily focused on its lead product candidate, SL-325, a Death Receptor 3 (DR3) blocking antibody designed for the treatment of Inflammatory Bowel Disease (IBD) and other inflammatory autoimmune diseases.

The addressable market for Inflammatory Bowel Disease (IBD) treatments is substantial:

• Global Market: The global inflammatory bowel disease treatment market was estimated at approximately USD 20.74 billion in 2023 and is projected to reach USD 27.73 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 3.8% from 2024 to 2030. Other estimates place the global market at USD 26.6 billion in 2024, with a projected growth to USD 47.3 billion by 2034 at a CAGR of 5.9%.
• U.S. Market: The U.S. inflammatory bowel disease treatment market was valued at approximately USD 13.12 billion in 2024 and is projected to grow at a CAGR of 2.7% from 2025 to 2030. Another assessment indicates the U.S. market reached USD 16.6 billion in 2024 and is anticipated to grow at a CAGR of 5.5% between 2025 and 2034. Some projections suggest the U.S. market could reach USD 42 billion by 2035, growing at a CAGR of 6.4% from 2025 to 2035.

• Successful Clinical Development and Progression of SL-325: Shattuck Labs' lead product candidate, SL-325, is a potentially first-in-class DR3 blocking antibody aimed at treating inflammatory bowel disease (IBD) and other inflammatory/immune-mediated diseases. The company submitted an Investigational New Drug (IND) application for SL-325 in July 2025, with clearance expected in the third quarter of 2025. The Phase 1 clinical trial in healthy volunteers commenced in Q3 2025, and enrollment for both single ascending dose (SAD) and multiple ascending dose (MAD) portions is anticipated to conclude by the second quarter of 2026. Initial Phase 1 results are also expected by Q2 2026. Positive data from these trials, and subsequent progression into Phase 2 clinical trials for IBD and potentially other autoimmune diseases, would significantly enhance the value of SL-325 and could lead to future licensing or collaboration agreements.
• Strategic Partnerships and Collaborations: As a clinical-stage company, Shattuck Labs' future revenue growth is highly dependent on forging strategic alliances. These partnerships, often with larger pharmaceutical companies, can provide crucial funding, development expertise, and access to broader markets, generating revenue through upfront payments, milestone achievements, and potential royalties on future product sales. The company recently secured funding through a private placement in August 2025, which is expected to fund operations into 2029 and advance SL-325.
• Advancement of Preclinical Pipeline: Shattuck Labs is actively developing multiple preclinical DR3-based bispecific antibodies, which are designed to inhibit both the DR3/TL1A axis and other biologically relevant targets. The company plans to nominate a lead bispecific candidate from its preclinical pipeline in 2025. The successful advancement of these earlier-stage programs into clinical development would diversify Shattuck's pipeline, create additional long-term value, and attract further investment or partnership opportunities, thereby driving future revenue potential.

Share Issuance

• Shattuck Labs secured an oversubscribed private placement in August 2025, anticipating gross proceeds of up to $103 million.
• This financing included initial proceeds of $46 million from the issuance of 15.2 million shares of common stock and pre-funded warrants for 37.4 million shares at $0.8677 per share.
• In addition, the private placement involved accompanying warrants for 52.6 million shares with an exercise price of $1.0846, potentially generating an additional $57 million.

Inbound Investments

• In August 2025, Shattuck Labs obtained an oversubscribed private placement, led by OrbiMed, with expected gross proceeds of up to $103 million.
• The initial proceeds from this financing round amounted to $46 million.
• These combined proceeds are projected to fund the company's operations until 2029.

Capital Expenditures

• Capital expenditures were -$0.73 million in FY 2020, -$7.93 million in FY 2021, and -$11.61 million in FY 2022.
• Capital expenditures were -$0.41 million in FY 2023 and -$0.06 million in FY 2024.
• For the trailing twelve months ending June 2025, capital expenditures were -$0.04 million.