SCHEDULE: OrbiMed Discloses Shattuck Labs Stake Following Offering

OrbiMed Advisors filed an amended Schedule 13D reporting its beneficial ownership in Shattuck Labs following a recent public offering.

Summary

• OrbiMed Advisors and its affiliates report a combined beneficial ownership of 9,021,127 shares of Shattuck Labs, Inc. common stock.
• This represents approximately 9.99% of the issuer's outstanding shares.
• The filing follows Shattuck Labs' June 11, 2026, public offering of shares and pre-funded warrants.
• OrbiMed entities purchased 1,250,000 pre-funded warrants in the recent offering.
• The reporting persons maintain significant holdings in pre-funded warrants that are currently restricted from exercise due to a 9.99% ownership blocker.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral regulatory disclosure confirming the maintenance of a significant position by a major shareholder following a capital raise.

Positives

• Continued institutional support from a major healthcare-focused investment firm.
• Successful completion of a public offering by the issuer, providing additional capital.

Negatives

• Significant dilution potential from a large volume of outstanding pre-funded warrants.
• Ownership levels are capped by contractual blockers, limiting immediate influence or accumulation.

Risks

• Market volatility affecting the value of the issuer's common stock.
• Regulatory and clinical risks inherent in the biotechnology sector.
• Potential for future dilution if additional warrants are exercised or new capital is raised.

Future Outlook

The reporting persons intend to review their investment periodically based on the issuer's business performance, market conditions, and other investment opportunities, potentially leading to further acquisitions or dispositions of securities.

Management Comments

• The reporting persons reserve the right to take such actions in the future as they deem appropriate in light of circumstances existing from time to time.

Industry Context

StockSavvy.ai notes that this filing reflects the common practice of specialized healthcare venture firms maintaining significant stakes in clinical-stage biotech companies through complex capital structures, including pre-funded warrants to navigate ownership thresholds.

Comparison to Industry Standards

• The use of pre-funded warrants is a standard mechanism in biotech financing to allow investors to maintain ownership stakes without exceeding regulatory or contractual beneficial ownership limits.
• The 9.99% ownership blocker is a standard governance provision in institutional biotech investments.

Corporate Governance

Related Party Transactions

• Mona Ashiya, a member of OrbiMed Advisors, is a director of the issuer and is obligated to transfer any equity-based compensation received from the issuer to OrbiMed Advisors.

Stakeholder Impact

• Shareholders may experience dilution from the exercise of pre-funded warrants.
• The presence of a major institutional investor provides a degree of stability to the capital structure.

Next Steps

• Ongoing monitoring of the issuer's financial condition and market performance.
• Potential future adjustments to investment holdings based on market conditions.

Key Dates

Keywords

Shattuck Labs, OrbiMed, Schedule 13D, Biotechnology, Equity Offering, Pre-funded Warrants