Shattuck Labs, Inc., a biotechnology company focused on developing treatments for inflammatory and immune-mediated diseases, reported a net loss of $75.4 million for the fiscal year ending December 31, 2024, a decrease from a net loss of $87.3 million in the previous year. The company’s total revenue increased significantly to $5.7 million, up from $1.7 million in 2023, primarily due to collaboration revenue from its agreement with Ono Pharmaceutical Co., Ltd. The increase in revenue was attributed to $3.4 million from research activities under the Ono Agreement and a $2.0 million option fee recognized upon the agreement's termination. However, revenue from the ImmunoGen Agreement decreased by $1.3 million, as the company completed its obligations under both agreements.
In terms of operational changes, Shattuck Labs has shifted its focus to its lead product candidate, SL-325, a monoclonal antibody designed to treat inflammatory bowel disease (IBD). The company has completed a good laboratory practices (GLP) toxicology study for SL-325 and plans to file an Investigational New Drug (IND) application in the third quarter of 2025, with enrollment in a Phase 1 clinical trial expected to be completed by the second quarter of 2026. The company has also discontinued the clinical development of SL-172154, resulting in a restructuring that impacted approximately 40% of its workforce.
As of December 31, 2024, Shattuck Labs reported total assets of $91.0 million, down from $159.6 million in 2023, with cash and cash equivalents amounting to $57.4 million. The company’s accumulated deficit reached $381.7 million, reflecting its ongoing investment in research and development. The total headcount was reported at 44 employees, with plans to hire additional staff to support clinical research and development efforts in the future.
Looking ahead, Shattuck Labs anticipates continued operating losses as it advances SL-325 through clinical development. The company expects to incur significant expenses related to clinical trials, manufacturing, and regulatory activities. Management believes that its current cash reserves will be sufficient to fund operations into 2027, but acknowledges the need for additional funding to support ongoing and future development efforts. The company’s ability to raise capital will depend on market conditions and its operational performance, which could impact its strategic initiatives and overall business prospects.
About Shattuck Labs, Inc.
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