Shattuck Labs stock jumped notably in morning trading following the release of first-in-human Phase 1 results for SL-325, the company’s DR3-blocking monoclonal antibody that targets the TL1A pathway in inflammatory and immune-mediated conditions. Investors responded to a mix of clinical and financial updates that together produced a strong near-term case for the shares.
The Phase 1 study was randomized and placebo-controlled, enrolling a total of 72 healthy volunteers. The protocol included six single-ascending dose cohorts with dose levels ranging from 0.1 mg/kg to 30.0 mg/kg, as well as three multiple-ascending dose cohorts spanning 1 mg/kg to 10 mg/kg. Across these cohorts, complete occupancy of the DR3 receptor was recorded at doses of 0.1 mg/kg and above in all participants tested.
Investigators reported that SL-325 produced full inhibition of TL1A binding that was sustained for more than 10 weeks. Pharmacokinetic and receptor-occupancy modeling conducted by the company suggested that inhibition could persist for longer than three months at dose levels above 1 mg/kg, extending the practical duration of effect beyond the observed 10-week window.
Immunogenicity findings were favorable in this early human study. Antidrug antibodies to SL-325 were identified in 3.7% of participants who received the investigational product. In the two participants with detectable antibodies, titers were low and there was no observable impact on pharmacokinetics or receptor occupancy - an outcome the company and analysts had highlighted as an important differentiator for SL-325.
On the corporate finance front, Shattuck reported receipt of notices to exercise approximately 50.6 million common stock warrants. Those notices represent about 96% of the warrants issued in the company’s August 2025 private placement, and their exercise is expected to generate gross proceeds of roughly $54.9 million. Combined with the company’s cash, cash equivalents and short-term investments of about $90.4 million as of March 31, 2026, Shattuck anticipates that these resources will allow it to fund operations into 2029.
Analyst reactions to the topline Phase 1 data and the financial update were broadly constructive. Needham raised its price target to $17 from $14 and maintained a Buy rating. Citi increased its target to $18 from $7 while keeping a Buy rating, and Wedbush lifted its price target to $11 from $8, holding an Outperform rating on the shares. Those upward revisions accompanied the company announcement and contributed to positive market sentiment.
The broader market provided a favorable backdrop on the trading day, with major U.S. indices trading higher and a generally risk-on tone across equities. Against that setting, investors and analysts are looking ahead to Shattuck’s planned clinical catalyst: the company intends to begin the RECEPTIVE-CD1 Phase 2b study in Crohn’s disease patients in the third quarter of 2026. The trial is expected to enroll about 174 patients across the United States, Canada and Europe.
In sum, the combination of clean and durable Phase 1 safety and pharmacodynamic data, a near-term Phase 2b start date on the calendar, a substantial expected cash infusion from warrant exercises and a wave of analyst price-target increases has formed a multi-faceted catalyst for STTK. Market attention remains focused on the company’s upcoming clinical milestones and how SL-325 will position within the competitive TL1A/DR3 immunology landscape.
Key details
- Phase 1 enrolled 72 healthy volunteers across single- and multiple-ascending dose cohorts.
- Complete DR3 occupancy observed at doses of 0.1 mg/kg and above; TL1A binding inhibition sustained for more than 10 weeks.
- Warrant exercises expected to generate about $54.9 million in gross proceeds; cash and equivalents were about $90.4 million as of March 31, 2026.