Shattuck Labs (NASDAQ:STTK) reported a narrowed net loss for fiscal year 2025, driven by a strategic reduction in research and development expenses and a disciplined focus on its lead clinical programs.
The company also announced a strengthened cash position as it prepares for a transition into Phase 2 development.
For the full year ended Dec. 31, 2025, the Austin-based biotech posted a net loss of $48.8 million, a marked improvement from the $75.4 million loss reported in 2024.
This shift was largely attributable to a sharp decline in R&D spending, which fell to $35.3 million for the year compared to $67.2 million in the prior year.
Fourth-quarter R&D expenses specifically dropped to $9.1 million from $15.4 million in Q4 2024, reflecting the winding down of certain early-stage activities and optimized clinical trial management.
The company’s liquidity received a boost in early 2026.
While cash and short-term investments stood at $78.1 million at year-end, preliminary figures as of Feb. 28, 2026, show a balance of $94.5 million.
The increase follows the successful utilization of the company's "at-the-market" (ATM) equity offering facility, which generated $21.4 million in gross proceeds during the first two months of the year.
On the clinical front, Shattuck is approaching a pivotal inflection point for SL-325, its lead candidate for inflammatory bowel disease.
The Phase 1 trial is nearing completion, with top-line data anticipated in the second quarter of 2026.
Should the data remain positive and regulatory alignment be reached, the company plans to initiate a Phase 2 trial in Crohn’s disease in the third quarter of 2026.
Additionally, the company's lead bispecific program has officially entered IND-enabling activities, further broadening its pipeline of modular protein therapeutics.