Shattuck Labs: Just What the DR(3) Ordered; Initiating at OW

Research evidence excerpt

Shattuck Labs: Just What the DR(3) Ordered; Initiating at OW

J P M O R G A N North America Equity Research

24 July 2026

Initiation

Shattuck Labs Overweight

STTK, STTK US

Just What the DR(3) Ordered; Initiating at OW Price (23 Jul 26):$7.09

Price Target (Dec-27):$10.00

We are initiating coverage on Shattuck (STTK) with an OW rating and a Dec- SMid Biotechnology

AC2027 PT of $10. STTK is a clinical-stage biotech developing an anti-DR3 antibody Brian Cheng

program (SL-325) within the familiar TL1A axis (see our TL1A debrief). While the (1-212) 622-0449

TL1A axis has emerged as a validated MoA to tackle I&I diseases, such as IBD, STTK brian.cheng@jpmorgan.com

is pursuing a differentiated strategy to tackle the same axis by targeting the associated Sarah Medeiros, PhD

receptor. We believe the HV data reported last month are encouraging, providing early (1-212) 622-3957

evidence of reduced immunogenicity that could translate to improved efficacy and sarah.k.medeiros@jpmorgan.com

J.P. Morgan Securities LLC

safety relative to the earlier generations of TL1A agents. The differentiation that ‘325

holds should help address the need for a more durable clinical effect. With TL1A

agents expected to enter the IBD space in the near term, we believe STTK has the true Quarterly Forecasts (FYE Dec)

potential to disrupt the status quo by targeting the same molecular pathway that Adj. EPS ($)

doctors and investors are already familiar with. Beyond ‘325, we see a good strategic 2025A 2026E 2027E

rationale to combine its DR3 approach with IL-23 in ‘846, as we look forward to the Q1 (0.27) (0.13)A (0.10)

Q2 (0.24) (0.11) (0.11)

initial data later next year. Initiate at OW. Q3 (0.14) (0.10) (0.11)

• Phase 1 Data Demonstrated Potential Differentiation in Immunogenicity.