Overview and Key Points

• Shattuck Labs, Inc. (Nasdaq: STTK) filed its 2025 Annual Report with the SEC covering the fiscal year ended December 31, 2025.
• As of February 26, 2026, the company reported 71,564,217 shares of common stock outstanding.
• The company’s aggregate market value of voting and non-voting common equity held by non-affiliates was approximately \$22.8 million as of June 30, 2025.
• Shattuck Labs is classified as a non-accelerated filer and a smaller reporting company, and is not an emerging growth company.
• The company’s common stock is listed on The Nasdaq Global Select Market under the ticker symbol STTK.

Business and Strategic Direction

• Shattuck Labs focuses on the research, development, and potential commercialization of innovative pharmaceutical preparations.
• Key strategies include:
  • Augmenting internal research and technical operations capabilities
  • Collaborating with leading biopharmaceutical companies
  • Building on a culture of research and development excellence
• The company is investing in protecting and enhancing its proprietary technology and intellectual property, including patents for its platform technologies and product candidates.

Financial Highlights

• Public float as of June 30, 2025, was valued at \$22,826,702.
• Financial performance, capital requirements, and the company’s ability to obtain additional financing are highlighted as significant factors for ongoing operations and future growth.
• Ongoing and future expenses are expected to be influenced by inflationary pressures, market conditions, and regulatory changes.

Risks and Uncertainties

• The company is subject to substantial risks, including:
• Uncertainty in the timing and results of nonclinical studies and clinical trials
• Ability to enroll patients and retain key executives
• Success in advancing product candidates through necessary regulatory pathways
• Manufacturing and supply chain risks for clinical and commercial use
• Dependence on obtaining coverage and reimbursement from government and third-party payors
• Ability to secure and maintain intellectual property protection
• Potential need for additional licenses or third-party technology
• Macroeconomic risks, including economic downturns, inflation, and geopolitical events
• Forward-looking statements are subject to significant uncertainties, and actual results may differ materially from those projected.

Regulatory and Legal Developments

• Shattuck Labs operates under strict federal and state pharmaceutical regulations, including requirements for pricing, reporting metrics, and intellectual property protection.
• Foreign markets, such as the European Union, may impose additional requirements, including cost-effectiveness clinical trials and national pricing/reimbursement approval.
• Compliance with federal and state consumer protection and unfair competition laws is necessary; violations may result in significant civil and/or criminal penalties.
• There are ongoing risks related to data privacy, mandated modifications to promotional materials, and required safety communications.

Shareholder Considerations and Potential Price-Sensitive Issues

• The relatively low market capitalization and public float highlight potential volatility and liquidity concerns for investors.
• The company’s status as a smaller reporting company may affect disclosure requirements and investor transparency.
• Dependence on successful clinical development, regulatory approval, and reimbursement could materially impact future revenue and share value.
• Ongoing need for additional capital and the potential for dilution through future offerings are risks shareholders should monitor.
• Intellectual property outcomes, collaborations, and regulatory decisions could significantly move the share price.
• No indication of restatements, correction of errors, or shell company status, which may provide a measure of stability.

Forward-Looking Statements

The report contains numerous forward-looking statements concerning Shattuck Labs’ future operations, strategic plans, clinical development, regulatory outlook, and financial performance. Shareholders are cautioned that these statements are subject to substantial risks and uncertainties, and actual results may differ materially.