scPharmaceuticals Inc. Announces Q1 2024 Financial Results and Business Update

scPharmaceuticals Inc., a pharmaceutical company based in Burlington, Massachusetts, reported its financial results for the first quarter of 2024, ending March 31. The company, traded on Nasdaq under SCPH, specializes in developing and commercializing products aimed at optimizing the delivery of infused therapies to improve patient care and reduce healthcare costs.

In the first quarter of 2024, scPharmaceuticals achieved net revenue of $6.1 million from its key product, FUROSCIX®, despite a 10% reduction in doses filled due to a significant cyberattack on Change Healthcare. This revenue represents a substantial increase compared to the $2.1 million in net revenue reported in the same quarter of the previous year.

The company saw a significant uptick in prescriptions and dose fulfillment for FUROSCIX. The total number of FUROSCIX doses written rose by 28% from 13,542 in the fourth quarter of 2023 to 17,376 in the first quarter of 2024. Similarly, the number of doses filled increased by 15% from 7,016 to 8,074 during the same period. The average number of doses per prescription also saw a rise from 5.9 to 6.1, indicating a growing acceptance and utilization of the product among healthcare providers. Unique prescribers of FUROSCIX grew to 2,184 by the end of the first quarter, a 29% increase from the previous quarter’s end.

Additional accomplishments during the quarter included the completion of 2,938 FUROSCIX in-services since its launch, reflecting an increase from the previous count of 2,331. The company maintained consistent inventory levels at specialty pharmacy partners and continued sales to Integrated Delivery Networks (IDNs).

A significant development was the enrollment of the first patient in a pivotal pharmacokinetic (PK) study, which aims to support the creation of an 80mg/1mL auto-injector. If the study is successful, scPharmaceuticals plans to submit a supplemental New Drug Application (sNDA) to the FDA by the end of 2024. Moreover, the company’s sNDA submission to expand FUROSCIX's indication to include New York Heart Association (NYHA) Class IV heart failure patients is under FDA review, with a PDUFA date scheduled for August 2024.

Financially, the company ended the quarter with cash and cash equivalents totaling $58.4 million. This strong cash position supports ongoing and future development and commercialization efforts. However, the company reported a net loss of $14.1 million for the first quarter of 2024, compared to a net loss of $11.2 million for the same period in 2023. The increase in net loss is attributed to higher research and development expenses, which rose from $2.1 million to $2.7 million, and increased selling, general, and administrative expenses, which escalated from $10.9 million to $17.4 million. These higher expenses were driven by increased employee-related costs, commercial activities, and patient support initiatives.

John Tucker, President and CEO of scPharmaceuticals, expressed optimism about the company's progress and future prospects. He highlighted the sustained sales momentum and the positive response from healthcare providers, who are increasingly comfortable prescribing FUROSCIX for heart failure patients. Tucker also mentioned the company's long-term growth initiatives, including the potential expansion of FUROSCIX's indication to include chronic kidney disease and the development of a low-volume auto-injector, which are expected to drive future sales growth.

In conclusion, scPharmaceuticals' first quarter of 2024 was marked by robust revenue growth, increased adoption of FUROSCIX, and strategic advancements in their product pipeline, positioning the company for continued success in optimizing patient care and reducing healthcare costs.