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scPharmaceuticals Inc. (SCPH)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 net FUROSCIX revenue was $11.75M, up 93% year-over-year, with approximately 13.9K doses filled; seasonality and higher gross-to-net (GTN) discounts weighed on profitability, yielding GAAP net loss of $19.74M and EPS of ($0.37) .
  • Against S&P Global consensus, revenue modestly beat ($11.75M vs $11.63M) while EPS missed (($0.37) vs ($0.285)); management cited Q1 deductibles/Medicare resets and a higher GTN as key drivers, with fill rates improving to ~55% in April (vs ~46% in Q1) and accelerating into Q2* .
  • CKD indication formally launched late April; early nephrology traction is outpacing the initial heart failure launch, with same‑day script generation noted by the commercial lead .
  • Autoinjector sNDA timing updated to Q3 2025, with a potential 70–75% COGS reduction and meaningful mix shift over time; IDN channel growth is a highlighted catalyst for Q2 and beyond .
  • Near-term stock reaction catalysts: accelerating Q2 volume with $0 Medicare copays entering catastrophic coverage, CKD adoption, and visibility on Autoinjector sNDA filing in Q3 2025 .

What Went Well and What Went Wrong

What Went Well

  • CKD launch momentum: “When we call on [nephrology], we're getting prescriptions the same day… adoption is way faster than it was in heart failure” .
  • Volume and prescribers expanding: ~13.9K doses filled in Q1 (+73% YoY) and ~4,200 unique prescribers to date; IDN sales increased 119% vs Q4 .
  • Tailwinds building in Q2: “Fill rate… around 46% in Q1… 55% in April,” with rising $0 Medicare copays as patients hit the $2,000 cap or elect smoothing, driving higher scripts and fill rates .

What Went Wrong

  • Profitability pressure: GTN discount rose to 23% in Q1 (from 19% in Q4), and SG&A increased to $21.4M, contributing to net loss ($19.74M) and EPS ($0.37) .
  • EPS missed consensus: ($0.37) vs ($0.285), reflecting higher operating expenses and GTN headwinds* .
  • Cash decline quarter-over-quarter: cash and equivalents fell from $75.7M at 12/31/24 to $57.5M at 3/31/25, with Q1 outflows tied to incentive payments and AR growth; management expects outflows to decrease over the balance of 2025 .

Financial Results

Revenue and EPS vs prior periods and estimates

MetricQ1 2024Q4 2024Q1 2025Consensus (Q1 2025)Surprise
Revenue ($USD Millions)$6.10 $12.15 $11.75 $11.63*+$0.12M (Beat)
EPS ($USD)($0.36) ($0.35) ($0.37) ($0.285)*—$0.085 (Miss)

Values marked with * retrieved from S&P Global.

Margins (quarterly)

MetricQ4 2024Q1 2025
Gross Profit Margin %67.37%*70.46%*
EBITDA Margin %(134.48%)*(151.06%)*
Net Income Margin %(155.10%)*(167.99%)*
EBIT Margin %(134.51%)*(151.10%)*

Values marked with * retrieved from S&P Global.

Operating detail (Q1 2025)

MetricQ1 2025
Product Revenues ($USD Millions)$11.75
Cost of Product Revenues ($USD Millions)$3.47
R&D ($USD Millions)$4.63
SG&A ($USD Millions)$21.41
Total Operating Expenses ($USD Millions)$29.51
Net Loss ($USD Millions)($19.74)
Shares Outstanding50,283,925
Cash & Equivalents ($USD Millions)$57.54

KPIs

KPIQ3 2024Q4 2024Q1 2025
Doses Filled~10,800 ~13,300 ~13,900
Doses per Script6.8 6.8 7.4
Unique Prescribers (Cumulative)~3,100 ~3,800 ~4,200
GTN Discount15.7% 19% 23%
IDN Sales Growth—+123% QoQ +119% vs Q4

Note: Single-product revenue (FUROSCIX) across periods .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Blended GTN DiscountFY 2025Not quantified (referenced as expectation) ~30% blended GTN over 2025 New quantitative level
Autoinjector sNDA SubmissionQ3 2025Mid-year 2025 target Targeting Q3 2025 filing Timeline pushed later
CKD IndicationQ2 2025PDUFA 3/6/2025 FDA approved 3/6/2025; formal launch late April 2025 Achieved/Launched
Cash OutflowsFY 2025—Quarterly net outflows expected to decrease as revenues rise and cash outflows normalize New operational guidance
IDN ContributionQ2 2025—“Expect Q2 to be much bigger than Q1 in IDNs” Positive outlook
Doses per ScriptFY 2025—Stabilizing around ~7–7.4 doses per script Trend established

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 2024, Q4 2024)Current Period (Q1 2025)Trend
Medicare Part D redesign & smoothingGTN up from Q2 to Q3; financing through profitability; no detail on smoothing cadence Fill rate improved to ~55% in April (vs ~46% in Q1) as more $0 copays emerge from cap/smoothing; blended GTN ~30% expected in 2025 Tailwind to volume despite higher GTN
CKD indication expansionPDUFA date 3/6/2025, pre-launch prep FDA approved 3/6; formal launch late April; adoption faster than HF with same-day scripts Strong early traction
IDN strategyDirect purchases from 14 IDNs YTD by Q3; +123% QoQ in Q4 +119% vs Q4; expected bigger in Q2; complements EMR ordering/discharge flows Accelerating channel
Autoinjector program (SCP-111)Positive PK/PD; targeting sNDA end Jan/EOY; 70% COGS reduction potential Shelf-life testing progressing; sNDA targeted Q3 2025; 70–75% COGS reduction potential reiterated Advancing, timeline refined
Prescriber adoption / doses per scriptPrescribers grew Q2→Q3; doses/script from 6.3 to 6.8 ~4,200 cumulative prescribers; 7.4 doses/script in Q1; similar for CKD Continued maturation

Management Commentary

  • “We have seen an acceleration… as more Medicare patients reach their $2,000 cap or enrolled in the copay smoothing program… we have seen a corresponding acceleration in our fill rate, prescriptions written and in units shipped” — John Tucker, CEO .
  • “CKD adoption is way faster than it was in heart failure… getting prescriptions the same day that we call on them” — Steve Parsons, SVP Commercial .
  • “Blended GTN of approximately 30%” expected for 2025, but redesign is a net tailwind given increased $0 copays in catastrophic coverage — John Tucker .
  • “We are targeting filing the sNDA next quarter [Q3 2025]. We continue to believe that the Autoinjector will… reduce COGS by ~70% to 75% compared to the current on-body infuser” — John Tucker .

Q&A Highlights

  • CKD traction: Early field feedback indicates rapid uptake and same-day scripting in nephrology; scripts include CKD-only and CKD+HF patients, expanding addressable use cases .
  • IDN cadence: Management expects Q2 IDN sales to exceed Q1 materially; IDN workflows (EMR ordering, discharge facilitation) improve access and reorders from top systems .
  • Smoothing/catastrophic coverage: Visible uptick in $0 copays in April/May; hub promotes smoothing and supports benefit verification, contributing to higher fill rates and physician confidence to write scripts .
  • Doses per script: 7.4 in Q1 vs 6.8 in Q4; CKD doses per script tracking similar to HF, suggesting stable utilization intensity .

Estimates Context

  • Q1 2025 vs S&P Global consensus: Revenue beat ($11.75M actual vs $11.63M est), EPS miss (($0.37) actual vs ($0.285) est); EBITDA came in below consensus (actual ($17.75M) loss vs ($14.70M) loss est)* .
MetricQ1 2025 EstimateQ1 2025 Actual
Revenue ($USD)$11,628,400*$11,752,000
Primary EPS ($USD)($0.285)*($0.37)
EBITDA ($USD)($14,700,000)*($17,753,000)*

Values marked with * retrieved from S&P Global.

Implication: Consensus may need to adjust for higher GTN and operating cost intensity, while volume and CKD uptake support raising outer‑quarter revenue trajectories as Q2/Q3 fill rates improve .

Key Takeaways for Investors

  • Revenue trajectory intact; modest Q1 beat on sales with strong Q2 setup driven by $0 Medicare copays and rising fill rates into April/May .
  • EPS miss tied to higher GTN and SG&A; expect operating leverage to improve as prescription volumes and IDN contribution rise through 2025 .
  • CKD launch is the near-term growth engine; adoption pace already exceeding HF launch, expanding prescriber base and script counts .
  • Autoinjector sNDA in Q3 2025 is a medium-term margin catalyst (70–75% COGS reduction potential) with significant mix/penetration upside post-approval .
  • Watch GTN stabilization: blended ~30% expected for 2025; despite nominal headwind, Medicare redesign is a net tailwind via catastrophic coverage and smoothing .
  • IDN channel momentum should support volume and reduce friction via EMR-enabled workflows; management signals larger Q2 vs Q1 contribution .
  • Trading lens: Near-term catalysts include CKD script ramp and Autoinjector filing; risk skews to operating expense discipline and GTN normalization while monitoring cash trends and AR dynamics .