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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Shattuck Labs Inc | NASDAQ:STTK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.045 | 1.02% | 4.475 | 4.45 | 4.51 | 4.59 | 4.475 | 4.54 | 9,084 | 15:15:56 |
“We have made significant progress throughout the second quarter, including dosing patients in our Phase 1 clinical trial of SL-172154 in AML and HR-MDS and advancing SL-172154 in our clinical trial in platinum-resistant ovarian cancer,” said Taylor Schreiber, M.D., Ph.D., and Chief Executive Officer of Shattuck. “As we look ahead to the second half of this year, we look forward to beginning to enroll patients at immunologically active dose levels of SL-172154 in combination with liposomal doxorubicin for patients with advanced platinum-resistant ovarian cancer and with azacitidine for patients with AML and HR-MDS. We also continue to make excellent progress advancing our preclinical pipeline from our ARC and GADLEN platforms, and we expect to nominate the next clinical product candidate by the end of this year.”
Second Quarter 2022 Recent Business Highlights and Other Recent Developments
ARC Clinical-Stage Pipeline and Preclinical Pipeline
SL-172154 (SIRPα-Fc-CD40L)
SL-279252 (PD1-Fc-OX40L)
Preclinical
Upcoming Events
Second Quarter 2022 Financial Results
2022 Financial GuidanceShattuck believes its cash and cash equivalents and short-term investments will be sufficient to fund its operations into the second half of 2024, beyond results from its Phase 1 clinical trials of SL-172154 and SL-279252. This cash runway guidance is based on the Company’s current operational plans and excludes any addition funding that may be received, proceeds from business development transactions, or additional costs associated with clinical development activities that may be undertaken.
About SL-172154SL-172154 (SIRPα-Fc-CD40L) is an investigational ARC® fusion protein designed to simultaneously inhibit the CD47/SIRPα checkpoint interaction and activate the CD40 costimulatory receptor to bolster an anti-tumor immune response in patients with advanced cancer. Multiple Phase 1 clinical trials are ongoing for patients with advanced platinum-resistant ovarian cancer (NCT04406623, NCT05483933) and patients with AML and HR-MDS (NCT05275439).
About SL-279252SL-279252 (PD1-Fc-OX40L) is an investigational ARC® fusion protein designed to simultaneously inhibit the PD-1/PD-L1 interaction and activate the OX40 receptor in patients with advanced cancers. A Phase 1 trial in patients with solid tumors and lymphoma is ongoing (NCT03894618).
About Shattuck Labs, Inc.Shattuck Labs, Inc. (NASDAQ: STTK) is a clinical-stage biotechnology company pioneering the development of bi-functional fusion proteins as a new class of biologic medicine for the treatment of patients with cancer and autoimmune disease. Compounds derived from Shattuck’s proprietary Agonist Redirected Checkpoint, ARC®, platform simultaneously inhibit checkpoint molecules and activate costimulatory molecules with a single therapeutic. The company’s SL-172154 (SIRPα-Fc-CD40L) program, which is designed to block the CD47 immune checkpoint and simultaneously agonize the CD40 pathway, is being evaluated in multiple Phase 1 trials. A second product candidate, SL-279252 (PD1-Fc-OX40L), is being evaluated in a Phase 1 trial in solid tumors or lymphomas. Additionally, the company is advancing a proprietary Gamma Delta T Cell Engager, GADLEN™, platform, which is designed to bridge gamma delta T cells to tumor antigens for the treatment of patients with cancer. Shattuck has offices in both Austin, Texas and Durham, North Carolina. For more information, please visit: www.ShattuckLabs.com.
Forward-Looking StatementsCertain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations regarding plans for our preclinical studies, clinical trials and research and development programs, the anticipated timing for enrollment of our clinical trials, the anticipated timing of the results from our preclinical studies and clinical trials, anticipated timing for preclinical development updates, potential clinical benefit of our product candidates, and expectations regarding the time period over which our capital resources will be sufficient to fund our anticipated operations. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While we believe these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in our filings with the U.S. Securities and Exchange Commission (the “SEC”)), many of which are beyond our control and subject to change. Actual results could be materially different. Risks and uncertainties include: the recent and ongoing COVID-19 pandemic; expectations regarding the initiation, progress, and expected results of our preclinical studies, clinical trials and research and development programs; expectations regarding the timing, completion and outcome of our clinical trials; the unpredictable relationship between preclinical study results and clinical study results; the timing or likelihood of regulatory filings and approvals; liquidity and capital resources; and other risks and uncertainties identified in our Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent disclosure documents filed with the SEC. We claim the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.
The Company intends to use the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
Investor & Media Contact: Conor RichardsonSenior Director, Finance & Investor RelationsShattuck Labs, Inc.InvestorRelations@shattucklabs.com
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
SHATTUCK LABS, INC. BALANCE SHEETS
(In thousands)
June 30, 2022 | December 31,2021 | |||||
(unaudited) | ||||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 37,870 | $ | 92,268 | ||
Investments | 176,370 | 176,536 | ||||
Prepaid expenses and other current assets | 15,177 | 19,462 | ||||
Total current assets | 229,417 | 288,266 | ||||
Property and equipment, net | 18,759 | 9,938 | ||||
Other assets | 3,164 | 381 | ||||
Total assets | $ | 251,340 | $ | 298,585 | ||
Liabilities and Stockholders’ Equity | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 5,674 | $ | 10,012 | ||
Accrued expenses and other current liabilities | 18,571 | 14,574 | ||||
Total current liabilities | 24,245 | 24,586 | ||||
Non-current operating lease liabilities | 4,566 | — | ||||
Deferred rent | — | 2,213 | ||||
Total liabilities | 28,811 | 26,799 | ||||
Stockholders’ equity: | ||||||
Common stock | 5 | 5 | ||||
Additional paid-in capital | 392,598 | 389,408 | ||||
Accumulated other comprehensive loss | (1,108 | ) | (560 | ) | ||
Accumulated deficit | (168,966 | ) | (117,067 | ) | ||
Total stockholders’ equity | 222,529 | 271,786 | ||||
Total liabilities and stockholders’ equity | $ | 251,340 | $ | 298,585 |
SHATTUCK LABS, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
(In thousands, except share and per share amounts)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Collaboration revenue | $ | 50 | $ | (4,231 | ) | $ | 50 | $ | (1,961 | ) | |||||
Operating expenses: | |||||||||||||||
Research and development | 22,963 | 14,882 | 42,150 | 25,219 | |||||||||||
General and administrative | 4,745 | 5,399 | 9,724 | 9,755 | |||||||||||
Expense from operations | 27,708 | 20,281 | 51,874 | 34,974 | |||||||||||
Loss from operations | (27,658 | ) | (24,512 | ) | (51,824 | ) | (36,935 | ) | |||||||
Other income (expense): | |||||||||||||||
Other | 287 | 914 | (75 | ) | 1,524 | ||||||||||
Net loss | $ | (27,371 | ) | $ | (23,598 | ) | $ | (51,899 | ) | $ | (35,411 | ) | |||
Unrealized loss on investments | (581 | ) | (960 | ) | (548 | ) | (1,557 | ) | |||||||
Comprehensive loss | $ | (27,952 | ) | $ | (24,558 | ) | $ | (52,447 | ) | $ | (36,968 | ) | |||
Net loss per share – basic and diluted | $ | (0.65 | ) | $ | (0.56 | ) | $ | (1.22 | ) | $ | (0.85 | ) | |||
Weighted-average shares outstanding – basic and diluted | 42,380,454 | 41,906,268 | 42,369,102 | 41,840,555 |
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