Shattuck’s Third-Quarter Net Loss Widens to $25.2 Million

The Tip Desk · November 11, 2026 · 3 min read

The biotech’s third-quarter 2026 net loss widened to $25.2 million as R&D spending reached $21.6 million and cash and investments stood at $196.3 million.

Shattuck Labs (STTK) reported a net loss of $25.2 million for the third quarter ended September 30, 2026, versus $10.1 million a year earlier. Research and development expenses rose to $21.6 million from $7.6 million, while related-party license revenue was zero, versus $1.0 million a year earlier.

The company, a clinical-stage biotechnology company developing DR3 blocking antibodies for inflammatory and immune-mediated diseases, initiated the RECEPTIVE-CD1 Phase 2b trial of its lead candidate SL-325 in Crohn’s disease after saying in the prior quarter that start-up was expected in the third quarter of 2026.

The randomized, double-blind, placebo-controlled study is designed to compare three dose levels of SL-325 with placebo in about 232 patients, randomized 1:1:1:1, with endoscopic response at 12 weeks as the primary endpoint. The company said those induction data are expected in the first half of 2028.

Chief Executive Officer Taylor Schreiber said the company is “very excited to begin Phase 2 clinical development with SL-325 in both Crohn’s disease and hidradenitis suppurativa,” and added, “We believe these two studies will allow direct comparisons with the TL1A antibody class.”

Shattuck also announced plans to start RECEPTIVE-HS1, a Phase 2 trial of SL-325 in moderate to severe hidradenitis suppurativa, with initiation expected in the fourth quarter of 2026. The company submitted an Investigational New Drug application to the FDA in October 2026. HS is the second Phase 2 indication for SL-325 and expands development beyond inflammatory bowel disease. The trial is planned as a randomized, double-blind, placebo-controlled study of two dose levels versus placebo in about 150 patients, randomized 1:1:1, with HiSCR50 response at Week 16 as the primary endpoint and data expected in the first half of 2028. Shattuck appointed Shoba Ravichandran, M.D., as Senior Vice President, Clinical Development, to lead SL-325 in HS.

For SL-846, the company’s lead bispecific DR3 x IL-23 receptor candidate, Shattuck presented preliminary preclinical data at UEG Week 2026, including a GLP toxicology study in non-human primates. The company said the antibody was well tolerated through the top dose of 100 mg/kg, showed no evidence of DR3 or IL-23R agonism, and produced full and durable blockade of TL1A binding to DR3 and complete blockade of IL-23 signaling. Data from the NHP study support potential quarterly subcutaneous dosing in humans. NHP and in silico analyses, the company said, suggest a projected human anti-drug antibody rate of 8–12%. Shattuck expects to start a Phase 1 healthy-volunteer trial of SL-846 and report initial data in 2027.

Research and development expenses were $21.6 million for the quarter ended September 30, 2026, versus $7.6 million a year earlier. General and administrative expenses were $5.5 million, versus $4.1 million a year earlier. Related-party license revenue was zero, versus $1.0 million a year earlier.

Net loss was $25.2 million, or $0.14 a share, for the quarter ended September 30, 2026, versus a net loss of $10.1 million, or $0.14 a share, a year earlier. Weighted-average shares outstanding were 183.2 million, versus 72.2 million a year earlier.

Cash and cash equivalents and short-term investments were $196.3 million as of September 30, 2026, versus $86.1 million a year earlier, and versus approximately $208.3 million as of June 30, 2026. The company said current cash and cash equivalents and short-term investments are expected to fund operations into 2029, based on current operational plans and excluding additional capital, business-development proceeds, or extra clinical-development costs.

Shattuck plans to take part in the Evercore ISI 9th Annual Healthcare Conference on November 30–December 1, 2026, and the Piper Sandler 38th Annual Healthcare Conference on December 2–3, 2026.