Shattuck Labs closes $103 million private placement, adds board members

Shattuck Labs Inc. (NASDAQ: STTK) closed a private placement of up to $103 million led by OrbiMed, the biotechnology company announced. The proceeds are expected to fund operations into 2029 and advance the company's SL-325 drug candidate through multiple Phase 2 clinical trials, including studies in inflammatory bowel disease.

The financing includes common stock warrants that, if fully exercised, would provide additional capital. Shattuck develops treatments targeting tumor necrosis factor superfamily receptors for inflammatory and immune-mediated diseases.

The company appointed two new board members in connection with the financing: Daniel Baker, M.D., and Mona Ashiya, Ph.D., a member at OrbiMed. Four existing directors stepped down as part of the board restructuring: Tyler Brous, Carrie Brownstein, M.D., Michael Lee, and Kate Sasser, Ph.D.

Baker brings over 20 years of pharmaceutical industry experience, having previously served as Vice President of Immunology R&D at Johnson & Johnson's Janssen division, where he oversaw clinical development of drugs including Remicade, Simponi and Stelara. He currently serves as interim Chief Development Officer at Cue Biopharma.

Ashiya has worked at investment firm OrbiMed Advisors since 2010 in various roles. She currently serves on the boards of Disc Medicine Inc. (NASDAQ: IRON) and several private companies.

SL-325 is described as a potential first-in-class Death Receptor 3 blocking antibody designed to target the DR3/TL1A pathway. The company expects to begin a Phase 1 clinical trial in healthy volunteers in the third quarter of 2025.

"We believe SL-325 is a potentially first-in-class DR3 blocking antibody with the potential for superior efficacy and reduced immunogenicity relative to TL1A-blocking antibodies," said Taylor Schreiber, M.D., Ph.D., Shattuck's Chief Executive Officer.

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