SCHEDULE: Prosight Group Discloses 9.9% Stake in Shattuck Labs

Prosight Management and its affiliates have reported a 9.9% beneficial ownership stake in Shattuck Labs, Inc., including shares and exercisable warrants.

Summary

• Prosight Management, LP, along with Prosight Fund, LP, Prosight Plus Fund, LP, Prosight Partners, LLC, and W. Lawrence Hawkins, collectively reported beneficial ownership of 6,543,240 shares of Shattuck Labs, Inc. common stock.
• This aggregate ownership represents 9.9% of Shattuck Labs' outstanding common stock.
• The reported stake includes 4,325,185 shares currently owned and 2,218,055 shares that can be acquired within 60 days through the exercise of pre-funded and common warrants.
• A beneficial ownership limitation prevents the exercise of warrants if it would result in ownership exceeding 9.99% of outstanding shares.
• The percentage of class is based on 63,279,843 shares of Common Stock outstanding as of October 23, 2025, as disclosed in Shattuck Labs' Form 10-Q for the quarter ended September 30, 2025.

Sentiment

Score: 5

Explanation: This is a neutral, factual disclosure of beneficial ownership, providing transparency without inherently positive or negative implications for the company's performance or prospects.

Positives

• Increased transparency regarding significant institutional ownership in Shattuck Labs.
• The investment group holds a substantial stake, indicating confidence in the company's long-term prospects.

Risks

• The beneficial ownership limitation of 9.99% restricts the immediate full conversion of all warrants, potentially limiting the reporting persons' ability to increase their voting power beyond this threshold quickly.

Future Outlook

N/A

Industry Context

This filing reflects a common practice where institutional investors, such as Prosight Management, disclose their significant passive ownership stakes in publicly traded companies like Shattuck Labs. Such disclosures provide market transparency regarding major shareholders and their holdings, which is standard for investment managers and funds.

Comparison to Industry Standards

• The disclosure of a significant stake (9.9%) by an investment manager like Prosight Management is a standard practice for institutional investors under SEC regulations.
• The use of warrants to acquire additional shares is a common investment strategy, and the 9.99% beneficial ownership limitation is a typical provision to avoid triggering certain regulatory requirements or change of control provisions.
• The structure of multiple funds (Prosight Fund, Prosight Plus Fund) managed by a general partner (Prosight Management) and ultimately controlled by an individual (W. Lawrence Hawkins) is a common setup for investment firms.

Corporate Governance

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which can influence market perception and trading activity.
• Management: Awareness of a large, passive shareholder group.

Next Steps

• Prosight Management and its affiliates will continue to monitor their investment in Shattuck Labs, Inc.
• Future amendments to this Schedule 13G will be filed if there are material changes to their beneficial ownership or investment intent.

Key Dates

Keywords

Shattuck Labs, Prosight Management, Beneficial Ownership, Schedule 13G, Common Stock, Warrants, Institutional Investor, Equity Stake, SEC Filing