Shield Therapeutics

STX · AIM · Health Care · mcap £57m · 5.3p

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Financials · LTM to 30 Jun 26

Source: results 20 Aug 26 ↗

Revenue: £43.8m
Operating profit: −£3.0m
Net income: −£7.7m
Free cash flow: £162k
Net debt: £12.5m
Market cap: £56.9m
EV / EBIT: –
FCF yield: +0.3%
Price / book: –

Latest half-year · H1 26 vs H1 25 results 20 Aug 26 ↗

Revenue: £22.6m
Operating profit: £155k
Net income: −£1.7m
Cash from operations: £2.2m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 20 Aug 26 · read the results ↗

The income statement could not be read from the annual results announcements – see Key figures.

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	30 Jun 26$000 source	31 Dec 25$'000 source	31 Dec 24$'000 source
Non-current assets
Intangible assets	18,169	18,887	18,168
Property, plant and equipment	111	113	373
Restricted cash	1,000	1,000	1,000
Total non-current assets	19,280	20,000	19,541
Current assets
Inventories	9,109	9,214	5,661
Trade and other receivables	16,911	24,275	24,968
Current tax asset	-	105	286
Restricted cash	–	-	500
Cash and cash equivalents	8,345	11,621	6,524
Total current assets	34,365	45,215	37,939
Total assets	53,645	68,215	57,480
Non-current liabilities
Long-term loan	(24,903)	(30,135)	(26,174)
Total non-current liabilities	(24,903)	(30,135)	(26,174)
Current liabilities
Trade and other payables	(31,380)	37,427)	(23,188)
Lease liabilities	-	-	(196)
Other liabilities	(14,386)	(12,730)	(9,239)
Total current liabilities	(45,766)	(50,157)	(32,623)
Total liabilities	(70,669)	(80,292)	(58,797)
Net liabilities	(17,024)	(15,077)	(1,317)
Equity
Share capital	(20,476)	(20,435)	(19,908)
Share premium	(204,622)	(204,613)	(203,188)
Warrants reserve	(94)	(94)	-
Merger reserve	(43,240)	(43,240)	(43,240)
Currency translation reserve	6,963	6,748	7,806
Accumulated deficit	278,493	276,711	259,847
Total equity	–	15,077	1,317
Total deficit	17,024	–	–

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	30 Jun 26$000 source	31 Dec 25$'000 source	30 Jun 25$000 source	31 Dec 24$'000 source
Non-current assets
Intangible assets	18,169	18,887	19,508	18,168
Property, plant and equipment	111	113	228	373
Restricted cash	1,000	1,000	1,000	1,000
Total non-current assets	19,280	20,000	20,736	19,541
Current assets
Inventories	9,109	9,214	6,749	5,661
Trade and other receivables	16,911	24,275	23,693	24,968
Current tax asset	-	105	107	286
Restricted cash	–	-	–	500
Cash and cash equivalents	8,345	11,621	10,814	6,524
Total current assets	34,365	45,215	41,363	37,939
Total assets	53,645	68,215	62,099	57,480
Non-current liabilities
Long-term loan	(24,903)	(30,135)	(26,949)	(26,174)
Total non-current liabilities	(24,903)	(30,135)	(26,949)	(26,174)
Current liabilities
Trade and other payables	(31,380)	37,427)	(36,919)	(23,188)
Lease liabilities	-	-	(99)	(196)
Other liabilities	(14,386)	(12,730)	(12,989)	(9,239)
Total current liabilities	(45,766)	(50,157)	(50,007)	(32,623)
Total liabilities	(70,669)	(80,292)	(76,956)	(58,797)
Net liabilities	(17,024)	(15,077)	(14,857)	(1,317)
Equity
Share capital	(20,476)	(20,435)	(19,908)	(19,908)
Share premium	(204,622)	(204,613)	(203,188)	(203,188)
Warrants reserve	(94)	(94)	-	-
Merger reserve	(43,240)	(43,240)	(43,240)	(43,240)
Currency translation reserve	6,963	6,748	12,178	7,806
Accumulated deficit	278,493	276,711	269,015	259,847
Total equity	–	15,077	–	1,317
Total deficit	17,024	–	14,857	–

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	FY 25$'000 source	FY 24$'000 source
Cash flows from operating activities
Loss for the year	(17,655)	(27,182)
Adjustments for
Depreciation and amortisation	1,115	1,425
Equity-settled share-based payment expenses	791	860
Financial income	(327)	(266)
Financial expense	7,418	3,949
Income tax	514	626
Total adjustments for	(8,144)	(20,588)
Increase in inventories	(3,431)	(2,458)
Increase in trade and other receivables	(8,654)	(1,142)
Decrease/(increase) in restricted cash	500	(1,500)
Increase in trade and other payables	16,759	10,467
(Decrease)/increase in other liabilities	-	9,213
Income tax paid	(410)	(762)
Net cash flows from operating activities	(3,380)	(6,770)
Cash flows from investing activities
Financial income	91	266
Additions to tangible assets	(24)	(35)
Capitalised development expenditure	(276)	(2,386)
Net cash flows from investing activities	(209)	(2,155)
Cash flows from financing activities
Interest paid	(4,838)	(3,949)
Proceeds from equity raise	11,954	122
Legal fees in relation to equity raise	-	(233)
Proceeds from milestone monetisation	-	5,700
Proceeds from long-term loan	1,708	-
Payment of lease liabilities	(196)	(213)
Net cash flows from financing activities	8,628	(1,427)
Net (decrease)/increase in cash	5,039	(7,498)
Effect of foreign exchange differences	58	74
Cash and cash equivalents at 1 January	6,524	13,948
Cash and cash equivalents at 31 December	11,621	6,524

	H1 26 source	H2 25$'000 calc.	H1 25 source
Cash flows from operating activities
Loss for the period	(9,535)	–	(17,655)
Adjustments for
Depreciation and amortization	708	–	1,115
Equity-settled share-based payment expenses	367	-	791
Financial income	(169)	-	(327)
Financial expense	3,755	-	7,418
Income tax	158	-	514
Total adjustments for	(4,716)	-	(8,144)
Increase in inventories	(717)	-	(3,431)
Increase/(decrease) in trade and other receivables	(5,193)	-	(8,654)
Decrease/(increase) in restricted cash	500	-	500
(Decrease)/Increase in trade and other payables	7,207	-	16,759
Increase in other liabilities	981	-	-
Income tax received/(paid)	196	–	(410)
Net cash inflows/(outflows) from operating activities	(1,742)	–	(3,380)
Cash flows from investing activities
Financial income	169	-	91
Acquisition of tangible assets	-	–	(24)
Capitalised development expenditure	(1,312)	-	(276)
Net cash outflows from investing activities	(1,143)	–	(209)
Cash flows from financing activities
Cash raised from equity placing	10,000	–	11,954
Interest paid	(3,755)	-	(4,838)
Legal fees in relation to equity placing	(80)	–	-
Loan repayment	(4,715)	–	-
Share options exercised	50	–	-
Proceeds from long-term loan	-	-	1,708
Total cash outflow from leases	(97)	–	(196)
Net cash outflows (inflow) from financing activities	6,068	–	8,628
Net increase/(reduction) in cash	3,183	–	5,039
Effect of exchange rate fluctuations on cash held	1,107	–	58
Cash and cash equivalents at beginning period	6,524	–	6,524
Cash and cash equivalents at period end	10,814	–	11,621

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	43.8	37.7	25.2
Gross profit	22.8	17.5	11.7
Operating profit	(3.0)	(7.6)	(17.9)
Share-based payments	0.7	0.6	0.7
Operating profit to net income
Finance costs	(4.4)	(5.6)	(3.1)
Profit before tax	(7.3)	(13.0)	(20.8)
Tax	(0.4)	(0.4)	(0.5)
Net income (owners)	(7.7)	(13.4)	(21.3)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	22.6	+36%	21.2	16.6
Gross profit	13.5	+65%	9.3	8.2
Operating profit	0.2	n/m	(3.2)	(4.5)
Share-based payments	0.4	+24%	0.3	0.3
Operating profit to net income
Finance costs	(1.7)	−42%	(2.7)	(2.9)
Profit before tax	(1.5)	n/m	(5.8)	(7.2)
Tax	(0.1)	+21%	(0.3)	(0.1)
Net income (owners)	(1.7)	n/m	(6.0)	(7.4)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	1.0	(2.6)	(5.3)
Interest paid	(2.5)	(3.7)	(3.1)
Tax paid	–	(0.3)	(0.6)
Investing activities
Capex (PP&E)	(0.0)	(0.0)	(0.0)
Capex (intangibles)	0.7	(0.2)	(1.9)
Financing activities
Lease principal paid	(0.1)	(0.1)	(0.2)
Shares issued	1.4	9.1	0.1

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	2.2	n/m	(1.2)	(1.3)
Interest paid	(1.7)	−42%	(0.8)	(2.9)
Investing activities
Capex (PP&E)	(0.0)	n/m	(0.0)	0.0
Capex (intangibles)	(0.1)	−94%	0.8	(1.0)
Financing activities
Lease principal paid	0.0	n/m	(0.1)	(0.1)
Shares issued	0.0	n/m	1.4	7.7

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	–	14.0	14.5
Property, plant & equipment	0.1	0.1	0.3
Non-current assets	14.5	14.9	15.6
Current assets
Inventories	6.9	6.8	4.5
Trade receivables	12.8	18.0	19.9
Cash	6.3	8.6	5.2
Current assets	25.9	33.6	30.2
Total assets	40.5	48.4^r	45.8
Current liabilities
Trade payables	23.7	27.8	18.5
Lease liabilities, current	0.0	0.0	0.2
Current liabilities	34.5	37.2	26.0
Non-current liabilities
Borrowings, non-current	18.8	22.4	20.9
Non-current liabilities	18.8	22.4	20.9
Total liabilities	53.3	59.6^r	46.9
Equity
Total equity	(12.8)	(11.2)	(1.0)

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	–	14.0	–	14.5
Property, plant & equipment	0.1	0.1	0.2	0.3
Non-current assets	14.5	14.9	15.1	15.6
Current assets
Inventories	6.9	6.8	4.9	4.5
Trade receivables	12.8	18.0	17.3	19.9
Cash	6.3	8.6	7.9	5.2
Current assets	25.9	33.6	30.1	30.2
Total assets	40.5	48.4^r	45.3	45.8
Current liabilities
Trade payables	23.7	27.8	26.9	18.5
Lease liabilities, current	0.0	0.0	0.1	0.2
Current liabilities	34.5	37.2	36.4	26.0
Non-current liabilities
Borrowings, non-current	18.8	22.4	19.6	20.9
Non-current liabilities	18.8	22.4	19.6	20.9
Total liabilities	53.3	59.6^r	56.1	46.9
Equity
Total equity	(12.8)	(11.2)	(10.8)	(1.0)

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.