Shield Therapeutics (STX) H2 2024 earnings summary

Executive summary

• Achieved 146% year-over-year revenue growth in 2024, with total revenues reaching $32.2M, primarily driven by U.S. ACCRUFER sales.

• ACCRUFER net product revenue in the U.S. rose to $29.3M, with prescriptions nearly doubling to ~150,000.

• Strengthened balance sheet with $31M in new financing and cost-saving measures, positioning for cash flow positivity by end of 2025.

• Expanded global footprint with Health Canada approval, regulatory submissions in Korea and China, and successful pediatric trial.

Financial highlights

• Total revenue: $32.2M in 2024 vs. $13.1M in 2023; net ACCRUFER revenue: $29.3M vs. $11.6M year-over-year.

• Gross profit: $14.9M; cost of sales: $17.3M; selling, general & administrative expenses: $36.0M (down from $38.0M in 2023).

• Operating loss: $22.9M; net loss after tax: $27.2M (improved from $33.3M loss in 2023).

• Cash at year-end: $6.5M (down from $13.9M), with $10.5M as of March 2025 post-equity raise.

• R&D spend: $4.3M, with $2.4M capitalized.

Outlook and guidance

• Forecasts indicate monthly cash flows turning positive by end of 2025.

• Focus on U.S. ACCRUFER growth, global market expansion, and operational efficiency.

• Expect significant 2025 growth despite Q1 weather-related impacts; global partner contributions to increase.