Shattuck Labs, Inc. — Cyborg Score 6/10

Solid
Biopharmaceuticals / Clinical-Stage Immunology

Strategic Profile

The company's lead asset SL-325 is being advanced through multiple Phase 2 clinical trials focusing on Inflammatory Bowel Disease (IBD). Shattuck closed a private placement of up to $103 million in August 2025 expected to fund operations into 2029. The company is strategically positioned in the high-potential TNF superfamily receptor pathway with experienced leadership additions from J&J/Janssen and OrbiMed.

Cyborg Score Rationale

The company achieved IND clearance for SL-325 in August 2025 with first participants dosed in Phase 1 in Q3 2025, with enrollment expected complete by Q2 2026 and initial data expected by Q2 2026. Strong capital position through 2029 and clinical validation of target mechanism support near-term newsflow. However, early-stage clinical status with unproven efficacy remains a key risk.

Top Insights

  • IND effective for SL-325 (August 2025) with Phase 1 enrollment on track for Q2 2026 data readout
  • Well-capitalized through 2029 with $86.1M cash post-private placement; net loss narrowing ($10.1M in Q3 2025)
  • Lead drug addresses large IBD market with first-in-class DR3 antagonist positioning and bispecific pipeline extension
  • Recent board strengthening (J&J immunology veteran + OrbiMed backing) reflects institutional confidence in focus strategy

Named Competitors

  • Foghorn Therapeutics (FHTX) — Protein degradation platform for cancer and immunology
  • C4 Therapeutics (CCCC) — E3 ligase-directed protein degradation platform
  • Janssen/J&J IBD Portfolio — Established TNF and integrin inhibitor-based IBD therapies
  • Gilead/Galapagos Filgotinib — JAK inhibitor for moderate-to-severe IBD

Recent Developments

  • (February 2026) Announced participation in TD Cowen and Leerink March 2026 healthcare conferences
  • (December 2025) Granted inducement equity awards to newly hired non-executive officer
  • (November 2025) Q3 2025 results: cash $86.1M, net loss $10.1M, narrowing trend
  • (August 2025) Private placement closed for $103M; IND for SL-325 became effective with FDA

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