scPharmaceuticals Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company achieved product revenues of $16.0 million for the three months ended June 30, 2025, a substantial increase from $8.1 million in the same period last year. For the six months ending June 30, 2025, revenues reached $27.8 million, compared to $14.2 million for the first half of 2024. Despite this revenue growth, the company reported a net loss of $18.0 million for the second quarter and $37.8 million for the first half of 2025, reflecting an increase in operating expenses driven by higher costs associated with product revenues, research and development, and selling, general, and administrative expenses.
The company's total operating expenses rose to $30.3 million in the second quarter of 2025, up from $22.5 million in the same quarter of 2024. This increase was attributed to higher costs in several areas, including a $2.7 million rise in the cost of product revenues and a $3.7 million increase in selling, general, and administrative expenses. The company’s accumulated deficit also widened to approximately $404.3 million as of June 30, 2025, compared to $366.5 million at the end of the previous fiscal year.
Strategically, scPharmaceuticals has made notable advancements, particularly with its product FUROSCIX, which received FDA approval in October 2022. The company launched FUROSCIX commercially in early 2023 and has since expanded its indications, including a recent approval for treating edema in chronic kidney disease patients. The company reported approximately 20,200 doses of FUROSCIX filled in the quarter, indicating growing adoption in the market. Additionally, scPharmaceuticals entered into a Credit Agreement and Revenue Purchase and Sale Agreement in August 2024, securing a $75 million term loan to support its operations and product commercialization.
Operationally, scPharmaceuticals has seen an increase in its customer base, with a notable reliance on a limited number of specialty pharmacy customers, which represented a significant portion of its accounts receivable. The company’s cash and cash equivalents stood at $40.8 million as of June 30, 2025, down from $75.7 million at the end of 2024, reflecting ongoing investments in commercialization and development efforts. The company anticipates continued operating losses as it expands its sales and marketing efforts and invests in research and development.
Looking ahead, scPharmaceuticals expects to continue incurring losses as it supports the commercialization of FUROSCIX and seeks to expand its product offerings. The company plans to leverage its existing cash reserves and may pursue additional funding through equity offerings or debt financing to meet its operational needs. The management remains optimistic about the long-term potential of FUROSCIX, estimating a total addressable market of $12.5 billion in the U.S. for patients with chronic heart failure and chronic kidney disease.
About scPharmaceuticals Inc.
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