- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SCPH(Delisted)

SCPH fundamentals

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