Q2 2025 Trading Update

Cash and cash equivalents remain robust at $10.8m at period end

Guidance remains on track to turn cash flow positive by the end of 2025

London, UK, 23 July 2025: Shield Therapeutics plc (LSE: STX), a commercial-stage pharmaceutical company specialising in iron deficiency, provides an unaudited Q2 2025 trading update.

In the second quarter of 2025, Shield reported unaudited ACCRUFeR® net revenues of $12.8m, doubling Q1 2025 net revenues of $6.4m. ACCRUFeR® total prescriptions grew strongly to c. 47,000 prescriptions with an average net selling price of $231 compared to c. 36,800 and $187 respectively in Q1 2025. The Company remains on track to achieve its prior guidance of turning cash flow positive by the end of 2025.

Q2 2025 Key Business Metrics:

• ACCRUFeR® net revenue of $12.8m (Q1 2025: $6.4m and Q2 2024: $6.9m).
• ACCRUFeR® average net selling price of $231 (Q1 2025: $187 and Q2 2024: $171).
• ACCRUFeR® prescriptions of c. 47,000, with c. 23% consignment-based prescriptions that were dispensed at a significantly subsidised price to patients and were not yet reimbursed by payors.
• Cash and cash equivalents of $10.8m as of 30 June 2025 ($10.5m as of 31 March 2025). The increase in cash balance compared to Q1 2025 was primarily driven by the milestone payments received from VITAL-NET, Inc. of $665k supporting the exclusive licensing agreement in Japan for ACCRUFeR®, and from Norgine BV in Europe of €0.5m supporting the pediatric filing process with the EMA.

Anders Lundstrom, Chief Executive Officer, commented: "I am excited to see the robust performance for ACCRUFeR® in Q2 2025 which followed on from a strong end to Q1 2025. This positions us well as we build momentum behind ACCRUFeR® going into the 2nd half of the year and beyond. Shield and our partner, Viatris, are pleased with the continued adoption of ACCRUFeR® in the market, which reinforces our belief that the market potential of ACCRUFeR® is significant. We are committed to delivering further growth and making ACCRUFeR® the oral iron of choice for patients with iron deficiency, with or without anemia. Finally, cash balances increased slightly during the quarter, and these results maintain our clear trajectory toward reaching cash flow positivity by the close of 2025."

Investor Presentation via Investor Meet Company

CEO, Anders Lundstrom, and CFO, Santosh Shanbhag, will be hosting a live online presentation relating to the Q2 2025 update via the Investor Meet Company platform at 3:00 pm (BST) on 23 July 2025.

The presentation is open to all existing and potential investors. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 2.00 pm (BST) or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Shield Therapeutics plc via:

Clinically low iron levels (aka iron deficiency, ID) can cause serious health problems for adults of all ages, across multiple therapeutic areas. Together, ID and ID with anemia (IDA) affect about 20 million people in the US and represent a $2.3B market opportunity. As the first and only FDA approved oral iron to treat ID/IDA, ACCRUFeR® has the potential to meet an important unmet medical need for both physicians and patients.