ORBIMED ADVISORS LLC 4

What Happened
OrbiMed Advisors LLC (reporting as a director designee) participated in Shattuck Labs' June 2026 public offering, acquiring 1,041,667 common shares and 208,333 pre‑funded warrants on June 11, 2026. The common shares were issued at $4.00 each and the pre‑funded warrants at $3.9999 each, for a combined cash outlay of roughly $5.0 million. This was a purchase (institutional buy) via the offering rather than a sale.

Key Details

• Transaction date: June 11, 2026; Form 4 filed June 15, 2026 (appears 4 days after the trade; may be late under the 2‑business‑day Form 4 rule).
• Securities bought: 1,041,667 common shares @ $4.00; 208,333 pre‑funded warrants @ $3.9999; total ≈ $5.0M.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Notable footnotes: offering closed June 11, 2026; pre‑funded warrants are exercisable immediately at $0.0001 per share and subject to a 9.99% beneficial ownership blocker (they expire once exercised).
• Filing parties & structure: securities are held of record by OrbiMed funds (OrbiMed Private Investments IX, LP and OrbiMed Genesis Master Fund, L.P.); OrbiMed Advisors is the managing member and may be deemed to have voting/investment power. OrbiMed designated Mona Ashiya to serve on the issuer’s board; the reporting persons disclaim beneficial ownership except for any pecuniary interest.

Context
These purchases were made in a registered public offering (not open‑market trading). Pre‑funded warrants allow the holder to exercise into common stock at a nominal price ($0.0001) but include a 9.99% ownership blocker that can limit immediate conversion. This filing reports institutional activity by OrbiMed (an investment adviser and funds), not an individual executive; the filing includes standard disclaimers about beneficial ownership.