Shield Therapeutics is a UK-headquartered commercial-stage speciality pharmaceutical company focused on the commercialisation of Feraccru/Accrufer (oral ferric maltol), approved by the EMA and FDA to treat iron deficiency in adults, with or without anaemia. Shield launched the product in the US in July 2021 as part of its self-commercialisation strategy. However, it signed a US co-commercialisation deal for Accrufer with Viatris in December 2022. The commercialisation of Feraccru in Europe, Australia and New Zealand is managed by distribution partner Norgine, and it has been licensed to ASK Pharm in China, Korea Pharma in South Korea and KYE Pharma in Canada. Q223 was a strong quarter with 51% q-o-q growth in US prescriptions to 15,800 and led to stronger management guidance of ~80% sequential growth in Q323 and anticipated ~100–130k US prescriptions in FY23. Supported by the recent $20m debt financing and $6.2m equity raise, we believe Shield is sufficiently funded to profitability in FY25.