RNS Number : 4943M
Shield Therapeutics PLC
30 April 2024

Shield Therapeutics plc

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


Business Update for Q1 2024 and Confirmation of Key Financials for FY 2023


Total U.S. Accrufer® prescriptions increased to c. 77,000 in 2023 and totalled c. 28,800 in Q1 2024


Cash and financial foundation strengthened via a $10m accounts receivable financing and improvement of revenue covenants associated with the existing $20m debt financing


Guidance reiterated to turn cashflow positive in H2 2025


·    Total 2023 revenue and other income: $17.5m, a 2.8x increase over FY22

Accrufer® revenue: $11.6m, a 3.1x increase over FY22

Ex-U.S. revenue: $1.5m of royalty revenue from product sales in Europe

Other income revenue including Viatris milestone payments: $4.4m

·    Total 2023 Prescriptions: c.77,000, a 310% increase over FY22

·    Operating Loss: $31.1m compared to $49.8m in FY22

·    Cash and cash equivalents: $13.9m as of 31 December 2023

·    Total US Accrufer revenue: $4.0m with an Average Net Selling Price of c. $140/prescription

·    Total Q1 Prescriptions: c.28,800, a 1% rise over Q4 2023 and 174% increase over Q1 2023.

Shield has worked very closely with its third-party data provider to rectify the prescription reporting issue and has implemented an enhanced multi-source system

·    New Financing: secured a $10m accounts receivable financing and signed an amendment to improve the revenue covenants associated with the existing SWK $20m debt financing (additional details at end of this announcement)

·    Cash and cash equivalents: $10.4m as of 31 March 2024


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 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.


For further information please contact:


Shield Therapeutics plc


Greg Madison, CEO

Santosh Shanbhag, CFO


+44 (0) 191 511 8500

Nominated Adviser and Joint Broker

Peel Hunt LLP

James Steel/Patrick Birkholm

+44 (0)20 7418 8900

Joint Broker

Cavendish Ltd

Geoff Nash/ George Dollemore/Nigel Birks/Harriet Ward                                            




+44 (0)20 7220 0500

Financial PR & IR Advisor

Walbrook PR

Charlotte Edgar / Alice Woodings


+44 (0)20 7933 8780 or shield@walbrookpr.com

Investor Contact (US Advisor)

LifeSci Advisors, LLC

Joyce Allaire




About Shield Therapeutics plc

Forward-Looking Statements:


Trailing Four Fiscal Quarters (i.e., 12 months) Ended

Revised minimum revenue targets

Q3 2023


Q4 2023


Q1 2024


Q2 2024


Q3 2024


Q4 2024


Q1 2025


Q2 2025+


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