Shattuck Labs, a biotechnology company specializing in treatments for inflammatory and immune-mediated diseases and cancer, reported a restructuring plan prioritizing the development of its DR3 program. The plan includes discontinuing the SL-172154 program due to survival data readouts, impacting approximately 40% of the workforce. The company anticipates incurring restructuring charges between $1.5 million and $1.75 million, primarily related to employee severance, to be recognized in Q4 2024. Shattuck Labs has not been profitable since inception, with an accumulated deficit of $363.0 million and $90.1 million in cash and cash equivalents and investments as of September 30, 2024. The net loss for the nine months ended September 30, 2024, was $56.7 million, compared to $69.6 million for the same period in 2023. The company's investment portfolio showed an increase in total fair value of...Show More

Shattuck Labs, a biotechnology company specializing in treatments for inflammatory and immune-mediated diseases and cancer, reported a restructuring plan prioritizing the development of its DR3 program. The plan includes discontinuing the SL-172154 program due to survival data readouts, impacting approximately 40% of the workforce. The company anticipates incurring restructuring charges between $1.5 million and $1.75 million, primarily related to employee severance, to be recognized in Q4 2024. Shattuck Labs has not been profitable since inception, with an accumulated deficit of $363.0 million and $90.1 million in cash and cash equivalents and investments as of September 30, 2024. The net loss for the nine months ended September 30, 2024, was $56.7 million, compared to $69.6 million for the same period in 2023. The company's investment portfolio showed an increase in total fair value of level 1 debt securities to $54,581 thousand as of September 30, 2024, from $44,659 thousand as of December 31, 2023. Shattuck Labs entered into a collaboration and license agreement with Ono Pharmaceutical, which was mutually terminated on September 30, 2024, resulting in no future obligations or payments from Ono. The company also completed its obligations under the ImmunoGen Agreement in Q2 2024. Shattuck Labs plans to file an Investigational New Drug (IND) application for SL-325 in Q3 2025 and is advancing TRIM7 inhibitors through pre-clinical development as future internal pipeline candidates in oncology.