Shattuck Labs Reports Third Quarter 2020 Financial Results and Recent Business Highlights
– Initiated Phase 1 clinical trial for lead wholly owned CD47 checkpoint inhibitor, SL-172154 (SIRPα-Fc-CD40L), for the treatment of ovarian cancer –
– Completed initial public offering in
“Shattuck has pioneered the development of bi-functional fusion proteins, and it is a testament to our team to be running multiple clinical trials in just four years from our founding,” said
Recent Business Highlights
- Initiated Enrollment of Phase 1 Clinical Trial of SL-172154: In
August 2020, Shattuck announced the initiation of a Phase 1 clinical trial for its lead wholly owned asset SL-172154, the second clinical program to advance from its proprietary Agonist Redirected Checkpoint (ARC) platform. SL-172154 is a bi-functional fusion protein that simultaneously blocks the CD47/SIRPα checkpoint and activates the tumor necrosis factor (TNF) costimulatory receptor CD40. The Phase 1 trial will initially evaluate the safety, tolerability, and anti-tumor effects of SL-172154 in patients with ovarian cancer. Initial Phase 1 dose escalation data from the trial are expected in the second half of 2021.
- Continued Enrollment of Phase 1 Clinical Trial of SL-279252: The Company is continuing to enroll patients in its Phase 1 clinical trial evaluating SL-279252, a bi-functional fusion protein that simultaneously inhibits the PD-1/PD-L1 interaction and stimulates the OX40 receptor pathway in immune cells. The Phase 1 trial is an open label, multi-center, dose escalation, and dose expansion study to evaluate the safety, tolerability, PK, anti-tumor activity, and pharmacodynamics effects of SL-279252 in patients with advanced solid tumors or lymphomas. SL-279252 is currently being developed in collaboration with
Takeda Pharmaceuticals. Phase 1 dose escalation data from the trial are expected in the second half of 2021.
- Completed Initial Public Offering (IPO): In
October 2020, Shattuck completed an upsized IPO of common stock at $17.00per share, raising gross proceeds of approximately $232.3 million, before deducting underwriting discounts, commissions, and estimated offering costs.
- Presented at TIGIT Therapies Summit: In
October 2020, Taylor Schreiber, M.D., Ph.D., Chief Executive Officer of Shattuck, presented at the TIGIT Therapies Summit on exploring the novel method of modulating T cell function using TIGIT inhibition and presenting initial preclinical data of SL-9258 (TIGIT-Fc-LIGHT), a bi-functional fusion protein that simultaneously blocks the TIGIT/PVR checkpoint and activates the TNF costimulatory receptor known as LIGHT.
- Advanced GADLEN Platform: The Company continues to advance its deep preclinical pipeline, including a second proprietary platform, the Gamma Delta T Cell Engager (GADLEN™) platform. In
November 2020, Shattuck presented an update on the progress of the GADLEN platform at the Society for Immunotherapy of Cancer (SITC) Meeting.
- Appointed New Director: In
July 2020, Helen M. Boudreauwas appointed to Shattuck’s Board of Directors and currently serves as the Audit Committee chair and a member of the Compensation Committee. Ms. Boudreaubrings over 30 years of corporate and financial expertise in the life sciences and healthcare industries.
Third Quarter 2020 Financial Results
- Cash and Investments: As of
September 30, 2020, cash, cash equivalents, and short-term investments were $134.9 million, which does not include total net proceeds of approximately $213.5 millionfrom the Company’s IPO completed in October 2020.
- Research and Development (R&D) Expenses: R&D expenses were
$11.8 millionfor the third quarter of 2020, as compared to $7.9 millionfor the third quarter of 2019.
- General and Administrative (G&A) Expenses: G&A expenses were
$2.5 millionfor the third quarter of 2020, as compared to $1.4 millionfor the third quarter of 2019.
- Net Loss: Net loss was
$11.8 millionfor the third quarter of 2020, or $1.54per basic and diluted share, as compared to a net loss of $7.3 millionfor the third quarter of 2019, or $0.96per basic and diluted share.
The Company believes its cash, cash equivalents, and short-term investments, together with the net proceeds of its successful IPO on The Nasdaq Global Select Market will be sufficient to fund its anticipated operations through 2024, which is beyond results from its Phase 1 clinical trials of SL-172154 and SL-279252. This cash runway guidance is based on the Company’s current operational plans and excludes any additional funding that may be received or business development activities that may be undertaken.
Shattuck is a clinical-stage biotechnology company pioneering the development of bi-functional fusion proteins as a new class of biologic medicine for the treatment of patients with cancer and autoimmune disease. Compounds derived from Shattuck’s proprietary Agonist Redirected Checkpoint, ARC®, platform simultaneously inhibit checkpoint molecules and activate costimulatory molecules within a single therapeutic. The company’s lead wholly owned program, SL-172154 (SIRPα-Fc-CD40L), which is designed to block the CD47 immune checkpoint and simultaneously agonize the CD40 pathway, is being evaluated in a Phase 1 trial. A second compound, SL-279252 (PD1-Fc-OX40L), is being evaluated in a Phase 1 trial in collaboration with Takeda Pharmaceuticals. Additionally, the company is advancing a proprietary Gamma Delta T Cell Engager, GADLEN™, platform, which is designed to bridge gamma delta T cells to tumor antigens for the treatment of patients with cancer. Shattuck has offices in both Austin,
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations regarding plans for our preclinical studies, clinical trials and research and development programs, the anticipated timing of the results from those studies and trials, and expectations regarding the time period over which our capital resources will be sufficient to fund our 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 we believe 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 us 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 our filings with the
Director of Finance
Stern Investor Relations, Inc.
|Condensed Balance Sheets|
|(In thousands, except share and per share amounts)|
|Cash and cash equivalents||$||128,600||$||7,013|
|Prepaid expenses and other current assets||7,315||3,355|
|Total current assets||142,254||42,442|
|Property and equipment, net||2,515||2,437|
|Liabilities, redeemable convertible preferred stock and stockholder' deficit|
|Deferred revenue – related party||8,613||12,894|
|Total current liabilities||16,481||19,984|
|Deferred revenue – related party net of current portion||19,722||9,571|
|Series A redeemable convertible preferred stock||49,064||49,064|
|Series B redeemable convertible preferred stock||34,427||-|
|Series B-1 redeemable convertible preferred stock||82,613||-|
|Additional paid-in capital||1,730||887|
|Accumulated other comprehensive income (loss)||(10||)||54|
|Total stockholders' deficit||(58,360||)||(34,548||)|
|Total liabilities, redeemable convertible preferred stock and stockholders' deficit||$||144,858||$||44,969|
|Condensed Statements of Operations|
|(In thousands, except share and per share amounts)|
|Three Months Ended
||Nine Months Ended
|Collaboration revenue – related party||$||2,435||$||1,784||$||8,592||$||7,066|
|Research and development||11,804||7,945||27,696||20,447|
|General and administrative||2,470||1,366||5,816||4,062|
|Expense from operations||14,274||9,311||33,512||24,509|
|Loss from operations||(11,839||)||(7,527||)||(24,920||)||(17,443||)|
|Other income (expense):|
|Total other income||10||248||329||830|
|Unrealized gain (loss) on short-term investments||(28||)||10||(64||)||119|
|Net loss per share – basic and diluted||$||(1.54||)||$||(0.96||)||$||(3.21||)||$||(2.20||)|
|Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders—basic and diluted||7,700,371||7,572,746||7,656,077||7,543,831|
Source: Shattuck Labs, Inc.