<SEC-DOCUMENT>0001193125-20-254607.txt : 20201106
<SEC-HEADER>0001193125-20-254607.hdr.sgml : 20201106
<ACCEPTANCE-DATETIME>20200925162152
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-254607
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shattuck Labs, Inc.
		CENTRAL INDEX KEY:			0001680367
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				812575858
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1018 W. 11TH STREET
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78703
		BUSINESS PHONE:		919-864-2700

	MAIL ADDRESS:	
		STREET 1:		1018 W. 11TH STREET
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78703
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<TYPE>CORRESP
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR HAVE BEEN OMITTED AND PROVIDED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SEPARATELY TO THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATMENT HAS BEEN REQUESTED BY SHATTUCK LABS, INC. WITH RESPECT TO THE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OMITTED PORTIONS. OMITTED INFORMATION HAS BEEN REPLACED IN THIS LETTER AS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FILED VIA EDGAR WITH A PLACEHOLDER IDENTIFIED BY THE MARK [***]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;25, 2020 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR AND OVERNIGHT DELIVERY
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>CONFIDENTIAL </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Life
Sciences </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Franklin Wyman </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kevin Vaughn </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Alan Campbell </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Tim Buchmiller </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Shattuck Labs, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;333-248918</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Shattuck
Labs, Inc. (the &#147;<U>Company</U>&#148;), we submit this supplemental letter in response to comments from the staff (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) received by
letter dated September&nbsp;3, 2020 (the &#147;<U>Initial Comment Letter</U>&#148;) relating to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1,</FONT> originally confidentially submitted to the Commission on
August&nbsp;7, 2020, resubmitted to the Commission on September&nbsp;10, 2020, and filed with the Commission on September&nbsp;18, 2020 (the &#147;<U>Registration Statement</U>&#148;). This supplemental letter addresses comment 8 of the Initial
Comment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of the commercially sensitive nature of certain information contained herein, this supplemental letter is
accompanied by the Company&#146;s request for confidential treatment for selected portions of this supplemental letter. The Company has filed separate correspondence with the Office of Freedom of Information and Privacy Act Operations in connection
with its confidential treatment request, pursuant to Rule 83 of the Commission&#146;s Rules on Information and Requests, 17 C.F.R. &#167;200.83. For the Staff&#146;s reference, we have enclosed a copy of the Company&#146;s correspondence to the
Office of Freedom of Information and Privacy Act Operations, as well as an unredacted copy of this supplemental letter, marked to show the portions redacted from the version filed via EDGAR and for which the Company is requesting confidential
treatment. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY SHATTUCK LABS, INC. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff, we have recited the prior comment from the Initial Comment
Letter in italicized type and have followed the comment with the Company&#146;s response. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Once you have an estimated offering price range, please explain to us the reasons for any differences
between recent valuations of your common shares leading up to the planned offering and the midpoint of your estimated offering price range. This information will help facilitate our review of your accounting for equity issuances, including stock
compensation. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company submits the below additional information to assist the Staff in its review of the
Company&#146;s position with respect to its determination of the fair value of the shares of its common stock underlying its outstanding equity awards and the reasons for the difference between the most recent valuation of its common stock and the
estimated offering price for its initial public offering (&#147;<U>IPO</U>&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Preliminary IPO Price Range </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that it preliminarily estimates a price range of approximately $[***] to $[***] per share (the &#147;<U>Price
Range</U>&#148;) for its IPO. The Price Range does not reflect the impact of a stock split of its common stock, which stock split the Company anticipates will be effected prior to the effectiveness of the Registration Statement. The Price Range does
not take into account the current lack of liquidity for the Company&#146;s common stock and assumes a successful IPO, with no weighting attributed to any other outcome for the Company&#146;s business, such as remaining as a privately held company or
being sold in a change of control transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As is typical in IPOs, the Price Range was not derived using a formal determination of
fair value, but was determined through discussions among the board of directors of the Company (the &#147;<U>Board</U>&#148;), senior management of the Company and representatives of the underwriters. Among the factors that were considered in
estimating the Price Range were the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company&#146;s financial position and prospects; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an analysis of the typical valuation ranges seen in recent IPOs for comparable companies in the Company&#146;s
industry; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY SHATTUCK LABS, INC. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the general conditions of the securities market and the recent market prices of, and the demand for, publicly
traded common stock of comparable companies; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">feedback from potential investors following &#147;testing the waters&#148; meetings; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the recent performance of IPOs of companies in the industry in which the Company operates. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The actual <I>bona fide</I> price range to be included in the Registration Statement has not yet been determined and remains subject to
adjustment based on further discussions between the Company and the lead underwriters, developments in the Company&#146;s business, market conditions and other factors that are outside of the Company&#146;s control. However, the Company believes
that the actual <I>bona fide</I> price range will be within the Price Range. In addition, the actual <I>bona fide</I> price range to be included in the Registration Statement will be reflected in an amendment to the Registration Statement that will
be filed before the commencement of the road show and will comply with the Staff&#146;s interpretations regarding the permissible parameters of a <I>bona fide</I> price range. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Determining the Fair Value of Common Stock Prior to the IPO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As there has been no public market for the Company&#146;s common stock to date, the estimated fair value of its common stock has been
determined by the Board as of the date of each option grant, with input from the Company&#146;s management, considering the Company&#146;s most recent third-party valuations of its common stock and the Board&#146;s assessment of additional objective
and subjective factors that it believed were relevant and which may have changed from the date of the most recent third-party valuation through the date of the grant, as disclosed on page 97 of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s most recent third-party valuations of its common stock were prepared as of May&nbsp;15, 2018, May&nbsp;31, 2019,
June&nbsp;12, 2020, July&nbsp;31, 2020 and August&nbsp;31, 2020. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants&#146; Accounting and Valuation Guide,
<I>Valuation of Privately-Held-Company Equity Securities Issued as Compensation.</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY SHATTUCK LABS, INC. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>May 2018 Valuation </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An independent third-party valuation of the Company determined that the fair value of the Company&#146;s common stock as of May&nbsp;15, 2018
(the &#147;<U>May 2018 Valuation</U>&#148;) was $20.15 per share. The fair value of the Company&#146;s common stock was estimated using a precedent transaction approach and option-pricing method (&#147;<U>OPM</U>&#148;). This approach was determined
to be the most appropriate method because the Company had recently completed a private offering of its Series A redeemable convertible preferred stock in April 2018 (the &#147;<U>Series A Financing</U>&#148;). The total equity value of the Company
implied by the Series A Financing was back-solved assuming an early stage exit scenario and late state exit scenario. The implied probability weighted total equity value was calculated to be $[***]. The OPM was used to allocate value to each class
of the Company&#146;s shares. The marketable value per share of the Company&#146;s common stock was determined to be $[***]. To account for the lack of access to an active public market, a discount for lack of marketability (&#147;<U>DLOM</U>&#148;)
of [***]% was applied to the marketable value to arrive at the resulting fair value of $20.15 per share of the Company&#146;s common stock as of May&nbsp;15, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;6, 2019 and May&nbsp;14, 2019, the Company granted options to purchase a total of 10,750 shares of the Company&#146;s common
stock at an exercise price of $20.15 per share. The Board determined on each applicable grant date that any internal or external developments during the period from the May 2018 Valuation to May&nbsp;14, 2019 did not warrant a change in the
estimated fair value of the Company&#146;s common stock when determining the exercise price of the options. As a result, the Board determined that an exercise price of $20.15 per share with respect to each grant made on March&nbsp;6, 2019 and
May&nbsp;14, 2019 was appropriate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>May 2019 Valuation </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An independent third-party valuation of the Company determined that the fair value of the Company&#146;s common stock as of May&nbsp;30, 2019
(the &#147;<U>May 2019 Valuation</U>&#148;) was $21.69 per share. The fair value of the Company&#146;s common stock was estimated using a probability weighted return method (&#147;<U>PWERM</U>&#148;). The income-based approach was not selected in
the valuation as the Company was <FONT STYLE="white-space:nowrap">pre-revenue</FONT> and an analysis based on discounted cash flows would have been speculative. The PWERM involves estimating the value of the Company based upon the weighted-average
present values of future enterprise values assuming various potential future outcomes. Such future outcomes include an initial public offering, a merger or sale, a dissolution, or continued operation. The per share value of the Company&#146;s common
stock determined using the PWERM is based upon the probability weighted per share values resulting from the weighting of such future outcomes. This approach was determined to be the most appropriate method because it takes into account future
economic outcomes in the determination of present value. A valuation of each probability-weighted future outcome was made based on the expectations of the Company&#146;s management of potential exit events, taking into account the Company&#146;s
assessment of its development pipeline and market conditions at that time. The future common equity values under the potential future outcomes were allocated to each class of the Company&#146;s shares and then discounted to present value using a
[***]% discount rate, which was based on venture capital rates of return, to calculate a probability weighted total common equity value of $[***], which corresponded to the resulting fair value of $21.69 per share of the Company&#146;s common stock
as of May&nbsp;31, 2019. A DLOM was not applied because the venture capital rates of return used to select the discount rate were inclusive of a DLOM. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY SHATTUCK LABS, INC. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;18, 2019, December&nbsp;4, 2019, December&nbsp;11, 2019 and January&nbsp;2,
2020, the Company granted options to purchase a total of 91,416 shares of common stock at an exercise price of $21.69 per share. The Board determined on each applicable grant date that any internal or external developments during the period from the
May 2019 Valuation to January&nbsp;2, 2020 did not warrant a change in the estimated fair value of the Company&#146;s common stock when determining the exercise price of the options. As a result, the Board determined that an exercise price of $21.69
per share with respect to each grant made on September&nbsp;18, 2019, December&nbsp;4, 2019, December&nbsp;11, 2019 and January&nbsp;2, 2020 was appropriate. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>June 2020 Valuation </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An
independent third-party valuation of the Company determined that the fair value of the Company&#146;s common stock as of June&nbsp;12, 2020 (the &#147;<U>June 2020 Valuation</U>&#148;) was $26.72 per share. The fair value of the Company&#146;s
common stock was estimated using a precedent transaction approach and the PWERM. This approach was determined to be the most appropriate method because the Company had recently completed a private offering of its Series B <FONT
STYLE="white-space:nowrap">-1</FONT> redeemable convertible preferred stock in June 2020 (the &#147;<U>Series <FONT STYLE="white-space:nowrap">B-1</FONT> Financing</U>&#148;). Using a back-solve approach taking into account the total equity value of
the Company implied by the Series <FONT STYLE="white-space:nowrap">B-1</FONT> Financing, an implied equity value of the Company&#146;s common stock was calculated and then discounted to present value using a [***] discount rate, which was based on
the venture capital rates of return. The probability weighted total common equity value was calculated to be $[***], which corresponded to the resulting fair value of $26.72 per share of the Company&#146;s common stock as of June&nbsp;12, 2020. A
DLOM was not applied because the venture capital rates of return used to select the discount rate were inclusive of a DLOM. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>July 2020 Valuation
</U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An independent third-party valuation of the Company determined that the fair value of the Company&#146;s common stock as of
July&nbsp;31, 2020 (the &#147;<U>July 2020 Valuation</U>&#148;) was $31.98 per share. The Company&#146;s equity was valued using the PWERM. Similar to the approach in the May 2019 Valuation, this approach was determined to be the most appropriate
method. A valuation of each probability-weighted potential future outcome was made, taking into account the Company&#146;s recent developments in opening two <FONT STYLE="white-space:nowrap">SL-172154</FONT> Phase 1 clinical studies and enrolling a <FONT
STYLE="white-space:nowrap">SL-279252</FONT> Phase 1 clinical study. The future common equity values under the potential future outcomes were allocated to each class of the Company&#146;s shares and then discounted to present value using a [***]%
discount rate, which was based on venture capital rates of return, to calculate a probability weighted total common equity value of $[***], which corresponded to the resulting fair value of $31.98 per share of the Company&#146;s common stock as of
July&nbsp;31, 2020. A DLOM was not applied because the venture capital rates of return used to select the discount rate were inclusive of a DLOM. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<IMG SRC="g38352dsp2.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY SHATTUCK LABS, INC. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;6, 2010 and August&nbsp;10, 2020, the Company granted options to purchase a
total of 130,700 shares of common stock at an exercise price of $31.98 per share. The Board determined on each applicable grant date that any internal or external developments during the period from the July 2020 Valuation to August&nbsp;10, 2020
did not warrant a change in the estimated fair value of the Company&#146;s common stock when determining the exercise price of the options. As a result, the Board determined that an exercise price of $31.98 per share with respect to each grant made
on August&nbsp;6, 2010 and August&nbsp;10, 2020 was appropriate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>August 2020 Valuation </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An independent third-party valuation of the Company determined that the fair value of the Company&#146;s common stock as of August&nbsp;31,
2020 (the &#147;<U>August 2020 Valuation</U>&#148;) was $53.50 per share. The Company&#146;s equity was valued using the PWERM. Similar to the approach in the May 2019 Valuation and the July 2020 Valuation, this approach was determined to be the
most appropriate method. The future common equity values under the future potential outcomes were determined and allocated to each class of the Company&#146;s shares and then discounted to present value using a [***]% discount rate, which was based
on venture capital rates of return, to calculate a probability weighted total common equity value of $[***], which corresponded to the resulting fair value of $53.50 per share of the Company&#146;s common stock as of August&nbsp;31, 2020. A DLOM was
not applied because the venture capital rates of return used to select the discount rate were inclusive of a DLOM. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Difference between Recent
Valuations Leading up to the IPO and Estimated Offering Price </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company believes that the difference between the fair value of
its common stock as of August&nbsp;31, 2020 of $53.50 per share and the midpoint of the Price Range provided above of approximately $[***] per share of its common stock is the result of the following developments that occurred subsequent to
August&nbsp;31, 2020: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">the additional progress made by the Company in its Phase 1 clinical trial to evaluate
<FONT STYLE="white-space:nowrap">SL-172154</FONT> in patients with ovarian cancer, for which the Company expects to announce initial data from the dose-escalation portion of such trial in the second half of 2021; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">the Company&#146;s further development of plans to initiate a second Phase 1 clinical trial to evaluate
<FONT STYLE="white-space:nowrap">SL-172154</FONT> in patients with cutaneous squamous cell carcinoma or head and neck squamous cell carcinoma, for which the Company expects to announce data from the dose-escalation portion of such trial in the
second half of 2022; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<IMG SRC="g38352dsp2.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY SHATTUCK LABS, INC. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">the additional progress made by the Company in its Phase 1 clinical trial to evaluate <FONT
STYLE="white-space:nowrap">SL-279252</FONT> in patients with advanced solid tumors and lymphoma, for which the Company expects to announce data from the dose-escalation portion of this trial in the second half of 2021; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">further <FONT STYLE="white-space:nowrap">de-risking</FONT> of the CD47/SIRP&#945; blockade mechanism of action as a result of recent positive
competitor data; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">further advancement of the Company&#146;s development of its Agonist Redirected Checkpoint (ARC) and Gamma Delta T Cell
Engager (GADLEN) platforms; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">the additional progress made by the Company in identifying new product candidates from the Company&#146;s ARC
and GADLEN platforms, for which the Company expects to submit additional Investigational New Drug Applications in both the second half of 2021 and in the first half of 2020; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">the additional progress made by the Company in developing its fusion protein manufacturing capabilities and building out its drug supply for
its preclinical and clinical studies and to eventually scale up to meet commercial requirements; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">the additional progress made by the
Company in its planned IPO, including holding &#147;testing the waters&#148; meetings with potential investors in reliance on Section&nbsp;5(d) of the Act and the filing of the Registration Statement with the Commission on September&nbsp;18, 2019.
Based on feedback from these meetings, the Company has assessed that there is potential market demand for the Company&#146;s securities and has estimated that the value of the Company&#146;s securities, as determined by the public markets, would be
at the <FONT STYLE="white-space:nowrap">mid-point</FONT> of the price range. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the anticipated Price Range for this offering
necessarily assumes that the IPO has occurred and that a public market for shares of the Company&#146;s common stock has been created and, therefore, excludes any discount for lack of marketability of shares of the Company&#146;s common stock, which
was taken into account in the Company&#146;s determination of the fair value of its common stock in all prior valuations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g38352dsp2.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY SHATTUCK LABS, INC. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, the Company expects to accrue as a result of becoming publicly traded through the
IPO: (i)&nbsp;a substantial increase in the Company&#146;s cash position after receiving the net proceeds from the IPO; (ii)&nbsp;an anticipated improved ability of the Company to raise capital through the sale of equity and debt securities going
forward and at a lower expected cost of capital and with reduced borrowing costs, each as a result of being a publicly traded company; and (iii)&nbsp;the expected increased attractiveness of the Company&#146;s common stock as a currency to raise
capital, compensate employees and for other strategic transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Lastly, the anticipated Price Range assumes the conversion of all of
the Company&#146;s outstanding preferred stock into shares of its common stock. The Company&#146;s preferred stock currently has substantial economic rights and preferences over the Company&#146;s common stock including: (i)&nbsp;the right to
receive dividends prior to any dividends declared or paid on any shares of the Company&#146;s common stock; (ii)&nbsp;liquidation payments in preference to holders of the Company&#146;s common stock; and (iii)&nbsp;veto voting rights with respect to
certain actions. Upon the closing of the IPO, all outstanding shares of the Company&#146;s preferred stock will convert into shares of its common stock, thus eliminating the superior rights and preferences of the preferred stock as compared to the
common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully submits that the deemed per share fair values used as the basis for determining the share-based
compensation in connection with its grants of equity awards are reasonable and appropriate for the reasons described above. In addition, the Company will continue to update its disclosure for all equity-related transactions through the effective
date of the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or comments with regard to this matter, please do not hesitate to contact
me at (415) <FONT STYLE="white-space:nowrap">393-8373.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Ryan A. Murr</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ryan A. Murr</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Taylor Schreiber, Shattuck Labs, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Erin Ator Thomson, Shattuck Labs, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Branden C. Berns, Gibson, Dunn&nbsp;&amp; Crutcher LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">B. Shayne Kennedy, Latham&nbsp;&amp; Watkins LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nathan Ajiashvili, Latham&nbsp;&amp; Watkins LLP</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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