MeritValue

Shattuck Labs, Inc.

STTKdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Shattuck Labs, Inc. earns about -58% on equity, but has diluted owners by 66% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$30M1$652,0002$1.66M3$5.72M4$1M4
Net income−$45M5−$101.9M6−$87.3M7−$75.4M8−$48.8M8
Operating cash flow−$57.1M9−$94.5M10−$81.2M11−$60.5M12−$39.9M12
Capital expenditure$7.93M13$11.6M14$407,00015$59,00016$71,00016
Free cash flow (derived)−$65M9−$106.1M10−$81.6M11−$60.6M12−$40M12
Total debt—————
Cash & equivalents$92.3M17$47.4M18$125.6M19$57.4M20$54.2M20
Diluted shares42.0M42.4M42.6M50.8M69.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$11.84
your share of equity
Profit it earned you last year
−$7.01
Free cash flow it threw off
−$5.74
Debt you’d be carrying
—

10 shares is a claim on $11.84 of net worth that earned you −$7.01 and generated −$5.74 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-58% avg · 5y
FY21 -17%FY22 -58%FY23 -60%FY24 -95%FY25 -59%

It earned an average -58% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+66% shares · 5y

Share count is up 66% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001680367-23-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001680367-24-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001680367-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-014989 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001680367-23-000019 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001680367-24-000014 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001680367-25-000012 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-014989 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001680367-23-000019 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001680367-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001680367-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-014989 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001680367-23-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001680367-24-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001680367-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-014989 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001680367-23-000019 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001680367-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001680367-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-014989 (CashAndCashEquivalentsAtCarryingValue)