Shield Therapeutics (STX) Q4 2025 TU earnings summary

Executive summary

• Achieved cash flow positive status in Q4 2025, driven by strong US ACCRUFeR/ACCRUFERⓇ sales and effective cost management, marking a key milestone toward sustainability.

• ACCRUFeR/ACCRUFERⓇ became the number one branded prescription oral iron in the US ID/IDA market, with a highly tolerable proprietary formulation.

• Expanded global footprint with launches in Canada and regulatory progress in Korea, China, and pediatric populations.

• Focused on expanding market share through direct-to-consumer and physician-targeted marketing, with emphasis on primary care, women's health, and digital outreach.

• Actively pursuing a second product to leverage the existing sales force and further diversify the portfolio.

Financial highlights

• Total 2025 revenues reached approximately $50 million, with $46 million from US ACCRUFeR/ACCRUFERⓇ sales, representing 56% year-over-year growth.

• Nearly 200,000 prescriptions dispensed in 2025, up 33% year-over-year.

• Net selling price per prescription increased 21% year-over-year to approximately $223 in 2025; Q4 2025 net selling price was $222.

• Q4 2025 US revenues were $13.5 million, with 61,000 prescriptions, including 21% consignment at subsidized prices.

• Ended Q4 2025 with $11.6 million in cash and cash equivalents, generating $1 million in net cash (excluding $2 million debt refinancing).

Outlook and guidance

• Expect to remain cash flow positive and achieve EBIT/operating profitability for full year 2026, supported by continued ACCRUFeR/ACCRUFERⓇ growth.

• Pricing for ACCRUFeR/ACCRUFERⓇ anticipated to fluctuate between $222 and $240 per prescription in 2026.

• Targeting continued growth in prescriptions and revenues, with a focus on expanding into additional specialties and launching pediatric and international indications.

• Peak US sales target for ACCRUFeR/ACCRUFERⓇ remains at $450 million, with further growth expected from new indications and expanded prescriber base.

• Actively seeking to add a late-stage or FDA-approved specialty product to the portfolio.