Shattuck Labs (STTK) presented at the Wells Fargo 21st Annual Healthcare Conference on Sept. 8, 2026, emphasizing its focus on the DR3‑blocking antibody approach. The company’s lead candidate, SL‑325, has completed Phase I testing and is now in the RECEPTIVE‑CD1 Phase II trial for Crohn’s disease. Phase I data showed full DR3 receptor saturation at the lowest dose of 0.1 mg/kg, sustained occupancy for more than 30 days at 0.1‑0.3 mg/kg and at least 76 days at 1 mg/kg and above. The trough serum concentration needed for full occupancy is about 150 ng/mL, and the anti‑drug antibody (ADA) rate was 3.7%, which management said matches expectations.
Efficacy projections for SL‑325 anticipate a placebo‑adjusted remission of 20‑25% at induction and 40‑50% at maintenance, compared with roughly 15% and 30% for IL‑23 inhibitors. Roche’s ofimacimab data were cited, showing a 50% efficacy drop from the lowest to highest ADA quartile at induction.
The pipeline also includes SL‑846, a bispecific antibody targeting DR3 and the IL‑23 receptor. Chronic GLP toxicology studies are complete, and an IND filing is planned for early 2025, with Phase I results expected within months of the conference. A YTE‑modified backup candidate, SL‑425, was mentioned as a preclinical option.
Financially, Shattuck reported a cash balance of $208 million, sufficient to fund operations into 2029. The company’s current ratio stands at 27.59. Recent financing comprised a fall offering of 75 million shares with a 15% greenshoe and cash from exercised warrants. Market capitalization is $667 million, with the stock trading at $6.79, down 2.44% on the day. Over the past year the stock has risen 261% and is up 86% year‑to‑date. Analyst price targets range from $10 to $18 per share.
CEO Taylor stated, “We are entirely focused on blocking DR3… When you are trying to block TL1A, you are chasing a moving target. When you are trying to block DR3, you are not.” He added that the 3.7% ADA rate is “exactly what you should expect to see going forward.”
Readouts for the RECEPTIVE‑CD1 trial are expected in the first half of 2028 for induction and later in 2028 for maintenance, with 2027 identified as a potentially defining year for TL1A‑DR3 axis data.
