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]