- **Revenue surge**: Q2 2025 net revenue up 99% YoY to $16 million, driven by 45% QoQ dose growth and nephrology expansion.
- **Strategic momentum**: Auto-injector SNDA submission on track, IDN segment outperforming, and ASM program aligning with FUROSCIX's clinical value.
- **Financial health**: GTN discount rising to 30% in Q3, but cash position stable at $40.8 million with options to bolster liquidity.
- **Growth catalysts**: CMS Part D dynamics reducing patient co-pays, faster nephrology adoption, and Class IV heart failure clinic penetration.

**【CEO Opening Remarks】**
- Q2 2025 net revenue: $16 million (99% YoY increase), with 20,200 doses shipped (45% QoQ growth). Nephrology launch contributed meaningfully, with faster adoption than cardiology.
- Key growth drivers: nephrology expansion, Part D out-of-pocket maximums, IDN growth, and auto-injector SNDA submission expected in Q3.
- ASM program proposal: CMS's ambulatory specialty model may incentivize early intervention for heart failure, aligning with FUROSCIX's value proposition.

**【Commercial Update (Steve Parsons)】**
- Unique prescribers: 4,700 (cardiology + nephrology) as of Q2 end, with steady growth expected.
- Sales force expansion: larger team, smaller territories, and increased provider interactions drove Q2 performance.
- IDN segment: outperformed expectations, with new accounts and reorders from top systems.
- Nephrology adoption: faster per-provider uptake than cardiology, with higher doses per prescription due to focus on fluid management.

**【Financial Commentary (Rachael Nokes)】**
- Product revenue: $16 million (Q2 2025) vs. $8.1 million (Q2 2024), with COGS at $5 million (vs. $2.3 million YoY).
- Gross-to-net (GTN) discount: 27% in Q2, expected to approach 30% in Q3 due to Medicare Part D redesign.
- Cash position: $40.8 million as of Q2 end (vs. $75.5 million at year-end 2024), with net cash outflows expected to decrease for remainder of 2025.

**【Q&A Highlights】**
- **Class IV heart failure adoption**: Advanced heart failure clinics prescribing higher doses, with fill rates increasing as patient co-pays decline.
- **CKD launch progress**: Nephrologists writing larger scripts than cardiologists, with 8-week launch performance exceeding cardiology launch metrics.
- **Cash runway**: Focused on profitability, with $35 million in potential additional capital (royalty + debt) if needed.
- **ASM program implementation**: CMS rule under review, with data collection starting in 2027 and payments adjusted in 2028.
- **Part D tailwind**: Increasing number of low/no co-pay patients driving prescription growth, with Q3-Q4 expected to see acceleration.

scPharmaceuticals Inc. (SCPH) Q2 2025 Earnings Call Transcript

- **Revenue Growth Accelerating**: Q1 2025 revenue up 93% YoY to $11.8 million, with Q2 IDN orders surging. 
- **CKD Launch Outperforming**: Nephrologists prescribing FUROSCIX within same-day engagement, 70% of new CKD patients have no heart failure. 
- **Copay Dynamics Improving**: 55% of Q2 patients have $0 copays vs. 46% in Q1, driven by Medicare cap resets. 
- **Autoinjector Catalyst**: sNDA filing targeted for Q2 2025, with potential 70-75% COGS reduction. 
- **Financial Strength**: $57.5 million cash balance, with quarterly net outflows expected to stabilize. 


**【CEO Summary Section】**
- **Q1 2025 Revenue**: $11.8 million, up 93% YoY, driven by 13,800 FUROSCIX doses filled (Q4 2024: 12,500). 
- **Gross-to-Net (GTN) Discount**: 23% in Q1, expected to rise to 30% for 2025 due to Medicare Part D redesign. 
- **CKD Launch Progress**: Nephrology prescriptions began in April 2025, targeting 700,000 new patients. Autoinjector sNDA filing targeted for Q2 2025 with 70-75% COGS reduction potential. 
- **IDN Growth**: Q2 2025 IDN orders expected to surpass Q1, with IDNs enabling EMR-driven prescriptions and facilitating hospital discharges. 

**【Commercial Update】**
- **Prescriber Expansion**: Over 4,000 cardiologists and nephrologists have prescribed FUROSCIX since launch in 2023. Q4 2024 sales force expansion increased target coverage and frequency. 
- **Copay Trends**: 46% of Medicare patients had $0 copays in Q1, rising to 55% in April 2025 as more patients hit $2,000 out-of-pocket cap or enrolled in copay smoothing. 
- **CKD Patient Profile**: 70% of new CKD prescriptions are for patients without heart failure, with 30% dual-diagnosis. Average doses per script ~7.4 (Q4 2024: 6.8). 

**【Financial Update】**
- **Cost of Goods Sold (COGS)**: $3.5 million (Q1 2025) vs. $1.8 million (Q1 2024), reflecting higher manufacturing demand. 
- **Cash Position**: $57.5 million as of Q1 2025, down from $75.7 million at year-end due to incentive payouts and receivables growth. 
- **Tariff Exposure**: Minimal impact expected, limited to drug component costs. 

**【Q&A Highlights】**
- **CKD Adoption Speed**: Nephrologists prescribing FUROSCIX within same day of engagement, faster than heart failure launch. 
- **Copay Smoothing**: 25% of patients use smoothing program, with 55% of Q2 patients having $0 copays. 
- **IDN Momentum**: Q2 IDN orders up significantly vs. Q1, with no cannibalization of non-IDN business. 
- **Autoinjector Impact**: Expected to accelerate growth through 2025 as sNDA progresses. 


scPharmaceuticals Inc. (SCPH) Q1 2025 Earnings Call Transcript

- **167% YoY revenue growth**: FUROSCIX net revenue $36.3M in 2024, driven by Class IV HF expansion and CKD indication launch.
- **Medicare redesign tailwind**: 70%+ patients now have $0 co-pays, Q4 2024 fill rate 58% in December vs. 53% Q3.
- **CKD market opportunity**: 700,000+ patients with fluid overload, 50% co-morbid HF. Autoinjector sNDA expected mid-2025.
- **Gross margin challenge**: GTN expected 30-35% in 2025 vs. 19% Q4, but $0 co-pays driving prescription volume growth.

**【CEO Summary Section】**
- FUROSCIX Q4 2024 net revenue: $12.2 million (167% YoY growth to $36.3 million annualized). Class IV HF expansion and CKD indication launch key drivers.
- Gross-to-Net (GTN) discount Q4: 19% (expecting 30-35% in 2025 due to Medicare redesign). Patients hitting $2,000 OOP cap or enrolling in CMS smoothing program now have $0 co-pays, driving fill rates.
- CKD indication approved in March 2025 with first prescriptions in April. Targeting 700,000 CKD patients with fluid overload, 50% of whom also have HF. Early nephrologist prescriptions averaging 5-6 doses per script.
- Autoinjector sNDA expected mid-2025 pending final testing. Device feedback positive despite delay in submission.

**【CFO Financial Commentary】**
- Q4 2024 FUROSCIX revenue: $12.2M (vs. $6.1M Q4 2023). Full year 2024: $36.3M (vs. $13.6M 2023). 
- Cost of goods sold: $4.0M Q4 (vs. $1.8M 2023). R&D expenses: $3.2M Q4 (flat vs. prior year). SG&A: $21.4M Q4 (32% YoY increase due to commercial expansion). 
- Net loss Q4: $18.8M (vs. $13.8M 2023). Cash balance: $75.7M as of Dec 31, 2024.

**【Q&A Key Themes】**
- CKD launch: 10,000 nephrologists vs. 30,000 cardiologists. Smaller sales territories focused on high-volume CKD centers. Early scripts show 50% of nephrologist patients also have HF. 
- Medicare redesign impact: 70% of prescriptions via Part D. GTN hit from rebates but offset by $0 co-pays for 70%+ patients in catastrophic coverage. 
- Autoinjector: 2025 mid-year submission. Potential 2026 launch if approved. 
- 2025 outlook: GTN 30-35%, CKD launch driving Q3+ growth, 130%+ revenue growth consensus supported by Medicare tailwinds despite GTN headwinds.

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