Shattuck Labs Reports Third Quarter 2024 Financial Results and Recent Business Highlights
Shattuck Labs (NASDAQ: STTK) reported Q3 2024 financial results and announced a strategic shift to focus on SL-325, a first-in-class DR3 blocking antibody. The company ended Q3 with $90.1 million in cash and investments, compared to $101.1 million year-over-year. Q3 net loss was $16.7 million ($0.33 per share), improved from $27.5 million ($0.65 per share) in Q3 2023. R&D expenses decreased to $16.3 million from $24.2 million, while G&A expenses reduced to $4.6 million from $5.1 million. The company completed restructuring plans and expects current cash to fund operations into 2027, beyond SL-325's Phase 1 trial results.
Shattuck Labs (NASDAQ: STTK) ha riportato i risultati finanziari del terzo trimestre del 2024 e ha annunciato un cambiamento strategico per concentrarsi su SL-325, un anticorpo di blocco DR3 di prima classe. L'azienda ha chiuso il terzo trimestre con 90,1 milioni di dollari in contanti e investimenti, rispetto ai 101,1 milioni dell'anno precedente. La perdita netta del terzo trimestre è stata di 16,7 milioni di dollari (0,33 dollari per azione), in miglioramento rispetto ai 27,5 milioni di dollari (0,65 dollari per azione) del terzo trimestre del 2023. Le spese per R&S sono diminuite a 16,3 milioni di dollari da 24,2 milioni, mentre le spese generali e amministrative sono scese a 4,6 milioni da 5,1 milioni. L'azienda ha completato i piani di ristrutturazione e prevede che l'attuale liquidità sosterrà le operazioni fino al 2027, oltre i risultati della fase 1 della sperimentazione di SL-325.
Shattuck Labs (NASDAQ: STTK) reportó los resultados financieros del tercer trimestre de 2024 y anunció un cambio estratégico para centrarse en SL-325, un anticuerpo bloqueador de DR3 de primera clase. La compañía terminó el tercer trimestre con 90,1 millones de dólares en efectivo e inversiones, en comparación con 101,1 millones del año anterior. La pérdida neta del tercer trimestre fue de 16,7 millones de dólares (0,33 dólares por acción), mejorando respecto a los 27,5 millones de dólares (0,65 dólares por acción) del tercer trimestre de 2023. Los gastos de I+D disminuyeron a 16,3 millones de dólares desde 24,2 millones, mientras que los gastos generales y administrativos se redujeron a 4,6 millones desde 5,1 millones. La compañía completó los planes de reestructuración y espera que el efectivo actual financie las operaciones hasta 2027, más allá de los resultados del ensayo de Fase 1 de SL-325.
샤턱 연구소 (NASDAQ: STTK)는 2024년 3분기 재무 결과를 발표하고 SL-325에 집중하기 위한 전략적 전환을 발표했습니다. 이 회사는 3분기를 9,010만 달러의 현금과 투자로 마감했으며, 이는 전년 대비 1억 1,110만 달러에 비해 감소한 수치입니다. 3분기 순손실은 1,670만 달러 (주당 0.33 달러)로, 2023년 3분기의 2,750만 달러 (주당 0.65 달러)에서 개선되었습니다. 연구 개발 비용은 2,430만 달러에서 1,630만 달러로 감소했고, 관리 일반 비용은 510만 달러에서 460만 달러로 줄어들었습니다. 이 회사는 구조 조정 계획을 완료했으며, 현재의 자금이 SL-325의 1상 시험 결과 이후인 2027년까지 운영을 지원할 것으로 예상하고 있습니다.
Shattuck Labs (NASDAQ: STTK) a annoncé les résultats financiers du troisième trimestre 2024 et un changement stratégique pour se concentrer sur SL-325, un anticorps bloquant de première classe. La société a terminé le troisième trimestre avec 90,1 millions de dollars en espèces et investissements, contre 101,1 millions de dollars l'année précédente. La perte nette pour le troisième trimestre était de 16,7 millions de dollars (0,33 dollar par action), améliorée par rapport à 27,5 millions de dollars (0,65 dollar par action) au troisième trimestre 2023. Les dépenses de R&D ont diminué à 16,3 millions de dollars contre 24,2 millions, tandis que les dépenses générales et administratives ont été réduites à 4,6 millions de dollars contre 5,1 millions. La société a achevé ses plans de restructuration et s'attend à ce que les liquidités actuelles financent les opérations jusqu'en 2027, au-delà des résultats des essais de phase 1 de SL-325.
Shattuck Labs (NASDAQ: STTK) hat die finanziellen Ergebnisse des 3. Quartals 2024 bekanntgegeben und einen strategischen Wechsel angekündigt, um sich auf SL-325, einen Antikörper der Klasse DR3, zu konzentrieren. Das Unternehmen schloss das 3. Quartal mit 90,1 Millionen Dollar an Bargeld und Investitionen ab, verglichen mit 101,1 Millionen im Vorjahr. Der Nettoverlust im 3. Quartal betrug 16,7 Millionen Dollar (0,33 Dollar pro Aktie), was eine Verbesserung gegenüber 27,5 Millionen Dollar (0,65 Dollar pro Aktie) im 3. Quartal 2023 darstellt. Die F&E-Ausgaben sanken auf 16,3 Millionen Dollar von 24,2 Millionen, während die allgemeinen Verwaltungsaufwendungen auf 4,6 Millionen Dollar von 5,1 Millionen zurückgingen. Das Unternehmen hat die Umstrukturierungspläne abgeschlossen und erwartet, dass die aktuellen Mittel die Betriebe bis 2027 finanzieren, über die Ergebnisse der Phase-1-Studie von SL-325 hinaus.
- Net loss per share improved significantly from $0.65 to $0.33 YoY
- R&D expenses reduced by 32.6% YoY to $16.3 million
- G&A expenses decreased by 9.8% YoY to $4.6 million
- Strong cash position of $90.1M expected to fund operations into 2027
- Cash and investments declined by $11 million YoY
- Continued net losses of $16.7 million in Q3
- Workforce reduction due to restructuring
- Discontinuation of SL-172154 program
Insights
The Q3 2024 results reveal a mixed financial picture for Shattuck Labs. The company maintains a healthy cash position of
The net loss improvement from
The strategic pivot to SL-325, a first-in-class DR3 blocking antibody, represents a significant shift in Shattuck's pipeline focus. The TL1A/DR3 pathway is a clinically validated target, suggesting potential therapeutic value. The company's decision to discontinue SL-172154 and concentrate resources on SL-325 indicates a more focused approach to drug development.
The planned IND filing in Q3'2025 and ongoing non-human primate studies for safety and pharmacological evaluation mark critical development milestones. This timeline, combined with the extended cash runway, should allow for comprehensive clinical development through Phase 1 trials without immediate financing pressure.
– Announced development of SL-325, a first-in-class antagonist antibody to DR3, the receptor for TL1A; IND filing expected in Q3'2025 –
– Cash balance of approximately
AUSTIN, TX and DURHAM, NC, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Shattuck Labs, Inc. (Shattuck) (Nasdaq: STTK), a biotechnology company pioneering the development of novel therapeutics targeting tumor necrosis factor (TNF) superfamily receptors for the treatment of patients with cancer and chronic immune-related diseases, today reported financial results for the quarter ended September 30, 2024 and provided recent business highlights.
“Last month we announced a strategic shift to focus on the development of SL-325, a first-in-class DR3 blocking antibody designed to achieve a more complete blockade of the clinically validated TL1A/DR3 signaling pathway. We are underway with IND-enabling, non-human primate studies to evaluate the safety, pharmacokinetic and pharmacodynamic profile of SL-325,” said Taylor Schreiber, M.D., Ph.D., Chief Executive Officer of Shattuck. “As of this month, we have substantively completed our restructuring plans to focus on the development of SL-325 and are well-positioned to fund our planned operations into 2027.”
Upcoming Events
- Shattuck plans to attend the following investor conferences. Details will be included on the Events & Presentations section of the Company’s website.
- Piper Sandler & Co. 36th Annual Healthcare Conference (New York City, NY), December 3–5, 2024. Taylor Schreiber, M.D., Ph.D., CEO of Shattuck Labs will participate in a presentation on December 3, 2024.
- Evercore ISI 7th Annual HealthCONx Conference (Miami, FL), December 3–5, 2024. The Company’s management will participate in a fireside chat on December 4, 2024.
Third Quarter 2024 Financial Results
- Cash and Cash Equivalents and Investments: As of September 30, 2024, cash and cash equivalents and investments were approximately
$90.1 million , as compared to$101.1 million as of September 30, 2023. - Research and Development (R&D) Expenses: R&D expenses were
$16.3 million for the quarter ended September 30, 2024, as compared to$24.2 million for the quarter ended September 30, 2023. - General and Administrative (G&A) Expenses: G&A expenses were
$4.6 million for the quarter ended September 30, 2024, as compared to$5.1 million for the quarter ended September 30, 2023. - Net Loss: Net loss was
$16.7 million for the quarter ended September 30, 2024, or$0.33 per basic and diluted share, as compared to a net loss of$27.5 million for the quarter ended September 30, 2023, or$0.65 per basic and diluted share.
Financial Guidance
Shattuck has effectuated its restructuring plan to prioritize the development of the DR3 program and align the Company’s cost and workforce structure with the its current goals and clinical development strategy. The Company has substantially completed the reduction in force associated with the discontinuation of SL-172154.
Shattuck believes its cash and cash equivalents and investments will be sufficient to fund its planned operations into 2027, beyond results from its Phase 1 clinical trial of SL-325. This cash runway guidance is based on the Company’s current operational plans and excludes any additional capital that may be received, proceeds from potential business development transactions, and/or additional costs associated with additional development activities that may be undertaken.
About SL-325
SL-325 is a first-in-class Death Receptor 3 (DR3) antagonist antibody designed to achieve a more complete blockade of the clinically validated TL1A/DR3 pathway. Shattuck’s preclinical studies demonstrate high affinity binding, superior efficacy over TL1A antibodies, and offer a data-driven rationale for targeting the TNF receptor, DR3, versus its ligand, TL1A. SL-325 is currently being evaluated in a GLP toxicology study in non-human primates, with an IND filing expected in the third quarter of 2025.
About Shattuck Labs, Inc.
Shattuck Labs, Inc. (Nasdaq: STTK) is a biotechnology company specializing in the development of potential treatments for autoimmune/inflammatory diseases and cancer. The Company is developing a potentially first-in-class antibody for the treatment of IBD and other inflammatory autoimmune diseases. Shattuck's expertise in protein engineering and the development of novel TNF receptor agonist and antagonist therapeutics come together in its lead program, SL-325, a first-in-class DR3 antagonist antibody designed to achieve a more complete blockade of the clinically validated TL1A/DR3 pathway. The Company has offices in both Austin, Texas and Durham, North Carolina. For more information, please visit: www.ShattuckLabs.com.
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations regarding: plans for our preclinical studies, clinical trials and research and development programs, particularly with respect to SL-325; plans for the realignment of our strategic pipeline and discontinuation of clinical development of SL-172154; the anticipated timing of any regulatory filings for SL-325; the anticipated timing of our preclinical studies and clinical trials for SL-325; the clinical benefit, safety and tolerability of SL-325; the effects of the proposed restructuring and reduction in force on the Company’s results of operations and financial condition; and expectations regarding the time period over which our capital resources will be sufficient to fund our anticipated operations. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While we believe these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in our filings with the U.S. Securities and Exchange Commission (SEC)), many of which are beyond our control and subject to change. Actual results could be materially different. Risks and uncertainties include: global macroeconomic conditions and related volatility, expectations regarding the initiation, progress, and expected results of our preclinical studies, clinical trials and research and development programs; expectations regarding the timing, completion and outcome of our clinical trials; the unpredictable relationship between preclinical study results and clinical study results; the timing or likelihood of regulatory filings and approvals; our expectations regarding the overall benefit of the strategic prioritization of our pipeline; liquidity and capital resources; and other risks and uncertainties identified in our Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent disclosure documents filed with the SEC. We claim the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.
The Company intends to use the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
Investor & Media Contact:
Conor Richardson
Vice President of Investor Relations
Shattuck Labs, Inc.
InvestorRelations@ShattuckLabs.com
| SHATTUCK LABS, INC. CONDENSED BALANCE SHEETS (In thousands) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 43,829 | $ | 125,626 | |||
| Investments | 46,229 | 4,999 | |||||
| Prepaid expenses and other current assets | 8,682 | 12,595 | |||||
| Total current assets | 98,740 | 143,220 | |||||
| Property and equipment, net | 10,827 | 13,804 | |||||
| Other assets | 2,153 | 2,540 | |||||
| Total assets | $ | 111,720 | $ | 159,564 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 2,927 | 1,587 | ||||
| Accrued expenses | 9,474 | 9,866 | |||||
| Total current liabilities | 12,401 | 11,453 | |||||
| Non-current operating lease liabilities | 2,742 | 3,406 | |||||
| Total liabilities | $ | 15,143 | $ | 14,859 | |||
| Stockholders’ equity: | |||||||
| Common stock | 5 | 5 | |||||
| Additional paid in capital | 459,561 | 451,006 | |||||
| Accumulated other comprehensive income | 52 | 4 | |||||
| Accumulated deficit | (363,041 | ) | (306,310 | ) | |||
| Total stockholders' equity | 96,577 | 144,705 | |||||
| Total liabilities and stockholders' equity | $ | 111,720 | $ | 159,564 | |||
| SHATTUCK LABS, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (In thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Collaboration revenue | $ | 2,997 | $ | 686 | $ | 5,721 | $ | 943 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 16,313 | 24,211 | 51,816 | 59,083 | |||||||||||
| General and administrative | 4,604 | 5,073 | 14,831 | 14,866 | |||||||||||
| Expense from operations | 20,917 | 29,284 | 66,647 | 73,949 | |||||||||||
| Loss from operations | (17,920 | ) | (28,598 | ) | (60,926 | ) | (73,006 | ) | |||||||
| Other income | 1,245 | 1,057 | 4,195 | 3,395 | |||||||||||
| Net loss | $ | (16,675 | ) | $ | (27,541 | ) | $ | (56,731 | ) | $ | (69,611 | ) | |||
| Unrealized gain on investments | 57 | 81 | 48 | 884 | |||||||||||
| Comprehensive loss | $ | (16,618 | ) | $ | (27,460 | ) | $ | (56,683 | ) | $ | (68,727 | ) | |||
| Net loss per share – basic and diluted | $ | (0.33 | ) | $ | (0.65 | ) | $ | (1.12 | ) | $ | (1.64 | ) | |||
| Weighted-average shares outstanding – basic and diluted | 50,833,538 | 42,477,642 | 50,730,767 | 42,461,644 | |||||||||||
FAQ
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