Shield Therapeutics (STX) Trading update summary

Financial performance and trading update

• Group net revenues reached $18M in Q1 2026, up from $7M in Q1 2025, with EBIT of approximately $2.5M, reversing a prior year loss.

• ACCRUFERⓇ net revenues grew 54% year-on-year to $9.9M, with 53,000 prescriptions dispensed and an average net price of $190.

• A $7.9M milestone payment from ASK in China contributed significantly to positive EBIT.

• Cash and cash equivalents stood at $12.4M as of 31 March 2026, up from $11.6M at year-end 2025.

• Medicaid in New York introduced new Prior Authorisation requirements, impacting about 19% of ACCRUFERⓇ sales; mitigation efforts are underway.

Leadership and operational updates

• CFO Santosh Shanbhag will step down effective 1 June 2026; CEO Anders Lundstrom will serve as interim CFO while a search for a permanent successor is underway.

• Leadership credited for achieving cash flow positivity and laying groundwork for profitability.

Product and regulatory developments

• Chinese NMPA accepted the MAA submission for ACCRUFERⓇ, and EMA approved FeRACCRUⓇ for children over 12 years.

• ACCRUFERⓇ is now the #1 branded prescription oral iron in the US, addressing a $2.3B market opportunity.

• ACCRUFERⓇ/FeRACCRUⓇ has patent protection until the mid-2030s and is commercialized globally through multiple partnerships.