STTK
Shattuck Labs, Inc.Shattuck Labs, Inc., a clinical-stage biotechnology company, develops therapeutics for the treatment of cancer and autoimmune disease in the United States. The company's lead product candidate is SL-172154, which is in Phase 1 clinical trial for the treatment of ovarian, fallopian tube, and peritoneal cancers. It also develops SL-279252 that is in Phase 1 clinical trial in patients with advanced solid tumors and lymphoma. The company was incorporated in 2016 and is headquartered in Austin, Texas
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 0.2 | -15.0 | -- | -15.4 | -- | -14.4 | -0.0 | 2.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.2 | -14.0 | -- | -14.4 | -- | -13.4 | -0.0 | 16.9 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.2 | -13.0 | -- | -13.4 | -- | -12.4 | -0.0 | 30.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.2 | -12.0 | -- | -12.4 | -- | -11.4 | -0.0 | 42.7 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.2 | -11.0 | -- | -11.4 | -- | -10.4 | -0.0 | 54.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.3 | -9.6 | -- | -9.9 | -- | -9.0 | -0.0 | 64.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.3 | -9.0 | -- | -9.3 | -- | -8.4 | -0.0 | 73.5 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -14.7 | -15.5 | -14.8 | -13.4 | -13.4 | -0.1 | 90.4 | 2.0 | 112.2 | -155.8% | -- | -- |
| Est | 2025-Q4 | 0.5 | -9.0 | -- | -9.5 | -- | -8.5 | -0.0 | 81.9 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 0.0 | -12.5 | -13.4 | -12.6 | -8.5 | -8.5 | -0.0 | 78.1 | 1.6 | 103.8 | -202.6% | -- | -- |
| Act | 2025-Q3 | 1.0 | -9.1 | -10.7 | -10.1 | -8.9 | -9.0 | -0.1 | 42.6 | 1.8 | 72.2 | -112.9% | -- | -- |
| Act | 2025-Q2 | 0.0 | -11.5 | -13.0 | -12.5 | -10.4 | -10.4 | -0.0 | 50.5 | 3.0 | 51.0 | <-999% | -- | -- |
| Act | 2025-Q1 | 0.0 | -13.5 | -14.4 | -13.7 | -12.0 | -12.0 | -0.0 | 60.9 | 3.2 | 51.0 | <-999% | -- | -- |
| Act | 2024-Q4 | 0.0 | -18.7 | -19.6 | -18.7 | -17.4 | -17.4 | -0.0 | 73.0 | 3.4 | 50.8 | <-999% | -- | -- |
| Act | 2024-Q3 | 3.0 | -17.0 | -17.9 | -16.7 | -16.1 | -16.1 | -0.0 | 90.1 | 3.6 | 50.8 | <-999% | -- | -- |
| Act | 2024-Q2 | 1.6 | -22.0 | -23.0 | -21.6 | -10.9 | -10.9 | -0.0 | 105.3 | 3.8 | 50.8 | <-999% | -- | -- |
| Act | 2024-Q1 | 1.1 | -19.1 | -20.0 | -18.5 | -16.2 | -16.2 | -0.0 | 114.6 | 4.0 | 50.6 | -410.0% | -- | -- |
| Act | 2023-Q4 | 0.7 | -18.0 | -19.0 | -17.7 | -19.4 | -19.4 | -0.0 | 130.6 | 4.2 | 43.0 | -209.8% | -- | -- |
| Act | 2023-Q3 | 0.7 | -27.6 | -28.6 | -27.5 | -16.7 | -16.8 | -0.0 | 101.1 | 4.4 | 42.5 | <-999% | -- | -- |
| Act | 2023-Q2 | 0.2 | -21.7 | -22.8 | -21.4 | -18.6 | -18.9 | -0.3 | 117.2 | 4.6 | 42.5 | <-999% | -- | -- |
| Act | 2023-Q1 | 0.1 | -20.7 | -21.7 | -20.7 | -26.5 | -26.5 | -0.1 | 135.5 | 4.0 | 42.4 | <-999% | -- | -- |
| Act | 2022-Q4 | 0.4 | -23.2 | -26.3 | -25.4 | -23.8 | -24.5 | -0.7 | 161.3 | 4.9 | 42.4 | <-999% | -- | -- |
| Act | 2022-Q3 | 0.2 | -24.3 | -25.2 | -24.6 | -28.1 | -28.8 | -0.8 | 185.1 | 4.4 | 42.4 | -299.5% | -- | -- |
| Act | 2022-Q2 | 0.1 | -27.0 | -27.7 | -27.4 | -16.3 | -24.0 | -7.7 | 214.2 | 4.6 | 42.4 | -191.4% | -- | -- |
| Act | 2022-Q1 | 0.0 | -23.7 | -24.2 | -24.5 | -26.3 | -28.8 | -2.5 | 239.2 | 4.7 | 42.4 | -112.9% | -- | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 2.30 | — | -15054.6% | -98 | — | — | n/m | 175.5× |
| 2023 | 7.13 | +154.1% | -5305.7% | -88 | — | — | n/m | 38.9× |
| 2024 | 1.21 | +245.3% | -1341.3% | -77 | n/m | n/m | n/m | 17.1× |
| 2025 | 3.65 | -82.5% | -4658.6% | -47 | n/m | n/m | n/m | 121.4× |
| TTM | 5.95 | -78.3% | -4778.7% | -48 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 5.95 | 0.0% | -41.6% | -0 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Shattuck Labs is a high-risk, single-asset clinical-stage biotech that is essentially restarting after the complete failure of its lead oncology candidate SL-172154. The entire enterprise value (~$250M EV) rests on SL-325, a Phase 1 DR3-blocking antibody for IBD with a Q2 2026 data readout. While the mechanism is differentiated vs. TL1A inhibitors, the company faces vastly better-funded competitors (Sanofi, Roche), has near-zero revenue, massive warrant-driven dilution (52M+ warrants on a 72M share base), and a cash runway dependent on warrant exercises. The August 2025 financing was a distressed-style deal with toxic warrant structures that will cap per-share upside even in a positive data scenario. At $6/share with fully diluted shares potentially exceeding 125M, the market is pricing in significant probability of clinical success that is not yet supported by data. T. Rowe Price's involvement and the Needham $25 target provide institutional validation, but the risk/reward is skewed negatively given the dilution overhang and binary nature of the catalyst.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $1.50/$6.00 | 0 | --/$4.90 | 0 |
| $5.00 | --/$4.90 | 0 | --/$4.90 | 0 |
| $7.50 | --/$4.90 | 0 | $0.10/$4.90 | 0 |
| $10.00 | $0.05/$4.90 | 0 | $1.60/$5.80 | 0 |
| $12.50 | --/$4.90 | 0 | $4.80/$9.00 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 39.0% of float, sold 8.3%. 8 filers moved >1% of shares (5 buying, 3 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| T. Rowe Price Investment Management, Inc. | $63.4M | $6.05 | +$54.7M | +$63.4M | -1.3% | $145.22B |
| ORBIMED ADVISORS LLC | $40.5M | $2.39 | +$0 | +$40.5M | -8.2% | $4.38B |
| Redmile Group, LLC | $35.6M | $4.26 | +$0 | +$0 | -5.8% | $1.51B |
| Prosight Management, LP | $32.2M | $4.88 | +$16.9M | −$10.5M | -16.0% | $610M |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $29.9M | $4.13 | −$10.7M | −$193K | -0.1% | $64.61B |
| NEXTBio Capital Management LP | $20.3M | $3.65 | +$0 | +$20.3M | +13.3% | $215M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $14.6M | $6.43 | +$14.6M | +$14.6M | — | $4.04T |
| PRICE T ROWE ASSOCIATES INC /MD/ | $11.5M | $3.65 | −$922K | +$11.4M | -0.2% | $864.93B |
| CLARK ESTATES INC/NY | $9.5M | $3.83 | +$0 | +$0 | -1.8% | $416M |
| PINNACLE ASSOCIATES LTD | $8.8M | $2.30 | +$113K | +$440K | -0.0% | $7.78B |
| Aberdeen Group plc | $7.5M | $5.05 | +$4.0M | +$7.5M | -0.6% | $61.88B |
| Point72 Asset Management, L.P. | $6.6M | $4.99 | −$239K | +$6.6M | +0.9% | $54.88B |
| AMERIPRISE FINANCIAL INC | $5.8M | $6.39 | +$5.7M | +$5.8M | -0.1% | $430.96B |
| 683 Capital Management, LLC | $5.1M | $1.70 | −$3.8M | −$1.6M | -2.2% | $1.02B |
| MILLENNIUM MANAGEMENT LLC | $4.9M | $4.80 | +$1.8M | +$3.0M | -0.5% | $127.40B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $4.6M | $5.97 | +$3.6M | +$4.3M | -0.6% | $77.14B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $4.2M | $4.24 | +$176K | −$1.9M | +2.3% | $1.61T |
| RENAISSANCE TECHNOLOGIES LLC | $3.9M | $4.45 | +$1.7M | +$3.7M | +1.2% | $63.91B |
| MARSHALL WACE, LLP | $3.7M | $2.93 | +$589K | +$3.7M | +0.6% | $92.71B |
| BlackRock, Inc.Passive | $3.3M | $3.57 | +$593K | −$13.5M | -0.2% | $5.69T |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 55.9%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 1M | -1M | -11M | $-0.15 | $-0.22 – $-0.11 | 5 |
| 2025 Q4 | 0M | -0M | -15M | $-0.14 | $-0.17 – $-0.11 | 5 |
| 2026 Q1 | 0M | 0M | -16M | $-0.14 | $-0.17 – $-0.12 | 4 |
| 2026 Q2 | 0M | 0M | -15M | $-0.13 | $-0.17 – $-0.10 | 5 |
| 2026 Q3 | 0M | 0M | -14M | $-0.12 | $-0.20 – $-0.09 | 5 |
| 2026 Q4 | 0M | 0M | -14M | $-0.13 | $-0.13 – $-0.13 | 1 |
| 2027 Q1 | 0M | 0M | -12M | $-0.11 | $-0.11 – $-0.11 | 1 |
| 2027 Q2 | 0M | 0M | -12M | $-0.11 | $-0.11 – $-0.11 | 1 |
| 2027 Q3 | 0M | 0M | -13M | $-0.12 | $-0.12 – $-0.12 | 1 |
| 2027 Q4 | 0M | 0M | -14M | $-0.13 | $-0.13 – $-0.13 | 1 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-12 | SELL | Pandite Arundathy N. | officer: Chief Medical Officer | 30,000 | $6.61 | $198K | $1.10M |
| 2026-05-12 | SELL | Shukla Abhinav A. | officer: Chief Technical Officer | 2,032 | $7.01 | $14K | $570K |
| 2025-08-25 | BUY | Ashiya Mona | director | 36,879,576 | $0.69 | $25.47M | $10.61M |
| 2025-08-25 | BUY | ORBIMED ADVISORS LLC | director | 36,879,576 | $0.69 | $25.47M | $10.61M |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| License | $2.4M | NEW |
Filing Risk Analysis
Filing Risk Scores
Shattuck Labs: A Masterclass in Shareholder Dilution and Non-Cash Circularity
Counter-Thesis
Counter-Thesis & Recent News
In March 2026, Shattuck Labs reported a Q4 2025 earnings beat with a net loss of $0.12 per share, narrower than the anticipated $0.13. The company successfully raised $21.4M via an at-the-market (ATM) facility in early 2026, extending its cash runway into 2029. Management confirmed that its lead candidate, SL-325 (a first-in-class DR3-blocking antibody for IBD), is nearing Phase 1 completion with a major data readout expected in Q2 2026 and a Phase 2 trial in Crohn’s disease planned for Q3 2026 (Source: MarketBeat, Stock Titan).
The bear thesis is rooted in the October 2024 total failure and discontinuation of Shattuck's former lead oncology program, SL-172154, which lacked significant survival benefits. This pivot forced a 40% workforce reduction and left the company with zero revenue and a high-risk reliance on a single, early-stage Phase 1 asset. Skeptics argue the company is essentially starting over in a highly competitive immunology market where clinical success is statistically low (Source: Investing.com, Seeking Alpha).
The stock exhibits extreme volatility with a beta of 2.8 and a 1-year price range of $0.69 to $6.05. A significant portion of the projected cash runway through 2029 is contingent on the full exercise of outstanding warrants, which is not guaranteed. Additionally, management has previously warned that efficacy in this therapeutic area often 'erodes' as trials progress from early-stage to larger randomized studies (Source: GuruFocus, TradingView).
Shattuck operates in the crowded Inflammatory Bowel Disease (IBD) space, specifically the TL1A/DR3 axis. It faces 'heavyweight' competition from pharmaceutical giants like Sanofi and Roche/Televant, who are developing TL1A inhibitors. While Shattuck's DR3-direct approach is unique, it must prove superior safety and efficacy against these more advanced and better-funded competitors to capture market share (Source: Public.com, Piper Sandler).
Institutional sentiment has turned sharply bullish; T. Rowe Price recently increased its stake to over 10%, and institutions now hold approximately 68% of shares. Analysts are increasingly optimistic, with Needham initiating coverage in March 2026 with a 'Buy' rating and a $25 price target, citing the favorable risk/reward profile of the SL-325 platform (Source: MarketBeat, Intellectia.AI).