Shattuck Labs Q2 2026: SL-325 Advances Toward Phase 2 Crohn’s Disease Study

Key Points

• Shattuck Labs reported favorable Phase 1 results for SL-325, including a positive safety profile, low anti-drug antibody incidence, and durable DR3-pathway blockade.
• The company expects to begin the Phase 2b RECEPTIVE-CD1 trial of SL-325 in Crohn’s disease in Q3 2026, with primary data expected in the first half of 2028.quiverquant+1
• Shattuck ended Q2 with $208.3 million in cash, cash equivalents, and short-term investments, providing an expected cash runway into 2029.

Shattuck Labs (Nasdaq: STTK) reported second-quarter 2026 results highlighted by progress for SL-325, its lead DR3-blocking antibody program for inflammatory and immune-mediated diseases. The company has completed Phase 1 testing and is preparing to move the treatment into a Phase 2b study in patients with Crohn’s disease.

Phase 1 data support SL-325’s move into Crohn’s disease

Shattuck said SL-325 showed a favorable safety and tolerability profile in Phase 1, with no evidence of residual DR3 agonism. The company also reported complete blockade of TL1A binding to DR3 for more than three months at doses of at least 1 mg/kg, supporting its planned dosing approach in the upcoming trial.

The Phase 1 findings are encouraging, but SL-325 has not yet demonstrated clinical efficacy in Crohn’s disease. The RECEPTIVE-CD1 Phase 2b study will be the first important test of whether the therapy’s safety and pharmacologic activity can translate into patient benefit.

RECEPTIVE-CD1 trial becomes Shattuck’s next major catalyst

The randomized, placebo-controlled RECEPTIVE-CD1 trial is expected to begin in Q3 2026. It will evaluate three SL-325 dose levels during induction and maintenance treatment periods in people with Crohn’s disease.

Shattuck expects primary-endpoint data in the first half of 2028. That readout will be the company’s most consequential clinical milestone and will help determine the future development path for SL-325 in inflammatory bowel disease.

SL-846 adds an earlier-stage DR3 and IL-23 program

The company also introduced SL-846, a preclinical bispecific antibody designed to inhibit both DR3 and the IL-23 receptor. Shattuck believes this dual-target approach could create a differentiated treatment option for immune-mediated diseases.

SL-846 is currently in preclinical toxicology studies, with a Phase 1 trial planned for 2027. While the program broadens Shattuck’s pipeline, its safety, clinical performance, and development timeline remain uncertain at this early stage.

Cash runway provides funding into 2029

Shattuck reported no revenue in Q2 2026 and a net loss of $15.2 million, or $0.12 per share, as research and development costs rose to advance its clinical programs.

The company finished the quarter with $208.3 million in cash, cash equivalents, and short-term investments. Supported by recent equity financing and warrant exercises, Shattuck expects this capital to fund operations into 2029, giving it financial flexibility to advance SL-325 through its Phase 2b program.