Shield Therapeutics (STX) Trading Update summary

Business performance and growth

• Achieved $13.1 million in Q3 2025 Accrufer net revenues, up 86% year over year and 15% over Q2 2025, with 54,000 prescriptions and a net selling price of $237, reflecting strong growth in both volume and price.

• Prescription growth was 24% year over year, and net selling price increased 42% year over year, indicating effective pricing strategies and market demand.

• September accounted for over 40% of Q3 revenues, marking the highest monthly net revenue to date.

• Cash and cash equivalents stood at $8.6 million as of 30 September 2025, with a net cash burn of $3 million in Q3 2025, excluding a $2 million placing at a 5% premium to the 30-day VWAP.

• Confident in turning cash flow positive by Q4 2025, supported by ongoing revenue growth and efficient working capital management.

Market strategy and product positioning

• Accrufer is positioned as a second-line oral iron treatment, targeting patients intolerant to traditional ferrous salts, with a unique maltol shield formulation reducing gastrointestinal side effects.

• U.S. commercialization is a 50/50 partnership with Viatris, supported by 80 salespeople and robust digital marketing, reaching both prescribers and patients.

• Direct-to-consumer and prescriber marketing efforts target up to 5 million potential patients, leveraging social media influencers and digital advertising.

• Digital marketing has proven nearly as effective as the sales force in generating new prescribers, with combined efforts driving prescription growth.

• Three growth pillars: increasing awareness, optimizing sales force output, and streamlining prior authorization and patient services.

Financial and operational outlook

• Revenue recognition is based on transfer to title model providers, with dispensed prescriptions serving as a leading demand indicator.

• Q3 2025 saw 54,000 prescriptions, with 22% on consignment and 43,000 reimbursed by insurance, maintaining a stable consignment rate.

• Pricing is expected to remain stable over the next few quarters, with no immediate plans for further adjustments.

• No major safety, regulatory, or reimbursement risks identified; product complaints remain extremely low, and regulatory progress is positive.

• Medicaid exposure is limited in key states, and current policy volatility is not expected to materially impact business.