scPharmaceuticals Financial Results and Business Update

 scPharmaceuticals (SCPH) reported strong Q4 and full-year 2024 results, with Q4 FUROSCIX revenue reaching $12.2 million (up 99% YoY) and full-year revenue of $36.3 million (up 167% YoY). The company filled approximately 13,300 FUROSCIX doses in Q4 2024, a 23% increase from Q3.

Key highlights include FDA approval for FUROSCIX's expanded label to treat edema in chronic kidney disease patients, with launch planned for April 2025. The company reported about 3,800 unique prescribers through year-end 2024, showing 23% growth from Q3. The gross-to-net discount was 19% for Q4 and 16% for full-year 2024.

Financial position remains strong with $75.7 million in cash and cash equivalents as of December 31, 2024. However, the company reported a net loss of $18.8 million in Q4 and $85.1 million for the full year 2024.

Positive

• Q4 revenue grew 99% YoY to $12.2M, with full-year revenue up 167% to $36.3M
• FDA approval for expanded FUROSCIX indication to include CKD patients
• 23% QoQ growth in FUROSCIX doses filled (13,300 in Q4)
• 123% growth in Integrated Delivery Networks from Q3 2024
• Strong cash position of $75.7M as of December 2024

Negative

• Net loss increased to $85.1M in 2024 from $54.8M in 2023
• SG&A expenses increased 45% YoY to $77.6M in 2024
• Cost of product revenues increased significantly to $11.4M in 2024 from $3.8M in 2023

scPharmaceuticals' Q4 results demonstrate impressive commercial momentum with FUROSCIX revenue reaching $12.2 million for the quarter, representing a 99% year-over-year increase and a 21% sequential growth from Q3. The full-year revenue of $36.3 million shows an even stronger 167% increase compared to 2023. These growth rates indicate accelerating market adoption rather than just initial launch enthusiasm.

The recent FDA approval for FUROSCIX's expanded label to include chronic kidney disease patients represents a significant market opportunity expansion. With approximately 37 million Americans suffering from CKD, this opens a substantial new addressable market beyond the heart failure indication. The company's planned April 2025 formal launch for this indication is well-timed.

Despite the revenue growth, operating losses expanded to $18.8 million for Q4 and $85.1 million for the full year, reflecting continued heavy investment in commercialization. SG&A expenses increased to $21.4 million for Q4, primarily driven by expanded commercial infrastructure and patient support programs.

The company maintained a relatively stable cash position of $75.7 million, providing approximately 4-5 quarters of runway at current burn rates. The upcoming 80mg/1mL Autoinjector program could significantly improve margins, with potential to reduce FUROSCIX costs by approximately 70% if approved mid-year as planned.

The operational metrics are particularly encouraging: 13,300 FUROSCIX doses filled in Q4 (up 23% sequentially), 3,800 unique prescribers (up 23% from Q3), and 123% growth in Integrated Delivery Network penetration. The gross-to-net discount of 19% for Q4 is reasonable for a specialty product gaining 

https://www.stocktitan.net/news/SCPH/sc-pharmaceuticals-inc-reports-fourth-quarter-and-full-year-2024-b6gwginkix1q.html