Shield Therapeutics (STX) Trading Update summary

Business performance and growth

• Q3 2024 net revenues reached $7.2 million from approximately 43,500 ACCRUFeR prescriptions, reflecting a 20% increase in prescription volume over Q2 2024 and 86% over Q3 2023, with a 4% revenue growth adjusted for wholesaler buying patterns.

• Average net selling price per prescription was $167, with July's price affected by wholesaler buying shifts; August and September saw prices above $190, and $192 excluding July's summer pattern.

• Year-to-date group revenues through Q3 2024 totaled $20 million, with Q3 group revenues at $8 million and expectations to meet the $31.5 million full-year revenue covenant.

• U.S. market focus remains on a concentrated prescriber base, with a 100-person sales force and ongoing awareness campaigns.

• Repeat prescriptions and prescriber loyalty are strong, with 70% of Q3 prescribers being repeat and average patient refills at three to four per course.

Financial position and capital initiatives

• Ended Q3 2024 with $7.7 million cash, down from $8.1 million in Q2.

• Implemented a 10% reduction in operating costs and expanded accounts receivable/working capital financing from $10 million to $15 million to extend cash runway into Q2 2025.

• Entered a non-binding term sheet with AOP Health for a minimum of $10 million in new equity-based financing at 4.0 pence per share, contingent on regulatory and shareholder approval; if completed, AOP Health would hold over 50% of voting rights.

• The subscription may include a broader equity offering to existing shareholders and other investors, with no certainty of completion.

• These measures aim to achieve cash flow positivity by the end of 2025.

Product and market expansion

• ACCRUFeR/Feraccru is the only FDA, EMA, UK, and Health Canada approved oral iron broadly indicated for adults with iron deficiency or anemia, addressing a $2.3B US market.

• Product avoids common GI side effects of traditional oral irons, supporting better patient adherence.

• U.S. co-commercialization with Viatris; global partners include Norgine (Europe), KYE (Canada), Korea Pharma (Korea), and ASK (China), with launches and regulatory milestones expected in multiple regions through 2026.

• Pediatric studies in the EU completed with plans to file results with FDA and EMA in H1 2025; EUR 1 million in development milestones expected.

• Product is commercialized in the US and licensed to partners globally, with patent protection until the mid-2030s.