scPharmaceuticals (SCPH -5.13%), a commercial-stage pharmaceutical company focused on subcutaneous drug delivery for heart failure and chronic kidney disease patients, delivered its second quarter 2025 earnings results on August 7, 2025. The most notable headline: Revenue (GAAP) climbed to $16.0 million in Q2 2025, beating analyst expectations of $15.41 million (GAAP). This performance marked a 99% increase over the prior-year period (GAAP), driven mainly by strong adoption of its lead product, FUROSCIX, and rapid expansion into the chronic kidney disease market. Despite robust top-line growth and outperformance on revenue, profitability remains a challenge for the company, with losses continuing due to high operating and R&D costs. The quarter reflected strong commercial momentum, but ongoing investment and cash usage require attention in the months ahead.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.34) | $(0.30) | $(0.44) | -22.7 % |
| Revenue (GAAP) | $16.0 million | $15.41 million | $8.1 million | 99.0 % |
| Cost of Product Revenues | $5.0 million | $2.3 million | 117.4 % | |
| Research and Development Expense | $4.1 million | $2.7 million | 51.9 % | |
| Selling, General and Administrative Expense | $21.2 million | $17.5 million | 21.1 % |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Business Overview and Core Focus
scPharmaceuticals is centered on developing and commercializing subcutaneous therapies, with its primary focus on FUROSCIX, a patented formulation of furosemide. FUROSCIX allows patients with heart failure or kidney disease to receive high-strength diuretic therapy at home instead of in the hospital. This product targets both cost reduction for healthcare systems and greater convenience for patients, seeking to shift treatment outside facility settings.
The company’s recent strategy has focused on accelerating commercial adoption, particularly following new approval for use in chronic kidney disease. Success depends on continued expansion in the U.S. market, effective commercialization, and managing access and reimbursement under evolving Medicare policies. Its future growth also hinges on new product innovation, especially the upcoming FUROSCIX autoinjector device, and maintaining barriers against large pharmaceutical competitors.
Second Quarter 2025 Highlights
Net revenue (GAAP) nearly doubled, reflecting a rapid increase in the number of FUROSCIX doses sold. Total shipped doses reached about 20,200, up from 9,300 in Q2 2024 and 13,800 in Q1 2025. Unique prescriber count climbed to approximately 4,700 since launch through the end of Q2 2025, signaling broader physician acceptance in both cardiology and nephrology specialties.
One of the most significant events in the quarter was the late April launch of FUROSCIX for chronic kidney disease. Management noted that uptake among nephrologists has exceeded even the initial growth seen in heart failure, pointing to strong demand: “the CKD launch and the adoption is way faster than it was in heart failure,” (as discussed on the Q1 2025 earnings call). Sales to integrated delivery networks, which are health systems that manage care across hospitals and outpatient settings, rose 70% compared to Q1 2025. These new institutional partnerships are opening additional long-term channels for prescription growth.
Profitability continued to be a challenge. Operating expenses (GAAP) reached $30.3 million, with selling, general and administrative costs up 21.2% and research and development rising 53.1% year over year. The gains in revenue were offset by increases across cost-of-goods, commercial expansion, and innovation efforts, leaving net loss at $18.0 million (GAAP), a modest widening compared to Q2 2024. Cash and cash equivalents totaled $40.8 million at quarter end, down from $57.5 million at the end of Q1 2025, reflecting both the ongoing investment in commercial capabilities and cash burn from operations.
Two trends affecting revenue realization require particular attention. The gross-to-net discount—the gap between a drug’s official sale price and what the company actually receives after commercial rebates and discounts—rose to 27% from 23% in Q1 2025. This was anticipated, due to new Medicare rebate rules under the Inflation Reduction Act, and The company now expects a blended gross-to-net discount of approximately 30% over the remainder of 2025. While this did not offset revenue growth, further increases would impact margins unless prescription volume continues to rise at a similar pace.
In terms of innovation, the company stayed on track with plans for the 80mg/1mL FUROSCIX Autoinjector, a device that would enable much quicker dosing and reduce manufacturing costs. Management expects to submit a supplemental New Drug Application for the autoinjector in the third quarter of 2025. The device is expected to cut product cost of goods by 70% to 75%, which would significantly impact margin structure once available.
Looking Ahead: Guidance and Watchpoints
The company did not issue a new financial outlook for the remainder of fiscal 2025. While management cited strong commercial momentum and confidence in the ongoing adoption of FUROSCIX, no formal revenue or profitability guidance was given for future quarters or the year as a whole.
Investors will be closely monitoring trends in net revenue growth versus rising gross-to-net discounts, the pace of cash outflow and liquidity position, and progress towards a successful autoinjector launch. Key dates include the anticipated exclusivity expiration for FUROSCIX in October 2025, after which direct competition could put pressure on revenue and market share.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
