[SCHEDULE 13D/A] Shattuck Labs, Inc. SEC Filing

Rhea-AI Filing Summary

Redmile Group and affiliated funds acquired warrants and pre-funded warrants in Shattuck Labs' private placement (PIPE) closed August 25, 2025, increasing their reported economic exposure to 6,379,095 shares of common stock, representing 9.99% of the outstanding class on the stated calculation basis.

The Redmile Funds paid approximately $3,555,190 in aggregate to purchase Pre-Funded Warrants and Common Warrants at a combined purchase price of $0.8676, with RBI II contributing approximately $1,777,211. The filing details registration rights for resale of Common Stock issuable on exercise and describes a Beneficial Ownership Blocker that limits actual exercises to prevent ownership above 9.99%.

Positive

• Redmile Funds participated materially in the PIPE by investing approximately $3,555,190 to acquire Pre-Funded Warrants and Common Warrants.
• Reported beneficial ownership equals 9.99%, making Redmile a clearly disclosed significant holder under Schedule 13D.
• Registration Rights Agreement in place obligates the issuer to file to register resale of shares issuable upon exercise within 30 days, improving liquidity for those securities.

Negative

• Board resignation: Michael Lee resigned from the Issuer's Board of Directors concurrent with the PIPE closing, although the filing states it was not due to disagreements with the issuer.
• Beneficial Ownership Blocker limits immediate exercise: Warrants cannot be exercised to the extent doing so would cause beneficial ownership to exceed 9.99%, constraining the ability to convert warrants into voting shares without notice and adjustment.

Insights

Financial Analyst

TL;DR: Redmile raised economic exposure to Shattuck Labs via PIPE warrants, reporting a 9.99% beneficial position and registration rights for resale.

The transaction shows material participation by an institutional investor group: the Redmile Funds paid roughly $3.56 million to acquire Pre-Funded Warrants and Common Warrants allowing up to 8,195,460 underlying shares in aggregate (4,097,730 pre-funded plus 4,097,730 common), subject to the Beneficial Ownership Blocker. Reported beneficial ownership of 6,379,095 shares (9.99%) reflects currently exercisable and issuable shares limited by the ownership cap. The Registration Rights Agreement requires the issuer to file a registration statement within 30 days of closing to permit resale of the shares issuable upon exercise, which enhances liquidity for these securities. For investors, this is a material ownership disclosure and confirms Redmile as a significant holder with potential future share issuance tied to warrant exercise triggers.

Corporate Governance Expert

TL;DR: Redmile's increased position and simultaneous board resignation are governance-relevant but described as non-contentious.

The amendment records Michael Lee's resignation from the Issuer's board concurrent with the PIPE closing and explicitly states the resignation "is not due to any disagreements" with the issuer on operations, policies or practices. Redmile and Jeremy C. Green disclaim beneficial ownership except to the extent of any pecuniary interest, while also disclosing shared voting and dispositive power over reported shares. The Beneficial Ownership Blocker and the ability to change the ownership limitation with 61 days' notice create a clear mechanism affecting future voting influence. These facts are material to governance assessment but the filing does not allege disputes or governance conflicts.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Shattuck Labs, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

82024L103

(CUSIP Number)

Redmile Group, LLC
Attn: Josh Garcia, One Letterman Drive, Bldg D, Ste D3-300
San Francisco, CA, 94129
(415) 489-9980

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/25/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 82024L103

1

Name of reporting person

Redmile Group, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,379,095.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,379,095.00

11

Aggregate amount beneficially owned by each reporting person

6,379,095.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person:

(1) The source of funds was working capital of certain private investment funds managed by Redmile Group, LLC (the "Redmile Funds"), including Redmile Biopharma Investments II, L.P. ("RBI II"). (2) Redmile Group, LLC's beneficial ownership of the Issuer's common stock ("Common Stock") is comprised of 5,539,724 shares of Common Stock owned by RBI II and certain other Redmile Funds. In addition, Redmile beneficially owns 112,936 shares of Common Stock that are issuable upon the exercise of certain vested options. The stock options were granted to Mike Lee, a managing director of Redmile, in connection with his service as a member of the Board of Directors and are exercisable within 60 days of the date of this filing. Pursuant to the policies of Redmile, Mr. Lee holds the stock options as a nominee on behalf, and for the sole benefit, of Redmile and has assigned all economic, pecuniary and voting rights in respect of the stock options to Redmile. Subject to the Beneficial Ownership Blocker (as defined below), Redmile Group, LLC may also be deemed to beneficially own 11,296,283 shares of Common Stock issuable upon exercise of certain pre-funded warrants and common warrants (the "Warrants"), including the Warrants purchased by RBI II and certain other Redmile Funds in the private placement (the "PIPE"). Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrants, and a holder of a Warrants may not exercise the Warrants held by such holder, to the extent that after giving effect to such issuance after exercise, the holder (together with the holder's affiliates, any other persons deemed to be acting as a group together with the holder or any of its affiliates, or any other persons whose beneficial ownership of Common Stock would or could be aggregated with the holder's and/or its affiliates' for purposes of Section 13(d) or Section 16 of the Exchange Act), would beneficially own in excess of 9.99% (the "Beneficial Ownership Limitation") of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issued upon exercise of the Warrant (the "Beneficial Ownership Blocker"). The Beneficial Ownership Limitation may be changed at a holder's election upon 61 days' notice to the Issuer. The 6,379,095 shares of Common Stock reported as beneficially owned by Redmile Group, LLC in this Schedule 13D, which includes 726,435 shares of Common Stock issuable upon exercise of certain of the Warrants under the Beneficial Ownership Blocker, represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below). The reported securities may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. (3) Percent of class calculated based on the sum of (i) 47,903,215 shares of Common Stock outstanding on May 14, 2025, as disclosed in the Issuer's Definitive Proxy Statement for the 2025 Annual Meeting of the Stockholders filed on Schedule 14A with the SEC on May 21, 2025 (the "Proxy Statement"), (ii) 15,225,158 shares of Common Stock issued by the Issuer in the PIPE as reported by the Issuer in its Form 8-K dated August 5, 2025 filed with the SEC on August 6, 2025 (the "Form 8-K"), plus (iii) 726,435 shares of Common Stock issuable upon exercise of the Warrants directly held by the Redmile Funds, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of those Warrants.

SCHEDULE 13D

CUSIP No. 82024L103

1

Name of reporting person

Jeremy C. Green

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,379,095.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,379,095.00

11

Aggregate amount beneficially owned by each reporting person

6,379,095.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IN, HC

Comment for Type of Reporting Person:

(1) The source of funds was working capital of the Redmile Funds, including RBI II. (2) Jeremy C. Green's beneficial ownership of the Common Stock is comprised of 5,539,724 shares of Common Stock owned by RBI II and certain other Redmile Funds. In addition, Mr. Green may beneficially own 112,936 shares of Common Stock that are issuable upon the exercise of certain vested options. The stock options were granted to Mike Lee, a managing director of Redmile, in connection with his service as a member of the Board of Directors and may be exercised within 60 days of the date of this filing. Pursuant to the policies of Redmile, Mr. Lee holds the stock options as a nominee on behalf, and for the sole benefit, of Redmile and has assigned all economic, pecuniary and voting rights in respect of the stock options to Redmile. Subject to the Beneficial Ownership Blocker, Mr. Green may also be deemed to beneficially own 11,296,283 shares of Common Stock issuable upon exercise of the Warrants, including the Warrants purchased by RBI II and certain other Redmile Funds in the PIPE. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrants, and a holder of a Warrants may not exercise the Warrants held by such holder to the extent that the Beneficial Ownership Blocker applies. The Beneficial Ownership Limitation may be changed at a holder's election upon 61 days' notice to the Issuer. The 6,379,095 shares of Common Stock reported as beneficially owned by Mr. Green in this Schedule 13D, which includes 726,435 shares of Common Stock issuable upon exercise of certain of the Warrants under the Beneficial Ownership Blocker, represent 9.99% of the outstanding shares of Common Stock (calculated in accordance with the footnote below). The reported securities may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Funds. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. (3) Percent of class calculated based on the sum of (i) 47,903,215 shares of Common Stock outstanding on May 14, 2025, as disclosed in the Proxy Statement, (ii) 15,225,158 shares of Common Stock issued by the Issuer in the PIPE as reported by the Form 8-K plus (iii) 726,435 shares of Common Stock issuable upon exercise of the Warrants directly held by the Redmile Funds, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of those Warrants.

SCHEDULE 13D

CUSIP No. 82024L103

1

Name of reporting person

Redmile Biopharma Investments II, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,065,432.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,065,432.00

11

Aggregate amount beneficially owned by each reporting person

4,065,432.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

(1) RBI II's beneficial ownership of the Common Stock is comprised of 3,338,997 shares of Common Stock. Subject to the Beneficial Ownership Blocker (as defined below), RBI II also beneficially owns 5,647,258 shares of Common Stock issuable upon exercise of certain Warrants, including the pre-funded warrants and common warrants purchased by RBI II in the PIPE. Pursuant to the terms of the Warrants, the Issuer may not effect any exercise of the Warrants, and a holder of a Warrants may not exercise the Warrants held by such holder to the extent that the Beneficial Ownership Blocker applies. The Beneficial Ownership Limitation may be changed at a holder's election upon 61 days' notice to the Issuer. The shares of Common Stock reported as beneficially owned by RBI II in this Schedule 13D represent the shares of Common Stock held directly by RBI II and the 726,435 shares of Common Stock that could be issued to RBI II upon exercise of certain of the Warrants directly held by RBI II under the Beneficial Ownership Blocker. (2) Percent of class calculated based on the sum of (i) 47,903,215 shares of Common Stock outstanding on May 14, 2025, as disclosed in the Proxy Statement, (ii) 15,225,158 shares of Common Stock issued by the Issuer in the PIPE as reported by the Form 8-K plus (iii) 726,435 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI II, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of those Warrants.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Shattuck Labs, Inc.
(c)	Address of Issuer's Principal Executive Offices: 500 W. 5th Street, Suite 1200, Austin, TEXAS , 78701.
Item 2.	Identity and Background
(a)	This amendment No. 4 to Schedule 13D amends and supplements the Schedule 13D filed with the SEC on October 15, 2020, amendment No. 1 to the Schedule 13D filed with the SEC on December 21, 2023, amendment No. 2 to the Schedule 13D filed with the SEC on December 6, 2024, and amendment No. 3 to the Schedule 13D filed with the SEC on August 6, 2025 (collectively, the "Prior Schedule 13D") by Redmile Group, LLC ("Redmile"), Jeremy C. Green, and Redmile Biopharma Investments II, L.P. ("RBI II") relating to the Common Stock of the Issuer. Capitalized terms used but not defined in this Amendment No. 4 shall have the meanings set forth in the Prior Schedule 13D. Except as specifically amended by this Amendment No. 4, the Prior Schedule 13D is unchanged.
Item 3.	Source and Amount of Funds or Other Consideration
	Upon the closing of the previously disclosed private placement on August 25, 2025 (the "PIPE"), following the satisfaction of certain material conditions, certain private investment vehicles managed by Redmile Group, LLC (the "Redmile Funds"), including RBI II, utilized working capital in the aggregate amount of approximately $3,555,190 to acquire Pre-Funded Warrants to purchase up to an aggregate of 4,097,730 shares of Common Stock, and accompanying warrants (the "Common Warrants") to purchase up to an aggregate of 4,097,730 shares of Common Stock (or, in lieu thereof, Pre-Funded Warrants to purchase up to the same number of shares), at a combined purchase price for both securities of $0.8676 (collectively, the "New Warrants"). Of the New Warrants acquired by the Redmile Funds in the PIPE, RBI II utilized its working capital in the aggregate amount of approximately $1,777,211 to purchase Pre-Funded Warrants to purchase up to an aggregate of 2,048,423 shares of Common Stock and Common Warrants to purchase up to an aggregate of 2,048,423 shares of Common Stock (or, in lieu thereof, Pre-Funded Warrants to purchase up to the same number of shares).
Item 4.	Purpose of Transaction
	Item 4 of the Prior Schedule 13D is hereby amended and supplemented in its entirety by adding the following paragraphs prior to the last paragraph of Item 4: Private Placement On August 25, 2025, the Issuer closed on the previously disclosed PIPE pursuant to the terms and conditions of the Purchase Agreement. In connection with the PIPE, RBI II and certain other Redmile Funds were issued and sold the New Warrants by the Issuer as of such closing date. Resignation of Mike Lee from the Board of Directors Concurrent with the closing of the PIPE, Michael Lee resigned from his position as a member of the Issuer's Board of Directors. His resignation is not due to any disagreements with the Issuer on any matters relating to its operations, policies or practices.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Prior Schedule 13D is hereby amended and restated in its entirety as follows: (a) The aggregate amount of shares of Common Stock that may be deemed beneficially owned by the Reporting Persons is comprised of the following: (i) 456,784 shares of Common Stock held by Redmile Capital Fund, L.P., (ii) 494,932 shares of Common Stock held by Redmile Capital Offshore Master Fund, Ltd., (iii) 374,149 shares of Common Stock held by Redmile Capital Offshore II Master Fund, Ltd., (iv) 301,022 shares of Common Stock held by Redmile Strategic Long Only Trading Sub, Ltd., (v) 467,910 shares of Common Stock held by Redmile Strategic Trading Sub, Ltd., (vi) 3,338,997 shares of Common Stock held by RBI II, and (vii) 105,930 shares of Common Stock held by RedCo I, L.P. Redmile is the investment manager to each of the private investment funds listed in items (i) through (vii) (the "Redmile Funds") and, in such capacity, exercises voting and investment power over all of the shares held by the Redmile Funds and may be deemed to be the beneficial owner of these shares. Jeremy C. Green serves as the managing member of Redmile and also may be deemed to be the beneficial owner of these shares. Redmile and Mr. Green each disclaim beneficial ownership of these securities, except to the extent of its or his pecuniary interest in such shares, if any. Subject to the Beneficial Ownership Blocker (as defined below), Redmile and Mr. Green may also be deemed to beneficially own 11,296,283 shares of Common Stock issuable upon exercise of the Warrants, including the New Warrants. This aggregate number is comprised of (i) 549,386 shares of Common Stock issuable upon exercise of Pre-Funded Warrants and 549,386 shares of Common Stock issuable upon exercise of Common Warrants held by Redmile Capital Fund, L.P., (ii) 468,465 shares of Common Stock issuable upon exercise of Pre-Funded Warrants and 468,465 shares of Common Stock issuable upon exercise of Common Warrants held by Redmile Capital Offshore Master Fund, Ltd., (iii) 1,539,645 shares of Common Stock issuable upon exercise of Pre-Funded Warrants and 306,231 shares of Common Stock issuable upon exercise of Common Warrants held by Redmile Strategic Long Only Trading Sub, Ltd., (iv) 632,537 shares of Common Stock issuable upon exercise of Pre-Funded Warrants and 315,540 shares of Common Stock issuable upon exercise of Common Warrants held by Redmile Strategic Trading Sub, Ltd., (v) 3,598,835 shares of Common Stock issuable upon exercise of Pre-Funded Warrants and 2,048,423 shares of Common Stock issuable upon exercise of Common Warrants held by RBI II, and (vi) 409,685 shares of Common Stock issuable upon exercise of Pre-Funded Warrants and 409,685 shares of Common Stock issuable upon exercise of Common Warrants held by RedCo I, L.P. Pursuant to the terms of the Warrants, the Common Stock that may be acquired upon exercise of the Warrants shall be limited to the extent that, following such exercise, the total number of shares of Common Stock then beneficially owned by the holder of the Warrants (together with the holder's affiliates, any other persons deemed to be acting as a group together with the holder or any of its affiliates, or any other persons whose beneficial ownership of Common Stock would or could be aggregated with the holder's and/or its affiliates' for purposes of Section 13(d) or Section 16 of the Exchange Act), would exceed the Beneficial Ownership Limitation (the "Beneficial Ownership Blocker"). The "Beneficial Ownership Limitation" is 9.99% of the shares of Common Stock then issued and outstanding, which percentage may be changed at a holder's election upon 61 days' notice to the Issuer. The shares of Common Stock reported as beneficially owned by the Reporting Persons in this Schedule 13D represent the shares of Common Stock held directly by the Redmile Funds and the 726,435 shares of Common Stock that could be issued to the Redmile Funds, including RBI II, upon exercise of certain of the Warrants directly held by the Redmile Funds, including RBI II, under the Beneficial Ownership Blocker. Redmile and Mr. Green may also be deemed to beneficially own 112,936 shares of Common Stock issuable upon the exercise of certain vested options. The stock options were granted to Mike Lee, a managing director of Redmile, in connection with his service as a member of the Board of Directors and are exercisable within 60 days of the date of this filing. Pursuant to the policies of Redmile, Mr. Lee holds the stock options as a nominee on behalf, and for the sole benefit, of Redmile and has assigned all economic, pecuniary and voting rights in respect of the stock options to Redmile. For purposes of this Schedule 13D, the percent of class calculated based on the sum of (i) 47,903,215 shares of Common Stock outstanding on May 14, 2025, as disclosed in the Issuer's Definitive Proxy Statement for the 2025 Annual Meeting of the Stockholders filed on Schedule 14A with the SEC on May 21, 2025, (ii) 15,225,158 shares of Common Stock issued by the Issuer in the PIPE as reported by the Issuer in its Form 8-K dated August 5, 2025 filed with the SEC on August 6, 2025, plus (iii) 726,435 shares of Common Stock issuable upon exercise of the Warrants directly held by the Redmile Funds, which due to the Beneficial Ownership Limitation is the maximum number of shares that could be issued upon exercise of those Warrants.
(b)	Redmile Group, LLC: (1) Sole Voting Power: 0 (2) Shared Voting Power: 6,379,095 (3) Sole Dispositive Power: 0 (4) Shared Dispositive Power: 6,379,095 Jeremy C. Green: (1) Sole Voting Power: 0 (2) Shared Voting Power: 6,379,095 (3) Sole Dispositive Power: 0 (4) Shared Dispositive Power: 6,379,095 Redmile Biopharma Investments II, L.P.: (1) Sole Voting Power: 0 (2) Shared Voting Power: 4,065,432 (3) Sole Dispositive Power: 0 (4) Shared Dispositive Power: 4,065,432
(c)	See the response to Item 4. Except as disclosed in Item 4, no reportable transactions were effected by any Reporting Persons during the past sixty days.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Prior Schedule 13D is hereby amended and supplemented in its entirety by adding the following paragraphs prior to the last paragraph of Item 6: Registration Rights Agreement As of the closing date of the PIPE, the Redmile Funds also entered into a registration rights agreement (the "Registration Rights Agreement") with the Issuer, pursuant to which the Issuer will agree to register for resale the Common Stock issuable upon exercise of the New Warrants. Under the Registration Rights Agreement, the Issuer agreed to use its commercially reasonable efforts to file a registration statement covering the resale of such Common Stock as promptly as reasonably practicable and in any event no later than the 30th calendar day following the date of closing. The foregoing summary of the Registration Rights Agreement is not intended to be complete and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, which is filed as Exhibit 99.9 to this Schedule 13D and is incorporated herein by reference. Pre-Funded Warrants to Purchase Common Stock The Pre-Funded Warrants acquired by the Redmile Funds, including RBI II, in the PIPE entitle the holder to purchase up to an aggregate of 4,097,730 Pre-Funded Warrant Shares, subject to the Beneficial Ownership Blocker, at an exercise price of $0.0001 per Pre-Funded Warrant. The Pre-Funded Warrants are exercisable by the holder at any time on or after the issuance date until fully exercised. The foregoing summary of the Pre-Funded Warrants is not intended to be complete and is qualified in its entirety by reference to the full text of the Form of Pre-Funded Warrant, which is filed as Exhibit 99.10 to this Schedule 13D and is incorporated herein by reference. Common Warrants to Purchase Common Stock Each purchaser of Pre-Funded Warrants in the PIPE also received an equal number of Common Warrants. The Common Warrants acquired by the Redmile Funds, including RBI II, in the PIPE entitle the holder to purchase up to an aggregate of 4,097,730 shares of Common Stock (or, in lieu thereof, Pre-Funded Warrants to purchase up to the same number of shares), subject to the Beneficial Ownership Blocker, at an exercise price of $1.0846 per Common Warrant. The Common Warrants are exercisable by the holder at any time on or after the issuance date until 30 days after a public announcement of the data from the Issuer's Phase 1 clinical trial for SL-325 in healthy volunteers and the design of its Phase 2 clinical trials. The foregoing summary of the Common Warrants is not intended to be complete and is qualified in its entirety by reference to the full text of the Form of Common Warrant, which is filed as Exhibit 99.11 to this Schedule 13D and is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.9 Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to the Issuer's Current Report on Form 8-K filed on August 5, 2025). Exhibit 99.10 Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Issuer's Current Report on Form 8-K filed on August 5, 2025). Exhibit 99.11 Form of Common Warrant (incorporated by reference to Exhibit 4.2 to the Issuer's Current Report on Form 8-K filed on August 5, 2025).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Redmile Group, LLC

Signature:	/s/ Jeremy C. Green
Name/Title:	Managing Member
Date:	08/26/2025

Jeremy C. Green

Signature:	/s/ Jeremy C. Green
Name/Title:	Jeremy C. Green
Date:	08/26/2025

Redmile Biopharma Investments II, L.P.

Signature:	/s/ Jeremy C. Green
Name/Title:	Managing Member of Redmile Group, LLC, the Managing Member of Redmile Biopharma Investments II (GP), LLC, its General Partner
Date:	08/26/2025

FAQ

What stake does Redmile report in Shattuck Labs (STTK)?

Redmile Group and affiliated funds report beneficial ownership of 6,379,095 shares, representing 9.99% of the class on the filing's calculation basis.

How much did Redmile invest in the PIPE for STTK?

The Redmile Funds used approximately $3,555,190 in aggregate working capital to acquire Pre-Funded Warrants and Common Warrants; RBI II contributed about $1,777,211 of that total.

What types of securities did Redmile acquire in the PIPE?

Redmile acquired Pre-Funded Warrants and Common Warrants, together allowing purchase of up to 4,097,730 pre-funded shares and 4,097,730 common shares subject to the Beneficial Ownership Blocker.

Are there resale or registration rights for the warrants' underlying shares?

Yes. The filing discloses a Registration Rights Agreement under which the issuer will file to register resale of Common Stock issuable upon exercise, with a target filing no later than 30 calendar days after closing.

Did any board changes occur with the PIPE closing?

Yes. The filing states that Michael Lee resigned from the Issuer's Board of Directors concurrent with the PIPE closing and that the resignation was not due to disagreements regarding operations, policies or practices.