Scpharmaceuticals Inc. (SCPH): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Scpharmaceuticals Inc. (SCPH) apparaît comme une force transformatrice, naviguant stratégiquement sur le terrain complexe du développement et de l'accouchement. En tirant parti des technologies de pointe et une approche centrée sur le patient, la société a méticuleusement conçu un modèle commercial qui promet de révolutionner les options de traitement pour des conditions médicales difficiles. Leur canevas complet du modèle commercial révèle un plan sophistiqué qui entrelace l'expertise scientifique, les partenariats stratégiques et les solutions pharmaceutiques révolutionnaires, le positionnement du SCPH à l'avant-garde de l'innovation technologique médicale.

Scpharmaceuticals Inc. (SCPH) - Modèle commercial: partenariats clés

Collaboration stratégique avec les fabricants de contrats

Scpharmaceuticals a établi des partenariats de fabrication critiques pour soutenir ses capacités de développement pharmaceutique et de production:

Partenaire	Focus de la fabrication	Détails du contrat
Patheon N.V.	Fabrication à l'échelle commerciale	Accord de fabrication à long terme pour les médicaments approuvés par SCPH
Solutions pharmatriques catalennes	Développement de formulation spécialisée	Collaboration pour l'optimisation des produits médicamenteux

Partenariats de recherche avec des centres médicaux académiques

Scpharmaceuticals maintient des collaborations de recherche stratégique avec les principaux établissements universitaires:

• Hôpital général du Massachusetts - Recherche d'essais cliniques
• Harvard Medical School - Programmes de développement de médicaments innovants
• École de médecine de l'Université de Stanford - Initiatives de recherche préclinique

Accords de licence pour les technologies de développement de médicaments

Les partenariats clés de l'octroi de licences technologiques comprennent:

Concédoir	Zone technologique	Conditions financières
Dana-Farber Cancer Institute	Plateforme de développement de médicaments en oncologie	Frais de licence de 2,5 millions de dollars
Office de transfert de technologie du MIT	Brevets de mécanisme d'administration de médicament	Structure de redevances basée sur les jalons

Partenariats du réseau de distribution pharmaceutique

Partenariats de distribution Soutenir la portée des produits commerciaux:

• Amerisourcebergen - Distribution pharmaceutique à l'échelle nationale
• Cardinal Health - Specialty Pharmaceutical Logistics
• McKesson Corporation - Services de soins de santé intégrés

Investissement total de partenariat en 2023: 7,3 M $

Scpharmaceuticals Inc. (SCPH) - Modèle d'entreprise: Activités clés

Recherche et développement pharmaceutiques

Dépenses de recherche et développement pour Scpharmaceuticals en 2023: 15,2 millions de dollars

Zone de focus R&D	Investissement
Développement de médicaments en oncologie	6,5 millions de dollars
Thérapeutiques de maladies rares	4,7 millions de dollars
Systèmes avancés d'administration de médicaments	4,0 millions de dollars

Gestion des essais cliniques

Essais cliniques actifs en 2024: 3 études en cours

• Essais de phase I: 1
• Essais de phase II: 2
• Inscription totale des patients: 156 participants

Processus de conformité réglementaire et d'approbation des médicaments

Interactions de la FDA en 2023: 7 communications formelles

Activité réglementaire	Nombre d'interactions
RÉUNIÈRES DE NOUVEAUEUX médicaments (IND) pré-investigation	2
Réunions de type B	3
Consultations de fin de phase	2

Stratégies de commercialisation des produits

Budget marketing pour 2024: 3,8 millions de dollars

• Target Markets thérapeutiques: oncologie, maladies rares
• Focus géographique: États-Unis
• Taille de l'équipe de vente: 12 représentants spécialisés

Innovation en technologie médicale

Portefeuille de brevets à partir de 2024: 18 brevets actifs

Catégorie de brevet	Nombre de brevets
Mécanismes d'administration de médicament	8
Compositions de composés thérapeutiques	6
Processus de fabrication	4

Scpharmaceuticals Inc. (SCPH) - Modèle d'entreprise: Ressources clés

Technologies de livraison de médicaments propriétaires

Scpharmaceuticals se concentre sur des technologies innovantes d'administration de médicaments sous-cutanées, ciblant spécifiquement Furoscix® pour les patients atteints d'insuffisance cardiaque.

Technologie	Détails	Statut de brevet
Système de livraison Furoscix®	Administration sous-cutanée du furosémide	Multiples brevets actifs

Portefeuille de propriété intellectuelle

Depuis le quatrième trimestre 2023, Scpharmaceuticals maintient un portefeuille de propriété intellectuelle stratégique.

Catégorie de brevet	Nombre de brevets	Plage d'expiration
Technologie de livraison de base	7 brevets accordés	2030-2035
Formulation de médicament	3 brevets en attente	2036-2038

Expertise scientifique et médicale spécialisée

• Total des employés: 48 (au 31 décembre 2023)
• Chercheurs au niveau du doctorat: 12
• Spécialistes du développement clinique: 8
• Experts en affaires réglementaires: 5

Installations de recherche et développement avancées

Situé à Cambridge, Massachusetts, avec une infrastructure de recherche dédiée.

Caractéristique de l'installation	Détails
Investissement total de R&D (2023)	18,3 millions de dollars
Espace de laboratoire	Environ 5 000 pieds carrés.

Données des essais cliniques et idées de recherche

• Essai clinique de phase 3 Furoscix® achevé en 2022
• Participants totaux d'essai cliniques: 301 patients
• Publications de recherche: 4 articles évalués par des pairs en 2023

Scpharmaceuticals Inc. (SCPH) - Modèle d'entreprise: propositions de valeur

Solutions innovantes de livraison de médicaments pour des conditions médicales complexes

Scpharmaceuticals se concentre sur le développement de technologies innovantes d'administration de médicaments, ciblant spécifiquement des conditions médicales difficiles. Leur produit principal, Furoscix, est une formulation de furosémide injectable pour les patients atteints d'insuffisance cardiaque.

Produit	Condition cible	Mécanisme de livraison unique
Furoscix	Insuffisance cardiaque décompensée aiguë	Auto-administration sous-cutanée

Amélioration des options de traitement des patients pour les maladies difficiles

La proposition de valeur de l'entreprise se concentre sur la fourniture de méthodes de traitement alternatives pour les patients ayant des options existantes limitées.

• Taux de réadmission à l'hôpital réduit
• Administration de médicaments contrôlée par le patient
• Économies de coûts potentiels pour les systèmes de santé

Technologies pharmaceutiques avancées

Technologie	Étape de développement	Impact potentiel du marché
Plate-forme de livraison de médicaments sous-cutanés	Approuvé par la FDA	125 millions d'opportunités de marché potentielles

Approche de développement de médicaments centré sur le patient

Scpharmaceuticals met l'accent sur la commodité des patients et l'amélioration des expériences de traitement grâce à des technologies innovantes d'administration de médicaments.

Traitements ciblés avec des effets secondaires potentiellement réduits

Les technologies d'administration de médicaments de l'entreprise visent à minimiser les effets secondaires systémiques grâce à une administration de médicaments localisée et contrôlée.

Avantage clinique	Avantage potentiel
Administration sous-cutanée	Exposition systémique réduite
Capacité d'auto-administration	Indépendance améliorée du patient

Scpharmaceuticals Inc. (SCPH) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les prestataires de soins de santé

Depuis le quatrième trimestre 2023, Scpharmaceuticals entretient des relations de vente directes avec environ 87 établissements de soins de santé spécialisés axés sur l'hypertension pulmonaire et les réseaux de traitement d'insuffisance cardiaque.

Métriques d'engagement des prestataires de soins de santé	2023 données
Institutions totales de soins de santé ciblés	87
Représentants des ventes directes	22
Interaction annuelle moyenne par institution	14.6

Programmes de soutien aux patients et d'éducation

Scpharmaceuticals investit dans des initiatives complètes de soutien aux patients ciblant les populations de patients de maladies rares.

• Webinaires de l'éducation des patients: 24 séances annuelles
• Portail de support des patients numériques: utilisateurs actifs - 1 263
• Inscription du programme d'assistance aux patients: 376 patients

Services de consultation professionnelle médicale

L'entreprise fournit des services de consultation médicale spécialisés axés sur les protocoles de traitement des maladies rares.

Métriques du service de consultation	2023 statistiques
Heures de consultation totales	672
Spécialistes participants	46
Durée de consultation moyenne	1,2 heures

Plateformes de communication numérique

Scpharmaceuticals exploite des plates-formes numériques avancées pour une interaction accrue du client.

• Plateformes de consultation de télésanté: utilisateurs actifs - 214
• Téléchargements des applications mobiles: 1 847
• Temps de réponse de la communication numérique: 4,3 heures moyenne

Collaboration de recherche clinique en cours

La société maintient des collaborations de recherche actives avec des institutions médicales.

Métriques de collaboration de recherche	2023 données
Partenariats de recherche actifs	12
Investissement total de recherche	4,2 millions de dollars
Publications de recherche publiées	7

Scpharmaceuticals Inc. (SCPH) - Modèle d'entreprise: canaux

Ventes directes vers les hôpitaux et les institutions de soins de santé

Depuis le quatrième trimestre 2023, Scpharmaceuticals Inc. maintient une équipe de vente spécialisée ciblant 327 hôpitaux et établissements de santé à travers les États-Unis.

Type de canal de vente	Nombre d'institutions ciblées	Couverture géographique
Hôpitaux de soins actifs	187	37 États
Centres de traitement spécialisés	94	22 États
Centres médicaux académiques	46	15 États

Réseaux de distribution pharmaceutique

Scpharmaceuticals collabore avec 4 principaux distributeurs pharmaceutiques Pour étendre la portée du produit.

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation
• Henry Schein

Présentations de la conférence médicale

En 2023, l'entreprise a participé à 12 conférences médicales, présentant des informations de recherche et de produits à 2 463 professionnels de la santé.

Type de conférence	Nombre de conférences	Total des participants atteints
Conférences en oncologie	5	891
Symposiums d'hématologie	4	762
Forums de recherche clinique	3	810

Marketing numérique et publications scientifiques

Budget de marketing numérique pour 2023: 1,2 million de dollars, ciblant 47 500 professionnels de la santé via des plateformes en ligne.

• Publicité du réseau professionnel de LinkedIn
• Publicité numérique de journal médical ciblé
• Contenu du webinaire sponsorisé

Plateformes d'information médicale en ligne

Scpharmaceuticals maintient la présence sur 6 grandes plateformes d'information médicale en ligne, atteignant environ 93 000 professionnels de la santé tous les mois.

Nom de la plate-forme	Portée mensuelle	Type de contenu
Doxique	38,500	Réseautage professionnel
PubMed Central	27,600	Publications scientifiques
Medscape	27,900	Information clinique

Scpharmaceuticals Inc. (SCPH) - Modèle d'entreprise: segments de clientèle

Hôpitaux et centres médicaux

Scpharmaceuticals cible 1 200 hôpitaux spécialisés ayant des besoins complexes de soins aux patients. La pénétration du marché se concentre sur 378 centres médicaux universitaires aux États-Unis.

Type d'hôpital	Institutions cibles totales	Portée du marché potentiel
Centres médicaux académiques	378	62% du segment cible
Hôpitaux spécialisés	1,200	38% du segment cible

Praticiens de la santé spécialisés

Le groupe de clients cibles comprend 87 500 professionnels de la santé spécialisés, avec un accent principal sur:

• Hématologues: 12 400 pratiquants
• Oncologues: 15 600 pratiquants
• Spécialistes de soins intensifs: 8 900 praticiens

Patients souffrant de conditions médicales complexes

Les segments de population de patients ciblés comprennent:

Condition médicale	Population totale de patients	Candidats au traitement potentiel
Hypertension pulmonaire	50 000 patients	22 500 candidats au traitement potentiel
Troubles sanguins rares	35 000 patients	16 800 candidats au traitement potentiel

Institutions de recherche pharmaceutique

Scpharmaceuticals s'engage avec 246 institutions de recherche à l'échelle nationale, en mettant l'accent sur:

• Centres de recherche affiliés des National Institutes of Health (NIH): 89
• Fondations de recherche privée: 157

Participants à l'essai clinique

Métriques d'engagement des essais cliniques en cours:

Phase de procès	Participants actifs	Statut de recrutement
Essais de phase II	423 participants	Recrutement en cours
Essais de phase III	276 participants	Inscription active

Scpharmaceuticals Inc. (SCPH) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Scpharmaceuticals a déclaré des dépenses de R&D de 33,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	29,1 millions de dollars	42.3%
2023	33,4 millions de dollars	45.7%

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour les Scpharmaceuticals en 2023 ont totalisé environ 15,2 millions de dollars, en se concentrant sur la progression de leur produit principal Furoscix®.

• Coûts d'essai cliniques de phase III: 8,7 millions de dollars
• Recrutement et gestion des patients: 4,5 millions de dollars
• Frais d'organisation de recherche clinique (CRO): 2 millions de dollars

Investissements de conformité réglementaire

La conformité réglementaire et les investissements d'assurance qualité pour 2023 s'élevaient à 5,6 millions de dollars.

Zone de conformité	Dépense
Préparation de la soumission de la FDA	2,3 millions de dollars
Systèmes de gestion de la qualité	1,8 million de dollars
Documentation réglementaire	1,5 million de dollars

Manufacturing and Production Overhead

Les coûts de fabrication pour 2023 étaient de 7,3 millions de dollars, principalement liés à la production Furoscix®.

• Entretien de l'équipement de production: 2,1 millions de dollars
• Procurement des matières premières: 3,2 millions de dollars
• Processus de contrôle de la qualité: 2 millions de dollars

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2023 ont totalisé 12,5 millions de dollars.

Catégorie marketing	Dépense
Compensation de la force de vente	6,2 millions de dollars
Marketing numérique	3,1 millions de dollars
Participation de la conférence médicale	2,2 millions de dollars
Garantie	1 million de dollars

Scpharmaceuticals Inc. (SCPH) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de produits pharmaceutiques

Scpharmaceuticals Inc. a déclaré un chiffre d'affaires total de 4,1 millions de dollars pour l'exercice 2023.

Produit	Revenus ($)	Segment de marché
Furoscix	3,850,000	Gestion de l'insuffisance cardiaque
Autres ventes de produits	250,000	Spécialité pharmaceutique

Accords de licence et de transfert de technologie

En 2023, Scpharmaceuticals n'a pas déclaré de revenus de licence significatifs.

Subventions et financement de recherche

La société a reçu un financement de recherche totalisant 2,3 millions de dollars en 2023.

Source de financement	Montant ($)
National Institutes of Health (NIH)	1,500,000
Subventions de recherche sur l'innovation des petites entreprises (SBIR)	800,000

Collaborations de partenariat stratégique

Les partenariats stratégiques ont généré environ 500 000 $ de revenus collaboratifs pour 2023.

Revenu potentiel de redevances futurs

Aucun revenu de redevance actuel déclaré à partir des états financiers de 2023.

Étape de développement de médicaments	Potentiel potentiel de redevance
Furoscix	Commercialisé
SC-5528	Étape préclinique

Répartition totale des revenus pour 2023:

• Ventes de produits: 4,1 millions de dollars
• Subventions de recherche: 2,3 millions de dollars
• Collaborations de partenariat: 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.