Shattuck Labs Inc. (STTK) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, STTK scores 31 out of 100 for an letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are: Fundamental Cash Engine at 8/20 (ROIC -35%; FCF yield -6.96%), Whale 13F Flow at 7/20 (institutional accumulation and options positioning), Insider Conviction at 3/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 5/20 (Beta 1.0; sector sensitivity), and Forensic Balance Sheet at 8/20 (Altman Z 26; Piotroski F 3/9; Debt/Equity 0.5).

For a prospective investor, the weakest pillar is insider conviction, which is the lowest of the five and signals limited insider-level confidence per the RQD rating. The cash engine and balance sheet pillars both sit at 8/20, reflecting negative return on invested capital and negative free cash flow yield alongside a balance sheet that carries a high Altman Z-Score and a low Piotroski F-Score of 3/9. The most constructive element is the whale and institutional flow pillar at 7/20, which indicates some institutional positioning activity, though it remains below the midpoint. Upside drivers would need to come from a change in the cash engine, since the rating reflects negative operating economics. Valuation tradeoffs are difficult to assess because P/E, forward P/E, and EV/EBITDA are not available in source data, so the stock cannot be framed against earnings-based benchmarks. The Beta of 1.0 implies market-level sensitivity, which the macro pillar scores modestly at 5/20.

Per the SEC financials, operating and net losses narrowed from FY 2023 through FY 2025 while revenue fluctuated, and the company reported operating margin of -60% and net margin of -60% alongside a gross margin of 0%. Return on invested capital is -35% per the market data. Per the Roarable RQD rating, the Altman Z-Score is 26 and the Piotroski F-Score is 3/9, with a Debt/Equity ratio of 0.5. Cash decreased from $57.4M to $54.2M between FY 2024 and FY 2025 per the SEC financials.

Per the recent news feed, UBS initiated coverage of Shattuck Labs at Buy with a $17 price target, and Leerink Partners maintained a buy rating; both are classified as market wire items, with the Leerink item flagged as a catalyst. Per the same feed, the company announced it will present two antibody posters in Barcelona, one on inflammatory bowel disease. A Simply Wall St item addressed the company's cash burn. Per the Butterfly Supply-Chain Graph, the supply chain is listed as NONE, with no butterfly links and no proprietary signals. Risk watch items include continued operating losses and negative free cash flow in the SEC financials.

• What are the company's specific product candidates, and which clinical or regulatory milestones are scheduled?
• What is the current debt balance, since the FY 2025 debt figure is reported as N/A?
• What is the basis for the $17 UBS price target relative to the $5.72 current price, and what assumptions underlie it?
• What is the company's cash runway at the current FY 2025 burn rate of -$40.0M?
• What do the institutional and insider holdings look like, since the holders section is empty?