Shattuck Labs Announces Closing of up to $103 Million Private Placement and Appointments to Board of Directors
Shattuck Labs (NASDAQ: STTK) has announced the closing of a significant private placement of up to $103 million, led by OrbiMed. The funding, assuming full exercise of common stock warrants, is expected to support operations into 2029 and advance SL-325, their novel DR3 blocking antibody, through multiple Phase 2 clinical trials focusing on Inflammatory Bowel Disease (IBD).
The company has also strengthened its Board of Directors with two key appointments: Dr. Daniel Baker, former VP of Immunology at Johnson & Johnson/Janssen, and Dr. Mona Ashiya, Member at OrbiMed. These appointments coincide with the departure of four existing board members, marking Shattuck's strategic repositioning as an immunology and inflammation-focused organization.
Shattuck Labs (NASDAQ: STTK) ha annunciato la chiusura di un'importante offerta privata fino a 103 milioni di dollari, guidata da OrbiMed. Il finanziamento, con l'ipotesi di pieno esercizio dei warrant su azioni ordinarie, dovrebbe sostenere le attività operative fino al 2029 e consentire l'avanzamento di SL-325, il loro nuovo anticorpo anti-DR3, in più studi clinici di Fase 2 mirati alle malattie infiammatorie intestinali (IBD).
L'azienda ha inoltre rafforzato il proprio consiglio di amministrazione con due nomine di rilievo: Dr. Daniel Baker, ex VP di Immunologia presso Johnson & Johnson/Janssen, e Dr. Mona Ashiya, membro di OrbiMed. Queste nomine coincidono con l'uscita di quattro membri del consiglio, segnando il riposizionamento strategico di Shattuck verso un focus su immunologia e infiammazione.
Shattuck Labs (NASDAQ: STTK) ha anunciado el cierre de una importante colocación privada de hasta 103 millones de dólares, liderada por OrbiMed. La financiación, asumiendo el ejercicio completo de las garantías sobre acciones ordinarias, se espera que sostenga las operaciones hasta 2029 y permita avanzar SL-325, su nuevo anticuerpo bloqueador de DR3, en múltiples ensayos clínicos de Fase 2 centrados en la enfermedad inflamatoria intestinal (EII).
La compañía también ha reforzado su junta directiva con dos nombramientos clave: al Dr. Daniel Baker, ex vicepresidente de Inmunología en Johnson & Johnson/Janssen, y a la Dra. Mona Ashiya, miembro de OrbiMed. Estos nombramientos coinciden con la salida de cuatro miembros del consejo, marcando el reposicionamiento estratégico de Shattuck hacia la inmunología y la inflamación.
Shattuck Labs (NASDAQ: STTK)는 OrbiMed가 주도하는 최대 1억 300만 달러 규모의 사모 발행을 완료했다고 발표했습니다. 보통주 워런트가 전부 행사된다고 가정하면 이번 자금은 2029년
회사는 또한 이사회에 두 명의 핵심 인사를 합류시켜 운용을 강화했습니다: Johnson & Johnson/Janssen의 전 면역학 부사장 Dr. Daniel Baker와 OrbiMed의 멤버 Dr. Mona Ashiya입니다. 이 임명들은 기존 이사회 구성원 네 명의 퇴임과 맞물려 Shattuck가 면역학 및 염증 중심 조직으로 전략적 재정비를 하는 신호로 풀이됩니다.
Shattuck Labs (NASDAQ: STTK) a annoncé la clôture d'un important placement privé pouvant atteindre 103 millions de dollars, mené par OrbiMed. Ce financement, sous réserve de l'exercice complet des bons de souscription d'actions ordinaires, devrait soutenir les opérations jusqu'en 2029 et permettre d'avancer SL-325, leur nouvel anticorps bloquant DR3, dans plusieurs essais cliniques de phase 2 ciblant les maladies inflammatoires de l'intestin (MII).
L'entreprise a également renforcé son conseil d'administration par deux nominations clés : le Dr Daniel Baker, ancien VP d'immunologie chez Johnson & Johnson/Janssen, et la Dr Mona Ashiya, membre d'OrbiMed. Ces nominations coïncident avec le départ de quatre administrateurs existants, marquant le repositionnement stratégique de Shattuck en tant qu'organisation axée sur l'immunologie et l'inflammation.
Shattuck Labs (NASDAQ: STTK) hat den Abschluss einer bedeutenden Privatplatzierung von bis zu 103 Millionen US-Dollar, angeführt von OrbiMed, bekanntgegeben. Die Finanzierung, bei vollständiger Ausübung der Warrants auf Stammaktien, soll die Geschäftstätigkeit bis 2029 unterstützen und SL-325, ihren neuartigen DR3-blockierenden Antikörper, in mehreren Phase-2-Studien zur Behandlung entzündlicher Darmerkrankungen (IBD) vorantreiben.
Das Unternehmen hat seinen Verwaltungsrat zudem mit zwei wichtigen Ernennungen gestärkt: Dr. Daniel Baker, ehemaliger VP für Immunologie bei Johnson & Johnson/Janssen, und Dr. Mona Ashiya, Mitglied von OrbiMed. Diese Ernennungen fallen mit dem Ausscheiden von vier bisherigen Vorstandsmitgliedern zusammen und markieren Shattucks strategische Neuausrichtung hin zu einem Fokus auf Immunologie und Entzündungsforschung.
- Secured substantial funding of up to $103 million through private placement
- Extended cash runway into 2029 (with full warrant exercise)
- Added two experienced board members with strong industry expertise
- Advancing SL-325 as potential first-in-class DR3 blocking antibody
- Significant board turnover with four directors stepping down
- Full funding projection depends on warrant exercise completion
Insights
Shattuck's $103M raise provides substantial runway into 2029, strengthening their strategic pivot to immunology with SL-325 development.
This $103 million private placement led by OrbiMed represents a significant capital infusion for Shattuck, transforming their financial outlook and development timeline. The funding specifically earmarks resources for advancing SL-325, their DR3 blocking antibody, through multiple Phase 2 clinical trials in inflammatory bowel disease and potentially other autoimmune indications.
The financing's structure deserves attention - while described as "up to" $103 million, it likely includes warrants that, if fully exercised, would extend Shattuck's runway into 2029. This extended cash runway dramatically reduces near-term financing risk and allows management to focus on clinical execution rather than fundraising.
The simultaneous board restructuring reinforces Shattuck's strategic pivot toward immunology and inflammation. The appointment of Dr. Daniel Baker brings valuable immunology expertise from his Janssen experience developing blockbuster therapies like Remicade, Simponi, and Stelara. This suggests the company is positioning SL-325 to potentially compete in markets where these established drugs operate. Dr. Mona Ashiya's addition cements OrbiMed's commitment as lead investor.
The company's repositioning around SL-325 as a "potentially first-in-class DR3 blocking antibody" indicates a strategic narrowing of focus toward inflammation and immunology, moving away from their earlier oncology programs. Management's claim of "superior efficacy and reduced immunogenicity relative to TL1A-blocking antibodies" positions SL-325 against emerging competitors in the inflammatory bowel disease space, where several TL1A inhibitors are currently in development.
The emergence of SL-325 as Shattuck's lead program represents an intriguing development in inflammatory disease therapeutics. As a DR3 blocking antibody, SL-325 takes a mechanistically distinct approach from the TL1A-blocking antibodies currently advancing through clinical trials at other companies. This differentiation is scientifically meaningful—by targeting the receptor rather than the ligand, SL-325 could potentially offer more complete pathway inhibition.
The company's assertion about "superior efficacy and reduced immunogenicity" will require clinical validation, but the mechanistic rationale exists. DR3 (Death Receptor 3) signaling, triggered by TL1A, plays a critical role in promoting inflammatory T cell responses and tissue damage in inflammatory bowel disease. Complete receptor blockade might theoretically provide advantages over ligand neutralization, particularly in tissues with high local concentrations of TL1A.
The appointment of Dr. Baker to the board brings valuable expertise from his involvement with Remicade (infliximab), which revolutionized IBD treatment by targeting TNF. The TNF superfamily, which includes both TNF and TL1A/DR3, has proven to be a fertile area for therapeutic development in inflammatory diseases. Dr. Baker's experience developing multiple successful immunology drugs at Janssen provides Shattuck with strategic guidance as they transition into clinical development.
The company's plan to conduct placebo-controlled, randomized Phase 2 trials suggests a rigorous clinical development approach, which will be essential in the increasingly competitive inflammatory bowel disease landscape. With SL-325 entering Phase 1 this quarter, Shattuck appears positioned to generate proof-of-concept data for this novel mechanism within their newly extended financial runway.
— Aggregate net proceeds from private placement expected to fund SL-325 through multiple Phase 2 clinical trials, including in Inflammatory Bowel Disease (IBD) and potentially another autoimmune disease —
— Pro forma cash and cash equivalents, assuming full exercise of common stock warrants, expected to fund planned operations into 2029 —
— Industry expert Dan Baker, M.D., and OrbiMed representative Mona Ashiya, Ph.D., appointed to the Board of Directors —
AUSTIN, TX and DURHAM, NC, Aug. 26, 2025 (GLOBE NEWSWIRE) -- Shattuck Labs, Inc. (Shattuck) (Nasdaq: STTK), a biotechnology company pioneering the development of novel therapeutics targeting tumor necrosis factor (TNF) superfamily receptors for the treatment of patients with inflammatory and immune-mediated diseases, today announced the closing of Shattuck’s recently announced private placement of up to approximately
In association with the closing of the financing, Shattuck also announced the appointment of two new members to its Board of Directors (the Board): Daniel Baker, M.D., industry expert, and Mona Ashiya, Ph.D., Member at OrbiMed. As part of this transition, Directors Tyler Brous, Carrie Brownstein, M.D., Michael Lee, and Kate Sasser, Ph.D., have stepped down from the Board.
“Our recent clearance for the SL-325 IND, closing of the private placement, and Board additions mark an important repositioning of Shattuck as an immunology and inflammation focused organization,” said Taylor Schreiber, M.D., Ph.D., Chief Executive Officer of Shattuck. “We believe SL-325 is a potentially first-in-class DR3 blocking antibody with the potential for superior efficacy and reduced immunogenicity relative to TL1A-blocking antibodies. We are grateful to our outgoing Directors, Dr. Carrie Brownstein, Dr. Kate Sasser, Michael Lee, and Tyler Brous, for their longtime support of Shattuck and this transition. We are very pleased to welcome Dr. Dan Baker, M.D., who brings more than 20 years of industry leadership experience, having contributed to the development of Remicade, Simponi and Stelara while serving as the VP of Immunology and Disease Area Stronghold Leader at Johnson & Johnson/Janssen, and also Dr. Mona Ashiya, Ph.D., an accomplished biotechnology industry expert and Member at OrbiMed, to our Board of Directors.”
“I look forward to leveraging my immunology and drug development background to help advance a novel DR3 blocking antibody as part of Shattuck’s Board of Directors and working with management to execute on its exciting development program in inflammatory bowel disease,” said Dr. Baker. “With SL-325 entering a Phase 1 trial this quarter, I am excited about the multiple data read outs ahead and the opportunity to help guide the program towards proof-of-concept studies.”
“I am pleased to be joining the Shattuck Board of Directors and share the Company’s strong commitment to improving outcomes for patients with immune-mediated diseases,” said Dr. Ashiya, General Partner of OrbiMed.
Daniel Baker, M.D.
Dr. Baker has over 20 years of drug development experience in the pharmaceutical industry. He currently serves as the interim Chief Development Officer at Cue Biopharma. He has also served as Chief Executive Officer and Founder of KiRa Biotech Pty Ltd., a biotechnology company, and as Venture Partner at OneVentures Investments Australia, a venture capital firm, since 2019. From 2000 to 2019, he served as Vice President, Immunology R&D at Johnson & Johnson (Janssen/Centocor) where he oversaw clinical development of Remicade, Simponi and Stelara and contributed to more than 15 regulatory approvals in the US, Europe and Japan. Following his retirement from Janssen in 2019, Dr. Baker served as CEO and founder of Kira Therapeutics and more recently as Executive Director on the board of Galapagos Therapeutics from April 2022 until October 2024. Dr. Baker received his Medical Degree from the University of Pennsylvania and completed his Medical Residency at Hershey Medical Center and Fellowship in Rheumatology and Immunology at the University of Pennsylvania, followed by a Research Fellowship in Rheumatology at Mass General Hospital.
Mona Ashiya, Ph.D.
Dr. Ashiya is currently a Member at OrbiMed Advisors LLC, an investment firm, where she has served in various roles of increasing responsibility since 2010. She currently serves on the boards of directors of Disc Medicine, Inc. (NASDAQ: IRON) and several private companies. Dr. Ashiya received her B.A. from the University of California, Berkeley and her Ph.D. in Cellular, Molecular and Developmental Biology from the University of Pittsburgh.
About SL-325
SL-325 is a potential first-in-class Death Receptor 3 (DR3) blocking antibody designed to achieve a complete and durable blockade of the clinically validated DR3/TL1A pathway. Shattuck’s preclinical studies demonstrate high affinity binding and superior activity over TL1A antibodies and offer a data-driven rationale for targeting the TNF receptor, DR3, versus its ligand, TL1A. Shattuck expects to commence a Phase 1 clinical trial in healthy volunteers in the third quarter of 2025.
About Shattuck Labs, Inc.
Shattuck Labs, Inc. (Nasdaq: STTK) is a biotechnology company specializing in the development of potential treatments for autoimmune/inflammatory diseases. The Company is developing a potentially first-in-class antibody for the treatment of inflammatory bowel disease (IBD) and other inflammatory autoimmune diseases. Shattuck’s expertise in protein engineering and the development of novel TNF receptor agonist and antagonist therapeutics come together in its lead program, SL-325, a potential first-in-class DR3 antagonist antibody designed to achieve a more complete blockade of the clinically validated DR3/TL1A pathway. The Company has offices in both Austin, Texas and Durham, North Carolina. For more information, please visit: www.ShattuckLabs.com.
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, Shattuck’s expectations regarding: the aggregate amount of proceeds to be received from the private placement, including whether the common stock warrants will be exercised and provide the Company with additional capital; the use of proceeds from the private placement; expectations regarding the timing for enrollment of and dosing of patients in the Phase 1 trial for SL-325; the anticipated timing for completion of the Phase 1 trial for SL-325; expectations regarding the results of the Phase 1 trial for SL-325; the potential Phase 2 clinical trials for SL-325; Shattuck’s development strategy and related milestones; the efficacy and immunogenicity of SL-325; the potential of SL-325 as a first-in-class DR3 blocking antibody; the potential indications that Shattuck may pursue for SL-325; and the time period over which our capital resources will be sufficient to fund the Company’s 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 the Company believes 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 the Company 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 Shattuck’s filings with the Securities and Exchange Commission (SEC)), many of which are beyond the Company’s control and subject to change. Actual results could be materially different. Risks and uncertainties include: global macroeconomic conditions and related volatility; expected results of the Company’s preclinical studies, clinical trials and research and development programs; expectations regarding the timing, completion and outcome of the Company’s clinical trials; the unpredictable relationship between preclinical study results and clinical study results; the timing or likelihood of regulatory filings and approvals; Shattuck’s expectations regarding the overall benefit of the strategic prioritization of its pipeline; liquidity and capital resources; and other risks and uncertainties identified in Shattuck’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent disclosure documents filed with the SEC. The Company claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. The Company expressly disclaims 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 Richardson
Vice President of Investor Relations
Shattuck Labs, Inc.
InvestorRelations@shattucklabs.com
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