Q2 2024 scPharmaceuticals Inc Earnings Call Transcript
Key Points
- scPharmaceuticals Inc (SCPH) reported a net revenue of $8.1 million for Q2 2024, representing a sequential growth of 33% compared to Q1 2024.
- The company secured financing up to $175 million, which extends their cash runway through profitability.
- FDA approved the supplemental new drug application to expand the FUROSCIX label to include all heart failure patients, including Class IV.
- Positive top-line study results from a PK study for the low-volume autoinjector in development, achieving primary pharmacokinetic and secondary pharmacodynamic endpoints.
- The company plans to expand its sales force to 90 territories by the end of Q3 2024 to support the expanded label and increased demand.
- scPharmaceuticals Inc (SCPH) reported a net loss of $17.1 million for Q2 2024, compared to a net loss of $14.2 million for Q2 2023.
- The gross-to-net discount is expected to increase over time, potentially impacting net revenue.
- The transition to a new patient services hub caused a temporary decrease in fill rates, negatively impacting Q2 2024 net sales.
- Selling, general, and administrative expenses increased to $17.5 million in Q2 2024, up from $12.1 million in Q2 2023.
- The company anticipates a long-term gross-to-net discount in the range of 30% to 35%, which could affect profitability.
Greetings, and welcome to the scPharmaceuticals second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, PJ Kelleher, Investor Relations. Thank you. You may begin.
Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements on this conference call other than historical facts are forward-looking statements within the meaning of the federal securities laws, including but not limited to, statements regarding scPharmaceuticals' expected future financial results, management's expectations and plans for the business, the ongoing commercialization and marketing of FUROSCIX, and the potential label expansion and other regulatory approvals of FUROSCIX.
The words anticipate, believe, estimate, expect, intend, guidance, confidence, target, project, and other similar expressions are used typically
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