Form 4: Shattuck Labs Director Reports Warrant Exercise

Director Mona Ashiya reports the exercise of common warrants into pre-funded warrants for Shattuck Labs, Inc. (STTK).

Summary

• Reporting person Mona Ashiya, representing OrbiMed entities, disclosed the exercise of common warrants on June 8, 2026.
• A total of 18,439,788 common warrants were exercised in exchange for pre-funded warrants.
• The transaction involves holdings by OrbiMed Private Investments IX, LP and OrbiMed Genesis Master Fund, L.P.
• The exercise price for the common warrants was $1.0846 per share.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative event; it reflects institutional support but is primarily a technical conversion of existing derivative securities.

Positives

• Demonstrates continued institutional commitment from OrbiMed to Shattuck Labs.
• Simplification of the capital structure through the conversion of common warrants into pre-funded warrants.

Negatives

• The exercise of warrants increases the potential dilution of existing common shareholders.

Risks

• The exercise of pre-funded warrants is subject to a 9.99% beneficial ownership blocker.
• Future clinical trial results for SL-325 remain a critical dependency for the company's valuation and warrant expiration timelines.

Future Outlook

The company is advancing its Phase 1 clinical trial of SL-325, with future milestones tied to the announcement of receptor occupancy and safety data, which will dictate the design of Phase 2 trials.

Management Comments

• The reporting person disclaims beneficial ownership of the securities except to the extent of their pecuniary interest.

Industry Context

StockSavvy.ai notes that this transaction is a standard capital structure adjustment for biotech firms backed by venture capital, reflecting ongoing support from major institutional investors despite the volatility inherent in clinical-stage drug development.

Comparison to Industry Standards

• The use of pre-funded warrants is a common mechanism in biotech private placements to allow investors to hold equity without immediately exceeding ownership thresholds.
• OrbiMed's continued involvement is consistent with standard long-term venture capital holding patterns in the biotechnology sector.

Related Party Transactions

• The transaction involves OrbiMed Private Investments IX, LP and OrbiMed Genesis Master Fund, L.P., which are significant shareholders and associated with Director Mona Ashiya.

Stakeholder Impact

• Existing shareholders may experience dilution as the warrants are exercised into common stock.

Next Steps

• Public announcement of Phase 1 clinical trial data for SL-325.
• Design and initiation of Phase 2 clinical trials.

Key Dates

Keywords

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