scPharmaceuticals Inc.

scPharmaceuticals reported Q2 2025 product revenues of $16 million versus $8.1 million in Q2 2024, an increase of 99%. Cost of product revenues was $5 million versus $2.3 million a year ago. The company filled approximately 20,200 FUROSCIX doses in the quarter, up 117% year over year and 45% sequentially. Gross-to-net discount was approximately 27% in Q2, and management expects it to approach 30% in Q3. Cash and cash equivalents were $40.8 million at June 30, 2025, versus $75.5 million at December 31, 2024. Management expects quarterly net cash outflows to decrease for the balance of 2025 as volumes rise and a 3.5% price increase took effect July 1, 2025.

John Tucker emphasized that the quarter reflected momentum across multiple growth drivers: nephrology launch, improving Part D economics, and expansion in IDNs. He said the company is confident these factors will continue to support long-term growth and pointed to the proposed CMS ambulatory specialty model as a possible additional tailwind for FUROSCIX. His tone was upbeat and highly optimistic, especially around the auto-injector SNDA filing expected in the current quarter and the potential roughly 75% reduction in COGS tied to that product.

Rachael Nokes highlighted the core financial drivers behind the quarter: $16 million in product revenue, $5 million in product cost, and a Q2 gross-to-net discount of about 27%. She said GTN should move toward 30% in Q3, mainly because of Medicare Part D redesign and mandatory manufacturer rebates under the Inflation Reduction Act. She also noted the company ended Q2 with $40.8 million in cash and cash equivalents and expects quarterly net cash outflows to decrease through the rest of 2025 as higher volumes and a 3.5% price increase help offset spending; management also mentioned access to up to $10 million from Perceptive on the royalty and another $25 million on the debt if needed.

Analysts focused on three issues: how quickly nephrology is contributing, whether fill rates and low/no-copay dynamics can keep improving, and how much cash runway remains. Management said nephrology adoption is faster by doctor than cardiology was, doses per prescription are higher in nephrology, and meaningful contribution should start in Q3. On cash, management said it is focused on reaching profitability and said it could access up to $10 million from Perceptive on the royalty and another $25 million on the debt if needed. Management also said the new CMS ambulatory specialty model appears highly aligned with FUROSCIX and described it as a potential priority-targeting opportunity once physician lists are known.