Shield Therapeutics (STX) Trading Update summary

Market opportunity and product positioning

• Iron deficiency affects up to 20 million people in the U.S., with 40-60% unable to tolerate standard oral iron treatments.

• ACCRUFeR is the first and only FDA-approved oral iron for iron deficiency/IDA, offering improved tolerability and efficacy.

• Addresses a $2.3B market opportunity in the US.

• Approved in the U.S., Europe, U.K., Switzerland, and Canada, with global partnerships expanding to Japan, Korea, and China.

• Patent coverage extends until the mid-2030s, with peak annual revenue estimated at $415 million.

Commercial strategy and sales execution

• U.S. commercialization is driven by a 50/50 partnership with Viatris, focusing on primary care, women's health, and expanding to other specialties.

• Digital marketing and influencer campaigns generate up to 300 new prescribers monthly.

• Sales force optimization led to 80 fully staffed territories, with six states accounting for two-thirds of prescriptions.

• Prior authorization processes and case manager outreach are used to increase prescription fill rates.

• Exclusive licensing and collaboration agreements in multiple global markets underpin growth.

Financial performance and growth

• Q2 2025 net revenues reached $12.8 million, doubling from Q1, with 47,000 prescriptions and a net selling price of $231.

• Cash and cash equivalents increased to $10.8 million at June 30, 2025, supported by milestone payments from global partners.

• Consignment prescriptions decreased from 27% to 23%, with a focus on converting these to paid scripts.

• Revenue growth is driven by both increased prescriptions and higher net selling prices.

• Milestone payments from VITAL-NET ($665k) and Norgine BV (€0.5m) contributed to cash growth.