Shattuck Labs Inc Dossier
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SectorHealth Care IndustryBiotechnology Beta (adjusted)1.06 Intrinsic Value Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet. Market Price $6.84Price as of 1 Oct 2026 Data confidenceNot applicable Market Cap $686.5M Enterprise Value $623.2M Shares Outstanding 100.4M diluted Next Earnings Date5 Nov 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Shattuck Labs has successfully pivoted from its legacy oncology pipeline (discontinuing SL-172154 in late 2024) to focus entirely on inflammatory bowel disease (IBD) and autoimmune indications targeting the TL1A/DR3 pathway. The company's lead asset, SL-325, is a potentially first-in-class Death Receptor 3 (DR3) blocking antibody. On June 8, 2026, Shattuck reported highly encouraging Phase 1 data in 72 healthy volunteers, demonstrating complete DR3 occupancy, no agonist activity, and a remarkably low anti-drug antibody (ADA) rate of 3.7%. This low immunogenicity profile addresses a major limitation of competing TL1A-targeted therapies (such as those acquired by Merck and Roche), which suffer from high ADA rates due to immune complex formation. Backed by a major cash influx of $54.9 million from recent warrant exercises and a $75 million public offering in June 2026, Shattuck's cash runway is extended into 2029, fully funding the upcoming Phase 2b RECEPTIVE-CD1 trial in Crohn's disease. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$10.00 Mean target$14.38 High · most bullish analyst$18.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $2.0020% The Phase 2b trial of SL-325 in Crohn's disease experiences enrollment delays or fails to show a statistically significant endoscopic response at 12 weeks compared to placebo. Alternatively, safety concerns or unexpected immunogenicity emerge when the drug is administered to patients with active inflammation rather than healthy volunteers. The preclinical pipeline, including SL-846 and SL-425, faces development setbacks, and the stock trades down toward its cash value. Base CaseCentral scenario $13.5050% Shattuck successfully initiates the Phase 2b RECEPTIVE-CD1 trial in Q3 2026. SL-325 maintains its favorable safety and low immunogenicity profile in patients with moderate-to-severe Crohn's disease. The company advances SL-846 into Phase 1 trials in H1 2027. The cash runway remains secure into 2029, allowing the company to reach the 12-week induction data readout in 1H 2028 without requiring dilutive financing. Valuation aligns with the consensus analyst target. Bull CaseUpside scenario $18.0030% SL-325 demonstrates superior clinical remission rates in the Phase 2b Crohn's disease trial compared to historical TL1A inhibitors, driven by its membrane-restricted DR3 target mechanism which avoids immune complex formation and maintains a low ADA rate. Shattuck's bispecific candidate, SL-846, successfully enters clinical trials in H1 2027 with strong preclinical potency. The company becomes a highly attractive acquisition target for large pharmaceutical companies seeking to enter or dominate the multi-billion dollar IBD market, similar to Merck's $10.8B acquisition of Prometheus or Roche's $7.1B acquisition of Telavant. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |