Shattuck Labs, Inc.
Shattuck Labs is a U.S.-based clinical-stage biotechnology company focused on discovering and developing antibody-based therapies for immune-mediated diseases. The company’s pipeline has centered on programs such as SL-325 and earlier candidates, with research, development, and clinical operations conducted from its U.S. offices in Austin, Texas and Durham, North Carolina.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueAntibody-based therapeutic programs being advanced through preclinical and clinical development.
Revenue from research, licensing, and collaboration agreements with third parties.
Internal research activities that generate new therapeutic candidates and platform insights.
Customers
Shattuck Labs does not sell approved commercial products; its economic counterparties are pharmaceutical and biotechnology partners, research collaborators, and potential future licensing or development partners. Its programs are aimed at patients with immune-mediated diseases, while current revenue is tied to collaboration and license agreements rather than product sales.
Partners that enter research, option, or license agreements around Shattuck’s antibody programs and platform assets.
Organizations that may support or co-develop later-stage trials, manufacturing, or commercialization.
The eventual end users of approved therapies targeting inflammatory and immune-mediated conditions.
Strategy
The company’s strategy is to advance antibody programs for immune-mediated diseases, with emphasis on clinical development of SL-325 and related pipeline assets. It also seeks to balance internal scientific capability with outsourced clinical research and manufacturing, while preserving flexibility to fund development through collaborations and capital raises.
Clinical progress is the main value driver for a company without commercial products.
More in-house expertise can improve execution in research, process development, and clinical operations.
Collaborations can provide non-dilutive funding and external validation of the platform.
Geography
Shattuck Labs is headquartered and operates in the United States, with corporate offices in Austin, Texas and Durham, North Carolina. Its research and development footprint is U.S.-based, while clinical and manufacturing activities are outsourced to third-party organizations that may operate in multiple jurisdictions.
Risks
Shattuck Labs faces the typical risks of a clinical-stage biotech company: uncertain trial outcomes, regulatory approval risk, and dependence on external funding before any commercial product exists. Its business also depends on third-party CROs and contract manufacturers, making execution, supply, and quality control important sources of risk.
- Clinical development failureImpact: CriticalLikelihood: Medium
Product candidates may not show sufficient safety or efficacy in trials.
Exposure: SL-325 and other immune-mediated disease programs
- Capital dependenceImpact: HighLikelihood: High
The company has no commercial product revenue and must fund long development cycles.
Exposure: Operating runway and trial funding
- Third-party manufacturing and trial executionImpact: HighLikelihood: High
CROs and contract manufacturers control key parts of development and supply.
Exposure - Intellectual property protectionImpact: HighLikelihood: Medium
Patent coverage is needed to protect candidate molecules, methods, and formulations.
Exposure: Platform technology and lead programs
- Competitive pressureImpact: MediumLikelihood: Medium
Larger companies and other clinical-stage peers are pursuing similar immune targets.
Exposure: TL1A/DR3-axis and broader immune-mediated disease space
Accounting
Judgemental itemsRevenue is recognized as performance obligations are satisfied, so timing can be uneven across periods.
Impact: Affects reported quarterly and annual revenue
The company relies on third parties for trials and manufacturing, requiring estimates for unpaid services.
Impact: Affects operating expenses and liabilities
Equity awards are a meaningful part of employee compensation and require valuation assumptions.
Impact: Affects operating expense and dilution analysis
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Last updated: 24/09/2026