scPharmaceuticals Reports 93% Revenue Growth to $11.8M in Q1 2025 Amid Increased Losses

scPharmaceuticals Inc. reported its financial results for the first quarter of 2025, revealing a significant increase in product revenues and continued operational challenges. The company generated $11.8 million in product revenues for the three months ended March 31, 2025, compared to $6.1 million during the same period in 2024, marking an increase of approximately 93%. This growth is attributed to the ongoing commercialization of FUROSCIX, its FDA-approved subcutaneous loop diuretic, which began sales in early 2023. Despite the revenue increase, scPharmaceuticals reported a net loss of $19.7 million for the quarter, up from a loss of $14.1 million in the prior year, reflecting rising operational costs.

Total operating expenses for the quarter reached $29.5 million, an increase of 34% from $22.0 million in the previous year. The rise in expenses was driven by higher costs associated with product revenues, research and development, and selling, general, and administrative expenses. Specifically, research and development costs rose to $4.6 million from $2.7 million, primarily due to increased pharmaceutical development activities. Selling, general, and administrative expenses also increased to $21.4 million, up from $17.4 million, reflecting investments in expanding the company's commercial infrastructure.

In terms of operational metrics, scPharmaceuticals filled approximately 14,000 doses of FUROSCIX during the quarter, indicating a growing adoption of the product in the market. The company continues to focus on expanding its sales and marketing capabilities to enhance product uptake. As of March 31, 2025, scPharmaceuticals had cash and cash equivalents of $57.5 million, down from $75.7 million at the end of 2024, as the company continues to invest in its commercialization efforts.

Strategically, scPharmaceuticals has made significant advancements, including the submission of a supplemental New Drug Application (sNDA) for FUROSCIX to treat edema in patients with chronic kidney disease, which was approved in March 2025. The company is also developing an autoinjector version of FUROSCIX, which is expected to reduce manufacturing costs and improve patient convenience. The company anticipates that the total addressable market for FUROSCIX in the U.S. could reach $12.5 billion, driven by its potential to provide IV-equivalent diuresis outside of hospital settings.

Looking ahead, scPharmaceuticals expects to continue incurring significant losses as it supports the commercialization of FUROSCIX and invests in research and development for future product candidates. The company plans to utilize its existing cash reserves and may seek additional funding through equity offerings or debt financing to support its operations and growth initiatives. The management remains optimistic about the long-term potential of FUROSCIX and its pipeline, despite the current financial challenges.