Summary by Moomoo AI
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
