Gateshead-based commercial stage pharmaceutical firm Shield Therapeutics has revised its breakeven plans, but hailed a period of progress.
In a trading update for the year ended 31 December 2023, Shield Therapeutics said that it expects to turn cash flow positive in the second half of 2025, instead of its initial target of year-end 2024.
The update follows the company identifying that its projection methodology used by its third-party data provider had resulted in an overstatement of total prescriptions in 2023.
"This development was partly responsible for the group not achieving previously indicated guidance of total prescriptions in FY23 of 100k to 130k", Shield said.
"With these revised prescription numbers, Shield is revisiting its previously communicated guidance and plans to provide additional updates at the time of the company's final results, expected to be published in April 2024", it added.
In spite of this, total 2023 revenue and income stood at $17.5m, which was a 2.8x increase over FY22.
Cash at the end of December was $13.9m.
Chief executive Greg Madison said: "The progress made in the market in 2023 has shown us that the opportunity for Accrufer continues to be significant.
"Quarterly prescription numbers grew throughout the year and we saw a significant improvement in the average net selling price in the second half.
"I'm also excited our new CFO, Santosh Shanbhag, has joined the team bringing both strategic and financial leadership to our organisation. Our partnership with Viatris continues to progress very well and we remain steadfast in our goal to make Accrufer the oral iron of choice for patients."
