- **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.

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