Shield Therapeutics (STX) H1 2025 earnings summary

Executive summary

• Revenues for H1 2025 rose 1.8x year-over-year to $21.4 million, driven by US ACCRUFERⓇ sales and higher net selling prices.

• ACCRUFERⓇ prescriptions in the US reached approximately 84,000, up 1.3x from H1 2024, with a 1.4x increase in average net selling price to $214.

• Global expansion advanced with launches and regulatory progress in Canada, Japan, China, and pediatric filings in the US and Europe.

• Loss for H1 2025 narrowed to $9.5 million from $15.5 million in H1 2024, reflecting revenue growth and cost control.

• Cash position strengthened to $10.8 million, supported by a $10 million equity raise and milestone payments.

Financial highlights

• US ACCRUFERⓇ revenue: $19.2 million, up from $11.0 million in H1 2024.

• Ex-US revenue: $2.2 million from milestones and royalties, up from $1.1 million.

• Cost of sales increased to $10.9 million (H1 2024: $6.7 million).

• Selling, general, and administrative expenses decreased to $15.6 million (H1 2024: $18.8 million).

• Net cash outflow from operations was $1.7 million, improved from $3.6 million in H1 2024.

Outlook and guidance

• Guidance to achieve cash flow positivity by end of 2025 remains unchanged.

• Continued US prescription growth and further improvement in financial metrics expected in H2 2025.

• Anticipated regulatory approvals for pediatric and China markets in 2026.