Shattuck Labs Reports 66.6% Revenue Decline and 36.2% Improvement in Net Loss for Q3 2025

Shattuck Labs, Inc. reported its financial results for the third quarter of 2025, revealing a significant decrease in both revenue and net loss compared to the same period in 2024. The company generated $1.0 million in license and collaboration revenue for the three months ended September 30, 2025, a decline of 66.6% from $3.0 million in the prior year. This decrease is attributed to the completion of obligations under previous collaboration agreements with Ono Pharmaceutical Co., Ltd. and ImmunoGen, Inc., which contributed to revenue in 2024. The company recognized $1.0 million in revenue from a new license agreement with Kayak Therapeutics, Inc. for its oncology-focused TRIM7 program.

Operating expenses for Shattuck Labs also saw a notable reduction, with total expenses decreasing by 40.2% to $11.7 million in Q3 2025, down from $20.9 million in Q3 2024. Research and development expenses were the primary driver of this decline, falling by 53.3% to $7.6 million, largely due to the discontinuation of the SL-172154 program and workforce reductions. General and administrative expenses also decreased by 11.0% to $4.1 million, reflecting cost-cutting measures implemented in response to the company's strategic realignment.

For the nine months ended September 30, 2025, Shattuck Labs reported a net loss of $36.2 million, a 36.2% improvement from a net loss of $56.7 million during the same period in 2024. The company’s accumulated deficit now stands at $417.9 million. The reduction in losses is attributed to lower operating expenses, particularly in research and development, as the company focuses on advancing its lead product candidate, SL-325, which is currently in Phase 1 clinical trials for inflammatory bowel disease.

In terms of operational metrics, Shattuck Labs had cash and cash equivalents of $42.5 million as of September 30, 2025, down from $57.4 million at the end of 2024. The company also reported total assets of $100.3 million, an increase from $91.0 million at the end of the previous fiscal year. The company’s workforce has been streamlined, and it continues to evaluate its operational needs in light of its ongoing clinical development efforts.

Looking ahead, Shattuck Labs anticipates continued investment in its clinical programs, particularly SL-325, and plans to explore additional product candidates targeting inflammatory and immune-mediated diseases. The company remains focused on securing additional funding through collaborations and potential equity offerings to support its operations and development activities. The management believes that its current cash position, along with potential future proceeds from outstanding warrants, will be sufficient to fund operations into 2029, although it acknowledges the inherent uncertainties in the biotechnology sector and the need for ongoing capital to achieve its strategic objectives.