Shattuck Labs Reports Zero Revenue and $12.5 Million Net Loss in Q2 2025

Shattuck Labs, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenue dropping to zero from $1.6 million in the same period last year. The decrease in collaboration revenue was attributed to the completion of all obligations under previous agreements with Ono Pharmaceutical Co., Ltd. and ImmunoGen, Inc. The company recorded a net loss of $12.5 million for the quarter, a 42.2% improvement compared to a net loss of $21.6 million in the prior year. For the first half of 2025, Shattuck's net loss was $26.2 million, down from $40.1 million in the same period of 2024.

Operating expenses also saw a notable reduction, with total expenses for the second quarter amounting to $13.0 million, down from $24.6 million a year earlier. Research and development costs decreased by 54.9% to $8.7 million, primarily due to the discontinuation of the SL-172154 program and workforce reductions. General and administrative expenses also fell by 18.4% to $4.4 million, reflecting cost-cutting measures implemented in response to the company's strategic shift.

In terms of operational developments, Shattuck Labs is focusing on its lead product candidate, SL-325, a potential first-in-class antibody for treating inflammatory bowel disease. The company plans to initiate a Phase 1 clinical trial for SL-325 in the third quarter of 2025, with full enrollment expected by the second quarter of 2026. The company is also developing a series of bispecific antibodies targeting DR3 and other validated targets, which may enhance its pipeline of therapeutic candidates.

As of June 30, 2025, Shattuck Labs had cash and cash equivalents of $50.5 million, a decrease from $57.4 million at the end of 2024. The company anticipates that its current cash reserves will be sufficient to fund operations for at least the next twelve months. However, it remains highly dependent on securing additional funding through collaborations or public and private financing to support ongoing research and development activities. The company has entered into a securities purchase agreement expected to generate approximately $46 million in gross proceeds, which could extend its financial runway into 2029 if all associated warrants are exercised.

Looking ahead, Shattuck Labs acknowledges the uncertainties posed by the global economic environment, including inflation and market volatility, which could impact its operations and funding strategies. The company is committed to advancing its clinical programs while managing costs effectively to navigate these challenges.