Shattuck Labs, Inc.

Shattuck reported cash and cash equivalents and investments of $101.1 million at September 30, 2023. Third-quarter 2023 R&D expense was $24.2 million versus $18.9 million in Q3 2022, G&A expense was $5.1 million versus $6.6 million, and net loss was $27.5 million, or $0.65 per basic and diluted share, versus a net loss of $24.6 million, or $0.58 per share, in Q3 2022. Clinically, as of October 31, 2023, 16 PROC patients had enrolled and 11 were efficacy-evaluable, with 3 partial responses (1 confirmed, 2 unconfirmed); as of May 25, 2023, 37 AML/higher-risk MDS patients had received SL-172154 across mono and azacitidine combination cohorts, and as of the July 10, 2023 cutoff, 2 of 4 response-evaluable frontline TP53-mutant higher-risk MDS patients responded. Management reiterated that cash should fund operations through year-end 2024, beyond results from Phase 1 clinical trials of SL-172154, excluding any capital from business development or added development costs.

Taylor Schreiber framed the quarter as a meaningful inflection point because Shattuck is now sharing clinical data from both solid tumor and hematologic programs, with first responses observed in each. He stressed that SL-172154 is differentiated by combining CD47 blockade with CD40 activation and argued that this design may avoid the destructive anemia seen with other CD47 agents while potentially improving response rates and durability. His tone was optimistic but measured, repeatedly saying the company still needs larger datasets and longer follow-up to prove the effect.

Andrew Neill kept the financial discussion concise and focused on runway. He said cash and investments were $101.1 million at September 30, 2023, R&D spend increased to $24.2 million from $18.9 million a year ago, G&A fell to $5.1 million from $6.6 million, and Q3 net loss widened to $27.5 million, or $0.65 per share, from $24.6 million, or $0.58 per share. He reiterated guidance that existing cash should fund operations through year-end 2024, while noting that this excludes any business development proceeds and any added development costs.

Analysts focused on whether the early responses in ovarian cancer and AML/MDS were strong enough to support registration paths and how broadly the signal applied across subgroups. Management said a faster path could be possible in frontline TP53-mutant AML if CR rates exceed roughly 40%, and in PROC they suggested a response rate above 25% plus duration of response above five months could be meaningful. Questions also probed biomarker work, PARP- and bevacizumab-exposed patients, and mirvetuximab combinations; Shattuck said biomarker analyses are ongoing, all five non-evaluable PROC patients were still on study awaiting first scan, and the MIRV combo trial is expected to enroll up to 70 patients across high, medium and low FRα expression levels.