Shattuck Labs Inc (NASDAQ: STTK) is a clinical-stage biopharmaceutical company developing therapies for immune-mediated diseases, including inflammatory bowel disease (IBD). The company has no approved products and generates no product revenue as of the fiscal year ended December 31, 2025. Revenue, when recognized, comes from collaboration and licensing arrangements, recorded using a cost-based input method over the performance period. Shattuck competes against large pharmaceutical and biotechnology companies including AbbVie, Johnson & Johnson, Merck, Novartis, Pfizer, Roche/Genentech, Sanofi, Teva, and Takeda, as well as other clinical-stage developers of immune-mediated disease therapies. Its lead product candidate is SL-325. A prior candidate, SL-172154, was discontinued after interim clinical data did not translate into expected outcomes. The company funds operations through equity offerings, having raised $44.6 million in net cash from financing activities in FY2025, primarily through the sale of common stock, pre-funded warrants, and common stock warrants. CEO Dr. Taylor Schreiber signed the 10-K filed March 5, 2026.

Revenue model

Collaboration and licensing revenue recognized under a five-step model, using a cost-based input method over the performance period. No product revenue as of FY2025. Capital is raised through equity offerings and stock warrant exercises.

Products and services

Lead product candidate: SL-325 (clinical-stage, immune-mediated diseases/IBD). Discontinued candidate: SL-172154 (development halted after interim data did not meet expectations). No approved or commercialized products as of FY2025.

Customers and end markets

Collaborators and licensees as customers under research and development partnership arrangements. End market: immune-mediated diseases, including inflammatory bowel disease (IBD).

Value-chain role

Drug discovery and clinical development organization. Relies on third-party vendors for manufacturing, process development, nonclinical studies, and clinical trial activities. Subject to FDA and international regulatory approval requirements before any commercialization.

Geographic exposure

Headquartered in the United States. Subject to regulatory requirements in both the United States (FDA) and foreign jurisdictions for clinical trials and potential product approvals.

Competitors

AbbVie, Johnson & Johnson, Merck, Novartis, Pfizer, Roche/Genentech, Sanofi, Teva, Takeda

Source: SEC 10-K, filed 2026-03-05

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