Financial Data and Key Metrics Changes - SC Pharmaceuticals reported net revenue of $12.2 million for Q4 2024, a significant increase from $6.1 million in Q4 2023, representing approximately 167% year-over-year growth [15][18] - The gross to net discount for Furosix in Q4 2024 was approximately 19%, with expectations of a long-term discount in the range of 30% to 35% for 2025 [7][8] - The company reported a net loss of $18.8 million for Q4 2024, compared to a net loss of $13.8 million in Q4 2023, and a full-year net loss of $85.1 million for 2024, up from $54.8 million in 2023 [18][19] Business Line Data and Key Metrics Changes - Furosix revenues for the full year 2024 reached $36.3 million, driven by increased demand and market penetration [15][16] - The average number of doses per prescription increased to 7.4 doses in Q4 2024, largely due to more prescriptions written for advanced heart failure patients [11][12] Market Data and Key Metrics Changes - The company has seen a 23% increase in unique providers prescribing Furosix, totaling over 3,800 since its launch in February 2023 [11] - Approximately 70% to 75% of Furosix prescriptions are filled by Part D beneficiaries, indicating a strong reliance on Medicare for patient access [8] Company Strategy and Development Direction - The company plans to fully launch the CKD indication for Furosix in April 2025, which is expected to significantly enhance growth opportunities [9][10] - SC Pharmaceuticals is focusing on expanding its sales force and targeting nephrology specialists to maximize the potential of the CKD indication [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the impact of the Medicare redesign, which is expected to lower out-of-pocket costs for patients and enhance prescription fill rates [33][34] - The company is confident that the CKD launch and the expanded sales force will drive significant growth in 2025, despite acknowledging challenges in patient access and high co-pays in the previous year [36][37] Other Important Information - The company ended 2024 with $75.7 million in cash and cash equivalents, slightly down from $76 million at the end of 2023 [19] - Management highlighted the importance of their patient services hub in streamlining the prescribing process and improving patient access to Furosix [14] Q&A Session Summary Question: Can you discuss the potential opportunity that the CKD launch represents for Furosix? - Management indicated that the CKD indication provides a significant growth opportunity, especially since many nephrology patients also have heart failure, allowing for cross-prescribing [22][24] Question: What hurdles have been faced in adoption rates? - Management noted that high out-of-pocket costs were a significant barrier last year, but the Medicare redesign is expected to alleviate this issue [31][33] Question: How do you assess the burn rate relative to commercial costs? - Management stated that as revenue increases, the burn rate will decrease, and they are confident in their cash position to support growth initiatives [40][41] Question: What is the expected impact of the CKD launch on fill rates and demand? - Management has observed an increase in fill rates and demand as patient co-pays decrease, particularly with the recent Medicare changes [81][90] Question: How will the sales force manage interactions with nephrologists and cardiologists? - Management believes that the expanded sales force will allow for effective coverage of both nephrologists and cardiologists, enhancing overall patient access [62][66]