scPharmaceuticals Inc. (SCPH): Business Model Canvas [Dec-2025 Updated]

You're digging into scPharmaceuticals Inc. right after the MannKind acquisition, trying to map out the path for FUROSCIX, their game-changing at-home edema therapy. Honestly, the Q2 2025 snapshot is fascinating: net product sales hit $16.0 million, up 99% year-over-year, showing real market traction. But, you can't ignore the high burn rate-Selling, General, and Administrative costs were $21.2 million that same quarter. So, the critical question for us analysts is how the new structure manages that cost base while pushing the value proposition of replacing five-hour IVs with a ten-second injection. See the full nine-block canvas below to understand the operational engine driving this story.

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Key Partnerships

You're looking at the structure of scPharmaceuticals Inc. (SCPH) right as it transitions under new ownership, which really changes the landscape for its key relationships. Here's the breakdown of those critical external connections as of late 2025.

MannKind Corporation (MNKD) as the new parent company and strategic partner

The most significant partnership shift is the acquisition by MannKind Corporation (MNKD), which completed on October 7, 2025. MannKind Corporation paid up to $360 million in total consideration for scPharmaceuticals Inc.. The upfront cash payment was $5.35 per share, with an additional non-tradable Contingent Value Right (CVR) worth up to $1.00 per share upon achieving certain milestones. MannKind Corporation secured $175 million in additional funding from Blackstone to help finance this purchase. Post-acquisition, the combined entity projects an annualized revenue run rate exceeding $370 million, based on scPharmaceuticals Inc.'s Q2 2025 results.

Here's a snapshot of scPharmaceuticals Inc.'s performance leading into the acquisition:

Third-party contract manufacturers for FUROSCIX drug product and device

Manufacturing relationships are critical for supply chain stability. While specific third-party contract manufacturer names aren't public, the financial data reflects the direct costs associated with production and device readiness.

• Costs of product revenues for scPharmaceuticals Inc. were $5.0 million for the second quarter of 2025.
• Research and development expenses, which include device development costs, increased for the quarter ended June 30, 2025.
• The FUROSCIX ReadyFlow Autoinjector supplemental New Drug Application (sNDA) submission was on track for Q3 2025.

Specialty pharmacies and distributors for compliant product delivery

scPharmaceuticals Inc.'s commercial model relies on a specific channel structure to ensure compliant product delivery for the on-body infuser.

The company's customers include:

• Specialty pharmacies (SPs)
• Specialty distributors (SDs)
• Direct purchasers

The distribution strategy involves:

• A targeted specialty pharmacy network.
• A hub-and-spoke distribution model designed for precise product delivery.

Integrated Delivery Networks (IDNs) for institutional sales and workflow integration

Institutional sales through Integrated Delivery Networks (IDNs) represent a key growth vector for FUROSCIX adoption.

The growth trajectory in this segment is clear:

• Sales to IDNs increased 70% in the second quarter of 2025 compared to the first quarter of 2025.
• Management previously projected IDN agreements could account for 20% to 25% of the business, or potentially significantly higher.

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Key Activities

You're looking at the core engine driving scPharmaceuticals Inc.'s growth right now, which is heavily focused on pushing FUROSCIX adoption post-CKD label expansion and getting the next-gen device ready. Here's the quick math on what the company is actively doing based on the first half of 2025 results.

Commercialization and sales force expansion targeting cardiologists and nephrologists.

The commercial team is executing a dual-specialty push following the FDA approval for the chronic kidney disease (CKD) indication in March 2025, with the formal launch in nephrology occurring in April 2025. This expansion is clearly driving volume.

The sales execution is reflected in the product revenue growth:

The adoption curve shows momentum; by the end of Q1 2025, the company had approximately 4,200 unique prescribers since launch. Growth is strong across channels, with sales to Integrated Delivery Networks (IDN) increasing 119% from Q4 2024 to Q1 2025, and then growing another 70% from Q1 2025 to Q2 2025. Still, managing the net revenue requires attention to discounts; the Gross-to-Net (GTN) discount was 23% in Q1 2025 and rose to 27% in Q2 2025, with management anticipating it to approach 30% in Q3 2025, largely due to Medicare Part D redesign rebates.

To support revenue growth, a 3.5% price increase was implemented on July 1, 2025.

Research and development (R&D) for the Autoinjector (SCP-111) sNDA filing.

A major R&D focus is finalizing the data package for the next-generation autoinjector, SCP-111, which is on track for a targeted supplemental New Drug Application (sNDA) submission in Q3 2025. This device is designed to radically change the patient experience, cutting administration time from up to 5 hours down to under 10 seconds.

R&D investment to support this is increasing:

• Research and development expenses were $4.6 million for Q1 2025, up from $2.7 million in Q1 2024.
• If the SCP-111 sNDA is approved, the company anticipates a potential 75% reduction in the Cost of Goods Sold (COGS) associated with the product.

Managing regulatory compliance and post-marketing requirements for FUROSCIX.

Regulatory activity centers on maintaining and expanding the FUROSCIX label, which now includes CKD patients following the March 2025 approval. The initial indication was for edema in NYHA Class II and III chronic heart failure patients (approved 2022), expanded to Class IV in August 2024. Post-marketing data from the FREEDOM-HF study is used to demonstrate value, showing:

• A difference of $17,000 in how patients with fluid overload were treated compared to the control group.
• 96% of patients treated with FUROSCIX in the study avoided hospitalization over a 30-day period, versus 100% in the comparative group.

Supply chain management and manufacturing oversight.

The increased commercial demand requires scaling up manufacturing, which directly impacts costs of product revenues. This is a direct operational consequence of the Key Activity of commercialization.

Costs of product revenues for FUROSCIX were:

• $3.5 million in Q1 2025.
• $5.0 million in Q2 2025.

This increase in costs of product revenues is explicitly tied to the increased demand for FUROSCIX further into the commercial launch and the related manufacturing costs.

scPharmaceuticals Inc. (SCPH) - Canvas Business Model: Key Resources

You're looking at the core assets underpinning the value of scPharmaceuticals Inc. as of late 2025, right before or immediately after the October 7, 2025, acquisition by MannKind Corporation. These are the tangible and intangible things the business needs to operate and deliver its value proposition.

The most critical intangible resource is the patented FUROSCIX (furosemide injection) formulation and intellectual property. This proprietary, pH neutral formulation for subcutaneous administration is protected by multiple US drug patents, with an estimated generic launch date around April 03, 2034, excluding potential patent term adjustments. This protection is vital for maintaining market exclusivity for the novel treatment of edema due to heart failure and chronic kidney disease.

Here are some specifics on the granted formulation patents:

Next, the FDA-approved on-body infusor device technology is a necessary physical asset. This proprietary, wearable, pre-programmed system enables the subcutaneous delivery of FUROSCIX. A significant development in this area was the submission of the supplemental New Drug Application (sNDA) for the FUROSCIX ReadyFlow Autoinjector in Q3 2025, which is designed to reduce treatment time from five hours to less than ten seconds.

The commercial infrastructure, though still scaling, is a key resource. The initial plan involved a specialized commercial team focused on the cardiorenal market, initially targeting approximately 40 representatives to concentrate on high-volume hospitals and clinics.

• Net FUROSCIX revenue for the second quarter of 2025 reached $16 million.
• Approximately 20,200 FUROSCIX doses were filled in Q2 2025.
• The Gross-to-Net (GTN) discount for Q2 2025 was approximately 27%, with expectations to approach 30% in Q3 2025.
• Sales to Integrated Delivery Networks (IDNs) grew 70% quarter-over-quarter in Q2 2025 compared to Q1 2025.

Financially, as of the last reported standalone balance sheet date, the company held $40.8 million in cash and equivalents as of June 30, 2025. This liquidity funded operations leading up to the October 2025 acquisition by MannKind Corporation, which itself reported Q3 2025 revenues of $82.1M, now incorporating the FUROSCIX asset.

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.

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:

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:

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:

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.

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:

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.