scPharmaceuticals (SCPH) - 2025 Q1 - Quarterly Results

Q1 2025 Financial Results and Business Update Q1 2025 Highlights scPharmaceuticals reported strong Q1 2025 FUROSCIX® net revenue of $11.8 million, expanded its CKD indication, and advanced its autoinjector program with $57.5 million in cash Q1 2025 Key Financials | Metric | Value | | :--- | :--- | | Net FUROSCIX® Revenue | $11.8 million | | Cash and Cash Equivalents | $57.5 million (as of March 31, 2025) | - Formally launched FUROSCIX® in its second approved indication, Chronic Kidney Disease (CKD), in April 2025[1] - The new autoinjector, designed to reduce treatment time from five hours to under ten seconds, is on track for a supplemental New Drug Application (sNDA) submission in Q3 2025[1] Business and Operational Update FUROSCIX® achieved significant Q1 2025 commercial growth with a 93% revenue increase, expanded into the CKD market, and progressed its rapid autoinjector development FUROSCIX® Q1 2025 Performance Metrics | Metric | Q1 2025 | YoY Growth | | :--- | :--- | :--- | | Net Revenue | $11.8 million | 93% | | Doses Filled | ~13,900 | 73% | | Metric | Q1 2025 vs Q4 2024 | | :--- | :--- | | Sales to Integrated Delivery Networks | +119% | | Gross-to-Net (GTN) Discount | 23% (vs 19% in Q4 2024) | - The company formally launched FUROSCIX® for the treatment of edema in patients with Chronic Kidney Disease (CKD) in late April 2025, following FDA approval on March 6, 2025[13] - The CEO noted seasonal headwinds in Q1 but observed a favorable acceleration in prescription fill rates starting in March, expected to support growth for the rest of 2025[3] - The development of the 80mg/1mL FUROSCIX Autoinjector (SCP-111) is on track, with an sNDA submission planned for Q3 2025, aiming to reduce treatment time to less than ten seconds[13] Financial Performance Q1 2025 net product revenues grew to $11.8 million, but increased operating expenses led to a wider net loss of $19.7 million and a reduced cash position of $57.5 million Consolidated Statements of Operations Q1 2025 total operating expenses increased to $29.5 million, leading to a net loss of $19.7 million or ($0.37) per share, compared to $14.1 million in Q1 2024 Q1 2025 Statement of Operations (in thousands, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Product revenues, net | $11,752 | $6,102 | | Cost of product revenues | $3,471 | $1,785 | | Research and development | $4,631 | $2,726 | | Selling, general and administrative | $21,407 | $17,447 | | Loss from operations | ($17,757) | ($15,856) | | Net loss | ($19,742) | ($14,108) | | Net loss per share | ($0.37) | ($0.36) | - The increase in R&D expenses was primarily due to higher pharmaceutical development and employee-related costs[6] - The rise in SG&A expenses was mainly driven by increased employee-related costs, commercial activities, patient support, and professional service fees[7] Consolidated Balance Sheet Data As of March 31, 2025, cash and cash equivalents decreased to $57.5 million, total assets were $91.0 million, and stockholders' equity shifted to a ($5.1 million) deficit Selected Balance Sheet Data (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $57,544 | $75,655 | | Working capital | $73,041 | $90,973 | | Total assets | $90,963 | $107,519 | | Total stockholders' equity (deficit) | ($5,127) | $13,320 | Product and Corporate Information FUROSCIX® is indicated for edema in chronic heart failure or CKD patients, with safety warnings, and the company's future depends on its commercial success and managing regulatory and operational risks - FUROSCIX® (furosemide injection) is indicated for the subcutaneous treatment of edema in adult patients with chronic heart failure or chronic kidney disease (CKD)[14] - Key safety risks associated with FUROSCIX include potential for fluid, electrolyte, and metabolic abnormalities, dehydration, and hearing impairment (ototoxicity)[16][18] - The company identifies its dependence on the commercial success of FUROSCIX, regulatory risks, and its history of operating losses as key risk factors in its forward-looking statements[24]