Dec. 19 at 7:52 PM
$STTK — Bear case 📉
Company is now essentially a single-asset story after discontinuing SL-172154 (oncology pivot failure). Everything rides on SL-325 (DR3) which is only in Phase 1 healthy volunteers — no patient efficacy yet.
Near-term “catalysts” are Q2’26 P1 data (safety/PK only) + bispecific selection = non-value-creating science updates, not de-risking events.
Cash runway “into 2029” assumes full warrant exercise from Aug’25 financing → dilution baked in. If warrants don’t get exercised, financing risk returns fast.
Crowded TL1A/DR3 IBD space with better-capitalized players already in patient trials. STTK is late + unproven.
Long road to Phase 2, no revenue, no partners of substance post-pivot.
