OrbiMed Advisors LLC's Investment in Shattuck Labs, Inc.

OrbiMed Advisors LLC, along with OrbiMed Capital GP IX LLC and OrbiMed Genesis GP LLC, filed a Schedule 13D to report their investment in Shattuck Labs, Inc. The filing discloses that OrbiMed entities acquired shares and warrants in Shattuck Labs through a private placement (PIPE) on August 25, 2025. OrbiMed Private Investments IX, LP purchased 5,255,106 shares and 10,111,384 pre-funded warrants, while OrbiMed Genesis Master Fund, L.P. purchased 1,051,021 shares and 2,022,277 pre-funded warrants. The warrants are subject to a blocker provision limiting exercise to prevent ownership exceeding 9.99% of outstanding shares. The filing also includes a registration rights agreement, ensuring the resale of shares purchased in the PIPE will be registered with the SEC. The investment is for portfolio management purposes, and the Reporting Persons may adjust their holdings based on market conditions and other factors.