Shield Therapeutics (STX) H2 2025 earnings summary

Executive summary

• Achieved record net revenues of $49.7M in 2025, with ACCRUFER® US net revenues up 56% year-over-year to $45.8M and global expansion milestones reached.

• Became cash flow positive in Q4 2025, providing increased financial flexibility and setting the stage for expected operating profit in 2026.

• ACCRUFER® became the #1 branded prescription oral iron in the US, with ~199,000 prescriptions and a 21% increase in average net selling price.

• Expanded global reach with regulatory approvals in Korea, Canada launch, and FDA extension to adolescents aged 10+.

Financial highlights

• Total 2025 revenue (excluding other income) was $49.7M, up from $32.2M in 2024.

• Gross profit increased to $23.0M from $14.9M year-over-year.

• Loss for the year reduced to $17.7M from $27.2M in 2024, driven by revenue growth and disciplined expense management.

• Cash and cash equivalents at year-end were $11.6M, up from $6.5M in 2024.

• Net cash inflow for 2025 was $5.0M, with positive net operating cash flow in Q4.

Outlook and guidance

• Anticipates strong growth in 2026, driven by continued US sales force efforts, marketing, and improved patient access.

• Strategic priorities include sustained ACCRUFER® revenue growth, diversification beyond adult ID/IDA, and achieving profitability.

• Recent loan facility expansion and disciplined financial management position the company for profitability and self-sustainability in 2026.