Shattuck Labs, Inc. reported a net loss of $13.7 million for the first quarter of 2025, a decrease from the $18.5 million loss recorded in the same period of 2024. The company's total revenue for the quarter was $0, down from $1.1 million in the previous year, primarily due to the completion of all obligations under collaboration agreements with Ono Pharmaceutical Co., Ltd. and ImmunoGen, Inc. in 2024. Operating expenses also decreased significantly, totaling $14.4 million, compared to $21.2 million in the prior year, reflecting a 28.2% reduction.
Research and development expenses were a major component of the operating costs, amounting to $9.9 million, down 39% from $16.3 million in the first quarter of 2024. This decline was attributed to the discontinuation of the SL-172154 project and related workforce reductions, which led to lower clinical and research costs. General and administrative expenses also saw a slight decrease of 8.7%, totaling $4.5 million, primarily due to reduced personnel costs.
As of March 31, 2025, Shattuck Labs had cash and cash equivalents of $60.9 million, an increase from $57.4 million at the end of 2024. The company reported total assets of $77.2 million, down from $91.0 million at the end of the previous fiscal year. The decrease in total assets was largely due to a reduction in current assets, which fell from $79.2 million to $66.4 million, reflecting the absence of investment income and the completion of prior collaborations.
Looking ahead, Shattuck Labs is focused on advancing its lead product candidate, SL-325, which is being developed for the treatment of inflammatory bowel disease. The company plans to file an Investigational New Drug application for SL-325 in the third quarter of 2025 and aims to complete enrollment in its Phase 1 clinical trial by the second quarter of 2026. Despite the current financial losses, management believes that the available cash will support operations for at least the next twelve months, although they acknowledge the need for additional funding to continue development and commercialization efforts.
About Shattuck Labs, Inc.
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