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]