Shattuck Labs Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities
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| Item 1.02 | Termination of a Material Definitive Agreement. |
On September 30, 2024, Shattuck Labs, Inc. (the “Company”) and Ono Pharmaceutical Co., Ltd. (“Ono”) mutually agreed to terminate the Collaboration and License Agreement dated February 13, 2024 (the “Collaboration Agreement”). Under the Collaboration Agreement, Ono and the Company were collaborating on preclinical development of certain compounds. Following the mutual termination, the Company is no longer required to satisfy any remaining performance obligations, and will not receive any future research activity reimbursements or upfront, milestone, or royalty payments from Ono. All options and licenses held by Ono under the Collaboration Agreement were terminated.
| Item 2.05 | Costs Associated with Exit or Disposal Activities. |
On October 1, 2024, pursuant to previous authorization by the Board of Directors of the Company, an authorized officer of the Company approved a restructuring plan to prioritize the development of the Company’s DR3 program. The plan is intended to optimize the Company’s cost structure by aligning the size and structure of its workforce with the Company’s current goals and strategy. The organizational realignment includes discontinuing the Company’s SL-172154 program in view of overall survival data readouts from its studies in higher-risk myelodysplastic syndromes and acute myeloid leukemia. Approximately 40% of Shattuck’s workforce will be impacted by the changes. The Company expects to complete the reduction in force in the fourth quarter of 2024.
As a result of these changes, the Company expects to incur restructuring charges between $1.5 million and $1.75 million, the majority of which are related to employee severance costs. The Company anticipates recognizing these expenses in the fourth quarter of 2024. Substantially all of the charges are expected to be future cash expenditures. The estimates of costs and expenses that the Company expects to incur in connection with the changes are contingent on various assumptions and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events related to or resulting from these strategic steps.
| Item 8.01 | Other Events. |
On October 1, 2024, the Company issued a press release announcing that it was discontinuing clinical development of SL-172154 and implementing the restructuring described above under Item 2.05. The press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
As of June 30, 2024, the Company had a balance of approximately $105.3 million in cash, cash equivalents and investments.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibits
| Exhibit Number |
Description of Exhibit | |
| 99.1 | Press Release, dated October 1, 2024. | |
| 104 | The cover page from the Company’s Current Report on Form 8-K formatted in Inline XBRL. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Shattuck Labs, Inc. | ||||||
| Date: October 1, 2024 | By: | /s/ Dr. Taylor Schreiber | ||||
| Dr. Taylor Schreiber | ||||||
| Chief Executive Officer (principal executive officer) | ||||||