Market reactionShares fell 13% on Nov 5.
Shattuck Labs is a clinical-stage company developing antibodies that block DR3, led by SL-325 for Crohn's disease and hidradenitis suppurativa; none are approved.
Shattuck's case rests on SL-325, an antibody that blocks DR3, the receptor for TL1A, a pathway where TL1A antibodies have shown clinical activity. SL-325 was well tolerated in healthy volunteers and is expected to block TL1A binding for more than three months, which could allow quarterly dosing. The RECEPTIVE-CD1 Phase 2b in Crohn's disease expects 12-week endoscopic response data in the first half of 2028. Cash of $208.3 million is expected to fund operations into 2029.
Thesis checklist
0 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: SL-325 shows endoscopic response in Crohn's disease
Does blocking DR3 produce endoscopic response in Crohn's disease?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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SL-325 moves into Phase 2 tests in Crohn's disease and hidradenitis suppurativa, with both readouts in 1H 2028
SL-325, the first DR3-blocking antibody in humans, enters Phase 2b in Crohn's disease — endoscopic response at Week 12 is the make-or-break read
SL-325's Phase 2b RECEPTIVE-CD1 will determine whether DR3 blockade delivers endoscopic response in Crohn's disease ahead of a crowded field
SL-325's Phase 1 readout will determine whether DR3 blockade is a viable immunology mechanism in humans
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Disease areas: Liver and digestive diseases, Skin diseases, Autoimmune and inflammatory diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
7 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.