Shattuck Labs — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash and cash equivalents and short-term investments totaled $196.3 million as of September 30, 2026, compared to $86.1 million as of September 30, 2025.
• Research and development expenses were $21.6 million for the quarter ended September 30, 2026, an increase from $7.6 million in the same period in 2025.
• General and administrative expenses were $5.5 million for the quarter ended September 30, 2026, compared to $4.1 million in the same period in 2025.
• Net loss was $25.2 million for the quarter ended September 30, 2026, or $0.14 per basic and diluted share, compared to a net loss of $10.1 million, or $0.14 per share, in the same period in 2025.
• For the nine months ended September 30, 2026, net loss was $55.1 million, compared to $36.2 million for the same period in 2025.
• Related party license revenue was $0 for the quarter ended September 30, 2026, compared to $1.0 million in the same period in 2025.
• Total current assets were $201.6 million as of September 30, 2026, compared to $82.5 million as of December 31, 2025.
• Total stockholders' equity was $193.7 million as of September 30, 2026, compared to $82.4 million as of December 31, 2025.

Guidance and Future Outlook:

• Current cash and cash equivalents and short-term investments are expected to fund operations into 2029.
• 12-week induction data for the RECEPTIVE-CD1 Phase 2b clinical trial of SL-325 in Crohn's disease is expected in the first half of 2028.
• Data from the primary treatment portion of the RECEPTIVE-HS1 Phase 2 clinical trial of SL-325 in hidradenitis suppurativa is expected in the first half of 2028.
• Initial Phase 1 clinical data for SL-846 is expected to be reported in 2027.
• Trial initiation for the RECEPTIVE-HS1 Phase 2 clinical trial of SL-325 is expected in the fourth quarter of 2026.

Business Segments and Product Lines:

• Initiated the RECEPTIVE-CD1 Phase 2b clinical trial of SL-325 in patients with moderately-to-severely active Crohn's disease; the trial is randomized, double-blind, placebo-controlled, and will evaluate three dose levels in approximately 232 patients.
• Announced plans to initiate the RECEPTIVE-HS1 Phase 2 clinical trial of SL-325 in patients with moderate to severe hidradenitis suppurativa; the trial will evaluate two dose levels in approximately 150 patients.
• Submitted an Investigational New Drug (IND) application to the FDA for SL-325 in October 2026.
• Presented preclinical data for SL-846 at UEG Week 2026, including results from a GLP toxicology study in non-human primates showing the candidate was well tolerated up to 100 mg/kg with no evidence of DR3 or IL-23R agonism.
• Preclinical data suggests SL-846 may have a superior immunogenicity profile to TL1A directed bispecific antibodies, with a projected human anti-drug antibody rate of between 8-12%.
• Appointed Shoba Ravichandran, M.D., as Senior Vice President, Clinical Development, to lead the clinical development of SL-325 in hidradenitis suppurativa.

Market and Competitive Landscape:

• SL-325 is a potentially first-in-class DR3 blocking antibody designed to achieve a complete and durable blockade of the DR3/TL1A pathway, with potential to enable quarterly maintenance dosing.
• SL-325 demonstrated a favorable safety and tolerability profile in Phase 1, with an antidrug antibody rate of 3.7%.
• SL-846 is a potentially first-in-class, half-life extended DR3 x IL-23 receptor blocking antibody designed to achieve complete and durable blockade of both the DR3/TL1A and IL-23/IL-23R pathways.
• Preclinical studies indicate SL-846 has equivalent or superior in vitro potency compared to benchmark IL-23 controls (risankizumab and icotrokinra sequence equivalents).

Risks and Challenges:

• Risks include global macroeconomic conditions, volatility, and the timing or likelihood of regulatory filings and approvals.
• Challenges involve the ability to enroll patients in clinical trials, the unpredictable relationship between preclinical and clinical results, and the ability to advance product candidates through nonclinical and clinical studies.
• Risks also include the scope of intellectual property protection, liquidity and capital resources, and the implementation of the Company's business model.

Management Commentary and Tone:

• CEO Taylor Schreiber, M.D., Ph.D., expressed excitement regarding the initiation of Phase 2 clinical development for SL-325 in Crohn's disease and hidradenitis suppurativa.
• Management believes these studies will allow direct comparisons with the TL1A antibody class and evaluate efficacy potentially left on the table due to immunogenicity liabilities of TL1A antibodies.
• Management expects to share initial Phase 1 clinical data for SL-846 in 2027, describing it as a first-in-class DR3 by IL-23 receptor blocking antibody.

Other Key Points:

• Management will participate in the Evercore ISI 9th Annual Healthcare Conference (November 30-December 1, 2026) and the Piper Sandler 38th Annual Healthcare Conference (December 2-3, 2026).
• The Company has offices in Austin, Texas, and Durham, North Carolina.
• The press release includes a standard forward-looking statements disclaimer regarding risks and uncertainties associated with clinical trials, regulatory approvals, and capital resources.