Shattuck Labs Inc (STTK) Reports Q3 2023 Financial Results and Business Updates
Shattuck Labs Inc (NASDAQ:STTK) announced positive interim data from its Phase 1B clinical trial of SL-172154 in PROC patients.
The company reported a net loss of $27.5 million for Q3 2023, with R&D expenses increasing due to heightened clinical trial activity.
Shattuck's cash and cash equivalents and investments stood at $101.1 million as of September 30, 2023.
Shattuck anticipates its financial resources to be sufficient through year-end 2024, beyond the results from its Phase 1 clinical trials of SL-172154.
On November 9, 2023, Shattuck Labs Inc (NASDAQ:STTK), a clinical-stage biotechnology company, released its financial results for the third quarter ended September 30, 2023, and provided updates on its recent business highlights. The company is actively developing bi-functional fusion proteins for the treatment of cancer and autoimmune diseases.
Clinical Trial Updates and Business Highlights
Shattuck Labs reported encouraging interim data from its Phase 1B clinical trial of SL-172154 in combination with PLD in platinum-resistant ovarian cancer (PROC), showing an acceptable safety profile and promising anti-tumor activity. The company expects to complete enrollment in this expansion cohort in Q4 2023. Additionally, topline data from a Phase 1A/B clinical trial of SL-172154 in relapsed/refractory acute myeloid leukemia (AML) and higher-risk myelodysplastic syndromes (HR-MDS) will be presented at the American Society of Hematology (ASH) Annual Meeting.
Dr. Taylor Schreiber, CEO of Shattuck, expressed optimism about the interim data, stating,
These data are early, and require both additional patients and longer follow-up, but provide reason for optimism in this study because an overall response rate of 25-30% with SL-171514 in combination with PLD is distinct from a benchmark response rate of 4% with PLD alone."
Financial Performance
Shattuck's cash and cash equivalents and investments totaled $101.1 million as of September 30, 2023, a decrease from $185.1 million the previous year. Research and Development (R&D) expenses increased to $24.2 million for Q3 2023, up from $18.9 million in Q3 2022, primarily due to increased clinical trial costs and manufacturing of clinical trial materials. General and Administrative (G&A) expenses decreased to $5.1 million from $6.6 million in the same quarter of the previous year, mainly due to the recognition of a litigation settlement agreement in Q3 2022.
The net loss for the quarter was $27.5 million, or $0.65 per basic and diluted share, compared to a net loss of $24.6 million, or $0.58 per basic and diluted share, for the same period in 2022.
2023 Financial Guidance
Shattuck believes that its current financial resources will be sufficient to fund operations through the end of 2024, which extends beyond the anticipated results from its Phase 1 clinical trials of SL-172154. This forecast is based on the company's current operational plans and does not account for any potential additional capital, proceeds from business development transactions, or additional clinical development activities.
About SL-172154 and Shattuck Labs Inc
SL-172154 is an investigational ARC fusion protein designed to inhibit the CD47/SIRP? checkpoint interaction while activating the CD40 costimulatory receptor, aiming to enhance anti-tumor immune responses in patients with advanced cancer. Shattuck Labs Inc (NASDAQ:STTK) is pioneering the development of these bi-functional fusion proteins and is currently evaluating SL-172154 in multiple Phase 1 trials.
For more detailed information on Shattuck Labs Inc's financial results, clinical trials, and upcoming events, investors and interested parties are encouraged to visit the Investor Relations page of the Shattuck Labs website and attend the conference call and webcast held on November 9th.
Explore the complete 8-K earnings release (here) from Shattuck Labs Inc for further details.
This article first appeared on GuruFocus.
