scPharmaceuticals Inc. (SCPH): History, Ownership, Mission, How It Works & Makes Money

When you look at scPharmaceuticals Inc. (SCPH), a company that just delivered $16.0 million in net revenue for Q2 2025, representing a 99% year-over-year growth, do you see a standalone biotech success story or a strategic acquisition target? The answer is both, as MannKind Corporation finalized its buyout on October 7, 2025, valuing the company at up to $6.35 per share, shifting its ownership structure overnight. This move underscores the immense value of its core product, FUROSCIX (furosemide injection), a revolutionary on-body infusor designed to treat fluid overload in chronic heart failure and kidney disease patients at home, a market that's defintely ripe for disruption. What does a company focused on moving IV-equivalent diuretic therapy from the hospital to the patient's couch mean for the future of cardiorenal care, and where does its path to profitability really start now that it's a wholly-owned subsidiary?

scPharmaceuticals Inc. (SCPH) History

You're looking for the bedrock of scPharmaceuticals Inc., and the core takeaway is clear: the company was founded on a simple, powerful idea-to move critical IV-administered cardiorenal therapy into the home via a subcutaneous (under the skin) delivery system. This vision, centered on the FUROSCIX product, culminated in a major strategic exit in late 2025, transforming the company's future.

Given Company's Founding Timeline

Year established

The company was established in 2013, focusing its initial efforts on developing a proprietary subcutaneous delivery system for infused therapies to improve patient convenience and reduce healthcare costs.

Original location

The original corporate office was located in Burlington, Massachusetts, a key hub for pharmaceutical and biotechnology innovation.

Founding team members

While the initial founding team members are not explicitly named in public records, the company's early direction was heavily influenced by the biotech and venture capital ecosystem that provided its seed funding. Key leadership in the commercial phase included John Tucker (CEO) and Rachael Nokes (CFO).

Initial capital/funding

The company raised initial capital from venture funds like OrbiMed and Sun Pharma, totaling approximately $78.7 million in early funding rounds. This early investment set the stage for the company's eventual Initial Public Offering (IPO) in November 2017, which raised $89.6 million in gross proceeds.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been shaped by two major forces: regulatory approval and a strategic acquisition. You can see the shift from a development-stage company to a commercial-stage powerhouse, but the real pivot happened in 2025.

• The Commercial Flywheel Starts: The October 2022 FDA approval of FUROSCIX was the first major win, but the commercial launch truly gained momentum in 2025. In Q2 2025 alone, net revenue hit $16.04 million, nearly doubling the prior year's period. Honestly, that kind of growth, even with a net loss of $18.0 million in the quarter, shows the product is defintely gaining traction.
• Product Expansion and Cost Reduction: The April 2025 launch of FUROSCIX for Chronic Kidney Disease (CKD) was crucial, broadening the market significantly. Also, the company submitted a Supplemental New Drug Application (sNDA) for the FUROSCIX ReadyFlow Autoinjector in Q3 2025. This next-gen device is expected to cut the cost of goods sold (COGS) by around 75%, a massive margin lever.
• The MannKind Acquisition (October 2025): The most transformative moment was the acquisition by MannKind Corporation, which closed on October 7, 2025. The total deal was valued at up to approximately $360 million, including a cash payment and contingent value rights (CVRs). This move immediately integrated scPharmaceuticals' commercial platform and FUROSCIX into a larger, diversified biopharma entity, securing its long-term market presence.

For a deeper dive into the company's guiding principles, you should check out the Mission Statement, Vision, & Core Values of scPharmaceuticals Inc. (SCPH).

scPharmaceuticals Inc. (SCPH) Ownership Structure

The ownership structure of scPharmaceuticals Inc. underwent a fundamental shift in the near-term, moving from a publicly traded entity to a privately held subsidiary, meaning the company is now fully controlled by its parent. The company's common stock was delisted from the Nasdaq Global Select Market effective October 8, 2025, after the acquisition was completed.

scPharmaceuticals Inc.'s Current Status

As of October 7, 2025, scPharmaceuticals Inc. is no longer an independent, publicly traded company. MannKind Corporation (NASDAQ: MNKD) completed its acquisition, making scPharmaceuticals a wholly owned subsidiary. This means all strategic and financial decisions are now governed by MannKind's corporate structure and objectives. The acquisition was executed for a consideration of $5.35 in cash per share, plus one non-transferable Contingent Value Right (CVR) which could yield up to $1.00 in additional cash upon hitting specific milestones. This move effectively removes the company from the direct scrutiny of public market investors and shifts governance entirely to the parent company. For a deeper dive into the financials before the merger, check out Breaking Down scPharmaceuticals Inc. (SCPH) Financial Health: Key Insights for Investors.

scPharmaceuticals Inc.'s Ownership Breakdown

Since the merger was completed in October 2025, the company's ownership is consolidated under its new parent. This is a clean, 100% ownership structure, simplifying the capital stack dramatically compared to its prior state as a public company with thousands of institutional and retail shareholders. Before the acquisition, institutional investors held a high percentage, signaling strong market trust, but that is history now.

scPharmaceuticals Inc.'s Leadership

Following the merger, the leadership team was immediately restructured to align with MannKind Corporation's management. This is defintely a common move to integrate operations and ensure a smooth transition under the new parent company's strategic direction.

The new leadership team, installed in October 2025, is now responsible for steering the company as a MannKind subsidiary, focusing on the commercialization of its lead product, FUROSCIX.

• Chief Executive Officer: Michael Castagna, who also serves as the CEO of MannKind Corporation, assumed this role in October 2025.
• Chief Financial Officer: Christopher B Prentiss was appointed CFO in October 2025.
• Board of Directors: The board was also restructured, with new directors appointed to reflect the wholly-owned subsidiary status.

The new executive structure is lean, focusing on operational continuity and maximizing the value of the acquired assets for the parent company.

scPharmaceuticals Inc. (SCPH) Mission and Values

scPharmaceuticals Inc. is built on a core belief that complex cardiorenal care should be simpler and more accessible, aiming to shift treatment from the high-cost hospital setting to the patient's home. This patient-first approach is the bedrock of their mission, which is backed by a tangible commitment to innovation and fiscal responsibility, as evidenced by their estimated full-year 2025 revenue of $74.56 million and their Q1 2025 net loss of $19.7 million.

scPharmaceuticals Inc.'s Core Purpose

You need to know what drives the company beyond the balance sheet, especially as they integrate with MannKind Corporation. Their purpose is clear: to revolutionize how patients manage chronic conditions like heart failure and chronic kidney disease (CKD) through integrated, self-administered therapies.

Official Mission Statement

The company's mission centers on advancing cardiorenal care by providing integrated treatments that directly address unmet patient needs, ultimately striving to improve the lives of millions. This isn't just about a drug; it's about optimizing the entire delivery of infused therapies to reduce the physical and financial burden on patients and the healthcare system. Honestly, the mission is simple: get high-impact therapy to the patient, at home, for less money.

• Advance cardiorenal care through integrated treatments.
• Optimize the delivery of infused therapies.
• Improve patient lives and reduce healthcare costs.

Vision Statement

Their vision, established when the company was founded in 2013, has been to transform patient lives by aggressively advancing outpatient care and driving down overall healthcare costs. This goal is now being realized with products like FUROSCIX, which generated $11.8 million in product revenue in the first quarter of 2025. To be fair, this vision is a direct response to the 1 to 2 million heart failure hospitalizations that occur annually in the U.S., a critical, costly problem they aim to solve.

• Transform patient lives by advancing outpatient care.
• Reduce healthcare costs through accessible solutions.
• Become a leader in patient-focused, cost-effective specialized solutions.

scPharmaceuticals Inc. Slogan/Tagline

While a single, punchy slogan isn't always front-and-center for a commercial-stage pharmaceutical company, their consistent messaging acts as a clear tagline. It's all about the patient-centric innovation, which is the defintely the core message they want you to remember. Their core values further solidify this operational focus, creating a culture of psychological safety and uncompromising principles. You can find more detail on their philosophy here: Mission Statement, Vision, & Core Values of scPharmaceuticals Inc. (SCPH).

• Revolutionizing cardiorenal care through patient-centric innovations.
• Closing the 'Say-Do Gap' with integrity and a strong focus on outcomes.

Here's the quick math on their commitment: as of March 31, 2025, the company held $57.5 million in cash to fund their R&D and commercialization efforts, showing a tangible commitment to their innovative pipeline.

scPharmaceuticals Inc. (SCPH) How It Works

scPharmaceuticals Inc. is a specialty pharmaceutical company that focuses on shifting certain intravenous (IV) therapies to a self-administered, subcutaneous (under-the-skin) format, allowing patients to get hospital-level care at home. Its core value proposition is delivering a concentrated diuretic, FUROSCIX, via a wearable On-Body Infusor to treat fluid overload in cardiorenal patients, effectively replacing an expensive and inconvenient hospital visit or IV clinic trip.

In a major strategic shift, the company was acquired by MannKind Corporation in October 2025, integrating its commercial operations and product pipeline into a larger, more diversified cardiorenal and cardiometabolic care platform. This acquisition accelerates the market reach of FUROSCIX and leverages MannKind's resources for pipeline development. Honestly, this deal is a defintely game-changer for distribution.

scPharmaceuticals Inc.'s Product/Service Portfolio

scPharmaceuticals Inc.'s Operational Framework

The operational engine is built around a specialized commercial model that supports the at-home, self-administration of a complex drug-device combination. This framework is designed to manage the entire patient journey, from prescription to reimbursement and home delivery.

• Specialty Pharmacy and Distribution: The company relies on a consolidated distribution network that ensures the FUROSCIX On-Body Infusor is shipped directly to the patient's home, bypassing traditional retail pharmacy channels. Sales to Integrated Delivery Networks (IDNs) increased by 119% in Q1 2025 compared to Q4 2024, showing strong institutional adoption.
• Cardiorenal Commercial Focus: The sales force is highly focused on cardiologists and, since the April 2025 launch of the expanded indication, nephrologists, who are the primary diuretic managers for an estimated 700,000 additional CKD patients eligible for FUROSCIX.
• Financial Performance (Q1/Q2 2025): The commercial execution is accelerating, with Q1 2025 net FUROSCIX revenue hitting $11.8 million and Q2 2025 product revenues reaching $16 million. The full-year 2025 revenue is projected by analysts to be approximately $74.56 million, reflecting significant growth. Here's the quick math: the Q1 and Q2 revenue alone totals $27.8 million, so the second half of the year needs to generate about $46.76 million to hit that target, which is a steep but achievable ramp.
• Cash Position: The company ended Q2 2025 with $40.8 million in cash and equivalents, down from $57.5 million at the end of Q1 2025, reflecting the continued investment in commercial expansion and R&D.

You can learn more about the institutional interest in the company here: Exploring scPharmaceuticals Inc. (SCPH) Investor Profile: Who's Buying and Why?

scPharmaceuticals Inc.'s Strategic Advantages

The company's success hinges on a few clear, structural advantages that protect its market position and drive value for the healthcare system.

• First-Mover and Patent Protection: FUROSCIX is the first and only FDA-approved subcutaneous loop diuretic that provides IV-equivalent diuresis at home, giving it a significant head start. The patent protection for the current product extends to 2035, and the intellectual property for the next-generation autoinjector is protected until 2040.
• Cost-Saving Value Proposition: The core advantage is the ability to treat acute fluid overload at home, which directly reduces the need for costly hospital admissions and readmissions for heart failure patients. Heart failure patients represent 11% of the Medicare population but drive 41% of hospital admissions and 53% of readmissions. Avoiding just one hospital day per patient creates massive system savings.
• Medicare Redesign Tailwinds: The 2025 Medicare redesign, which caps patient out-of-pocket costs at $2,000 and allows for cost smoothing, is a major commercial tailwind. This change makes the drug more affordable for the 75% of FUROSCIX patients who are Medicare beneficiaries, leading to higher prescription fill rates and increased revenue acceleration throughout 2025.
• Integrated Delivery System: The acquisition by MannKind in late 2025 provides immediate access to a larger corporate infrastructure, potentially streamlining manufacturing, supply chain, and commercial operations, which is critical for scaling a drug-device combination product.

scPharmaceuticals Inc. (SCPH) How It Makes Money

scPharmaceuticals Inc. makes money almost entirely through the sale of its sole commercial product, FUROSCIX, a proprietary, subcutaneous (under-the-skin) formulation of the diuretic furosemide. This product is designed to treat fluid overload, or edema, in adults with chronic heart failure and chronic kidney disease outside of a hospital setting, offering a clear value proposition by potentially reducing costly hospital readmissions.

scPharmaceuticals Inc.'s Revenue Breakdown

As a commercial-stage biopharmaceutical company focused on a single, recently approved product, the revenue structure is straightforward. The entire revenue base is currently driven by sales of FUROSCIX to specialty pharmacies, distributors, and Integrated Delivery Networks (IDNs).

The growth trend is definitely on the upswing. For the second quarter of 2025, net revenue was $16.0 million, marking a 99% increase over the same period in 2024. This growth is fueled by expanding adoption in both cardiology and the newly approved chronic kidney disease (CKD) indication.

Business Economics

The core economic engine of scPharmaceuticals Inc. is centered on maximizing the adoption of FUROSCIX in the outpatient setting, which directly competes with expensive, in-hospital intravenous (IV) diuretic treatment. The pricing strategy must balance accessibility for patients with adequate reimbursement from payers like Medicare and commercial insurers.

• Gross-to-Net Headwinds: The company faces significant gross-to-net discounts-the difference between the list price and the net price received-which are expected to be approximately 30% over the remainder of the 2025 fiscal year, partially due to new Medicare rebate rules under the Inflation Reduction Act.
• Market Expansion: The late April 2025 launch into the CKD market is a major economic driver. Uptake in this new indication has been faster than the initial heart failure launch, with approximately 20,200 doses of FUROSCIX filled in Q2 2025 alone, a 117% increase year-over-year.
• Cost of Goods Sold (COGS) Catalyst: A critical future margin lever is the planned submission of a Supplemental New Drug Application (SNDA) for the FUROSCIX autoinjector in Q3 2025. This device is projected to cut the product's COGS by a massive 70% to 75%, which would dramatically improve the gross margin profile once approved and launched.

The company is trading current losses for future margin expansion. Breaking Down scPharmaceuticals Inc. (SCPH) Financial Health: Key Insights for Investors

scPharmaceuticals Inc.'s Financial Performance

As of November 2025, scPharmaceuticals Inc. remains in a high-growth, pre-profitability phase, prioritizing commercial expansion over immediate earnings. Here's the quick math on the near-term financial health:

• Full-Year 2025 Revenue Projection: Wall Street consensus estimates project full-year 2025 revenue to be around $74.23 million, representing over 100% growth from the prior year.
• Net Loss: The net loss for the second quarter of 2025 was $18.0 million, a widening from the prior year as the company heavily invests in its sales force and commercialization efforts for the CKD launch.
• Cash Position: The cash and cash equivalents balance stood at $40.8 million as of June 30, 2025, down from the prior quarter, reflecting the ongoing operational cash burn necessary to drive market adoption.
• Operating Expenses: Selling, General, and Administrative (SG&A) expenses are the largest cost center, reaching $21.2 million in Q2 2025, significantly outpacing the $4.1 million spent on Research and Development (R&D) in the same period.

What this estimate hides is the significant quarter-over-quarter prescription volume increase, which suggests the company is on a glide path toward cash flow breakeven, likely by the end of 2026, assuming continued strong uptake in the new CKD indication.

scPharmaceuticals Inc. (SCPH) Market Position & Future Outlook

scPharmaceuticals Inc., now operating as a subsidiary of MannKind Corporation following its acquisition completion in October 2025, holds a unique position by pioneering the subcutaneous (SC) delivery of a high-dose loop diuretic for at-home use. The company's future is anchored in expanding the adoption of its flagship product, FUROSCIX, which targets a massive $12.5 billion total addressable market (TAM) in the U.S. for fluid overload in chronic heart failure (CHF) and chronic kidney disease (CKD) patients.

Competitive Landscape

FUROSCIX competes not against other SC furosemide products-it is currently the only FDA-approved one-but against the entrenched standard of care: high-dose oral diuretics and intravenous (IV) diuretics administered in a hospital setting. Its core value proposition is reducing costly hospital readmissions by providing an IV-equivalent diuretic effect at home.

Opportunities & Challenges

The company's near-term trajectory is defined by its ability to capitalize on recent regulatory wins and product innovation while managing significant cash flow pressures and market access hurdles.

Industry Position

scPharmaceuticals Inc. occupies a highly specialized niche at the intersection of cardiovascular care and drug delivery technology. Its position is that of a disruptor to the traditional hospital-centric management of fluid overload, not a direct competitor to the entire diuretic market.

The acquisition by MannKind Corporation provides a more defintely stable financial and commercial platform, integrating FUROSCIX into a broader specialty product portfolio.

• Technology Leader: FUROSCIX is the first and only FDA-approved SC furosemide infusion system, granting it a near-monopoly in the at-home IV-equivalent diuretic segment.
• Growth Trajectory: Q2 2025 net revenue of $16.0 million reflected a 99% year-over-year growth, driven by an expansion to approximately 4,700 unique prescribers since launch.
• Cost-Saving Focus: The product's primary economic value is its potential to reduce the high cost of hospitalizations for acute decompensated heart failure, a key metric for Integrated Delivery Networks (IDNs), where sales grew 70% quarter-over-quarter in Q2 2025.

For a deeper dive into the foundational principles driving the company's strategy, you should review the Mission Statement, Vision, & Core Values of scPharmaceuticals Inc. (SCPH).