Summary of Shattuck Labs FY Conference Call Company Overview - **Company**: Shattuck Labs (NasdaqGS:STTK) - **Event**: FY Conference on December 02, 2025 Industry Focus - **Industry**: Biotechnology, specifically focusing on antibody therapies for inflammatory bowel diseases (IBD) such as ulcerative colitis and Crohn's disease Key Points and Arguments 1. **Lead Antibody**: The primary focus is on SL325, a DR3 blocking antibody, with a half-life extended version called SL425 mentioned but not discussed in detail [2][19] 2. **Biological Mechanism**: The presentation emphasizes the TL1A-DR3 axis, where TL1A is the ligand and DR3 is the receptor. The company believes that targeting DR3 may offer advantages over TL1A blocking antibodies, particularly in terms of safety and efficacy [3][4] 3. **Efficacy Comparison**: Emerging data suggests that TL1A blocking antibodies show efficacy similar to JAK inhibitors but with fewer toxicities. Shattuck Labs posits that DR3 blocking could provide more durable inhibition and a better safety profile [3][11] 4. **Immunogenicity Concerns**: TL1A antibodies have shown high rates of anti-drug antibodies (ADA), leading to accelerated clearance and reduced efficacy. In contrast, DR3 targeting is expected to minimize immune complex formation, potentially improving the immunogenicity profile [11][12] 5. **Preclinical Data**: SL325 has demonstrated high affinity (1-picomolar binding) and specificity, with preclinical studies indicating no residual agonism and effective inhibition of TL1A-mediated cytokine production [5][14] 6. **Phase 1 Study**: The company is currently conducting a Phase 1 study in healthy volunteers, aiming to assess safety, receptor occupancy, and immunogenicity. Results are expected in the first half of 2026 [17][18] 7. **Funding and Future Trials**: Shattuck Labs is funded through Phase 2 trials, with cash reserves projected to last until 2029 due to recent financing [19] Additional Important Information - **Competitive Landscape**: The company acknowledges a competitive landscape for both TL1A and DR3 targeting but believes it has a unique position with its DR3 blocking approach [18] - **Dosing Interval**: While the dosing interval has not been disclosed, the target for maintenance is approximately every 8 weeks, pending Phase 1 data [19]

Core Viewpoint - Shattuck Labs, Inc. has initiated a Phase 1 clinical trial for its lead product candidate SL-325, a DR3 blocking antibody, and has reported financial results for Q3 2025, highlighting its strong capital position to advance clinical development [1][2][3]. Business Highlights - SL-325 is the first DR3 blocking antibody to enter clinical development, with the Phase 1 trial proceeding as planned [2]. - The company closed a private placement of approximately $103 million in August 2025, which is expected to fund operations into 2029 and support multiple clinical milestones for SL-325 [3][6]. - Recent appointments to the Board of Directors include Dan Baker, M.D., and Mona Ashiya, Ph.D., enhancing the company's leadership [4][6]. Clinical Development - The Phase 1 trial for SL-325 began with the first participants dosed in Q3 2025, focusing on safety, tolerability, immunogenicity, and pharmacokinetics [7]. - Enrollment for the single-ascending dose (SAD) and multiple-ascending dose (MAD) portions is expected to be completed by Q2 2026, with initial results anticipated by the same timeframe [7]. - The company is also developing preclinical DR3-based bispecific antibodies aimed at treating inflammatory bowel disease (IBD) [7]. Financial Results - As of September 30, 2025, cash and cash equivalents were approximately $86.1 million, down from $90.1 million a year earlier [10][14]. - Research and Development (R&D) expenses for Q3 2025 were $7.6 million, a decrease from $16.3 million in Q3 2024 [14]. - The net loss for Q3 2025 was $10.1 million, or $0.14 per share, compared to a net loss of $16.6 million, or $0.33 per share, in the same quarter of the previous year [14][21].