STTK private placement: OrbiMed buys shares, pre-funded warrants at $0.87

Rhea-AI Filing Summary

Shattuck Labs reported a private placement on 08/25/2025 in which accredited investors led by OrbiMed vehicles purchased an aggregate of 6,306,127 shares of common stock and received pre-funded warrants to buy up to 12,133,661 shares plus accompanying common warrants to buy up to 18,439,799 shares. The price per share with an accompanying common warrant was $0.8677; the pre-funded warrant price with an accompanying common warrant was $0.8676. Pre-funded warrants are immediately exercisable subject to a 9.99% beneficial ownership blocker. The report was filed by Mona Ashiya, identified as a director, who disclaims beneficial ownership of the securities except to the extent of pecuniary interest, and the securities are held of record by OrbiMed funds and related entities.

Positive

• Material capital raise: Issuer sold shares and warrants to accredited investors, providing immediate funding.
• Pre-funded warrants allow investors to limit immediate dilution until exercised.
• Detailed disclosure of entity relationships and beneficial ownership disclaimers enhances transparency.

Negative

• Potential dilution: Warrants could convert into a large number of shares (up to 18,439,799), creating future overhang.
• Low unit price: Pricing at ~$0.8677 per share/unit may reflect downward pressure on equity valuation.
• Immediate exercisability of pre-funded warrants (subject to blocker) could lead to concentrated ownership changes if exercised.

Insights

Financial Analyst

TL;DR: Company raised capital via a private placement led by OrbiMed, creating significant warrant overhang but providing immediate cash at sub-$1 pricing.

The private placement injected cash into the company through sale of common shares and a mix of pre-funded warrants and common warrants. Aggregate figures are material relative to typical micro/small-cap financings: 6.3 million shares plus pre-funded warrants for 12.1 million shares and warrants for 18.4 million shares, priced at about $0.87 per unit. The pre-funded warrants reduce immediate dilution until exercised but are exercisable now subject to a 9.99% blocker. The multi-party ownership structure and disclaimers indicate that OrbiMed-affiliated entities hold record title while investment and voting power is routed through OrbiMed Advisors. This transaction likely improves near-term liquidity while creating a meaningful potential share overhang contingent on future warrant exercises.

Corporate Governance Expert

TL;DR: Reporting shows standard institutional placement mechanics with customary manager disclosures and beneficial ownership disclaimers.

The Form 4 discloses that record ownership rests with OrbiMed funds and that OrbiMed Advisors, GP entities, and a management committee may be deemed to have voting and investment power, while each party disclaims beneficial ownership except for pecuniary interest. Mona Ashiya is identified as a director filing the Form 4, and the filing includes the required signature and explanatory footnotes clarifying relationships among OrbiMed entities. From a governance perspective, disclosures align with Rule 16 reporting practices and clarify chain-of-control without asserting direct beneficial ownership by the director.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ashiya Mona

(Last) (First) (Middle)

C/O SHATTUCK LABS, INC

500 W 5TH ST.

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Shattuck Labs, Inc. [ STTK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/25/2025		P		5,255,106	A	$0.8677	5,255,106	I	See Footnote(3)(5)
Common Stock	08/25/2025		P		1,051,021	A	$0.8677	1,051,021	I	See Footnote(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Pre-Funded Warrants (right to buy)	$0.0001	08/25/2025		P		10,111,384		(2)	(2)	Common Stock	10,111,384	(1)	10,111,384	I	See Footnote(3)(5)
Pre-Funded Warrants (right to buy)	$0.0001	08/25/2025		P		2,022,277		(2)	(2)	Common Stock	2,022,277	(1)	2,022,277	I	See Footnote(4)(5)
Common Warrants (right to buy)	$1.0846	08/25/2025		P		15,366,490		(2)	(2)	Common Stock	15,366,490	(1)	15,366,490	I	See Footnote(3)(5)
Common Warrants (right to buy)	$1.0846	08/25/2025		P		3,073,298		(2)	(2)	Common Stock	3,073,298	(1)	3,073,298	I	See Footnote(4)(5)

Explanation of Responses:

1. On August 4, 2025, the Issuer entered into a securities purchase agreement (the "Purchase Agreement") with certain accredited investors. Pursuant to the terms of the Purchase Agreement, the Issuer issued and sold to the OrbiMed Private Investments IX, LP ("OPI IX") and OrbiMed Genesis Master Fund, L.P. ("Genesis Master Fund") in a private placement which closed on August 25, 2025 (the "Closing Date") an aggregate of 6,306,127 shares of the Issuer's common stock ("Shares") and pre-funded warrants ("Pre-Funded Warrants") to purchase up to an aggregate of 12,133,661 Shares. OPI IX and Genesis Master Fund also received accompanying common warrants ("Common Warrants") to purchase up to an aggregate of 18,439,799 Shares. The price per Share and accompanying Common Warrant is $0.8677. The price per Pre-Funded Warrant and accompanying Common Warrant is $0.8676.

2. The Pre-Funded Warrants are exercisable at any time after the date of issuance and the Common Warrants are exercisable at any time after the Closing Date, in each case subject to a 9.99% beneficial ownership blocker. The Pre-Funded Warrants will expire once exercised in full. The Common Warrants will expire on the 30th day after the date on which the data from the single ascending dose and multiple ascending dose portions of the Issuer's Phase 1 clinical trial of SL-325, including receptor occupancy and safety data, and the design of the planned Phase 2 clinical trial(s) have been announced publicly.

3. These securities are held of record by OPI IX. OrbiMed Capital GP IX LLC ("GP IX") is the general partner of OPI IX. OrbiMed Advisors LLC ("OrbiMed Advisors"), a registered investment adviser under the Investment Advisers Act of 1940, as amended, is the managing member of GP IX. By virtue of such relationships, GP IX and OrbiMed Advisors may be deemed to have voting and investment power with respect to the securities held by OPI XI. OrbiMed Advisors exercises this investment and voting power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the shares held by OPI IX.

4. These securities are held of record by Genesis Master Fund. OrbiMed Genesis GP LLC ("Genesis GP") is the general partner of Genesis Master Fund. OrbiMed Advisors is the managing member of Genesis GP. By virtue of such relationships, Genesis GP and OrbiMed Advisors may be deemed to have voting and investment power with respect to the securities held by Genesis Master Fund. OrbiMed Advisors exercises voting and investment power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the shares held by Genesis Master Fund.

5. Each of the Reporting Person, OrbiMed Advisors, GP IX, and Genesis GP disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1943, as amended (the "Exchange Act"), except to the extent of its pecuniary interest therein, if any. This report shall not be deemed an admission that any of the Reporting Person, OrbiMed Advisors, GP IX, or Genesis GP is a beneficial owner of such securities for purposes of Section 16 of the Exchange Act, or for any other purpose.

	/s/ Mona Ashiya	09/02/2025
	** Signature of Reporting Person	Date
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FAQ

What did the Form 4 filed for STTK report?

The Form 4 reports a private placement closed 08/25/2025 involving issuance of 6,306,127 common shares, pre-funded warrants to purchase 12,133,661 shares, and common warrants to purchase 18,439,799 shares.

Who are the investors named in the filing for STTK?

OrbiMed Private Investments IX, LP and OrbiMed Genesis Master Fund, L.P. are the record holders of the issued securities as disclosed.

What prices were paid per security in the transaction?

Price per share with a common warrant: $0.8677; price per pre-funded warrant with a common warrant: $0.8676.

Are the pre-funded warrants exercisable immediately for STTK?

Yes, the pre-funded warrants are exercisable at any time after issuance, subject to a 9.99% beneficial ownership blocker.

Who filed the Form 4 and what is their relationship to the issuer?

Mona Ashiya filed the Form 4 and is identified on the form as a director; the filing includes disclaimers that the reporting person disclaims beneficial ownership except for pecuniary interest.