scPharmaceuticals Q2 2024 Financial Results and Business Update

scPharmaceuticals Inc., a company dedicated to developing and commercializing innovative pharmaceutical products to improve patient care and reduce healthcare costs, has released its financial results for the second quarter of 2024 and provided a business update.

For the second quarter ending June 30, 2024, scPharmaceuticals reported net FUROSCIX® revenue of $8.1 million, reflecting a 33% increase from the first quarter of 2024. The company dispensed approximately 9,300 doses of FUROSCIX, a 15% rise from the 8,100 doses recorded in the first quarter. The average number of doses per prescription increased to 6.3 from 6.1 in the previous quarter. The number of unique FUROSCIX prescribers rose by 24%, reaching 2,713 by the end of the second quarter, up from 2,183 at the end of the first quarter.

scPharmaceuticals maintained stable inventory levels at its specialty pharmacy partners and achieved a gross-to-net discount reduction from 19% in Q1 to 8% in Q2. The company completed financing deals totaling up to $175 million, which includes $75 million in senior debt, $50 million in synthetic royalty with Perceptive Advisors, and approximately $50 million in equity funding from leading life science investors. Proceeds from these financings were used to repay $50 million of existing debt with Oaktree.

The FDA has approved the expansion of the FUROSCIX indication to include patients with New York Heart Association Class IV chronic heart failure, who are among the most symptomatic. scPharmaceuticals also announced positive topline pharmacokinetic/pharmacodynamic (PK/PD) data for the FUROSCIX autoinjector, meeting primary and secondary endpoints. The company aims to submit a Supplemental New Drug Application (sNDA) by the end of the year. Additionally, the FDA has accepted the sNDA for the treatment of edema due to fluid overload in patients with chronic kidney disease (CKD), with a target action date set for March 6, 2025.

John Tucker, President and CEO of scPharmaceuticals, highlighted the company's growth in the second quarter, noting the increasing acceptance of FUROSCIX in treating heart failure. He emphasized the significant progress in life cycle management and long-term growth initiatives, including FDA approvals and the announcement of positive PK/PD data. The company plans to strategically invest in commercial and sales infrastructure to capitalize on these opportunities.

Financially, scPharmaceuticals saw product revenues rise to $8.1 million in Q2 2024 from $1.6 million in Q2 2023. The cost of product revenues also increased to $2.3 million from $0.4 million in the same period. Research and development expenses decreased slightly to $2.7 million, while selling, general, and administrative expenses grew to $17.5 million, up from $12.1 million in Q2 2023. The net loss for Q2 2024 was $17.1 million, compared to $14.2 million in Q2 2023.

By the end of the second quarter of 2024, scPharmaceuticals had $38.5 million in cash, cash equivalents, and short-term investments, down from $76.0 million at the end of 2023. The total number of shares outstanding as of June 30, 2024, was 36,139,802.

scPharmaceuticals continues to focus on developing and commercializing products aimed at reducing healthcare costs and improving patient outcomes. With its advances in the FUROSCIX program and strategic financing, the company is positioned for growth and aims to achieve profitability based on its current operating plan.

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