Form 4: OrbiMed Exercises Warrants in Shattuck Labs

OrbiMed Advisors exercised common warrants for pre-funded warrants in Shattuck Labs, Inc. on June 8, 2026.

Summary

• OrbiMed Advisors LLC and affiliated entities exercised common warrants to acquire 18,439,788 pre-funded warrants.
• The transaction occurred on June 8, 2026, involving entities OrbiMed Private Investments IX, LP and OrbiMed Genesis Master Fund, L.P.
• The exercise involved converting common warrants with an exercise price of $1.0846 into pre-funded warrants with an exercise price of $0.0001.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative event reflecting an institutional investor's internal portfolio management rather than a change in the company's fundamental outlook.

Positives

• Demonstrates continued long-term commitment from a major institutional investor (OrbiMed) in Shattuck Labs.
• Simplification of the capital structure by exercising warrants.

Negatives

• The transaction reflects a shift in warrant type rather than a new cash infusion or open market purchase.

Risks

• The exercise is subject to a 9.99% beneficial ownership blocker, limiting immediate voting control.
• Future dilution risks remain for existing shareholders depending on the conversion of pre-funded warrants.

Future Outlook

The filing does not provide specific forward-looking guidance regarding company operations, focusing instead on the mechanics of the warrant exercise.

Management Comments

• The reporting persons disclaim beneficial ownership of the securities reported herein except to the extent of their pecuniary interest.

Industry Context

StockSavvy.ai notes that institutional investors in the biotech sector frequently utilize pre-funded warrants to maintain ownership stakes while navigating regulatory ownership caps and clinical trial milestones.

Comparison to Industry Standards

• The use of pre-funded warrants is a standard mechanism in biotech private placements to avoid immediate dilution while providing investors with long-term equity exposure.
• OrbiMed's continued involvement is consistent with their strategy of supporting clinical-stage pharmaceutical companies through multiple funding rounds.

Related Party Transactions

• The transaction involves OrbiMed Advisors, which has a representative, Mona Ashiya, serving on the Shattuck Labs board of directors.

Stakeholder Impact

• Existing shareholders may experience potential dilution upon the eventual exercise of the pre-funded warrants into common stock.

Next Steps

• Future exercise of the newly acquired pre-funded warrants by the reporting persons.

Key Dates

Keywords

Shattuck Labs, STTK, OrbiMed, Form 4, Warrant Exercise, Biotech, Insider Trading