Trading Update

Oct 23, 2025

Earnings release

Welcome to the Shield Therapeutics PLC investor presentation. Throughout this recorded presentation, investors will be in listener-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Anders Lundstrom, CEO. Good afternoon, sir. Thank you, Lily. Hello and welcome, everybody, to Shield Therapeutics' third quarter trading update presentation. As you heard, my name is Anders Lundstrom, I'm the CEO, and together with me today is Santosh Shanbhag, our CFO. I got the slides. Here's our disclaimer. I understand you cannot read every word. This presentation will be posted on our website in the next couple of days, not only so you can read the disclaimer, of course, but so that you can review any slides presented today as well. Just as a summary, we at Shield Therapeutics are a fast-growing, mission-driven, specialty pharmaceutical company. We commercialize on our own in the U.S., and in the rest of the world, we have partners that commercialize our product. The market we're in is iron deficiency or iron deficiency anemia. In the U.S. alone, it's about 15 million people or patients who have this medical condition. The challenge for patients and treaters is that up to 60% of patients that use traditional oral irons often get different types of gastrointestinal side effects, and they are intolerable, unfortunately, so it ends up being an insufficient treatment. Our product, Accrufer as it's called in the U.S. and Feraccru in Europe, is said to be the oral treatment of choice because we are formulated differently, and I'll come back to that in a subsequent slide. We're approved in the U.S., approved in Europe, UK, by Swissmedic, and the latest country to get an approval was Canada, where we just launched earlier this year. We are poised to turn cash flow positive by the end of this year. We have strengthened our balance sheet with enough cash, so this is our big goal for the year. The peak revenue for Accrufer is about $450 million. We have a very strong IP through 2045, so we have many years ahead of us with growth. This is our executive team that drives development, regulatory, manufacturing, and the whole commercialization we are running in the U.S. The four individuals to the left are based in our Boston offices, and David and Jackie are based in our real headquarters in Newcastle, UK. Iron deficiency, there is a challenge here, as I mentioned initially, and the challenge is that every other oral iron product is a salt, it's a so-called ferrous salt, and after you swallow it, it dissociates in the stomach, and the unabsorbed iron then causes irritation and damage to the lining of the stomach, and that is the cause of the different side effects. Up to 70% of patients experience these types of side effects, which could be bloating, dark stool, nausea, distension, constipation, there's a whole slew of them. Unfortunately, up to 60% of these patients will then discontinue treatment, and of course, if you discontinue your treatment, there will be a lack of effectiveness. Our product, on the contrary, is not a salt. Instead, the iron is protected by a maltol shield. After you swallow the product, Accrufer goes through the stomach and does not dissociate until it comes to the upper intestine. Where it dissociates, the iron is absorbed, and thereby we are avoiding most of these gastrointestinal side effects that I just described. This also enables us to give a lower dose of iron because we get more of our iron absorbed to where it needs to be. The market today, and I use the U.S. as my example, I mean most patients start on an oral iron ferrous salt. Over 90% do that. Before we came here, the only other alternative, if you can't tolerate them and you really need to be treated for iron deficiency, was to get an infusion. An infusion is costly, sometimes inconvenient as well, here is really our sweet spot in the marketplace. We could say we are a second-line treatment, but we've sort of, as we've shown quarter over quarter, we have a very nice growth and very nice uptake and a lot of very positive feedback to our treatment. Changing gears, this slide describes our global footprint. As I mentioned, in the U.S., we commercialize the product together with a partner, Viatris. It's a 50/50 collaboration, and today we have 80 salespeople. We have 40, and they have 40. Canada, we just launched. Kai Pharmaceuticals is the company. They grow very nicely. They have about two out of three of the large commercial payers on board already, and estimated to get the third one on board as well this year. That will cover about 60% of the population, and later on, they will move on to get the provinces to reimburse the product as well. In Europe, it's Norgine who is our partner. They mainly sell in Germany, UK, and the Nordic countries. We are looking for a decision in Korea. We hope to have that decision before this year ends and approval with a subsequent launch in 2027. Finally, in China, we have our partner there. We are looking forward to a regulatory filing by the end of this year. As we shared previously, we have new data in pediatrics. In the U.S., the submission is divided into two parts. The first part is with children or adolescents that are 10 to 18, and this submission, they will be able to use our capsule. This is the first part of our submission, and we got a priority review decision here and hope to have the final approval early next year. The second part in the U.S. will be a filing for those 10 and under with a new formulation, ACE suspension. In Europe, we've also filed everything goes in at the same time for all ages. Here, Norgine is the partner, and they are still evaluating what they will do if they will take that up or not. Our latest market where we partner is Japan. In Japan, we're taking a different route. They will go for an orphan indication, pulmonary arterial hypertension. This is based on that we have data today in cardiac heart failure, actually, and this is a similar disease in that sense, but it's a smaller disease. It's been shown in patients with cardiac heart failure, if they are on an iron, actually their six-minute walk test, which is an exercise test, improves. This is what they will do in Japan, and they are to start their first studies in phase two in 2026. This is the U.S. market. As I said, there's about 15 million adult patients with iron deficiency or iron deficiency anemia. We, which is the smallest circle in an orangey color, we target with our field force, together with Viatris, about 10,000 prescribers. We focus primarily on primary care physicians and women in women's health. We estimate these 10,000 prescribers, they have about 250,000 patients that have had side effects on an oral iron before and would be eligible to get our product. The next lighter blue circle is what we're aiming to reach with our prescriber and direct-to-consumer marketing. Here, we are targeting 50,000 healthcare professionals, and here we go wider outside the primary care and women's health. We also target nephrology, hematology, and gastroenterology. They combined have about 1.3 million patients that have had side effects and will be set to receive Accrufer. This year, we're going one step further with our direct-to-consumer marketing. We are actively targeting those who we can identify online are seeking an oral iron treatment. Here, these groups combined represent about 5 million people or patients that are seeking this treatment, and I'll show you in a few slides what we are doing. Here you can see what our consumer-related marketing efforts can be. We have social media influencers, and these eight influencers have already reached over 1 million potential patients. They use the different channels you see in the middle, which would be Facebook, Instagram, different search engines, Google, Bing, and you see what type of medical conditions they sort of come from and what they do discuss. The third piece here is the digital advertising where we go directly to advertise about Accrufer, and here we reach another 3.9 million patients. The whole idea here is to drive awareness about Accrufer. We also do digital marketing towards our prescribers. As I mentioned, our sales force, which is the circle to the left, they focus on either primary care or women's health. As I also mentioned, when we do the marketing, we target more specialties, and here you see the breakdown. We target, as I said, nephrology, oncology, hematology, and gastroenterology to capture other groups as well. We know from that this marketing actually works, and what I'm sharing here is a rolling three-month of new prescribing of Accrufer. These prescribers are the first time they prescribe. The top blue line is new prescribers that our field force has visited. The yellow line represents new prescribers that never had a visit from a salesperson. As you can see, as this goes on, we almost generate as many new prescribers from our digital marketing efforts as we do from our sales force. As a matter of fact, if you combine the two, we actually see even better results than what you see here. In summary, there are three parts to drive our growth. The first part is to increase the awareness of Accrufer, and as I shared, we do that with our sales force, but of course, also with our digital marketing initiatives. The second piece is that we have enhanced our sales force output. This year, starting this year, we redesigned our sales territories, and this redesign and optimization of the sales force has resulted in strong prescription growth. Our six key states are New York, California, Texas, Florida, Georgia, and North Carolina, and there we continue to drive demand as well. The third piece, which sort of happens outside marketing and outside what the sales force is doing, even though the sales force is focusing on increasing the number of prior authorizations submitted, many times the physician or prescriber needs to submit the prior authorization to be able to prescribe Accrufer. We also collaborate with pharmacies that can help the offices with the actual prior authorization approval process, and we also leverage case managers in our patient services to contact patients to actually go and pick up their unfilled prescriptions. Those are the three pillars to continue to drive growth. This combined has now led to that we are the number one branded prescription oral iron for iron deficiency, iron deficiency anemia in the U.S. market. By that, I'll stop and will introduce Santosh to take over. Thank you, Anders. Appreciate it. Exciting to be the number one branded prescription oral iron in the U.S. ID/IDA market. Let me walk you through the key business priorities. Many of you have probably seen this slide shared with you multiple times before, but we have three key business priorities for 2025. The first one is obviously growing Accrufer net revenues in the United States. Number two is turning cash flow positive by the end of 2025. Number three is ex-U.S. growth. Launching in Canada, executing our regulatory processes in Korea, China, as well as label expansion with the pediatric population. Let me dig into each of these key business priorities and how we fared in Q3 2025. In Q3, we achieved $13.1 million Accrufer net revenues. This was through 54,000 prescriptions and a net selling price of $237. The revenues grew 86% year over year. Our prescriptions, 54,000, grew 24% year over year, and our net selling price, $237, grew 42% year over year. Overall, we are pretty excited about what this means and the trajectory and the direction of travel for Accrufer in the United States. From a cash flow perspective, we reported $8.6 million cash and cash equivalents. That results in a net burn of $3 million, excluding the $2 million placing that we put in place in Q3 2025. The $2 million placing, we're excited about that. That was done at $0.075 per share, which represents a 5% premium to the 30-day VWAP. The net result of all of this and managing our balance sheet has been we are confident of turning cash flow positive by the end of this year in Q4 2025. Last but not least, on the ex-U.S. and global expansion for Accrufer, we did receive a priority review by FDA for Accrufer, like Anders mentioned, in children with iron deficiency with or without anemia. We are excited about that. We expect the approval decision to come through by the FDA in the first half of next year. We also announced positive efficacy and safety results for Accrufer in heart failure and iron deficiency anemia. Again, to Anders' point, a lot of this data will be leveraged by some of our global partners. It substantiates that Accrufer has a pretty broad label and usage in the patient population today. You've seen this slide before. This represents the Accrufer weekly U.S. prescription numbers. You can see on the top right, you know, we are clearly beating 4,500 prescriptions a week trending right now. We are excited about that. You can also see that in Q1 of this year, in January and February, the numbers started to drop down, and that was a very concerted effort. It was the impact of the new consignment strategy that we put in place, where we reduced the prescriptions that were not generating revenue or were actually generating loss for us. These prescriptions that you see all through this year are revenue-generating prescriptions, predominantly reducing the impact of loss generation on our top line. Let me go to the next slide. We've had a lot of questions come in either during calls, on prior calls, or post-call in terms of how does revenue get recognized and what is the difference between dispenses and revenue recognition units. Let me give you a very brief overview of the distribution mechanism and where we recognize revenue and when we say dispenses, what we really mean. You can see from the left-hand side, we've got our 3PL or third-party logistics. Those are the holders of our inventory. That gets then shipped over into what is called a title model provider. The title model provider is where Shield transfers title from us to the title model provider. That is the point at which revenue gets recognized. When we said we recognize $13.1 million in Q3 2025, those are the units that got transferred into the title model provider at that point in time. From there, from the title model provider, there is a distributor, there are pharmacies that order Accrufer, and all of this is based on the inbound, which you can see on the top right-hand corner, which is physicians and patients discussing Accrufer and physicians sending an Accrufer prescription to the specialty pharmacy. The prescription then gets dispensed by the pharmacy to the homes of the patients. This is what I mean by saying Rx dispensed in Q3 2025, being 54,000 prescriptions. The prescriptions that get dispensed are usually a pretty good indicator of demand that then flows through the distribution channel all the way back to the title model provider, which allows us to transfer title of units into the title model and help us recognize revenue. The dispenses are a leading indicator, while the title model is what the unit used to recognize revenue on. That brings me to the trend over the last multiple quarters in terms of revenue, price, and total prescriptions. You can clearly see that we are growing across all three metrics. There are definitely cycles within the year through which revenue and prescriptions grow. You can see that with $13.1 million is what was recognized in Q3 2025 compared to $12.8 million in Q2 2025, so a quarter over quarter growth, and also compared to $7.2 million in Q3 2024, so a year-over-year growth as well. Similarly, on the pricing side, there are cycles to the pricing. You can see in Q3 2025, we believe our number is $237 in net price per script. That is compared to $231 in Q2 2025 and $167 in Q3 2024. Again, growth and going in the right direction. Last but not least, total prescriptions. In Q3 2025, we had 54,000 prescriptions. 22% of them, or 12,000 prescriptions, were consignment. These are prescriptions that are dispensed at low cost or significantly subsidized price for patients who are awaiting reimbursement decisions by their insurance companies. 43,000 prescriptions were non-consignment, so these are prescriptions that we received insurance reimbursement from, either from commercial or Medicaid. You can see both the 43,000 is a growth in prescriptions on quarter over quarter or year over year, while we have tried to maintain our consignment prescriptions, which you can see is 12,000, relatively flat through Q4, Q1, Q2, and Q3 of 2025. We are excited about the strategies that we have put in place and what that means to our prescription growth, our pricing, as well as our net revenues. Finally, I wanted to share our projections and our direction of travel in turning cash flow positive. Based on our internal assumptions and based on expected growth of Accrufer in the U.S., along with effectively managing our working capital, we believe we should turn cash flow positive in Q4 2025. When we say cash flow positive, you can see what these bar charts represent are the net cash burn in any given quarter, and this is net of new financing. We have removed any impact of new monies coming in into the cash burn. This is a net burn at the end of the day in terms of what the quarter reflects in cash burn. We expect that to flip in Q4 2025 to being a net cash generation in Q4 2025. Similar to what you see on the slide in Q2 2025, where we did generate cash in Q2 2025. However, we do not consider that to be a sustainable cash flow positive scenario, only because that was impacted by one-time milestone payments. Q4 2025, we do expect to turn cash flow positive, and that again is the net cash burn for the quarter. With that, I will hand it back to Anders. Thank you, Santosh. In summary, what we wanted to describe is this: the iron deficiency market is a very big market, and we are so far, I mean, we have had great growth over this year. We're still scratching the surface. It's a huge market, which is why you continue to see growth. As I said initially, there are years of growth still in front of us. The global partnerships continue to progress. We are happy with the Canadian launch and hopefully to see new launches. Korea, we expect next year, and also to file in China by the end of this year. Santosh just described to you what we mean by the cash flow positivity by the end of this year, and we are actively looking for partnership opportunities to expand our product portfolio as well. By that, let us share a snippet of what our social media activities look like in a short video that will come up soon. Please, Lily. For my patients who have tried lifestyle interventions but still have iron deficiency, Accrufer is a great option because it's formulated with a maltol shield. Accrufer Shield protects the iron as it travels through your stomach, so it's absorbed where it's needed in the small intestine. No one has time for the nausea, stomach upset, and all the GI drama that comes with traditional iron supplements, and that's where Accrufer comes in. I wish my doctor had known about Accrufer sooner, especially when infusions and supplements didn't work for me. As a certified personal trainer and a busy mom, raising my iron levels with Accrufer has made a huge difference. Talk to your doctor about Accrufer to see if it's the right option to boost your iron levels. That is just sharing a small snippet on what our, you know, some of our eight influencers are posting online for us. By that, that concludes the formal part of the presentation, and we will now move into Q&A. Anders, Santosh, thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen. While the company takes a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed by our investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Now, please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end. Sure, I'm the designated reader today. We have a question here. Can you give any detail on how you plan or expect to reduce the prolonged high levels of free product being dispensed? I'm holding your breath because there's this other question, that's why are the free discounted % of prescriptions still so high and so forth? Let me start by answering that question. First of all, we made a huge correction to decrease the number of free or discounted prescriptions in the fourth quarter of last year, and since then, it's been below our internal benchmark, which is under 25%. Why does it continue to be about the same, you know, 21%, 22%, 23% of the total number of prescriptions in the given quarter? That is because the number of new prescribers that we attract every month is a fairly high number in relation to our current prescribers. It's about sometimes almost as many as half of the prescribers are new prescribers. That's one reason that we see a continued use of that. The other reason is also that we use quite a few of these free samples to be used by patients to get them on therapy as quickly as possible with our patient services. When they have a prescription, it may take a little time to get everything cleared with insurance. We put them on free drug for a month, and then everything goes through with insurance, and they have the three to four iterations after that. That's sort of a means to get patients treated quickly. We also subsidize pricing to underinsured or uninsured patients, and that's the third part. In the U.S., I mean, there are three types of insurance. It's the commercial insurance, it's the Medicaid, and it's the Medicare. In a given doctor's office or in a practice, of course, they might see all three types of patients. We cannot discriminate, to be perfectly honest. What we did when we changed it in the fourth quarter of last year was to change the out-of-pocket pricing for some of these groups. We estimate this to stay, I think, around in the low 20% of the total number of prescriptions. In the end, it's a way of actually increasing the total number of procedures for us. Santosh, do you want to add anything there? No, I think you hit everything there, and there's nothing to add on my side. Yeah. Let me go back to that one. What resulted in the steep change in September revenue? Over 4% of the revenue for the quarter is a material amount. Does any of that relate to restocking cycles? Santosh, do you want to address that? I think this is a good testament of how the revenues continue to grow month over month, and prescriptions continue to grow month over month. We are excited about that. There is obviously some level of ups and downs in terms of buying patterns. As I think we have said in last year, and we said it again this year, usually during the July timeframe, there is a bit of a buying pattern that favors June and offsets July, and typically that resets in August and September. The reset usually happens in August, so we like that. Between June and August, they even out July. I think September was actually a true demand-driven growth. I don't believe we saw anything extraordinary there in terms of buying patterns shifting. I do think that this is coming out of summer. We have seen now that being a cycle where in Q3, coming out of summer, you do see an increase in demand. Just like you see in Q2 as well, you start to see an increase in demand after a slow Q1. Clearly, after two years now, we are starting to see a reasonable cycle where we see Q1 is a little slow, Q2 bumps back up because of the buying pattern, as well as demand. Q3, usually at the end of the quarter, you see a pickup, and then Q4 is a reasonable standard quarter. This is consistent with what we have seen, and we're excited that we saw a nice jump in September, especially because it actually sets the right momentum for us to enter Q4 and supports our internal assumptions that we will generate the reasonable amount of revenue to turning cash flow positive by the end of this year. Anders, anything to add there? No, no, absolutely. You're spot on. What has been the growth in sales for each of the markets, or I would call them maybe specialties, primary care, oncology, hematology, et cetera? As I said, our main focus is on primary care and women's health, and those are also contributing to the majority of the growth. What we've seen, and it's a function of our digital marketing campaign towards the prescribers, is we've seen an increase in prescribing also in hematology, nephrology, and gastroenterology. I don't have the exact answer. We have not broken it out like that. The reason we see an increased uptake with the marketing campaign towards the other specialties is that they are tougher to access for a salesperson. Sometimes also some of these prescribing physicians come out of areas where we don't have or Viatris have any sales staff. We have white space, as well, because we focus our sales force on the highest potential territories. We haven't looked into that. We've only looked at the total so far. It's absolutely doable, and it's a good question, and it's something we definitely can continue to sort of look into. Next question. Are there any material safety, regulatory, reimbursement risks you foresee? It's a very broad question. I'll start. Safety-wise, and you should never say never, of course, but knock on wood, Accrufer is a very, very safe product. What I see every month is the number of complaints we get, which is a super, super small number. We don't see any new side effects. It's typically product-related with a few, few cases, which you almost can count on your 10 fingers. In relation to having, and this is globally, of course, because the database is global, we have 54,000 prescriptions in a quarter, and the number of reports we see for anything is super low. It's in the 10, I mean, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10-ish. It's very, very few. Regulatory-wise, we don't know if anything will be approved. Everything looks good. In the U.S. and pediatrics, we're very optimistic as well. Korea, we haven't received any more questions. Those are indicators that we are fairly confident that those things will go through. If you're thinking regulatory-wise from other factors, tariffs, things like that, we don't know yet how that will play out. We do manufacture in France. On the other hand, we have enough product in store in this country, so we have about 12 months inventory. There's time for us if we decide to move our production over to the U.S. Things like that, but we haven't seen the final thing of that, how it will play out, what they will do, and so forth. If tariffs come in any shape or form, you also have to remember that it goes on the value of the product when it leaves manufacturing. Yeah, leaves manufacturing, and that value, for instance, is relatively low or very low in relation to the price that we have here in the U.S., for instance. Anything you want to add, Santosh, there in general of the regulatory landscape or so? No, I think you hit on it. I think the biggest challenge that we are all facing as we look into the next year is just the volatility with the policies and the impact it may have on the industry in general and how we navigate through that. I think everything that we have heard up until now has minimal or no impact on us as a business, but you know there's always a risk that something comes up over the next day, hours, weeks, months, years. We'll keep an eye on it, and if there is anything that comes up, we'll obviously communicate that to the market. As of now, we don't see any huge headwinds that can interrupt our progress. Here's a question for you, Santosh. Would you expect the ceiling price to eventually top out on per prescription? I don't know if there's a ceiling price, but I do think there will be a point where Accrufer continues to grow rapidly, and then we get on more and more insurance companies' radars where we would have to potentially, because of the size of the population that they're covering, we may have to have additional rebates and things like that. At this point, you know that's a good problem to have, I think. You know that may be a ceiling impact that we may have on pricing, but we don't foresee that any kind of a restriction to our pricing at this point. I also would say that we have already implemented a couple of strategies to improve our pricing in a meaningful way. We announced that in Q4 of last year with the consignment market shift. We don't expect to be doing something like that in the near term. The price that you're seeing right now is probably going to remain consistent to what you're seeing right now over the next three, four quarters. Yeah, there's a slew of questions for you, Santosh, to answer. What is our, you know, what's the prognosis for sales this year? Will we reach $54 million? What are we expecting in 2026, 2027? We have not provided any guidance on revenues either for this year or for next year. We are hyper-focused right now in making sure that we turn cash flow positive. We are generating cash. That is the key metric that we are measuring ourselves on internally and with the board. That's the focus. When we are ready to share what we think next year's revenues or metrics can look like, we will obviously bring that to you. In terms of market expectations, I think there's a range in terms of what analysts are saying in terms of what we can do. I think we will fall within that range based on what we have seen. Things continue to change. I've seen some analyst reports this morning where they are going to be looking at those numbers again for the full year, and I do think based on what they have seen in the first three quarters of this year, they will most likely tweak that a little bit. I think we'll be well within the range of what the analysts are expecting us to do for this year. Since we're talking about that, if you reach break even in 2025, do you think there will be a slowdown in quarter one 2026 as quarter one is often lower? Is there enough money to cover this extra cash burn, Santosh? Yeah, I think we have fortunately transitioned as a company where we were looking at cash runway in last year to now we are looking at cash generation. I don't think this is a cash enough money question anymore for us. Obviously, we'll be looking at it very closely and be looking at continuing to make our balance sheet more efficient. Q1, I think like I said in my prepared remarks, and you've seen the trend over the last two years, Q1 is typically a softer quarter for Accrufer. It just is. That is the way the U.S. system works. Jan 1st is when insurance resets, and a lot of patients who are on current insurance plans, they see a premium hike or they see a change in insurance policies. Insurance companies may buy out another insurance plan. There are a lot of changes that happen in Q1. I don't think that is specific to Accrufer or Shield Therapeutics. I think that applies to the entire industry in general. We do see a bit of a slowdown in Q1, but with that slowdown, I don't anticipate having a balance sheet concern in Q1 at this point in time. Thank you. Shifting gears, are the internet influencers having the financial impact you hoped for? The short answer is yes. These days, you can measure everything. You can identify who answers to your digital advertising. You can identify physicians who prescribe and all of these good things. The short answer is yes. That's why we do it. We do it increasingly because we know it has a positive return on investment. Yes, the short answer is yes. We already now see that even though we stepped up significantly this year compared to last year. The short answer is yes. Have you had any healthcare professionals market Accrufer to colleagues within the healthcare profession? One of the influencers you actually saw in the short snippet in the video is a physician that is also an influencer. Yes, and we also see that, you know, we haven't asked, but we've seen it anecdotally in clinics and so forth as well. Yes, that comes through too. It's a big question here. What impact will the Medicaid cuts from Trump's new bill have on revenue you receive from the insurers? Basically, what will happen if the government cuts the subsidy to Medicaid? Do you still have Medicaid coverage? Yes, we do. We have very good—do we still have—we don't have any Medicare coverage. We don't have that. We have good coverage in Medicaid. This is one of the—this is why the government has shut down basically. It is about the subsidies to people who have health insurance. Let's try to sort of untangle this a little bit. Medicaid is a shared responsibility between the federal government and the states. Typically, for any care and also for pharmaceuticals, it depends on the state, but the federal part could be half or it could even be higher depending on the financial situation in the state. What they predict will happen is that in some states where they have had an increasing number of people enrolled in the Affordable Care Act or Obamacare, which would be, for instance, in Georgia or in Florida, that could potentially have an impact on the Medicaid part for us. Luckily, in our situation, our Medicaid prescription in those states are super low, very, very low, way lower than what our average is. Average for us in the country is 60% commercial, 40% Medicaid. The government says they're going to save $1 trillion over 10 years. If you try to do some math here, that's about $100 billion per year if it's an even split saving. The Medicaid budget for the government is almost $700 million. They say they're going to save about 16%, 17% or something like that, right? We don't know what's going to happen. We don't know what's going to happen with the subsidies because what the government has done so far is given subsidies to those people who have the lowest income. This is why we have a government shutdown. The Democrats want the subsidies in the new budget. Republicans do not. There are also other new demands they want to put in that you need to work and so forth. At this point, we don't foresee, even if there wouldn't continue to be subsidies to these lower-income people, any major effect on our Medicaid business because of what I just said. The two states where it's really increased is in the number of recipients. It's in Florida and Georgia. That's my best answer at this point. You want to add anything, Santosh, to that? No, I think you hit on all the critical elements there. I think this is what I meant by the volatility in the market when it comes to policies and bills is something we're keeping an eye on. I know at some point there was a big push by the Trump administration to impact the Medicaid pricing. I do believe that since then, there have been some conversations with some of the big pharma in the country and administration, and I think that problem has been resolved, at least to our knowledge. It can come back up. I think we'll keep an eye on it. As we speak today, we don't think it has an impact to our business or our growth trajectory. Has Shield Therapeutics done any price elasticity work on its drug to see how price increase or affect demand? Santosh, have you done that? Yeah, I mean, we've got an interesting setup with consignment, right? Consignment is where we are actually reducing the price because that's what the patient pays. We reduce the price either to zero or we give it at another discounted price. We have been playing with different price points in the market over time and have seen that there is a price elasticity. I do believe it depends on the type of patient that we are measuring here. A Medicaid patient is going to be very different from a Medicare patient. It's going to be different from a commercially covered patient. It depends on the type of patient that helps us define what price points we'll set. At the end of the day, to Anders' point, a vast majority of our prescriptions come through commercially insured or Medicaid insured. There we really don't have to play with price elasticity. It is really a question of how do we get access to a large patient population through those insurance plans. The price elasticity really comes into play only within the consignment business where we try and manage the pricing so that we don't lose money on prescriptions and at the same time price it so that a patient can afford to pay for it depending on the type of patient that they are. I don't know, Anders, anything else you would like to add? No, no, I think that's very good. Moving to an aspect being option in regards to avoid tariff costs, unfortunately not. That hasn't been served up as an alternative. What companies do is they hear if they don't have production in the U.S., they buy a plot of land, typically in North Carolina, which is a state that has a lot of manufacturing, and then put the shovel in the ground and say we're going to build a manufacturing plant, and that typically can put them off. That is not a way of doing it. I think we have an interesting question here. Many people who receive regular IV infusions in hospital would benefit from having Accrufer after an infusion to help keep iron levels high. Yes, we agree with that. That would reduce costs and so forth. This was identified a few years ago, but does not seem to be an area where we have focused on, why not. There's a couple of things here trying to untangle. You're 100% right. It would, and we see examples of that. Actually, one of the patient advocates explains exactly that. If we, for instance, think about the chronic kidney disease population that are more severe and would require regular infusions, they have a separate reimbursement. We are not reimbursed in that bundle. We can't be there. In some hospitals, depending on if there are so-called IDNs, we are not reimbursed either. If this happens in an outpatient clinic, yes, that is an area. What we actually are doing now, and that is a result of the digital marketing we've done to healthcare professionals, where we now target more nephrology and more hematology and so forth, is that this is a place where we see that we could push this part as well. You're right, we haven't pushed it as much as of yet, but this has basically been the reason because of access to these types of physicians. They are harder to access because they won't meet us. They won't be our salespeople. Now we are getting traction via digital marketing, and thereby, if one of these prescribers or physicians then are part of one of our territories, yes, we do follow up with salespeople. It's a good question. It's a viable strategy for our salespeople, and it's something we are continuing to work on as well. Anders, Santosh, thank you for answering all those questions you have from investors. The company can review all questions submitted today, and we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Anders, could I please just ask you for a few closing comments? No, thank you for all of those who took the time and listened today, and thank you for all your thoughtful questions. Those are excellent questions. We tried our best to describe the market conditions and where we're heading with Accrufer. Thank you so much, and hope to see you in about three months. Anders, Santosh, thank you for updating investors today. Now, please ask investors not to close the session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure it will be greatly valued by the company. On behalf of the management team of Shield Therapeutics PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.