scPharmaceuticals (SCPH) Q4 2024 earnings summary

Executive summary

• Net FUROSCIX revenue for Q4 2024 reached $12.2 million, with full-year 2024 revenue at $36.3 million, representing a 167% year-over-year increase driven by expanded market penetration and prescriber growth.

• FDA approved a supplemental new drug application in March 2025, expanding FUROSCIX's indication to include edema in chronic kidney disease (CKD) patients, with a full launch expected in April 2025.

• 13,300 FUROSCIX doses were filled in Q4 2024, up 23% from Q3; 41,000 doses filled in 2024.

• Unique prescribers grew 23% sequentially to 3,800 by year-end, with significant IDN expansion.

• The Medicare Part D redesign, lowering the out-of-pocket maximum to $2,000, is expected to be a significant tailwind, with 70%-75% of prescriptions filled by Part D beneficiaries.

Financial highlights

• Q4 2024 FUROSCIX revenue was $12.2 million, up from $6.1 million in Q4 2023; full-year 2024 revenue was $36.3 million, up from $13.6 million in 2023.

• Cost of product revenues for Q4 2024 was $4.0 million, up from $1.8 million in Q4 2023; full-year cost was $11.4 million, up from $3.8 million.

• Research and development expenses for 2024 were $12.1 million, up from $11.8 million in 2023.

• Selling, general, and administrative expenses for 2024 were $77.6 million, up from $53.4 million in 2023.

• Net loss for Q4 2024 was $18.8 million (vs. $13.8 million in Q4 2023); full-year net loss was $85.1 million (vs. $54.8 million in 2023).

Outlook and guidance

• Expectation of continued organic growth in 2025, supported by the Medicare redesign, expanded sales force, and CKD indication launch.

• Gross-to-net (GTN) discount for FUROSCIX projected at 30%-35% for 2025, with Q1 2025 expected closer to 25%.

• sNDA submission for 80mg/1mL FUROSCIX Autoinjector targeted for mid-2025, with potential to reduce costs by about 70%.

• Anticipate revenue impact from CKD launch mainly in Q3 and Q4 2025.

• SG&A expected to remain at Q4 2024 levels; R&D may increase slightly due to autoinjector development.