Shield Therapeutics (STX) Trading Update summary

Market Opportunity and Product Positioning

• ACCRUFeR is the first and only FDA-approved oral iron for iron deficiency/iron deficiency anemia in the US, targeting a $2.3 billion market with strong IP protection through the mid-2030s.

• U.S. market potential estimated at up to $450 million annually, with a focus on self-commercialization and partnership with Viatris.

• Product offers improved gastrointestinal tolerability and absorption compared to traditional oral iron salts, reducing discontinuation rates.

• Commercialization partnerships established in the US, UK, EU, Australia, New Zealand, China, Korea, and Canada.

• Expansion efforts include partnerships in Europe, Canada, South Korea, and China, with launches and regulatory filings progressing.

Commercial Strategy and Sales Initiatives

• U.S. addressable market is 12 million prescriptions annually, with targeted digital marketing to both healthcare professionals and patients.

• Sales force realigned to focus on top five states, representing 60% of volume, to optimize coverage and performance.

• Three key growth initiatives: reducing consignment business, sales force realignment, and expanded digital marketing, including direct-to-patient efforts.

Financial Performance and Revenue Growth

• 2024 unaudited revenues reached $32.2 million, with ACCRUFeR contributing $29.3 million, a 153% increase over 2023.

• Net selling price per ACCRUFeR prescription rose 42% in Q4 2024 to $237, driven by pricing changes and reduced consignment-based prescriptions.

• Total ACCRUFeR prescriptions grew 95% to approximately 150,000 in 2024, with Q4 prescriptions at around 41,000.

• Q4 2024 saw $11.2 million in ACCRUFeR revenues, a 56% increase over Q3 2024, driven by a higher net price per prescription and reduced consignment share.

• Cash and cash equivalents stood at $6.5 million at year-end, with an additional $10 million equity funding received in January 2025.