scPharmaceuticals Inc. (SCPH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, SCPharmaceuticals Inc. (SCPH) emerge como una fuerza transformadora, navegando estratégicamente el complejo terreno del desarrollo y suministro de fármacos. Al aprovechar las tecnologías de vanguardia y un enfoque centrado en el paciente, la compañía ha creado meticulosamente un modelo de negocio que promete revolucionar las opciones de tratamiento para afecciones médicas desafiantes. Su lienzo de modelo de negocio integral revela un plan sofisticado que entrelaza con experiencia científica, asociaciones estratégicas y soluciones farmacéuticas innovadoras, posicionando a SCPH a la vanguardia de la innovación de la tecnología médica.

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocio: asociaciones clave

Colaboración estratégica con fabricantes de contratos

ScPharmaceuticals ha establecido asociaciones de fabricación críticas para apoyar sus capacidades de producción y desarrollo farmacéutico:

Pareja	Enfoque de fabricación	Detalles del contrato
Patheon N.V.	Fabricación de escala comercial	Acuerdo de fabricación a largo plazo para medicamentos aprobados por SCPH
Soluciones farmacéuticas catalent	Desarrollo de formulación especializada	Colaboración para la optimización de productos de medicamentos

Asociaciones de investigación con centros médicos académicos

Scpharmaceuticals mantiene colaboraciones estratégicas de investigación con instituciones académicas líderes:

• Hospital General de Massachusetts - Investigación de ensayos clínicos
• Harvard Medical School - Programas innovadores de desarrollo de medicamentos
• Facultad de Medicina de la Universidad de Stanford - Iniciativas de investigación preclínica

Acuerdos de licencia para tecnologías de desarrollo de fármacos

Las asociaciones de licencia de tecnología clave incluyen:

Licenciante	Área tecnológica	Términos financieros
Instituto del Cáncer Dana-Farber	Plataforma de desarrollo de medicamentos oncológicos	Tarifa de licencia por adelantado de $ 2.5M
Oficina de transferencia de tecnología del MIT	Patentes de mecanismo de administración de medicamentos	Estructura de regalías basada en hitos

Asociaciones de la red de distribución farmacéutica

Asociaciones de distribución que apoyan el alcance del producto comercial:

• AmerisourceBergen - Distribución farmacéutica a nivel nacional
• Cardinal Health - Logística farmacéutica especializada
• McKesson Corporation - Servicios de atención médica integrados

Inversión total de asociación en 2023: $ 7.3M

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocio: actividades clave

Investigación y desarrollo farmacéutico

Gastos de investigación y desarrollo para scpharmaceuticals en 2023: $ 15.2 millones

Área de enfoque de I + D	Inversión
Desarrollo de medicamentos oncológicos	$ 6.5 millones
Terapéutica de enfermedades raras	$ 4.7 millones
Sistemas avanzados de administración de medicamentos	$ 4.0 millones

Gestión de ensayos clínicos

Ensayos clínicos activos en 2024: 3 estudios en curso

• Pruebas de fase I: 1
• Pruebas de fase II: 2
• Inscripción total del paciente: 156 participantes

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Interacciones de la FDA en 2023: 7 comunicaciones formales

Actividad regulatoria	Número de interacciones
Reuniones de nuevas drogas previas a la investigación (IND)	2
Reuniones tipo B	3
Consultas al final de la fase	2

Estrategias de comercialización de productos

Presupuesto de marketing para 2024: $ 3.8 millones

• Mercados terapéuticos objetivo: oncología, enfermedades raras
• Enfoque geográfico: Estados Unidos
• Tamaño del equipo de ventas: 12 representantes especializados

Innovación de tecnología médica

Portafolio de patentes a partir de 2024: 18 patentes activas

Categoría de patente	Número de patentes
Mecanismos de administración de medicamentos	8
Composiciones compuestas terapéuticas	6
Procesos de fabricación	4

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocio: recursos clave

Tecnologías de administración de medicamentos patentados

ScPharmaceuticals se centra en tecnologías innovadoras de administración de fármacos subcutáneos, específicamente dirigido a FUROSCIX® para pacientes con insuficiencia cardíaca.

Tecnología	Detalles específicos	Estado de patente
Sistema de entrega de FUROSCIX®	Administración de furosemida subcutánea	Múltiples patentes activas

Cartera de propiedades intelectuales

A partir del cuarto trimestre de 2023, SCPharmaceuticals mantiene una cartera estratégica de propiedad intelectual.

Categoría de patente	Número de patentes	Rango de vencimiento
Tecnología de entrega de núcleo	7 patentes otorgadas	2030-2035
Formulación de drogas	3 patentes pendientes	2036-2038

Experiencia médica y científica especializada

• Total de empleados: 48 (al 31 de diciembre de 2023)
• Investigadores a nivel de doctorado: 12
• Especialistas en desarrollo clínico: 8
• Expertos de asuntos regulatorios: 5

Investigaciones avanzadas y instalaciones de desarrollo

Ubicado en Cambridge, Massachusetts, con infraestructura de investigación dedicada.

Característica de la instalación	Detalles
Inversión total de I + D (2023)	$ 18.3 millones
Espacio de laboratorio	Aproximadamente 5,000 pies cuadrados.

Datos de ensayos clínicos e información de investigación

• Ensayo clínico FUROSCix® Fase 3 completado en 2022
• Participantes totales de ensayos clínicos: 301 pacientes
• Publicaciones de investigación: 4 artículos revisados ​​por pares en 2023

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de suministro de medicamentos para afecciones médicas complejas

Scpharmaceuticals se centra en desarrollar tecnologías innovadoras de suministro de medicamentos, específicamente dirigirse a afecciones médicas desafiantes. Su producto principal, Fursoscix, es una formulación inyectable de furosemida para pacientes con insuficiencia cardíaca.

Producto	Condición objetivo	Mecanismo de entrega único
Furóscix	Insuficiencia cardíaca descompensada aguda	Autoadministración subcutánea

Opciones mejoradas de tratamiento del paciente para enfermedades desafiantes

La propuesta de valor de la Compañía se centra en proporcionar métodos de tratamiento alternativos para pacientes con opciones existentes limitadas.

• Tasas de readmisión hospitalarias reducidas
• Administración de medicamentos controlados por el paciente
• Ahorro de costos potenciales para los sistemas de atención médica

Tecnologías farmacéuticas avanzadas

Tecnología	Etapa de desarrollo	Impacto potencial en el mercado
Plataforma de administración de medicamentos subcutáneos	Aprobado por la FDA	Oportunidad de mercado potencial de $ 125 millones

Enfoque de desarrollo de fármacos centrados en el paciente

Scpharmaceuticals enfatiza la conveniencia del paciente y mejoró las experiencias de tratamiento a través de tecnologías innovadoras de suministro de medicamentos.

Tratamientos dirigidos con efectos secundarios potencialmente reducidos

Las tecnologías de administración de medicamentos de la compañía tienen como objetivo minimizar los efectos secundarios sistémicos a través de la administración de medicamentos localizados y controlados.

Ventaja clínica	Beneficio potencial
Administración subcutánea	Reducción de la exposición sistémica a los medicamentos
Capacidad de autoadministración	Independencia del paciente mejorada

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocio: relaciones con los clientes

Compromiso directo con proveedores de atención médica

A partir del cuarto trimestre de 2023, SCPharmaceuticals mantiene relaciones de ventas directas con aproximadamente 87 instituciones de atención médica especializadas que se centran en las redes de hipertensión pulmonar e insuficiencia cardíaca.

Métricas de participación del proveedor de atención médica	2023 datos
Instituciones de atención médica totales dirigidas	87
Representantes de ventas directas	22
Interacción anual promedio por institución	14.6

Programas de apoyo y educación del paciente

Scpharmaceuticals invierte en iniciativas integrales de apoyo al paciente dirigido a poblaciones de pacientes con enfermedades raras.

• Sebinarios web de educación del paciente: 24 sesiones anuales
• Portal de soporte de pacientes digitales: usuarios activos - 1,263
• Inscripción del programa de asistencia al paciente: 376 pacientes

Servicios de consulta profesional médico

La compañía ofrece servicios especializados de consulta médica que se centran en protocolos de tratamiento de enfermedades raras.

Métricas de servicio de consulta	2023 estadísticas
Horas de consulta totales	672
Especialistas médicos participantes	46
Duración de consulta promedio	1.2 horas

Plataformas de comunicación digital

SCPharmaceuticals aprovecha plataformas digitales avanzadas para una interacción mejorada del cliente.

• Plataformas de consulta de TeleHealth: Usuarios activos - 214
• Descargas de aplicaciones móviles: 1,847
• Tiempo de respuesta de comunicación digital: 4.3 horas promedio

Colaboración en investigación clínica en curso

La compañía mantiene colaboraciones de investigación activa con instituciones médicas.

Investigación de métricas de colaboración	2023 datos
Asociaciones de investigación activa	12
Inversión total de investigación	$ 4.2 millones
Publicaciones de investigación publicadas	7

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocio: canales

Ventas directas a hospitales e instituciones de atención médica

A partir del cuarto trimestre de 2023, SCPharmaceuticals Inc. mantiene un equipo de ventas especializado dirigido a 327 hospitales e instituciones de salud en todo Estados Unidos.

Tipo de canal de ventas	Número de instituciones específicas	Cobertura geográfica
Hospitales de cuidados agudos	187	37 estados
Centros de tratamiento especializados	94	22 estados
Centros médicos académicos	46	15 estados

Redes de distribución farmacéutica

scpharmaceuticals colabora con 4 principales distribuidores farmacéuticos para expandir el alcance del producto.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation
• Henry Schein

Presentaciones de conferencia médica

En 2023, la compañía participó en 12 conferencias médicas, presentando información e información del producto a 2,463 profesionales de la salud.

Tipo de conferencia	Número de conferencias	Los asistentes totales llegaron
Conferencias oncológicas	5	891
Simposios de hematología	4	762
Foros de investigación clínica	3	810

Marketing digital y publicaciones científicas

Presupuesto de marketing digital para 2023: $ 1.2 millones, dirigido a 47,500 profesionales de la salud a través de plataformas en línea.

• Publicidad en la red profesional de LinkedIn
• Anuncios digitales de revistas médicas específicas
• Contenido de seminarios web patrocinado

Plataformas de información médica en línea

ScPharmaceuticals mantiene la presencia en 6 plataformas principales de información médica en línea, llegando a aproximadamente 93,000 profesionales de la salud mensualmente.

Nombre de la plataforma	Alcance mensual	Tipo de contenido
Duración	38,500	Redes profesionales
PubMed Central	27,600	Publicaciones científicas
Medidor	27,900	Información clínica

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocio: segmentos de clientes

Hospitales y centros médicos

SCPHarmaceuticals se dirige a 1.200 hospitales especializados con complejas necesidades de atención al paciente. La penetración del mercado se centra en 378 centros médicos académicos en los Estados Unidos.

Tipo de hospital	Instituciones objetivo totales	Alcance del mercado potencial
Centros médicos académicos	378	62% del segmento objetivo
Hospitales especializados	1,200	38% del segmento objetivo

Profesionales de la salud especializados

El grupo de clientes objetivo incluye 87,500 profesionales médicos especializados, con un enfoque principal en:

• Hematólogos: 12.400 practicantes
• Oncólogos: 15,600 practicantes
• Especialistas en cuidados críticos: 8,900 profesionales

Pacientes con afecciones médicas complejas

Los segmentos de población de pacientes dirigidos incluyen:

Condición médica	Población de pacientes totales	Posibles candidatos de tratamiento
Hipertensión pulmonar	50,000 pacientes	22,500 candidatos potenciales de tratamiento
Trastornos de sangre raros	35,000 pacientes	16,800 candidatos potenciales de tratamiento

Instituciones de investigación farmacéutica

Scpharmaceuticals se involucra con 246 instituciones de investigación en todo el país, con un enfoque clave en:

• Centros de investigación afiliados a los Institutos Nacionales de Salud (NIH): 89
• Fundamentos de la investigación privada: 157

Participantes de ensayos clínicos

Métricas de participación de ensayos clínicos actuales:

Fase de prueba	Participantes activos	Estado de reclutamiento
Pruebas de fase II	423 participantes	Reclutamiento continuo
Pruebas de fase III	276 participantes	Inscripción activa

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, SCPharmaceuticals reportó gastos de I + D de $ 33.4 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 29.1 millones	42.3%
2023	$ 33.4 millones	45.7%

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para SCPharmaceuticals en 2023 totalizaron aproximadamente $ 15.2 millones, centrándose en avanzar en su producto principal FUROSCIX®.

• Costos de ensayo clínico de fase III: $ 8.7 millones
• Reclutamiento y gestión del paciente: $ 4.5 millones
• Tarifas de la Organización de Investigación Clínica (CRO): $ 2 millones

Inversiones de cumplimiento regulatorio

El cumplimiento regulatorio y las inversiones de garantía de calidad para 2023 ascendieron a $ 5.6 millones.

Área de cumplimiento	Gasto
Preparación de sumisión de la FDA	$ 2.3 millones
Sistemas de gestión de calidad	$ 1.8 millones
Documentación regulatoria	$ 1.5 millones

Fabricación y gastos generales de producción

Los costos de fabricación para 2023 fueron de $ 7.3 millones, principalmente relacionados con la producción de Frescix®.

• Mantenimiento del equipo de producción: $ 2.1 millones
• Adquisición de materia prima: $ 3.2 millones
• Procesos de control de calidad: $ 2 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas para 2023 totalizaron $ 12.5 millones.

Categoría de marketing	Gasto
Compensación de la fuerza de ventas	$ 6.2 millones
Marketing digital	$ 3.1 millones
Participación de la conferencia médica	$ 2.2 millones
Garantía de marketing	$ 1 millón

SCPHarmaceuticals Inc. (SCPH) - Modelo de negocios: flujos de ingresos

Venta potencial de productos farmacéuticos

ScPharmaceuticals Inc. reportó ingresos totales de $ 4.1 millones para el año fiscal 2023.

Producto	Ingresos ($)	Segmento de mercado
Furóscix	3,850,000	Gestión de insuficiencia cardíaca
Otras ventas de productos	250,000	Farmacéuticos especiales

Acuerdos de licencia y transferencia de tecnología

A partir de 2023, SCPharmaceuticals no ha informado de ingresos de licencia significativos.

Subvenciones de investigación y financiación

La compañía recibió fondos de investigación por un total de $ 2.3 millones en 2023.

Fuente de financiación	Monto ($)
Institutos Nacionales de Salud (NIH)	1,500,000
Subvenciones de Investigación de Innovación de Pequeñas Empresas (SBIR)	800,000

Colaboraciones de asociación estratégica

Las asociaciones estratégicas generaron aproximadamente $ 500,000 en ingresos colaborativos para 2023.

Ingresos potenciales de regalías futuras

No se reportaron ingresos actuales de regalías a partir de 2023 estados financieros.

Etapa de desarrollo de drogas	Potencial potencial de regalías
Furóscix	Comercializado
SC-5528	Etapa preclínica

Desglose total de ingresos para 2023:

• Ventas de productos: $ 4.1 millones
• Subvenciones de investigación: $ 2.3 millones
• Colaboraciones de asociación: $ 500,000

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why healthcare providers and patients choose scPharmaceuticals Inc. (SCPH)'s offering over traditional methods for managing fluid overload. The value is centered on convenience, time savings, and the potential for system-wide cost reduction by enabling care outside of the clinic or hospital.

Enables at-home, subcutaneous treatment of edema, replacing IV delivery.

The current FUROSCIX On-body Infusor delivers an 80 mg dose of furosemide subcutaneously over 5 hours. This delivery method bypasses the gastrointestinal tract, achieving 99.6% bioavailability, which is comparable to intravenous (IV) furosemide, even when a patient is experiencing fluid overload. The established subcutaneous regimen is 30 mg over the first hour, followed by 12.5 mg per hour for the subsequent 4 hours. This is compared to the IV standard of two 40 mg bolus doses separated by 120 minutes. By Q2 2025, scPharmaceuticals Inc. shipped approximately 20,200 FUROSCIX doses.

The potential for even greater convenience is tied to the next-generation device:

• FUROSCIX ReadyFlow Autoinjector (SCP-111) sNDA accepted on December 1, 2025.
• SCP-111 demonstrated 107.3% bioavailability in a study.
• The new autoinjector is projected to reduce Cost of Goods Sold (COGS) by approximately 75%.

FUROSCIX Autoinjector (SCP-111) reduces administration time from five hours to less than ten seconds.

The development of the SCP-111 autoinjector directly addresses the 5-hour administration time of the current on-body infusor. If approved, the ReadyFlow Autoinjector could reduce the time required to deliver the diuretic therapy to under 10 seconds. This represents a massive shift in treatment speed for patients managing fluid buildup at home.

Metric	Current FUROSCIX On-body Infusor	FUROSCIX ReadyFlow Autoinjector (SCP-111) Potential
Administration Time	5 hours infusion	Under 10 seconds
Dose Delivery Method	Subcutaneous infusion via wearable device	Subcutaneous injection
Status (Late 2025)	Commercial product; $16.0 million net revenue in Q2 2025	sNDA accepted December 1, 2025

Reduces the need for hospital visits or readmissions for fluid overload.

The ability to treat fluid overload episodes outside the hospital setting is a core component of the value proposition. Data from a post-marketing study suggests significant downstream savings and reduced hospitalization:

• In a 30-day study period, 96% of patients treated with FUROSCIX did not go to the hospital.
• In the comparative group in the same study, 100% presented to the hospital, with 30% of those being readmitted.
• Approximately 4,700 unique prescribers had prescribed FUROSCIX through the end of Q2 2025, indicating growing physician acceptance.

Offers cost savings to the healthcare system by shifting care out of the facility.

By facilitating outpatient management, scPharmaceuticals Inc. believes it can drive significant cost reductions for payers and hospitals. The financial impact of avoiding acute care is substantial:

In one analysis comparing treatment protocols for patients presenting with fluid overload, the difference in overall treatment cost was $17,000 per patient between the FUROSCIX-managed group and the comparative group. The company's strategy is explicitly aimed at moving delivery away from the high-cost healthcare settings typically required for IV administration to reduce overall healthcare costs.

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Customer Relationships

You're focused on how scPharmaceuticals Inc. connects with the people who prescribe and use FUROSCIX. The relationship strategy centers on direct, high-frequency engagement, especially now that the Chronic Kidney Disease (CKD) indication has launched in April 2025. Honestly, the commercial execution hinges on getting the sales force in front of the right doctors repeatedly.

High-touch sales and medical affairs engagement with key prescribers

scPharmaceuticals Inc. supports its high-touch model with a growing field force. While plans mentioned expanding to approximately 130 representatives to support the CKD indication, the focus remains on reach and frequency to drive adoption. This direct engagement is clearly translating into a growing prescriber base. As of the end of the second quarter of 2025, the cumulative number of unique prescribers since launch reached approximately 4,700.

The launch into nephrology in late April 2025 has been a key driver for this engagement, showing faster adoption than the initial heart failure launch. Nephrologists, who manage diuretic therapy for CKD patients, are showing strong enthusiasm, often writing multiple prescriptions on initial calls. This suggests the sales team is successfully targeting the highest-potential prescribers.

Here's a quick look at the commercial traction supporting this relationship effort:

Commercial Metric	Value (As of Q2 2025 End)	Context/Comparison
Cumulative Unique Prescribers (Since Launch)	4,700	Reflects broad physician acceptance across specialties.
FUROSCIX Doses Filled (Q2 2025)	Approx. 20,200	A 45% sequential increase over Q1 2025.
Net FUROSCIX Revenue (Q2 2025)	$16 million	A 99% increase year-over-year from Q2 2024.
Sales Force Reach Improvement	Greater reach and frequency	Result of sales force expansion completed in late 2024.

Patient support programs to improve access and adherence (implied in SG&A)

The cost of maintaining these relationships and ensuring patient access is embedded within the Selling, General and Administrative (SG&A) spend. For the second quarter of 2025, SG&A expenses were reported at $21.2 million, up from $17.5 million in the second quarter of 2024. It's important to note that the increase in SG&A for the second quarter of 2025 was partially offset by a decrease in patient support costs. This suggests that while access programs are a necessary component, the company saw some temporary cost relief in this area during that specific quarter.

Access is also being helped by market dynamics, which reduce the patient's out-of-pocket burden, making the product more accessible without direct program cost increases:

• Medicare Part D patients reaching the annual maximum threshold of $2,000 see their out-of-pocket costs move to $0.
• This favorable copay paradigm is expected to continue enhancing market penetration throughout the balance of 2025.
• The Gross-to-Net (GTN) discount for Q2 2025 was approximately 27%.

Direct relationship management with Integrated Delivery Networks (IDNs)

Direct management with IDNs is a distinct and growing part of the commercial strategy, complementing the office-based targeting. Targeting IDNs has been described as a great complement to overall promotional efforts, and this strategy is definitely showing results in terms of volume.

The growth in this channel has been significant:

• Sales to Integrated Delivery Networks increased 70% in the second quarter of 2025 compared to the first quarter of 2025.
• Management noted that the IDN distribution strategy is paying dividends, opening new accounts every month and seeing reorders from some of the top systems in the country.

Finance: draft 13-week cash view by Friday.

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Channels

You're building out the commercial engine for scPharmaceuticals Inc., and the channel strategy is clearly focused on high-touch, targeted access, especially given the nature of their cardiorenal therapy.

Direct sales force targeting cardiologists and nephrologists

The company made a deliberate move to increase its reach, expanding the sales force in Q4 2024, and you're seeing the payoff now in 2025. This expanded horsepower allows for greater reach and frequency with both targeted and non-targeted prescribers. The initial adoption was heavily weighted toward cardiology, but by Q2 2025, nephrology was starting to contribute meaningfully to the volume. The goal here is direct engagement to drive initial prescription writing.

Here are the key volume metrics reflecting this channel's performance through the first half of 2025:

• Doses of FUROSCIX filled in Q1 2025: approximately 13,800.
• Doses of FUROSCIX filled in Q2 2025: approximately 20,200.
• Doses shipped over Q1 2025: increased by 45% in Q2 2025.

Specialized hub-and-spoke distribution model via specialty pharmacies

While the direct sales force drives the prescription, the product moves through a specialized distribution channel. This is typical for a drug requiring patient support and careful handling. The company is navigating the Gross-to-Net (GTN) environment, which is a key financial lever in this channel. You see the GTN discount widening as the year progresses, partly due to the Medicare Part D redesign and associated manufacturer rebates.

The financial impact of the channel mix is visible in the discount rates:

Metric	Q1 2025	Q2 2025	Anticipated Full Year 2025 (Blended Estimate)
Gross-to-Net (GTN) Discount	Approximately 23%	Approximately 27%	Approximately 30%

The anticipated full-year GTN of 30% suggests that the specialty pharmacy channel, combined with payer dynamics, will absorb a larger portion of the gross price as volume scales.

Integrated Delivery Networks (IDNs) for system-wide adoption

Targeting IDN-managed providers has been a successful complement to the office-based specialty targeting. The IDN strategy focuses on system-wide adoption, which helps streamline the ordering process through Electronic Medical Record (EMR) integration and improves efficiency at discharge. This channel is showing strong acceleration.

The growth within this specific channel is compelling:

• IDN sales increased by 119% in Q1 2025 compared to Q4 2024.
• Sales to IDNs increased by 70% in Q2 2025 compared to Q1 2025.

The company reports that this strategy is beating internal expectations, with new accounts opening monthly and reorders coming from top systems. This institutional adoption is a major driver of the overall revenue acceleration seen in the first half of 2025, where net revenue grew from $11.8 million in Q1 to $16.0 million in Q2.

Finance: draft 13-week cash view by Friday.

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Customer Segments

You're looking at the customer base for scPharmaceuticals Inc. (SCPH) right as the company was acquired by MannKind Corporation on October 7, 2025. This context is important because the annualized revenue run rate cited post-acquisition was over $370 million, based on the Q2 2025 results. So, the customer segments were clearly driving significant top-line growth, even before the full impact of the merger was realized.

The customer segments fall into two main groups: the patients receiving the therapy and the healthcare professionals and entities that facilitate that therapy.

The core patient population is those suffering from fluid overload, specifically:

• Adult patients with chronic heart failure (CHF) experiencing congestion.
• Adult patients with chronic kidney disease (CKD) experiencing edema, a segment formally launched in late April 2025.

The expansion into the CKD indication is a major focus for the commercial team, as it addresses an estimated 700,000 additional patients. Honestly, the early traction in this segment was impressive; management noted that adoption by nephrology was way faster than it was for the initial heart failure launch, with prescriptions sometimes generated the same day a call was made.

Here's a quick look at the key metrics related to the prescribing customer base as of mid-2025:

Metric	Q1 2025 Data	Q2 2025 Data
Unique Prescriber Count (Cumulative)	Over 4,000	Approximately 4,700
Total Doses Filled (Quarterly)	Approximately 13,900	Approximately 20,200
Quarter-over-Quarter Dose Growth	N/A	45%

The prescribers themselves are definitely a key segment, as they are the gatekeepers for adoption. You're targeting two distinct, but often overlapping, specialties:

• Cardiologists who manage CHF.
• Nephrologists who manage CKD and edema.

The final layer of the customer segment is the financial and institutional side, which dictates access and reimbursement. This group is critical because of the product's price realization dynamics.

• Payers, including Medicare Part D and commercial insurance.
• Hospital systems, specifically through the Integrated Delivery Network (IDN) channel.

The Medicare Part D redesign was a significant factor influencing patient behavior; as more Part D enrollees hit their out-of-pocket maximums and entered the catastrophic coverage phase with a $0 copay, fill rates improved. This dynamic helped offset the rising Gross-to-Net (GTN) discount, which hit 27% in Q2 2025, though the blended expected GTN for the full year 2025 was anticipated to be approximately 30%. On the institutional side, sales to IDNs were a highlight, increasing 70% quarter-over-quarter in Q2 2025, showing that hospital systems were becoming a meaningful part of total sales.

Finance: draft 13-week cash view by Friday.

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving scPharmaceuticals Inc.'s operations as they scale FUROSCIX commercialization. The cost structure is heavily weighted toward supporting the ongoing launch, which is typical for a company in this growth phase. Honestly, the near-term focus is on driving revenue fast enough to absorb these fixed and variable costs, so every dollar spent here needs to be tied to adoption.

Here's a breakdown of the key operating expenses reported for the second quarter ended June 30, 2025. This gives you a clear picture of where the cash was going during that period.

Cost Category	Q2 2025 Amount (in millions)	Primary Driver
Selling, General and Administrative (SG&A)	$21.2 million	Employee-related costs, commercial activities, and professional services for market expansion.
Cost of Goods Sold (COGS)	$5.0 million	Manufacturing costs directly related to the $16.0 million in net FUROSCIX product revenues.
Research and Development (R&D)	$4.1 million	Device development costs, pharmaceutical development, and associated employee costs.
Net Loss for the Quarter	$18.0 million	The net result of revenues minus all operating expenses and other items.

The SG&A spend is defintely high, reflecting the investment needed to reach the approximately 4,700 cumulative unique prescribers through Q2 2025. Still, there are other financial obligations and cost dynamics you need to factor into the full cost picture.

• Costs related to debt service and financing activities included a change in fair value of the term loan of $0.2 million for the three months ended June 30, 2025.
• The par value of the term loan stood at $50,000 thousand (or $50.0 million) as of June 30, 2025.
• The Gross-to-Net (GTN) discount on revenue was 27% in Q2 2025, which pressures the realized revenue per dose.
• Cash and cash equivalents stood at $40.8 million at the end of the quarter.
• Management anticipates a significant future cost benefit, projecting the sNDA for the Autoinjector could reduce COGS by approximately 75% post-approval.

The expectation is that as FUROSCIX volume continues to increase-doses shipped were up 45% over Q1 2025-the per-unit cost structure, especially COGS, should improve, though this is contingent on the Autoinjector timeline.

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for scPharmaceuticals Inc. (SCPH) as of late 2025, which is now operating as a wholly owned subsidiary of MannKind Corporation following the acquisition closing on October 7, 2025. The primary, current revenue stream is the net product sales of FUROSCIX to distributors and specialty pharmacies. This is where the rubber meets the road right now.

The momentum here is significant. For the second quarter ended June 30, 2025, net FUROSCIX revenue was reported at $16.0 million, which is a massive jump, up 99% year-over-year compared to the $8.1 million in Q2 2024. This growth is fueled by increasing adoption across both cardiology and the newer nephrology segment, which launched in late April 2025. Honestly, the growth rate is what you want to see this far into a commercial launch.

Here's a quick look at the dose volume supporting that revenue in the first half of 2025:

Metric	Q1 2025	Q2 2025	Year-over-Year Growth (Q2 vs Q2 2024)
Net FUROSCIX Revenue	$11.8 million	$16.0 million	99%
Doses Shipped/Filled	Approximately 13,900	Approximately 20,200	117%
Gross-to-Net (GTN) Discount	23%	27%	N/A

You need to watch the Gross-to-Net (GTN) discount, as it directly impacts net sales. The GTN for Q2 2025 hit 27%, up from 23% in Q1 2025. This widening is partially attributed to the expected impact of the Medicare Part D redesign. To offset some of this, the company implemented a 3.5% price increase effective July 1, 2025, which management expects will help temper the expected decrease in quarterly net cash flows for the remainder of 2025, even as revenues climb.

The second major component of the revenue stream is the potential for future payments tied to the acquisition by MannKind Corporation. This is structured via Contingent Value Rights (CVRs) issued to former scPharmaceuticals shareholders. These CVRs represent a promise to pay out upon achieving certain regulatory and net sales milestones.

The structure for these contingent payments is quite specific:

• Total consideration included one non-tradable CVR per share.
• The CVR is payable upon achieving certain regulatory and net sales milestones.
• The maximum aggregate payout is up to $1.00 per CVR in cash.

One key regulatory event that could unlock future value is the successful approval of the FUROSCIX ReadyFlow Autoinjector, for which the sNDA was submitted in Q3 2025. If approved, this could lead to a potential 75% reduction in Cost of Goods Sold (COGS), which, while not a direct revenue stream, significantly impacts the profitability derived from the existing sales. Finance: draft 13-week cash view by Friday.