Executive Summary

Q2 delivered strong top-line upside: net FUROSCIX revenue of $16.04M (+99% YoY), with approximately 20,200 doses shipped (+45% QoQ, +117% YoY). Revenue beat S&P Global consensus by ~4%, while EPS missed on higher GTN and operating spend. Management highlighted accelerating adoption, especially in cardiology, with early contributions from nephrology following CKD launch in late April . S&P Global estimates footnote below.
Commercial flywheel strengthening: IDN sales grew 70% QoQ; cumulative prescribers reached ~4,700; Part D dynamics improved fill rates and script writing during Q2, benefiting demand trajectory into 2H25 per management .
Outlook/catalysts: sNDA submission for 80mg/1mL FUROSCIX Autoinjector on track in Q3; management expects ~75% COGS reduction post-approval, supporting margin expansion and penetration; CMS proposed Ambulatory Specialty Model could be a future tailwind to outpatient diuretic management .
Balance sheet and cash cadence: Cash and equivalents were $40.8M at 6/30; management expects quarterly net cash outflows to decrease over the balance of 2025 as volumes rise and a 3.5% price increase (effective 7/1/25) flows through .

What Went Well and What Went Wrong

What Went Well
- Revenue growth and beat: Q2 product revenue reached $16.04M (+99% YoY), beating S&P Global consensus (~$15.41M), driven by higher scripts, improved fill rates, and early nephrology traction post-CKD launch . S&P Global estimates footnote below.
- IDN acceleration and prescriber expansion: IDN sales rose 70% QoQ; cumulative unique prescribers increased to ~4,700 through Q2, supporting broader channel reach and frequency .
- Strategic pipeline lever: sNDA for Autoinjector remains on track in Q3; management reiterated it could reduce COGS by ~75% and increase penetration, a key medium-term margin lever and adoption catalyst .
What Went Wrong
- EPS miss vs consensus: GAAP net loss of $18.0M (EPS -$0.34) versus S&P Global EPS consensus of -$0.298, reflecting higher SG&A to support commercialization and an increased gross-to-net discount to 27% (vs 23% in Q1) . S&P Global estimates footnote below.
- GTN headwind from Part D redesign: GTN rose to ~27% in Q2 and is expected to approach ~30% in Q3; the redesign creates near-term pressure despite longer-term tailwinds from lower patient out-of-pocket costs .
- Continued operating losses: Despite scale benefits, the company reported a net loss of $18.0M in Q2 (vs $17.1M LY), underscoring the need for ongoing top-line growth and future margin expansion (e.g., Autoinjector) to drive breakeven .

Financial Results

Metric	Q2 2024	Q4 2024	Q1 2025	Q2 2025
Product Revenue ($M)	$8.05	$12.15	$11.75	$16.04
Cost of Product Revenues ($M)	$2.30	$3.97	$3.47	$5.01
Net Loss ($M)	$(17.09)	$(18.85)	$(19.74)	$(18.02)
Diluted EPS ($)	$(0.44)	$(0.35)	$(0.37)	$(0.34)
Gross-to-Net Discount (%)	N/A	19%	23%	27%

Notes: Margins not explicitly guided; GTN shown for trend.

Actual vs S&P Global Consensus (Q2 2025)

Metric	Consensus	Actual	Surprise
Revenue ($M)	$15.41*	$16.04	+$0.63M / +4.1%
EPS ($)	-$0.298*	-$0.34	-$0.042

*Values retrieved from S&P Global.

KPIs and Commercial Drivers

KPI	Q4 2024	Q1 2025	Q2 2025
Doses Filled (approx)	13,300	13,900	20,200
Unique Prescribers (cumulative)	~3,800	~4,200	~4,700
GTN Discount (%)	19%	23%	27%
IDN Sales Growth (QoQ)	+123% vs Q3’24	+119% vs Q4’24	+70% vs Q1’25

Balance Sheet/Share Count (select)

Cash & Equivalents: $40.81M as of 6/30/25 .
Shares Outstanding: 53,290,227 as of 6/30/25 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
GTN Discount	FY 2025 / Q3 2025	FY blended ~30–35% (Q4 call, reiterated Q1)	Q3 GTN to approach ~30%	Maintained trajectory
Pricing	2H 2025	—	+3.5% list price effective 7/1/25	New
Autoinjector sNDA	2025	Target mid-year/Q3 sNDA filing	On track for Q3 submission	Maintained
Autoinjector COGS Impact	Post-approval	~70% reduction	~75% reduction; expects higher penetration	Clarified upward
Cash Use	2025	Net cash outflows to decrease as 2025 progresses	Quarterly net cash outflows expected to decrease for rest of 2025	Maintained
Revenue/Margin Guidance	2025	None provided	None provided	Unchanged

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24 and Q1’25)	Current Period (Q2’25)	Trend
CKD launch / Nephrology	CKD sNDA approved 3/6; full launch planned April; nephrologists concentrated, receptive; doses per Rx ~5–6 expected	Formal CKD launch late April; early scripts; nephrologists adopting faster than cardiology; higher doses per Rx vs cardiology	Improving
Part D redesign & Fill Rates	Fill-rate uplift in Dec (58%); expectation that smoothing + $2,000 cap will tailwind 2025; Q1 GTN ~23%	GTN 27% in Q2; Q3 ~30% expected; fill rates and scripts increasing as co-pays drop	Improving demand; higher GTN
IDN channel	Strong growth (+123% Q4 vs Q3); strategy to complement office-based	+70% QoQ in Q2; becoming a significant part of sales	Expanding, lumpy
Autoinjector (SCP-111)	Targeting mid-year/Q3 sNDA; ~70% COGS reduction expected	On track for Q3 filing; ~75% COGS reduction expected; penetration uplift	On track; enhanced margin case
Regulatory tailwinds (ASM)	—	ASM proposed by CMS; potential HF hospitalization accountability shift to specialists; expected tailwind if implemented	Potential 2027+ tailwind
Tariffs/FX and COGS	Monitoring exposure; primarily drug component	Evaluating tariffs/FX; no material change indicated	Stable

Management Commentary

“We’re very pleased with the continued momentum behind FUROSCIX, with net revenue of $16 million in the second quarter… Expanding FUROSCIX into the chronic kidney disease (CKD) market represents a critical step forward…” – John Tucker, CEO .
“We are on track for the submission of our sNDA for the autoinjector in the current quarter… with an approximate 75% reduction in COGS and an increase in our penetration rates.” – John Tucker, CEO .
“The gross to net discount for Furosec in [Q2] was approximately 27%. We anticipate the gross to net discount in Q3 to approach 30%… primarily attributable to the Medicare Part D redesign.” – Rachael Nokes, CFO .
“From launch to the end of Q2, we were up to ~4,700 unique… prescribers… IDN performance continues to beat our internal expectations.” – Steve Parsons, SVP Commercial .
“The ASM… places accountability onto the clinical specialist for unplanned heart failure hospitalizations… we believe that this new… program may result in a significant tailwind.” – John Tucker, CEO .

Q&A Highlights

CKD launch: Nephrology adoption faster than cardiology; higher doses per Rx; meaningful contribution expected from Q3 onward; fulfillment dynamics improving as co-pays decline .
ASM policy path: Proposed July 2025; comment period closes Sep 2025; data collection 2027; affects 2028 Part B payments; CMS has authority; viewed as highly aligned with FUROSCIX value proposition .
Part D tailwind: Transitioned from early-year headwind to tailwind; more $0 co-pays, higher fill rates, and increased scripts as patients hit cap or elect smoothing .
IDN mix: IDN grew 70% QoQ; management won’t break out channel mix due to lumpiness but notes it is becoming a significant contributor .
Liquidity optionality: Cash $40.8M; access to additional financing capacity if needed (royalty/debt facilities); targeting path to profitability over time .

Estimates Context

Q2 revenue beat consensus by ~4% while EPS modestly missed; five estimates for both revenue and EPS in S&P Global tracking. The revenue upside, coupled with management’s commentary on accelerating volumes and CKD adoption, may bias Street revenue estimates higher for 2H25; however, rising GTN and sustained SG&A growth could temper EPS revisions until the Autoinjector margin benefits materialize post-approval . S&P Global estimates footnote below.

Key Takeaways for Investors

Demand inflecting: 45% QoQ increase in doses and steady prescriber expansion point to strengthening adoption; CKD launch provides a second growth vector .
Near-term beat/miss mix: Top-line beat vs S&P Global, but EPS miss reflects GTN step-up and sustained commercial investment; quality of beat is volume-driven – an attractive setup if margins improve with scale and Autoinjector . S&P Global estimates footnote below.
Channel strategy working: Rapid IDN growth diversifies access and may further support throughput, albeit with quarterly lumpiness .
Autoinjector is the margin unlock: Q3 sNDA filing on track; management points to ~75% COGS reduction and higher penetration – a pivotal catalyst for gross margin and profitability trajectory into 2026+ if approved .
Policy tailwind on horizon: CMS’s ASM proposal could structurally encourage earlier outpatient diuresis, aligning with FUROSCIX’s value proposition .
Watch GTN and OpEx: Expect GTN ~30% in Q3 and continued OpEx to support CKD and IDN buildout; monitor for operating leverage as revenue scales .
Liquidity manageable near term: $40.8M cash with flexibility to tap facilities if needed; management expects quarterly net cash outflows to decrease through 2025 as volumes and pricing step up .

Appendix: Additional Source Materials (Q2 2025)

Q2 2025 Earnings Press Release (8/7): headline metrics, KPIs, financial statements, and outlook highlights .
Q2 2025 Form 8-K (8/7): includes press release as Ex.99.1, detailed financial tables .
Q2 2025 Earnings Call (8/7): commentary on CKD uptake, GTN evolution, IDN, ASM, Autoinjector, and cash cadence .
Prior quarters for trend: Q1 2025 8-K/PR and call (5/14) ; Q4 2024 PR and call (3/19) .

Footnote on estimates: Values retrieved from S&P Global.

scPharmaceuticals Inc. (SCPH)·Q2 2025 Earnings Summary