scPharmaceuticals (SCPH) Q3 2024 earnings summary

Executive summary

• Net FUROSCIX revenue reached $10 million in Q3 2024, up 24% sequentially and 164% year-over-year, driven by sales force expansion, label expansion to Class IV heart failure, and growth in the IDN business.

• Approximately 10,800 doses were filled in Q3 2024, up 16% sequentially, with 3,100 unique prescribers, a 13-14% increase from Q2.

• FDA accepted sNDA for FUROSCIX in CKD, with a PDUFA date of March 6, 2025; autoinjector sNDA submission planned for January 2025.

• A new U.S. patent was granted in June 2024, strengthening IP around concentrated furosemide formulations.

• Completed $125 million in transformative financing, expected to fund operations through anticipated profitability.

Financial highlights

• Product revenues were $10 million in Q3 2024, up from $3.8 million in Q3 2023.

• Net loss for Q3 2024 was $35.1 million ($0.75 per share), including $0.47 per share in one-time charges related to debt extinguishment and new financial instruments.

• Cost of product revenues rose to $3.3 million from $1.1 million year-over-year.

• Selling, general, and administrative expenses increased to $21.3 million from $14.1 million year-over-year, mainly due to financing-related costs and commercial expansion.

• Ended Q3 2024 with $91.5 million in cash and cash equivalents, bolstered by August financings.

Outlook and guidance

• GTN (gross-to-net) discount was 15.7% in Q3, expected to remain in the 10%-15% range for the rest of 2024, rising to as much as 35% in 2025 due to Medicare Part D redesign.

• Q4 is expected to be the strongest quarter due to seasonality, with increased hospital admissions and proactive prescribing.

• Fill rates are projected to rise to 65% in 2025 as copay smoothing under Medicare Part D redesign improves affordability.

• Anticipates rapid commercial uptake if CKD indication is approved, with a PDUFA date of March 6, 2025.

• Expansion of sales force and a 5.5% price increase at the end of September 2024 expected to drive future sales growth.