REG - Shield Therapeutics - Q1 2025 Trading Update

Shield TherapeuticsAnnouncement

17/04/2025 11:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250417:nRSQ4930Fa&default-theme=true

RNS Number : 4930F  Shield Therapeutics PLC  17 April 2025

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 (as it forms part of domestic law in the United Kingdom by
virtue of the European Union (Withdrawal) Act 2018). Upon the publication of
this announcement via the Regulatory Information Service, this inside
information is now considered to be in the public domain.

 

Shield Therapeutics plc

("Shield" or the "Company" or the "Group")

 

Q1 2025 Trading Update

Q1 2025 ACCRUFeR® net revenues at $6.4m; March rebound representing c.50% of
Q1 revenues and $220 net price

Remains on track to be cash flow positive by end of 2025

 

London, UK, 17 April 2025: Shield Therapeutics plc (LSE: STX), a
commercial-stage pharmaceutical company specialising in iron deficiency,
provides an unaudited Q1 2025 trading update.

 

In the first quarter of 2025, Shield reported unaudited net revenues of $6.4m
from c.36,800 prescriptions of ACCRUFeR®. Whilst the first quarter of the
year is traditionally softer than the other quarters, the early part of Q1
2025 saw significant weather disruptions in the US, which led to office
closures and subsequently affected prescription numbers across prescription
oral iron products in the market. ACCRUFeR® was further impacted due to
nearly 20% sales force vacancy in January and February. While March showed a
recovery reflecting the fully staffed sales force, the impact of these
weather-related events, coupled with the realignment of the US sales team,
influenced the figures for Q1 2025. The Company continues to remain positive
in its goal of becoming cash flow positive by the end of 2025.

Q1 2025 Key Business Metrics:

·    ACCRUFeR® net revenue of $6.4m (Q1 2024: $4.1m) with March
representing nearly 50% of total Q1 net product revenues.

·    ACCRUFeR® average net price of $187 for Q1 with March at $220 (Q1
2024: $139).

·    ACCRUFeR® Prescriptions of c.36,800, with c.27% consignment-based
prescriptions that were dispensed at a significantly subsidised price to
patients and were not reimbursed by payors.

·    Cash and cash equivalents of $10.5m as of 31 March 2025.
Additionally, Shield has signed an amendment to improve the revenue covenants
associated with the existing SWK $20m debt financing (additional details
detailed below).

Anders Lundstrom, Chief Executive Officer, commented: "We are entering Q2 with
clear momentum behind ACCRUFeR® and a continued focus on our strategic
priorities. Despite early challenges in the year, prescription growth has
recovered well, supported by a fully operational sales force and strong
execution across the business. Our continued progress in global markets,
including recent milestones in Canada, China, and the pediatric program,
reflects the significant value of ACCRUFeR® and our commitment to expanding
patient access worldwide. I am confident that our disciplined approach and
dedicated team will position us to ensure that the Company is cash flow
positive by the end of 2025."

 

Notice of Results and Investor Presentation via Investor Meet Company

 

Shield expects to issue its audited full year results by the end of April
2025.

 

CEO, Anders Lundstrom, and CFO, Santosh Shanbhag, will be hosting a live
online presentation relating to the Q1 2025 update via the Investor Meet
Company platform at 3.30 pm (BST) on 17 April 2025.

 

The presentation is open to all existing and potential investors. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
2.00 pm (BST) or at any time during the live presentation. Investors can sign
up to Investor Meet Company for free and add to meet Shield Therapeutics plc
via:

https://www.investormeetcompany.com/shield-therapeutics-plc/register-investor
(https://www.investormeetcompany.com/shield-therapeutics-plc/register-investor)

 

Investors who already follow Shield Therapeutics plc on the Investor Meet
Company platform will automatically be invited.

 

For further information please contact:

 

 Shield Therapeutics plc                                                                        www.shieldtherapeutics.com (http://www.shieldtherapeutics.com/)
 Anders Lundstrom, CEO                                                                          +44 (0) 191 511 8500
 Santosh Shanbhag, CFO                                                                          investorrelations@shieldtx.com (mailto:investorrelations@shieldtx.com)

 Stephanie Hicks, Investor Relations

 Nominated Adviser and Joint Broker
 Peel Hunt LLP
 James Steel                                                                                    +44 (0)20 7418 8900

 Joint Broker                                                                                   +44 (0)20 7220 0500
 Cavendish Ltd
 Geoff Nash / Rory Sale / Nigel Birks / Harriet
 Ward

 

About Iron Deficiency and ACCRUFeR®/FeRACCRU®

Clinically low iron levels (aka iron deficiency, ID) can cause serious health
problems for adults of all ages, across multiple therapeutic areas. Together,
ID and ID with anemia (IDA) affect about 20 million people in the US and
represent a $2.3B market opportunity. As the first and only FDA approved oral
iron to treat ID/IDA, ACCRUFeR® has the potential to meet an important unmet
medical need for both physicians and patients.

 

ACCRUFeR®/FeRACCRU® (ferric maltol) is a novel, stable, non-salt-based oral
therapy for adults with ID/IDA. The drug has a novel mechanism of absorption
compared to other oral iron therapies and has been shown to be an efficacious
and well-tolerated therapy in a range of clinical trials. More information
about ACCRUFeR®/FeRACCRU®, including the product label, can be found at:
www.accrufer.com (http://www.accrufer.com) and www.feraccru.com
(http://www.feraccru.com) .

 

About Shield Therapeutics plc

Shield is a commercial stage specialty pharmaceutical company that delivers
ACCRUFeR®/FeRACCRU® (ferric maltol), an innovative and differentiated
pharmaceutical product, to address a significant unmet need for patients
suffering from iron deficiency, with or without anemia. The Company launched
ACCRUFeR® in the U.S. with an exclusive, multi-year collaboration agreement
with Viatris Inc. Outside of the U.S., the Company licensed the rights to four
specialty pharmaceutical companies. FeRACCRU® is commercialized in the UK and
European Union by Norgine B.V., which also has marketing rights in Australia
and New Zealand. Shield also has an exclusive license agreement with Beijing
Aosaikang Pharmaceutical Co., Ltd., for the development and commercialization
of ACCRUFeR®/ FeRACCRU® in China, Hong Kong, Macau and Taiwan, with Korea
Pharma Co., Ltd. for the Republic of Korea, and with KYE Pharmaceuticals Inc.
for Canada.

 

ACCRUFeR®/FeRACCRU® has patent coverage until the mid-2030s.

ACCRUFeR®/FeRACCRU® are registered trademarks of Shield Therapeutics.

 

Forward-Looking Statements:

This press release contains forward-looking statements. All statements
contained in this press release that do not relate to matters of historical
fact should be considered forward-looking statements.  These forward-looking
statements are based on management's current expectations and include
statements related to the commercial strategy for ACCRUFeR®/FeRACCRU®. These
statements are neither promises nor guarantees, but involve known and unknown
risks and uncertainties, many of which are beyond our control, that may cause
actual results and performance or achievements to be materially different from
management's expectations expressed or implied by the forward-looking
statements, including, but not limited to, risks associated with the Company's
business and results of operations, competition, and other market factors.
The forward-looking statements made in this press release represent
management's expectations as of the date of this press release, and except as
required by law, the Company disclaims any obligation to update any
forward-looking statements contained in this release, even if subsequent
events cause its views to change.

 

Additional details on the amendment to the SWK Financing

Shield and SWK Financing have amended the existing agreement on the $20
million term loan with a maturity date of 28 September 2028. The amendment
includes an update to the financial covenant of minimum Group revenue targets
as outlined below, and an increase in the final payment fee by $12,500.

 

 Trailing Four Fiscal Quarters (i.e., 12 months) Ended  Revised minimum revenue targets

(in million)
 Q1 2025                                                 $30 - $40
 Q2 2025                                                $30 - $40
 Q3 2025                                                $30 - $40
 Q4 2025                                                $35 - $45
 Q1 2026                                                $35 - $45
 Q2 2026 +                                              $40 - $50

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTUBURRVRUSAAR