Shattuck Labs, Inc.
STTKHealthcare|Biotechnology|US
$4.62
+0.13 (+2.90%)
DCF Value
$0.61
Tangible Book / Share
$1.06
Cash / Share
$1.07
Financials
Financial Snapshot
Market Cap
$463.7M
Enterprise Value
$404.4M
Revenue (TTM)
$0.00
Net Income (TTM)
-$67.7M
Cash & Investments
$196.3M
Net Cash
$193.9M
Free Cash Flow (TTM)
-$49.8M
Operating CF (TTM)
-$49.6M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$196.3M
Quarterly Burn
$12.4M
Monthly Burn
$4.1M
Est. Runway
~15.8 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $60.4M | $39.1M | $335.4M | $268.8M | $161.3M | $130.6M | $73.0M | $78.1M | $196.3M | |
| Operating Cash Flow | -$6.9M | -$21.0M | -$33.7M | -$57.1M | -$94.5M | -$81.2M | -$60.5M | -$39.9M | -$49.6M | |
| Free Cash Flow | -$8.1M | -$21.4M | -$34.4M | -$65.0M | -$106.1M | -$81.6M | -$60.6M | -$40.0M | -$49.8M | |
| Capital Expenditure | -$1.2M | -$470.0K | -$727.0K | -$7.9M | -$11.6M | -$407.0K | -$59.0K | -$71.0K | -$191.0K | |
| Financing Cash Flow | $35.1M | -$64.0K | $330.9M | $1.9M | $171.0K | $48.6M | $787.0K | $44.6M | $158.2M |
R&D Spending
R&D (TTM)
$53.3M
R&D Intensity
—
R&D Growth vs Prior
+51.0%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.4M | $9.9M | $9.9M | $30.0M | $652.0K | $1.7M | $5.7M | $1.0M | $0.00 | |
| R&D Expense | $24.8M | $29.2M | $37.5M | $56.6M | $82.9M | $74.3M | $67.2M | $35.3M | $53.3M | |
| R&D % of Revenue | 110.5% | 295.5% | 377.3% | 188.4% | 12714.6% | 4484.6% | 1174.8% | 3527.3% | — | |
| SG&A | $3.8M | $5.7M | $9.4M | $18.7M | $19.7M | $19.3M | $19.1M | $17.2M | $18.9M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.4M | $9.9M | $9.9M | $30.0M | $652.0K | $1.7M | $5.7M | $1.0M | $0.00 | |
| Cost of Revenue | $24.8M | $29.2M | $37.5M | $1.4M | $82.2M | $4.0M | $4.9M | $3.0M | $891.0K | |
| Gross Profit | -$2.4M | -$19.3M | -$27.5M | $28.6M | -$81.5M | -$2.4M | $827.0K | -$2.0M | -$891.0K | |
| R&D | $24.8M | $29.2M | $37.5M | $56.6M | $82.9M | $74.3M | $67.2M | $35.3M | $53.3M | |
| SG&A | $3.8M | $5.7M | $9.4M | $18.7M | $19.7M | $19.3M | $19.1M | $17.2M | $18.9M | |
| Operating Income | -$6.1M | -$25.1M | -$36.9M | -$45.3M | -$103.3M | -$92.0M | -$80.6M | -$51.5M | -$72.1M | |
| Interest Expense | $2.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$7.4M | -$24.0M | -$36.6M | -$45.0M | -$101.9M | -$87.3M | -$75.4M | -$48.8M | -$67.7M | |
| Net Income | -$7.4M | -$24.0M | -$36.6M | -$45.0M | -$101.9M | -$87.3M | -$75.4M | -$48.8M | -$67.7M | |
| EPS (Diluted) | -0.49 | -0.57 | -0.88 | -1.07 | -2.41 | -2.05 | -1.49 | -0.70 | -0.51 | |
| EBITDA | -$4.5M | -$24.5M | -$36.3M | -$43.6M | -$98.9M | -$83.3M | -$71.6M | -$45.1M | -$66.9M | |
| Shares Out. (M) | 15.04 | 41.74 | 41.77 | 42.03 | 42.38 | 42.60 | 50.76 | 69.58 | 183.22 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.6M | $7.0M | $157.9M | $92.3M | $47.4M | $125.6M | $57.4M | $54.2M | $61.8M | |
| Short-Term Investments | $28.7M | $32.1M | $177.6M | $176.5M | $113.9M | $5.0M | $15.6M | $23.9M | $134.6M | |
| Total Current Assets | $65.6M | $42.4M | $345.6M | $288.3M | $184.6M | $143.2M | $79.2M | $82.5M | $201.6M | |
| Total Assets | $68.2M | $45.0M | $349.0M | $298.6M | $205.3M | $159.6M | $91.0M | $91.0M | $208.0M | |
| Total Current Liabilities | $20.9M | $20.0M | $16.8M | $24.6M | $25.0M | $11.5M | $8.9M | $7.1M | $12.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.6M | $0.00 | |
| Total Liabilities | $79.2M | $79.5M | $39.1M | $26.8M | $29.2M | $14.9M | $11.4M | $8.6M | $14.3M | |
| Stockholders' Equity | -$11.1M | -$34.5M | $309.9M | $271.8M | $176.2M | $144.7M | $79.6M | $82.4M | $193.7M | |
| Retained Earnings | -$11.5M | -$35.5M | -$72.1M | -$117.1M | -$219.0M | -$306.3M | -$381.7M | -$430.5M | -$485.7M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.9M | -$21.0M | -$33.7M | -$57.1M | -$94.5M | -$81.2M | -$60.5M | -$39.9M | -$49.6M | |
| Capital Expenditure | -$1.2M | -$470.0K | -$727.0K | -$7.9M | -$11.6M | -$407.0K | -$59.0K | -$71.0K | -$191.0K | |
| Free Cash Flow | -$8.1M | -$21.4M | -$34.4M | -$65.0M | -$106.1M | -$81.6M | -$60.6M | -$40.0M | -$49.8M | |
| Investing Cash Flow | -$29.9M | -$3.6M | -$146.3M | -$10.4M | $49.4M | $110.9M | -$8.5M | -$7.9M | -$89.4M | |
| Financing Cash Flow | $35.1M | -$64.0K | $330.9M | $1.9M | $171.0K | $48.6M | $787.0K | $44.6M | $158.2M | |
| Issuance of Stock | $35.1M | $0.00 | $232.3M | $1.9M | $171.0K | $48.7M | -$17.0K | $44.6M | $158.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $425.0K | $461.0K | $1.3M | $5.5M | $6.5M | $6.9M | $9.5M | $7.0M | $10.1M | |
| Net Change in Cash | -$1.7M | -$24.6M | $150.9M | -$65.6M | -$44.9M | $78.2M | -$68.2M | -$3.2M | $19.2M |
Dilution Tracker
Shares outstanding grew 66.6% over 5 years — significant dilution
Shares Outstanding
100M
5-Year Share Growth
+66.6%
Stock Issuance (TTM)
$158.4M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 15.04 | 41.74 | 41.77 | 42.03 | 42.38 | 42.60 | 50.76 | 69.58 | 183.22 | |
| Change vs Prior % | — | 177.5% | 0.1% | 0.6% | 0.8% | 0.5% | 19.2% | 37.1% | 163.3% | |
| Stock Issuance | $35.1M | $0.00 | $232.3M | $1.9M | $171.0K | $48.7M | -$17.0K | $44.6M | $158.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $425.0K | $461.0K | $1.3M | $5.5M | $6.5M | $6.9M | $9.5M | $7.0M | $10.1M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -10.5% | -195.5% | -277.3% | 95.4% | -12507.2% | -143.9% | 14.5% | -195.1% | — | |
| Operating Margin % | -27.4% | -253.5% | -371.8% | -150.8% | -15848.0% | -5549.6% | -1408.3% | -5150.8% | — | |
| Net Margin % | -32.9% | -242.6% | -368.5% | -149.8% | -15635.7% | -5268.4% | -1318.1% | -4880.9% | — | |
| EBITDA Margin % | -20.1% | -248.1% | -365.5% | -145.2% | -15164.4% | -5024.5% | -1251.2% | -4512.1% | — | |
| FCF Margin % | -36.0% | -216.9% | -346.1% | -216.7% | -16274.8% | -4926.7% | -1058.8% | -3995.3% | — | |
| ROE % | 66.7% | 69.4% | -11.8% | -16.5% | -57.9% | -60.3% | -94.7% | -59.2% | -46.5% | |
| ROA % | -10.8% | -53.3% | -10.5% | -15.1% | -49.7% | -54.7% | -82.8% | -53.6% | -32.6% | |
| ROIC % | -13.0% | -100.3% | -11.1% | -16.5% | -57.1% | -61.8% | -97.0% | -60.7% | -36.8% | |
| R&D / Revenue % | 110.5% | 295.5% | 377.3% | 188.4% | 12714.6% | 4484.6% | 1174.8% | 3527.3% | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -55.9% | 0.5% | 202.2% | -97.8% | 154.1% | 245.3% | -82.5% | |
| Gross Profit | 0.0% | -717.4% | -42.5% | 203.9% | -384.8% | 97.1% | 134.7% | -335.9% | |
| Operating Income | 0.0% | -307.7% | -47.3% | -22.6% | -128.3% | 11.0% | 12.4% | 36.1% | |
| Net Income | 0.0% | -224.6% | -52.6% | -22.9% | -126.7% | 14.4% | 13.6% | 35.3% | |
| EPS (Diluted) | 0.0% | -16.3% | -54.4% | -21.6% | -125.2% | 14.9% | 27.3% | 53.0% | |
| Operating Cash Flow | 0.0% | -203.9% | -60.5% | -69.7% | -65.4% | 14.0% | 25.5% | 34.1% | |
| Free Cash Flow | 0.0% | -165.4% | -60.3% | -89.2% | -63.1% | 23.1% | 25.8% | 34.0% | |
| R&D Expense | 0.0% | 17.8% | 28.3% | 50.9% | 46.6% | -10.4% | -9.6% | -47.5% | |
| SG&A Expense | 0.0% | 51.6% | 63.6% | 99.6% | 5.1% | -1.9% | -1.2% | -9.7% | |
| Total Assets | 0.0% | -34.0% | 676.1% | -14.4% | -31.2% | -22.3% | -42.9% | -0.0% | |
| Book Value / Share | 0.0% | -12.4% | 996.4% | -12.8% | -35.7% | -18.3% | -53.8% | -24.5% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -14.3% | -18.9% | -28.9% | |
| Diluted Shares | 0.0% | 177.5% | 0.1% | 0.6% | 0.8% | 0.5% | 19.2% | 37.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High10.74 / 149.50 / 253.99
P/B4.37
10Y Low / Med / High0.55 / 2.10 / 7.06
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High1.30 / 84.35 / 204.46
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.61
Tangible Book / Share
$1.06
Net Current Assets / Share
$1.87
Graham Net-Net
$0.99
Cash / Share
$1.07
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -39.49 | -33.95 | -59.56 | -7.95 | -0.95 | -3.48 | -0.81 | -5.21 | -9.06 | |
| P/S Ratio | 12.97 | 81.70 | 220.36 | 11.92 | 149.50 | 183.31 | 10.74 | 253.99 | 0.00 | |
| P/B Ratio | -26.27 | -23.38 | 7.06 | 1.32 | 0.55 | 2.10 | 0.77 | 3.08 | 4.37 | |
| EV/EBITDA | -57.63 | -32.64 | -55.93 | -6.09 | -0.56 | -2.19 | -0.10 | -4.48 | -6.04 | |
| EV/Revenue | 11.56 | 80.99 | 204.46 | 8.84 | 84.35 | 110.03 | 1.30 | 202.21 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
16.15
Safe
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $95.5K | $100.2K | $192.9K |
| Net Income | -$33.4M | -$35.4M | -$42.0M |
| EPS | $-0.49 | $-0.52 | $-0.58 |
| # Analysts (EPS) | 8 | 9 | 8 |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| License | $3.4M | $3.4M |