scPharmaceuticals Inc. (SCPH): BCG Matrix [Dec-2025 Updated]

You're trying to map out scPharmaceuticals Inc.'s assets before the MannKind acquisition, and honestly, the picture is one of intense, cash-hungry growth: the sole commercial Star, FUROSCIX, is lighting it up with 99% year-over-year net revenue growth to $16.0 million in Q2 2025, but the company still has no Cash Cows, posting an $18.0 million net loss as it fuels that expansion. The real strategic pivot point lies with the Question Marks, particularly the FUROSCIX Autoinjector, which could slash Cost of Goods Sold by ~75% if approved, making this analysis crucial for understanding where your investment dollars are currently placed and where they must go next.

Background of scPharmaceuticals Inc. (SCPH)

You're looking at scPharmaceuticals Inc. (SCPH), a company focused on revolutionizing cardiorenal healthcare by developing patient-centric ways to deliver therapies that were previously stuck being given intravenously (IV). Essentially, they aim to get necessary treatments to patients outside of a hospital setting, which helps keep people home longer and can save the healthcare system money. Their main product right now is FUROSCIX, which is a formulation of furosemide delivered via an on-body infusor for treating congestion from fluid overload in adults with chronic heart failure and kidney disease.

Honestly, the commercial execution has been impressive through the first half of 2025. For the second quarter ending June 30, 2025, scPharmaceuticals Inc. reported net FUROSCIX revenue of $16.0 million, which is a near doubling, or 99% increase, compared to the $8.1 million they brought in during Q2 2024. That growth is translating directly into usage; they shipped about 20,200 FUROSCIX doses in that quarter, marking a 117% jump over the prior year. Still, you should note that profitability remains a challenge, as they posted a net loss of $18.0 million for Q2 2025, and their cash position stood at $40.8 million at the end of that quarter.

A major recent development is the expansion of the FUROSCIX market. They launched the product for chronic kidney disease (CKD) in late April 2025, and management noted that adoption among nephrologists was actually faster than the initial uptake seen in heart failure patients. On the innovation front, scPharmaceuticals Inc. is pushing hard on the next-gen device: the autoinjector. They are on track to submit the supplemental New Drug Application (sNDA) for this device in the third quarter of 2025. If approved, this new device is expected to be a game-changer, potentially cutting the Cost of Goods Sold (COGS) by 70% to 75%, which would significantly improve their margin structure down the road.

scPharmaceuticals Inc. (SCPH) - BCG Matrix: Stars

FUROSCIX (on-body infusor) is the sole commercial Star product for scPharmaceuticals Inc. (SCPH).

The product achieved 99% year-over-year net revenue growth to $16.0 million in the second quarter of 2025, compared to $8.1 million in the second quarter of 2024. This performance followed a 93% annual growth in net FUROSCIX revenue to $11.8 million in the first quarter of 2025.

FUROSCIX holds a dominant, first-to-market position in the at-home subcutaneous diuretic niche, further solidified by the late April 2025 launch into the Chronic Kidney Disease (CKD) indication.

Doses shipped increased 117% year-over-year in Q2 2025, reaching approximately 20,200 doses filled, which shows high market adoption compared to approximately 9,300 doses filled in Q2 2024. This represented a 45% increase sequentially from the approximately 13,900 doses filled in Q1 2025.

The adoption is broad, with sales to Integrated Delivery Networks (IDNs) increasing 70% quarter-over-quarter in Q2 2025 over Q1 2025.

Stars consume large amounts of cash to maintain growth, which is reflected in the financial results for scPharmaceuticals Inc. The net loss for Q2 2025 was $18.0 million. Cash and cash equivalents stood at $40.8 million as of June 30, 2025, a reduction from $57.5 million at the end of Q1 2025.

Investment in this segment is critical to transition it to a Cash Cow status when market growth slows. Key investments supporting future positioning include:

• sNDA submission for the Autoinjector targeted for Q3 2025.
• Autoinjector designed to reduce treatment time from five hours to less than ten seconds.
• Potential for a 75% reduction in Cost of Goods Sold (COGS) with the Autoinjector.

Here's a quick look at the key performance metrics for the Star product in Q2 2025:

The continued high growth rate necessitates ongoing investment, which is seen in the operating expenses. Selling, General and Administrative Expenses were $21.2 million in Q2 2025, up from $17.4 million in Q2 2024. Research and Development Expenses were $4.1 million in Q2 2025, up from $2.7 million in Q2 2024.

scPharmaceuticals Inc. (SCPH) - BCG Matrix: Cash Cows

Honestly, scPharmaceuticals has no Cash Cows; the company is still in a high-growth, cash-intensive phase.

The fundamental characteristic of a Cash Cow is generating more cash than it consumes, which is the opposite of what scPharmaceuticals Inc. reported for the second quarter of 2025. The company is clearly in an investment and growth phase, requiring external capital to fund operations rather than supplying it.

• - No mature, low-growth products generating significant positive cash flow.
• - The company reported a net loss of $18.0 million in Q2 2025, requiring continued investment.
• - Selling, General, and Administrative expenses were high at $21.2 million in Q2 2025 to drive adoption.
• - Cash and equivalents were $40.8 million as of June 30, 2025, indicating a cash-burning operation.

To be fair, the strong revenue growth from FUROSCIX, which reached net revenue of $16.0 million in Q2 2025, up 99% year-over-year, shows market traction, but this top-line success has not yet translated into the profitability required for a Cash Cow classification. The operational expenses are outpacing the current revenue generation.

The company is actively investing to support infrastructure and adoption, which is the opposite of 'milking' a mature product. Research and development expenses were $4.1 million for the quarter, further consuming cash. You see this investment pattern clearly when looking at the operating expenses versus the net revenue.

• Net FUROSCIX Revenue (Q2 2025): $16.0 million
• SG&A Expense (Q2 2025): $21.2 million
• R&D Expense (Q2 2025): $4.1 million

The current focus is on scaling FUROSCIX, including the recent launch into the chronic kidney disease market, which demands high promotional spending. Also, the Gross-to-Net discount rose to 27% in Q2 2025, which pressures margins that a Cash Cow typically enjoys. Finance: draft 13-week cash view by Friday.

scPharmaceuticals Inc. (SCPH) - BCG Matrix: Dogs

You're looking at the assets that are tying up capital without delivering a clear return, and for scPharmaceuticals Inc. (SCPH), the current delivery system for FUROSCIX fits squarely into this category, especially when viewed against the backdrop of generic competition.

Dogs are units with low market share in markets that aren't expanding quickly, and while FUROSCIX is growing, the On-Body Infusor technology itself, as the initial product, carries a cost structure that keeps it from being a Star or even a strong Cash Cow right now. The underlying drug, furosemide, has been around forever, meaning you're fighting heavy competition from established, low-cost generic IV and oral alternatives, which inherently limits the market share potential for the premium-priced delivery system.

The core issue here is the manufacturing cost relative to the potential. The company is clearly aware of this, as evidenced by the push for the next-generation device. The data from the second quarter of 2025 shows this drag:

Here's the quick math: in Q2 2025, the cost of product revenues was $5.0 million on net FUROSCIX revenue of $16.0 million. That's a cost of revenue that eats up over 31% of the top line, which is high for a drug product and definitely qualifies as costly to manufacture. The fact that the supplemental New Drug Application (sNDA) for the autoinjector, which is designed to cut the Cost of Goods Sold (COGS) by 75%, was on track for submission in Q3 2025 tells you the current device is a resource drain they need to move past quickly. If onboarding takes 14+ days, churn risk rises.

This category also captures assets that aren't getting the focus you'd want for a primary growth driver. This includes:

• The current FUROSCIX On-Body Infusor technology itself, which is costly to manufacture.
• The high cost of goods sold (COGS) for the current delivery system relative to the next-gen autoinjector.
• Older, non-prioritized preclinical or early-stage pipeline assets not specifically named or funded.
• The underlying drug, furosemide, which faces heavy competition from generic IV and oral alternatives.

The company's net loss for Q2 2025 was $18.0 million, with Selling, General and Administrative expenses at $21.2 million. These high operating expenses, coupled with the relatively high COGS of the current device, mean the current iteration of the product is consuming cash while the company works to transition to the more efficient autoinjector. Honestly, expensive turn-around plans are usually a waste here; the clear action is to execute the transition to the lower-cost device, which is what the planned autoinjector submission supports.

The market context reinforces the Dog status for the current model. While the company saw strong year-over-year revenue growth of 99% in Q2 2025 (from $8.1 million in Q2 2024 to $16.0 million in Q2 2025), this growth is off a low base following the initial commercial launch. The underlying furosemide market is mature, and the value proposition of the current device is being challenged by the impending availability of a much cheaper delivery method, which is why divestiture or rapid replacement is the textbook strategy for a Dog.

Finance: draft 13-week cash view by Friday.

scPharmaceuticals Inc. (SCPH) - BCG Matrix: Question Marks

These are the high-risk, high-reward bets that need cash to become Stars.

The current Question Marks for scPharmaceuticals Inc. are centered on expanding the market penetration of FUROSCIX through new indications and a next-generation delivery device, both of which require significant investment while the current market share is still being established in these new areas. These efforts consume cash, as evidenced by the $40.8 million in cash and cash equivalents scPharmaceuticals Inc. held as of June 30, 2025.

The primary focus areas demanding investment are:

• - The FUROSCIX Autoinjector (SCP-111), with an sNDA submission targeted for Q3 2025.
• - The autoinjector is projected to reduce COGS by ~75%.
• - The new Chronic Kidney Disease (CKD) indication, launched in April 2025, targeting 700,000 new eligible patients.
• - The potential for the new CMS Ambulatory Specialty Model (ASM) to accelerate outpatient diuretic management.

The CKD indication, launched in April 2025, represents a high-growth market expansion, targeting 700,000 addressable patients. While this is a growth market, the product's overall market share is still nascent in this segment, meaning it consumes cash to build that share. The recent performance shows the growth trajectory these Question Marks are driving, even as they burn cash:

The SCP-111 autoinjector is the key investment needed to quickly convert this Question Mark into a Star. This device is designed to reduce administration time from five hours to less than ten seconds, and its approval would lead to a projected 75% reduction in COGS. The FDA assigned a Prescription Drug User Fee Act (PDUFA) target action date of July 26, 2026, for the supplemental New Drug Application (sNDA) for the ReadyFlow Autoinjector.

Furthermore, the potential for the new CMS Ambulatory Specialty Model (ASM) provides a possible tailwind for outpatient diuretic management, which is where FUROSCIX is positioned. The ASM was finalized on October 31, 2025, in the CY 2026 Physician Fee Schedule Final Rule, and it will begin on January 1, 2027. This model holds specialists who treat heart failure financially accountable for upstream management, which could favor therapies like FUROSCIX that aim to reduce avoidable hospitalizations. Specialists in the ASM could face payment adjustments of up to +/-9% in the first payment year, 2029.

These products are currently consuming cash to establish market presence in the CKD segment and to fund the development of the high-margin autoinjector, which is the path to rapid market share gain and profitability.