Revenue has collapsed to near-zero for six consecutive quarters, with the last positive gross profit recorded in Q3 2024, leaving operating losses driven almost entirely by a fixed R&D expense base of over $10M per quarter.
Shattuck Labs, Inc. (STTK) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 0 | 1M | 5.72M | 1.66M | 652K | 30.02M | 9.93M | 9.89M | 22.44M |
| Revenue Growth % | -100% | -82.52% | 245.26% | 154.14% | -97.83% | 202.16% | 0.48% | -55.94% | - |
| Cost of Goods Sold | 891K | 2.95M | 4.89M | 4.04M | 82.2M | 1.38M | 37.48M | 29.22M | 24.81M |
| COGS % of Revenue | - | 295.1% | 85.54% | 243.93% | 12607.21% | 4.6% | 377.32% | 295.52% | 110.54% |
| Gross Profit | -891K | -1.95M | 827K | -2.38M | -81.55M | 28.64M | -27.55M | -19.33M | -2.37M |
| Gross Margin % | - | -195.1% | 14.46% | -143.93% | -12507.21% | 95.4% | -277.32% | -195.52% | -10.54% |
| Gross Profit Growth % | - | -335.91% | 134.68% | 97.08% | -384.76% | 203.95% | -42.51% | -717.38% | - |
| Operating Expenses | 71.23M | 49.56M | 81.39M | 89.57M | 21.78M | 73.91M | 9.38M | 5.74M | 28.59M |
| OpEx % of Revenue | - | 4955.7% | 1422.72% | 5405.67% | 3340.8% | 246.21% | 94.44% | 58.02% | 127.4% |
| Selling, General & Admin | 18.85M | 17.23M | 19.08M | 19.3M | 19.68M | 18.72M | 9.38M | 5.74M | 3.78M |
| SG&A % of Revenue | - | 1723.5% | 333.46% | 1165% | 3018.71% | 62.37% | 94.44% | 58.02% | 16.86% |
| Research & Development | 53.27M | 35.27M | 67.21M | 74.31M | 82.9M | 56.56M | 37.48M | 29.22M | 24.81M |
| R&D % of Revenue | - | 3527.3% | 1174.81% | 4484.61% | 12714.57% | 188.44% | 377.32% | 295.52% | 110.54% |
| Other Operating Expenses | -891K | -2.95M | -4.89M | -4.04M | -80.8M | -1.38M | -37.48M | -29.22M | -357K |
| Operating Income | -72.12M | -51.51M | -80.57M | -91.96M | -103.33M | -45.27M | -36.93M | -25.07M | -6.15M |
| Operating Margin % | - | -5150.8% | -1408.27% | -5549.61% | -15848.01% | -150.81% | -371.76% | -253.53% | -27.4% |
| Operating Income Growth % | - | 36.07% | 12.39% | 11.01% | -128.26% | -22.58% | -47.33% | -307.73% | - |
| EBITDA | -69.47M | -47.82M | -76.74M | -87.92M | -100.26M | -43.89M | -36.31M | -24.53M | -5.89M |
| EBITDA Margin % | - | -4782% | -1341.34% | -5305.67% | -15376.69% | -146.21% | -365.54% | -248.1% | -26.26% |
| EBITDA Growth % | -28.51% | 37.68% | 12.71% | 12.31% | -128.43% | -20.86% | -48.04% | -316.26% | - |
| D&A (Non-Cash Add-back) | 2.65M | 3.69M | 3.83M | 4.04M | 3.07M | 1.38M | 618K | 537K | 255K |
| EBIT | -42.51M | -48.81M | -75.41M | -87.3M | -101.94M | -44.97M | -36.93M | -25.07M | -4.76M |
| Net Interest Income | 1.81M | 2.7M | 5.17M | 4.67M | 1.59M | 625K | 549K | 1.18M | -1.67M |
| Interest Income | 3.66M | 2.7M | 5.17M | 4.67M | 1.59M | 625K | 549K | 1.18M | 966K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.63M |
| Other Income/Expense | 4.4M | 2.7M | 5.16M | 4.66M | 1.38M | 295K | 328K | 1.08M | -1.24M |
| Pretax Income | -67.72M | -48.81M | -75.41M | -87.3M | -101.94M | -44.97M | -36.6M | -23.98M | -7.39M |
| Pretax Margin % | - | -4880.9% | -1318.13% | -5268.44% | -15635.74% | -149.83% | -368.46% | -242.56% | -32.92% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -67.72M | -48.81M | -75.41M | -87.3M | -101.94M | -44.97M | -36.6M | -23.98M | -7.39M |
| Net Margin % | - | -4880.9% | -1318.13% | -5268.44% | -15635.74% | -149.83% | -368.46% | -242.56% | -32.92% |
| Net Income Growth % | -23.35% | 35.28% | 13.62% | 14.37% | -126.68% | -22.87% | -52.63% | -224.61% | - |
| Net Income (Continuing) | -67.72M | -48.81M | -75.41M | -87.3M | -101.94M | -44.97M | -36.6M | -23.98M | -7.39M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.37 | -0.70 | -1.49 | -2.05 | -2.41 | -1.07 | -0.88 | -0.57 | -0.49 |
| EPS Growth % | 50% | 53.02% | 27.32% | 14.94% | -125.23% | -21.59% | -54.39% | -16.33% | - |
| EPS (Basic) | - | -0.70 | -1.49 | -2.05 | -2.41 | -1.07 | -0.88 | -0.57 | -0.49 |
| Diluted Shares Outstanding | 183.22M | 69.58M | 50.76M | 42.6M | 42.38M | 42.03M | 41.77M | 41.74M | 15.04M |
| Basic Shares Outstanding | 183.22M | 69.58M | 50.76M | 42.6M | 42.38M | 42.03M | 41.77M | 41.74M | 15.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying STTK stock.
For fiscal year 2025, Shattuck Labs, Inc. (STTK) reported total revenue of $1.0M. This represents a 95.5% decline compared to $22.4M in 2018.
Shattuck Labs, Inc. (STTK) reported a net loss of $48.8M for the fiscal year ending 2025.
Shattuck Labs, Inc. (STTK) reported an operating income of $-51.5M, resulting in an operating profit margin of -5150.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Shattuck Labs, Inc. (STTK) generated $-2.0M in gross profit for the year, representing a gross profit margin of -195.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash burn with no revenue
Metrics are mathematically derived from official filings.
Revenue Collapses to Near-Zero
Shattuck Labs has experienced a severe deceleration in revenue, with reported quarterly revenue falling from $3.0M in 2024Q3 to effectively zero in recent periods, indicating a complete loss of prior revenue streams.
The trajectory shows a sharp contraction, with revenue declining from $3.0M in 2024Q3 to $1.0M in 2025Q3 and then to a blank field in 2025Q4, suggesting the company's primary revenue source has dissipated. This pattern implies a critical operational transition or the conclusion of a specific revenue-generating event, leaving the business entirely dependent on non-operational funding.
R&D Dominates a Lean Cost Structure
Research and development is the primary cost driver, consuming $11.7M in 2026Q2, while selling, general and administrative expenses remain comparatively low at $4.5M, underscoring a focus on pipeline investment over commercialization.
The cost structure is heavily weighted toward R&D, which accounts for over 70% of total operating expenses in recent quarters. This allocation is consistent with a pre-revenue biotechnology firm prioritizing clinical development. However, with revenue now absent, the absolute level of R&D spend is becoming a larger percentage of a shrinking operational base, intensifying the cash consumption rate.
Operating Losses Driven by Fixed R&D
Operating leverage is negative, as consistent R&D and SG&A spending results in deep operating losses that scale inversely with the disappearance of gross profit from minuscule revenue.
With operating income ranging from -$16.2M to -$13.4M in recent quarters, the company shows no positive operating leverage. The fixed nature of the R&D and SG&A spend means that any reduction in revenue immediately translates into wider operating losses. This structure will only benefit from a significant and sustained future revenue ramp, a milestone that is not currently visible in the income statement.
The 2024Q3 Revenue Peak
The operational inflection point was the $3.0M revenue quarter in 2024Q3, which appears to be the peak of a now-concluded revenue cycle, as subsequent quarters show a collapse to zero.
This quarter represents the high-water mark for revenue in the provided history, achieving positive gross profit of $2.0M and a 68.2% gross margin. The subsequent quarters' failure to replicate or build upon this performance suggest it was likely driven by a one-time event, such as a milestone payment or a limited product sale, rather than the establishment of a recurring revenue base.
Unsustainable Burn with No Commercial Traction
The core bear case is that Shattuck Labs is consuming capital at a rate exceeding $13M per quarter with no identifiable, recurring revenue stream, placing a hard limit on its operational runway.
While peers like TG Therapeutics generate substantial revenue and profits, Shattuck's income statement shows a company in a pre-commercial burn phase. The quarterly net losses averaging over $14M in recent periods, combined with the complete erosion of revenue, suggest the company's valuation is entirely dependent on external financing or the successful, high-value out-licensing of its pipeline. Investors should closely monitor the balance sheet for cash runway and dilution risk.