Shattuck Labs Reports $15.2 Million Net Loss in Q2 2026, No Revenue Generated

Shattuck Labs, Inc. reported its financial results for the second quarter of 2026, revealing a net loss of $15.2 million, compared to a net loss of $12.5 million for the same period in 2025. The company did not generate any revenue during the quarter, consistent with its ongoing clinical development phase. Operating expenses increased to $16.2 million, up from $13.0 million year-over-year, primarily driven by a 34.8% rise in research and development costs, which totaled $11.7 million, reflecting increased clinical and non-clinical expenses associated with its lead product candidates, SL-325 and SL-846.

For the first half of 2026, Shattuck Labs reported a net loss of $29.9 million, compared to a loss of $26.2 million in the same period of 2025. Total operating expenses for the six months ended June 30, 2026, were $31.7 million, up from $27.4 million in the prior year. The increase in expenses was attributed to heightened research and development activities, particularly related to SL-325, which is undergoing a Phase 2 clinical trial for Crohn's disease, and SL-846, a bispecific antibody currently in preclinical studies.

In terms of financial position, Shattuck Labs reported total assets of $220.7 million as of June 30, 2026, a significant increase from $91.0 million at the end of 2025. This growth was largely due to a substantial increase in cash and cash equivalents, which rose to $63.3 million from $54.2 million, and investments that surged to $145.0 million from $23.9 million. The company’s accumulated deficit reached $460.4 million, reflecting its ongoing investment in research and development without generating revenue.

Strategically, Shattuck Labs has made significant advancements in its clinical programs. The company is preparing to initiate the RECEPTIVE-CD1 Phase 2b clinical trial for SL-325, targeting patients with moderately-to-severely active Crohn's disease, with an expected start in the third quarter of 2026. Additionally, the company has been active in financing, raising $153.8 million in the first half of 2026 through various equity offerings, including a public offering in June that generated $86.2 million.

Looking ahead, Shattuck Labs anticipates continued operational losses as it advances its clinical trials and product development efforts. The company has indicated that its current cash and investments are sufficient to fund operations into 2029, although it remains dependent on securing additional funding to support its long-term growth and development objectives. The company’s management has emphasized the importance of ongoing clinical trials and the potential for future collaborations to enhance its financial stability and operational capabilities.