[Executive Summary](index=1&type=section&id=Executive%20Summary) Provides an overview of scPharmaceuticals Inc.'s Q2 2025 financial and operational achievements, including FUROSCIX® growth and strategic initiatives [Highlights of Q2 2025](index=1&type=section&id=Highlights%20of%20Q2%202025) scPharmaceuticals Inc. reported strong financial and operational performance for the second quarter of 2025, driven by significant growth in FUROSCIX® revenue and patient doses, alongside strategic advancements in product development and market expansion Q2 2025 Performance Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net FUROSCIX® Revenue | $16 million | $8.1 million | +99% | | FUROSCIX® Doses Shipped/Filled | ~20,200 | ~9,300 | +117% | - Doses shipped to patients increased **45%** over Q1 2025[1](index=1&type=chunk) - Cash and cash equivalents stood at **$40.8 million** as of June 30, 2025[1](index=1&type=chunk) - Launch of FUROSCIX® in chronic kidney disease (CKD) market[1](index=1&type=chunk)[9](index=9&type=chunk) - Autoinjector remains on track for sNDA submission in Q3 2025, designed to reduce treatment time from five hours to less than ten seconds[1](index=1&type=chunk)[9](index=9&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO John Tucker expressed satisfaction with FUROSCIX®'s continued momentum, attributing growth to strong execution and increasing prescriber adoption. He highlighted the strategic expansion into the chronic kidney disease (CKD) market and the potential positive impact of the proposed Ambulatory Specialty Model (ASM) by CMS - The growth in FUROSCIX® net revenue reflects strong execution across the organization and increasing adoption by prescribers who recognize its clinical and economic value[3](index=3&type=chunk) - Expanding FUROSCIX® into the chronic kidney disease (CKD) market is a critical step forward in transforming diuretic therapy delivery, offering nephrologists a much-needed tool[3](index=3&type=chunk) - The proposed Ambulatory Specialty Model (ASM) by the Centers for Medicare and Medicaid Services (CMS) is seen as a potential tailwind for FUROSCIX® uptake, by improving upstream management of heart failure and shifting accountability to clinical specialists[3](index=3&type=chunk) [Business Update](index=2&type=section&id=Business%20Update) Details the commercial performance of FUROSCIX®, including sales growth and market expansion, alongside progress in product development and strategic initiatives [Product Performance and Milestones](index=2&type=section&id=Product%20Performance%20and%20Milestones) FUROSCIX® demonstrated robust commercial performance in Q2 2025, marked by significant increases in doses filled and sales to Integrated Delivery Networks (IDNs). The company also successfully launched FUROSCIX® for the CKD indication and advanced its autoinjector development FUROSCIX® Commercial Performance | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net FUROSCIX® Revenue | $16.0 million | $8.1 million | +99% | | FUROSCIX® Doses Filled | ~20,200 | ~9,300 | +117% | - Sales to Integrated Delivery Networks (IDNs) increased **70%** in Q2 2025 compared to Q1 2025[9](index=9&type=chunk) - The gross-to-net (GTN) discount was **27%** for Q2 2025, compared to **23%** for Q1 2025[9](index=9&type=chunk) - Approximately **4,700 unique prescribers** have prescribed FUROSCIX® from launch through the end of Q2 2025[9](index=9&type=chunk) - FUROSCIX® CKD Indication Expansion was formally launched in late April 2025, with nephrologists now writing prescriptions for this expanded indication[9](index=9&type=chunk) - The 80mg/1mL FUROSCIX® Autoinjector (SCP-111 program) is on track for a targeted sNDA filing in the current quarter (Q3 2025)[9](index=9&type=chunk) [Strategic Initiatives](index=1&type=section&id=Strategic%20Initiatives) The company's strategic focus includes expanding FUROSCIX® into the chronic kidney disease market and leveraging potential benefits from the proposed Ambulatory Specialty Model (ASM) to enhance heart failure management - Expansion of FUROSCIX® into the chronic kidney disease (CKD) market is a critical strategic step to transform diuretic therapy delivery[3](index=3&type=chunk)[9](index=9&type=chunk) - The proposed Ambulatory Specialty Model (ASM) by CMS is anticipated to be a tailwind for FUROSCIX® uptake by improving upstream management of heart failure and shifting accountability to clinical specialists[3](index=3&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) Presents scPharmaceuticals' Q2 2025 financial performance, highlighting revenue growth, increased operating expenses, and the resulting net loss [Second Quarter 2025 Financial Performance](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Performance) scPharmaceuticals reported increased product revenues driven by demand for FUROSCIX®, but also saw higher operating expenses, resulting in an increased net loss for Q2 2025 compared to the prior year [Revenue and Cost of Goods Sold](index=2&type=section&id=Revenue%20and%20Cost%20of%20Goods%20Sold) Product revenues nearly doubled in Q2 2025 due to increased demand for FUROSCIX®, leading to a proportional rise in the cost of product revenues Product Revenues and Costs | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Product revenues, net | $16,041 | $8,054 | +99.2% | | Cost of product revenues | $5,011 | $2,300 | +117.9% | - The increase in both product revenues and costs of product revenues was primarily due to increased demand for FUROSCIX® further into its commercial launch, and related manufacturing costs[5](index=5&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Research and development expenses increased due to device and pharmaceutical development, while selling, general, and administrative expenses rose primarily from employee-related and commercial costs Operating Expense Summary | Expense Category | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Research and development | $4,098 | $2,677 | +53.1% | | Selling, general and administrative | $21,226 | $17,508 | +21.2% | | Total operating expenses | $30,335 | $22,485 | +34.9% | - The increase in R&D expenses was primarily due to higher device development costs, pharmaceutical development costs, and employee-related costs, partially offset by a decrease in clinical study costs[6](index=6&type=chunk) - The increase in SG&A expenses was mainly due to higher employee-related costs, commercial costs, and professional service costs, partially offset by a decrease in patient support costs[7](index=7&type=chunk) [Net Loss](index=2&type=section&id=Net%20Loss) The company reported an increased net loss for Q2 2025, despite higher revenues, due to rising operating expenses and other non-operating charges Net Loss and Per Share Data | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net loss | $(18,024) | $(17,090) | +5.5% | | Net loss per share, basic and diluted | $(0.34) | $(0.44) | -22.7% | - Weighted-average common shares outstanding increased to **53,719,662** for Q2 2025 from **38,984,745** for Q2 2024[25](index=25&type=chunk) [Product Information](index=3&type=section&id=Product%20Information) Outlines the approved indications for FUROSCIX® and critical safety information, including contraindications and potential adverse reactions [FUROSCIX® Indication](index=3&type=section&id=FUROSCIX%20Indication) FUROSCIX® is indicated for the treatment of edema in adult patients suffering from chronic heart failure or chronic kidney disease, including nephrotic syndrome - FUROSCIX® (furosemide injection), 80 mg/10 mL for subcutaneous use, is indicated for the treatment of edema (congestion, fluid overload, or hypervolemia) in adult patients with chronic heart failure or chronic kidney disease (CKD), including the nephrotic syndrome[13](index=13&type=chunk) [Important Safety Information](index=3&type=section&id=Important%20Safety%20Information) FUROSCIX® carries important safety warnings, including contraindications for patients with anuria or hypersensitivity, risks of fluid/electrolyte imbalances, dehydration, ototoxicity, and potential for acute urinary retention. Patients should be monitored for adverse reactions and proper use of the On-body Infusor - FUROSCIX® is contraindicated in patients with anuria and those with a history of hypersensitivity to furosemide, any component of the formulation, or medical adhesives[14](index=14&type=chunk) - Furosemide may cause fluid, electrolyte, and metabolic abnormalities, particularly in patients receiving higher doses, those with inadequate oral electrolyte intake, and elderly patients, requiring frequent monitoring of serum electrolytes and other blood parameters[15](index=15&type=chunk) - Excessive diuresis can lead to dehydration and blood volume reduction, potentially causing circulatory collapse, vascular thrombosis, and embolism, especially in elderly patients[15](index=15&type=chunk) - The most common adverse reactions observed in clinical trials were site and skin reactions, including erythema, bruising, edema, and injection site pain[19](index=19&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) Provides background on scPharmaceuticals, clarifies forward-looking statements, and includes details for investor communications and media contacts [About scPharmaceuticals](index=4&type=section&id=About%20scPharmaceuticals) scPharmaceuticals is a pharmaceutical company dedicated to advancing cardiorenal healthcare through innovative, patient-centric treatments, with a mission to address unmet patient needs and drive global health improvements - scPharmaceuticals Inc. is a pharmaceutical company committed to revolutionizing cardiorenal healthcare through patient-centric innovations[2](index=2&type=chunk)[20](index=20&type=chunk) - The company's mission is focused on advancing cardiorenal care through innovative, integrated treatments that address unmet patient needs[20](index=20&type=chunk) - The goal is to become the foremost advocate for patient-centric cardiorenal care, driving global health improvements through specialized, multidisciplinary approaches[21](index=21&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section highlights that the press release contains forward-looking statements subject to various risks and uncertainties, including dependence on product success, regulatory approvals, manufacturing capabilities, funding needs, and broader economic factors, which could cause actual results to differ materially - Statements regarding the development and commercialization of products (e.g., Autoinjector sNDA submission in Q3 2025), commercial strategy for FUROSCIX®, and the impact of the ASM program are considered forward-looking[22](index=22&type=chunk) - Key risks and uncertainties include dependence on the commercial success of FUROSCIX® and other product candidates, risks related to regulatory approval, ability to manufacture sufficient product, history of operating losses, need for additional funding, and the impact of global economic factors[22](index=22&type=chunk)[23](index=23&type=chunk) - Readers are advised to consult the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a comprehensive discussion of potential risks and uncertainties[23](index=23&type=chunk) [Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) Details for the investor conference call and webcast held on August 7, 2025, to discuss the company's second quarter 2025 results, including access information - scPharmaceuticals' management hosted a conference call and webcast to review Q2 2025 results on Thursday, August 7, 2025, at 4:30 p.m. ET[1](index=1&type=chunk)[11](index=11&type=chunk) - Participants could dial (800) 715-9871 (toll-free) or (646) 307-1963 (toll) using passcode 4965353, with live webcast and replay accessible via the company's website[12](index=12&type=chunk) [Contact Information](index=5&type=section&id=Contact%20Information) Contact details for media inquiries and investor relations for scPharmaceuticals Inc - For scPharmaceuticals Inc., contact Katherine Miranda at kmiranda@scpharma.com. For investors, contact Matthew Beck at matthew.beck@astrpartners.com[24](index=24&type=chunk) [Unaudited Financial Statements](index=6&type=section&id=Unaudited%20Financial%20Statements) Contains the detailed consolidated statements of operations and balance sheet data for the specified periods, reflecting the company's financial position [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The unaudited consolidated statements of operations detail the company's financial performance for the three and six months ended June 30, 2025, and 2024, showing revenues, operating expenses, and net loss Consolidated Statements of Operations (in thousands) | | THREE MONTHS ENDED JUNE 30, | | SIX MONTHS ENDED JUNE 30, | | :--- | :--- | :--- | :--- | | | 2024 | 2025 | 2024 | 2025 | | Product revenues, net | $8,054 | $16,041 | $14,156 | $27,793 | | Cost of product revenues | $2,300 | $5,011 | $4,085 | $8,482 | | Research and development | $2,677 | $4,098 | $5,403 | $8,729 | | Selling, general and administrative | $17,508 | $21,226 | $34,955 | $42,633 | | Total operating expenses | $22,485 | $30,335 | $44,443 | $59,844 | | Loss from operations | $(14,431) | $(14,294) | $(30,287) | $(32,051) | | Net loss | $(17,090) | $(18,024) | $(31,198) | $(37,766) | | Net loss per share, basic and diluted | $(0.44) | $(0.34) | $(0.80) | $(0.70) | | Weighted-average common shares outstanding, basic and diluted | 38,984,745 | 53,719,662 | 38,968,438 | 53,698,138 | [Consolidated Balance Sheet Data](index=6&type=section&id=Consolidated%20Balance%20Sheet%20Data) The unaudited consolidated balance sheet data as of June 30, 2025, and December 31, 2024, shows a decrease in cash and working capital, and a shift to a total stockholders' deficit Consolidated Balance Sheet Data (in thousands) | Metric | DECEMBER 31, 2024 | JUNE 30, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $75,655 | $40,809 | | Working capital | $90,973 | $58,299 | | Total assets | $107,519 | $80,255 | | Term loan | $51,350 | $51,200 | | Revenue purchase and sale liability | $26,869 | $28,957 | | Accumulated deficit | $(366,494) | $(404,260) | | Total stockholders' equity (deficit) | $13,320 | $(21,316) | - Total shares outstanding was **53,290,227** as of June 30, 2025[10](index=10&type=chunk)

Core Insights - scPharmaceuticals reported a significant increase in net FUROSCIX revenue, reaching $16 million in Q2 2025, which is a 99% increase compared to Q2 2024 [1][3] - The company has expanded FUROSCIX into the chronic kidney disease market, which is seen as a critical step in enhancing diuretic therapy delivery [2] - The Autoinjector for FUROSCIX is on track for sNDA submission in Q3 2025, aiming to reduce treatment time from five hours to less than ten seconds [1][3] Financial Performance - Net FUROSCIX revenue for Q2 2025 was $16.0 million, compared to $8.1 million in Q2 2024, indicating approximately 99% annual growth [3][4] - Approximately 20,200 FUROSCIX doses were filled in Q2 2025, a 117% increase from about 9,300 doses in Q2 2024 [3] - The gross-to-net (GTN) discount increased to 27% in Q2 2025 from 23% in Q1 2025 [3] Expenses - Cost of product revenues for Q2 2025 was $5.0 million, up from $2.3 million in Q2 2024, driven by increased demand and manufacturing costs [4] - Research and development expenses rose to $4.1 million in Q2 2025 from $2.7 million in Q2 2024, primarily due to higher device and pharmaceutical development costs [5] - Selling, general, and administrative expenses increased to $21.2 million in Q2 2025 from $17.5 million in Q2 2024, mainly due to higher employee-related and commercial costs [6] Losses and Cash Position - The company reported a net loss of $18.0 million for Q2 2025, compared to a net loss of $17.1 million in Q2 2024 [7] - As of June 30, 2025, cash and cash equivalents stood at $40.8 million, down from $75.7 million at the end of 2024 [21]

At scPharmaceuticals, we are powered by passion, driven by patient care. Our Mission is focused on advancing cardiorenal care through innovative, integrated treatments that address unmet patient needs. Our goal is to become the foremost advocate for patient-centric cardiorenal care, driving global health improvements through specialized, multidisciplinary approaches. scPharmaceuticals is expanding its reach, offering integrated therapies and products that address diverse healthcare needs and potentially imp ...

Company Overview - scPharmaceuticals, Inc. (SCPH) shares increased by 8.8% to close at $5.84, with trading volume significantly higher than usual, reflecting a 35.3% gain over the past four weeks [1][2] Product Performance - The rise in stock price is linked to positive investor sentiment regarding the initial sales of Furoscix (furosemide injection), which treats edema in adult patients with chronic heart failure or chronic kidney disease [2] Financial Expectations - The company is projected to report a quarterly loss of $0.30 per share, marking a year-over-year increase of 31.8%. Expected revenues are $16.4 million, representing a 103.7% increase from the same quarter last year [3] - The consensus EPS estimate for scPharmaceuticals has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [4] Industry Context - scPharmaceuticals is categorized under the Zacks Medical - Biomedical and Genetics industry, where Celldex Therapeutics (CLDX) is another player, having closed 2.7% lower at $23.22, with an 11.2% return over the past month [5] - Celldex's consensus EPS estimate has also remained unchanged at -$0.86, reflecting a year-over-year change of -59.3% [6]

Financial Performance & Position - FUROSCIX achieved \$12.2 million in Q4 2024 net revenue, a 21% sequential increase from Q3 2024[7,47] - Full Year 2024 net revenue reached \$36.3 million, up 167% from Full Year 2023[7,47] - The company held \$75.7 million in cash and cash equivalents as of year-end 2024[8] FUROSCIX & Market Opportunity - FUROSCIX is indicated for congestion due to fluid overload in adult patients with chronic heart failure, delivering 80 mg/10 mL dose over 5 hours with 99.6% bioavailability[16] - The addressable US market opportunity for heart failure is estimated at \$9.9 billion[11,39] - The average cost of a heart failure hospitalization is \$11,840, with heart failure patients representing 33% (\$123B) of annual Medicare Part A and B spending[25] Clinical Study Results - The AT HOME-HF Study showed FUROSCIX subjects demonstrated augmented decongestion vs enhanced oral diuretics, with a 37% relative risk reduction in heart failure hospitalizations[21,23] - The Autoinjector PK/PD study achieved a bioavailability of 107.3% (90% CI: 103.9 – 110.8) compared to IV furosemide[84] Long-Term Growth Initiatives - The company received FDA approval for expanded FUROSCIX indication to include NYHA Class IV heart failure patients on August 9, 2024, representing approximately 10% of all heart failure patients[58,59] - The company received FDA approval for Chronic Kidney Disease indication on March 6, 2025, with launch planned in April 2025[9,57] - The addressable market opportunity for Chronic Kidney Disease is estimated at \$3.32 billion, targeting 0.7 million FUROSCIX addressable CKD fluid events[75] - The company is targeting an sNDA submission to the FDA for the 80mg/1mL FUROSCIX Autoinjector in 2025, which could reduce COGS by approximately 70%[9,56,82]

Core Insights - The article discusses the investment position of SCPH, indicating a beneficial long position in the shares of the company [1] Group 1 - The analyst expresses personal opinions regarding SCPH and clarifies that no compensation is received for the article, aside from Seeking Alpha [1] - There is an emphasis on the importance of conducting due diligence and consulting with investment professionals before making trades [2] - The article highlights that past performance is not indicative of future results, and opinions expressed may not reflect the views of Seeking Alpha as a whole [3]

Financial Data and Key Metrics Changes - The company has seen significant growth in its integrated delivery network (IDN) sales, which were up 12 times from 2024 to 2023, indicating a strong market acceptance of its product [21] - The redesign of Medicare Part D is expected to provide a significant tailwind, with patients now having a $2,000 cap on out-of-pocket expenses, which is anticipated to drive higher fill rates and net sales [42][45] Business Line Data and Key Metrics Changes - The company’s product, Furosex, is designed to deliver 100% bioavailable furosemide, which is equivalent to the IV treatment in hospitals, allowing patients to manage their condition at home [6][14] - The approval for chronic kidney disease (CKD) indication is expected to expand the total addressable market (TAM), with approximately 700,000 patients having CKD without heart failure, and many patients suffering from both conditions [27][29] Market Data and Key Metrics Changes - The company is focusing on integrated delivery networks (IDNs) where physicians are financially aligned with hospitals, which enhances the value proposition of Furosex [19] - There is a noted difference in how various IDNs operate, with larger systems like Kaiser and the VA being more closed and structured, while smaller IDNs may require tailored protocols for best practices [25][26] Company Strategy and Development Direction - The company aims to capture the value proposition of its product by focusing on early intervention in heart failure patients to prevent hospitalizations [10][17] - The introduction of an auto-injector is expected to simplify the treatment process, reduce costs of goods sold (COGS) by 70%, and extend intellectual property protection until 2040 [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the impact of the Medicare redesign, which is expected to facilitate patient access to the drug and drive sales growth [39][46] - The expansion of the sales force is anticipated to take time to show results, but early indicators suggest positive trends in sales as more representatives engage with healthcare providers [54] Other Important Information - The company has developed internal protocols for IDNs to share best practices, which is crucial for smaller networks that may lack established guidelines [24][26] - The management highlighted the importance of addressing the needs of patients who are discharged from hospitals with residual congestion, as this presents an opportunity for Furosex to prevent readmissions [15][17] Q&A Session Summary Question: How does the company see the balance between preventing hospitalizations and reducing length of stay? - The company aims to intervene early when patients first show signs of worsening heart failure, thus preventing the need for hospitalization [10][11] Question: Are hospitals with higher readmission rates embracing Furosex? - There is a need for education among hospital staff, particularly among cardiologists who may not be fully aware of the benefits of Furosex [18] Question: How does the CKD indication expand opportunities? - The CKD indication opens up a new market segment, particularly for patients with cardiorenal disease, which is expected to drive growth [27][29] Question: What are the expected impacts of the Medicare Part D redesign? - The redesign is anticipated to lower out-of-pocket costs for patients, thereby increasing fill rates and driving sales growth [39][45] Question: How does the auto-injector fit into the company's strategy? - The auto-injector is expected to simplify the treatment process and significantly reduce costs, while also appealing to a broader patient base [49][51]

Company Performance - ScPharmaceuticals reported a quarterly loss of $0.34 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.27, representing an earnings surprise of -25.93% [1] - The company posted revenues of $11.75 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 3.67%, compared to revenues of $6.1 million a year ago [2] - Over the last four quarters, ScPharmaceuticals has surpassed consensus EPS estimates only once and has topped consensus revenue estimates two times [2] Stock Movement and Outlook - ScPharmaceuticals shares have declined approximately 34.5% since the beginning of the year, while the S&P 500 has gained 0.1% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is -$0.28 on revenues of $16.95 million, and for the current fiscal year, it is -$1.03 on revenues of $76.42 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which ScPharmaceuticals belongs, is currently ranked in the top 30% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact ScPharmaceuticals' stock performance [5][6]

Financial Data and Key Metrics Changes - In Q1 2025, SC Pharmaceuticals generated $11.8 million in net revenue, a significant increase from $6.1 million in Q1 2024, reflecting strong demand for Furosex [16] - The cost of product revenues for Q1 2025 was $3.5 million, up from $1.8 million in Q1 2024, attributed to increased demand and manufacturing costs [16] - The company ended Q1 2025 with $57.5 million in cash and cash equivalents, down from $75.7 million as of December 31, 2024 [16] Business Line Data and Key Metrics Changes - Approximately 13,800 doses of Furosex were filled in Q1 2025, showing a quarter-over-quarter increase despite seasonal headwinds [8] - The gross to net discount for Furosex in Q1 2025 was approximately 23%, with an anticipated blended GTN of about 30% for the remainder of 2025 [9][10] Market Data and Key Metrics Changes - The company has successfully penetrated the chronic kidney disease (CKD) market, launching Furosex in this segment in April 2025 [10] - There are an estimated 700,000 additional patients who can be prescribed Furosex for fluid management, indicating a significant growth opportunity [11] Company Strategy and Development Direction - The company is focusing on expanding its market presence in CKD and enhancing the patient experience through the development of an auto-injector, which is expected to reduce COGS by 70-75% compared to the current product [12] - The strategy includes targeting integrated delivery networks (IDNs) to increase reach and frequency of prescriptions, which has shown positive results [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for growth, particularly in light of the Medicare Part D redesign, which is expected to facilitate increased fill rates and prescribing [10][18] - The management noted that the fill rate for prescriptions has improved significantly, with a 55% fill rate observed in April 2025, up from 46% in Q1 [34][58] Other Important Information - The company is monitoring its exposure to tariffs but does not expect a material impact on supply chain costs [17] - Management highlighted the importance of educating physicians about the co-pay smoothing program to enhance patient access to Furosex [42] Q&A Session Summary Question: What signs of growing physician traction are you seeing in the CKD launch? - Management reported positive early signs with nephrologists prescribing Furosex for CKD patients, meeting early expectations [19][31] Question: Can you discuss the increase in sales to IDNs and its sustainability? - Management expects continued growth in IDN sales, emphasizing the strategic importance of this channel [21][22] Question: How does the CKD launch compare to the heart failure launch? - The CKD launch is progressing faster than the heart failure launch, with immediate prescriptions being written upon physician visits [27][31] Question: What is the current reimbursement experience for CKD patients? - Reimbursement processes for CKD patients are similar to those for heart failure patients, with no significant differences noted [36] Question: How many Medicare patients have signed up for the smoothing program? - Management indicated that while specific data is limited, there is a noticeable increase in patients with $0 co-pays, suggesting higher enrollment in the smoothing program [32][34] Question: Are you seeing CKD-only patients receiving prescriptions? - Yes, there are both CKD-only patients and those with comorbidities receiving prescriptions for Furosex [44] Question: What is the average doses per script in Q1? - The average doses per script in Q1 were reported at 7.4, an increase from 6.8 in Q4 [49][51] Question: What are the current trends in fill rates and co-pays? - Management noted a significant improvement in fill rates and a decrease in co-pays, indicating a positive trend for the business [56][62]

Financial Data and Key Metrics Changes - In Q1 2025, SC Pharmaceuticals generated $11.8 million in net revenue, a significant increase from $6.1 million in Q1 2024 [14] - The cost of product revenues for Q1 2025 was $3.5 million, compared to $1.8 million in Q1 2024, attributed to increased demand for Furosex and related manufacturing costs [14] - The company ended Q1 2025 with $57.5 million in cash and cash equivalents, down from $75.7 million as of December 31, 2024 [14] Business Line Data and Key Metrics Changes - Approximately 13,800 doses of Furosex were filled in Q1 2025, showing an increase in doses filled quarter over quarter despite seasonal headwinds [6][7] - The gross to net discount for Furosex in Q1 2025 was approximately 23%, with an anticipated blended GTN of about 30% for the remainder of 2025 [8][9] Market Data and Key Metrics Changes - The company is expanding into the chronic kidney disease (CKD) market, with a formal launch of Furosex in this segment in April 2025 [9] - There are an estimated 700,000 additional patients that can be prescribed Furosex for fluid management, indicating a significant growth opportunity [10] Company Strategy and Development Direction - SC Pharmaceuticals is focused on keeping patients out of the hospital and at home, which is beneficial for both quality of life and cost perspectives [6] - The company is optimistic about the long-term growth trajectory of Furosex, particularly with the CKD indication expansion and favorable co-pay structures for Medicare patients [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for growth in 2025, citing solid progress across commercial, operational, and financial fronts [17] - The anticipated increase in fill rates and prescribing for Part D enrollees is viewed as a net tailwind for the company [9] Other Important Information - The company is monitoring exposure to tariffs but does not expect a material impact on supply chain costs [15] - The auto injector is expected to significantly reduce COGS by 70-75% compared to the current on-body infuser, enhancing long-term growth potential [11] Q&A Session Summary Question: What signs of growing physician traction are seen in the CKD launch? - Management noted positive early signs with daily prescriptions for CKD patients and new accounts being established [18][19] Question: Will sales to IDNs continue to grow in subsequent quarters? - Management expects Q2 to show significant growth in IDN sales, driven by the ability for doctors to order through EMR systems [20][21] Question: How does the CKD launch compare to the heart failure launch? - The CKD launch is progressing much faster than the heart failure launch, with immediate prescriptions being written upon physician visits [29][30] Question: What is the experience with reimbursement for CKD patients? - Reimbursement processes for CKD patients are similar to those for heart failure, with no significant differences noted [34] Question: What percentage of Medicare patients have signed up for co-pay smoothing? - Management indicated that while they cannot see exact smoothing data, they have observed an increase in patients with $0 co-pays, suggesting higher enrollment in smoothing programs [31][32] Question: Are patients with only CKD being prescribed Furosex? - Yes, there are patients with CKD only receiving prescriptions, in addition to those with both CKD and heart failure [42][44]