Shattuck Labs Reports $14.8 Million Net Loss and No Revenue in Q1 2026

Shattuck Labs, Inc. reported a net loss of $14.8 million for the first quarter of 2026, compared to a loss of $13.7 million in the same period of the previous year. The company did not generate any revenue during this quarter, maintaining a consistent trend from the prior year. Operating expenses increased to $15.5 million, up from $14.4 million, primarily driven by a 10.4% rise in research and development costs, which totaled $10.9 million, reflecting the ongoing clinical development of its lead product candidate, SL-325. General and administrative expenses also saw a slight increase of 2.9%, amounting to $4.6 million.

In terms of financial position, Shattuck Labs reported total assets of $102.1 million as of March 31, 2026, a significant increase from $91.0 million at the end of 2025. This growth was largely attributed to a rise in cash and cash equivalents, which reached $90.4 million, up from $54.2 million at the end of the previous fiscal year. The increase in cash reserves was bolstered by proceeds from the sale of common stock and the exercise of warrants, which collectively generated approximately $25.8 million in financing activities during the quarter.

The company has made strategic advancements, including the ongoing Phase 1 clinical trial of SL-325, a monoclonal antibody targeting the DR3 receptor for the treatment of inflammatory bowel disease. Shattuck Labs expects to initiate a Phase 2 clinical trial for SL-325 in patients with Crohn's Disease in the third quarter of 2026. Additionally, the company is exploring the development of bispecific antibodies that co-target DR3 and other relevant pathways, which may enhance therapeutic efficacy in treating immune-mediated diseases.

Operationally, Shattuck Labs has seen an increase in its employee headcount, reflecting its commitment to expanding its research and development capabilities. The company continues to rely on external contract development and manufacturing organizations (CDMOs) for its clinical trial materials, which poses a risk should there be any disruptions in supply. As of March 31, 2026, the company had an accumulated deficit of $445.3 million, indicating the ongoing financial challenges it faces as it seeks to bring its product candidates to market.

Looking ahead, Shattuck Labs anticipates continued operating losses as it invests in the development of its product pipeline. The company is focused on securing additional funding through equity offerings and collaborations to support its operations and clinical trials. Management believes that the current cash reserves are sufficient to fund operations for at least the next twelve months, but acknowledges the uncertainty surrounding future financing and market conditions that could impact its business strategy.