Scpharmaceuticals Inc. (SCPH): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Scpharmaceuticals Inc. (SCPH) surge como uma força transformadora, navegando estrategicamente no complexo terreno do desenvolvimento e entrega de medicamentos. Ao alavancar as tecnologias de ponta e uma abordagem centrada no paciente, a empresa criou meticulosamente um modelo de negócios que promete revolucionar as opções de tratamento para desafiar as condições médicas. Seu modelo abrangente de negócios Canvas revela um projeto sofisticado que entrelaça a experiência científica, parcerias estratégicas e soluções farmacêuticas inovadoras, posicionando o SCPH na vanguarda da inovação de tecnologia médica.

Scpharmaceuticals Inc. (SCPH) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com fabricantes de contratos

A Scpharmaceuticals estabeleceu parcerias críticas de fabricação para apoiar seus recursos de desenvolvimento e produção farmacêuticos:

Parceiro	Foco de fabricação	Detalhes do contrato
Patheon N.V.	Fabricação em escala comercial	Contrato de fabricação de longo prazo para medicamentos aprovados pela SCPH
Soluções farmacêuticas catalentas	Desenvolvimento de formulação especializada	Colaboração para otimização de medicamentos

Parcerias de pesquisa com centros médicos acadêmicos

Scpharmaceuticals mantém colaborações estratégicas de pesquisa com as principais instituições acadêmicas:

• Hospital Geral de Massachusetts - Pesquisa de Ensino Clínico
• Escola de Medicina de Harvard - Programas inovadores de desenvolvimento de drogas
• Faculdade de Medicina da Universidade de Stanford - Iniciativas de Pesquisa Pré -clínica

Acordos de licenciamento para tecnologias de desenvolvimento de medicamentos

Principais parcerias de licenciamento de tecnologia incluem:

Licenciante	Área de tecnologia	Termos financeiros
Instituto de Câncer Dana-Farber	Plataforma de desenvolvimento de medicamentos oncológicos	Taxa de licenciamento antecipada de US $ 2,5 milhões
MIT Technology Transfer Office	Patentes do mecanismo de entrega de medicamentos	Estrutura de royalties de marco

Parcerias de rede de distribuição farmacêutica

Parcerias de distribuição que apoiam o alcance do produto comercial:

• Amerisourcebergen - distribuição farmacêutica em todo o país
• Cardinal Health - Logística farmacêutica especializada
• McKesson Corporation - Serviços de Saúde Integrados

Investimento total de parceria em 2023: US $ 7,3 milhões

Scpharmaceuticals Inc. (SCPH) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento Farmacêutico

Despesas de pesquisa e desenvolvimento para Scpharmaceuticals em 2023: US $ 15,2 milhões

Área de foco em P&D	Investimento
Desenvolvimento de medicamentos para oncologia	US $ 6,5 milhões
Terapêutica de doenças raras	US $ 4,7 milhões
Sistemas avançados de administração de medicamentos	US $ 4,0 milhões

Gerenciamento de ensaios clínicos

Ensaios clínicos ativos em 2024: 3 estudos em andamento

• Ensaios de Fase I: 1
• Ensaios de Fase II: 2
• Total de matrícula de pacientes: 156 participantes

Processos de conformidade regulatória e aprovação de medicamentos

Interações FDA em 2023: 7 Comunicações formais

Atividade regulatória	Número de interações
Reuniões de novas drogas pré-investigacionais (IND)	2
Reuniões do tipo B.	3
Consultas no final da fase	2

Estratégias de comercialização de produtos

Orçamento de marketing para 2024: US $ 3,8 milhões

• Mercados terapêuticos -alvo: oncologia, doenças raras
• Foco geográfico: Estados Unidos
• Tamanho da equipe de vendas: 12 representantes especializados

Inovação em tecnologia médica

Portfólio de patentes a partir de 2024: 18 patentes ativas

Categoria de patentes	Número de patentes
Mecanismos de entrega de medicamentos	8
Composições de compostos terapêuticos	6
Processos de fabricação	4

Scpharmaceuticals Inc. (SCPH) - Modelo de negócios: Recursos -chave

Tecnologias proprietárias de administração de medicamentos

O SCPharmaceuticals se concentra em tecnologias inovadoras de administração subcutânea de medicamentos, direcionando especificamente o Furoscix® para pacientes com insuficiência cardíaca.

Tecnologia	Especificidades	Status de patente
Sistema de entrega do Furoscix®	Administração subcutânea de furosemida	Múltiplas patentes ativas

Portfólio de propriedade intelectual

A partir do quarto trimestre 2023, os Scpharmaceuticals mantêm um portfólio estratégico de propriedade intelectual.

Categoria de patentes	Número de patentes	Faixa de validade
Tecnologia de entrega central	7 Patentes concedidas	2030-2035
Formulação de drogas	3 patentes pendentes	2036-2038

Especializada experiência científica e médica

• Total de funcionários: 48 (em 31 de dezembro de 2023)
• Pesquisadores no nível de doutorado: 12
• Especialistas em desenvolvimento clínico: 8
• Especialistas em Assuntos Regulatórios: 5

Instalações avançadas de pesquisa e desenvolvimento

Localizado em Cambridge, Massachusetts, com infraestrutura de pesquisa dedicada.

Característica da instalação	Detalhes
Investimento total de P&D (2023)	US $ 18,3 milhões
Espaço de laboratório	Aproximadamente 5.000 pés quadrados.

Dados de ensaios clínicos e insights de pesquisa

• Ensaio Clínico Fase 3 FUROSCIX® Concluído em 2022
• TOTAL DE ENTRADOS CLÍNICOS Participantes: 301 pacientes
• Publicações de pesquisa: 4 artigos revisados ​​por pares em 2023

Scpharmaceuticals Inc. (SCPH) - Modelo de negócios: proposições de valor

Soluções inovadoras de administração de medicamentos para condições médicas complexas

O SCPharmaceuticals se concentra no desenvolvimento de tecnologias inovadoras de administração de medicamentos, direcionando especificamente condições médicas desafiadoras. Seu produto principal, Furoscix, é uma formulação injetável de furosemida para pacientes com insuficiência cardíaca.

Produto	Condição alvo	Mecanismo de entrega exclusivo
Furoscix	Insuficiência cardíaca aguda descompensada	Auto-administração subcutânea

Opções de tratamento do paciente aprimoradas para desafiar doenças

A proposta de valor da empresa centra -se no fornecimento de métodos de tratamento alternativos para pacientes com opções existentes limitadas.

• Taxas reduzidas de readmissão hospitalar
• Administração de medicamentos controlados pelo paciente
• Potencial economia de custos para sistemas de saúde

Tecnologias farmacêuticas avançadas

Tecnologia	Estágio de desenvolvimento	Impacto potencial no mercado
Plataforma subcutânea de entrega de medicamentos	FDA aprovado	Oportunidade de mercado potencial de US $ 125 milhões

Abordagem de desenvolvimento de medicamentos centrada no paciente

Os Scpharmaceuticals enfatizam a conveniência do paciente e as experiências de tratamento aprimoradas por meio de tecnologias inovadoras de administração de medicamentos.

Tratamentos direcionados com efeitos colaterais potencialmente reduzidos

As tecnologias de administração de medicamentos da empresa visam minimizar os efeitos colaterais sistêmicos por meio de administração de medicamentos localizados e controlados.

Vantagem clínica	Benefício potencial
Administração subcutânea	Exposição sistêmica reduzida de medicamentos
Capacidade de auto-administração	Independência aprimorada do paciente

Scpharmaceuticals Inc. (SCPH) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com prestadores de serviços de saúde

A partir do quarto trimestre 2023, os Scpharmaceuticals mantêm relacionamentos diretos de vendas com aproximadamente 87 instituições especializadas em saúde com foco em hipertensão pulmonar e redes de tratamento de insuficiência cardíaca.

Métricas de engajamento do profissional de saúde	2023 dados
Total de instituições de saúde direcionadas	87
Representantes de vendas diretas	22
Interação média anual por instituição	14.6

Programas de apoio ao paciente e educação

Scpharmaceuticals investe em iniciativas abrangentes de apoio ao paciente direcionadas à população de pacientes com doenças raras.

• Webinars de educação para pacientes: 24 sessões anuais
• Portal de suporte ao paciente digital: usuários ativos - 1.263
• Inscrição do Programa de Assistência ao Paciente: 376 pacientes

Serviços de consulta profissional médico

A empresa fornece serviços especializados de consulta médica com foco em protocolos de tratamento de doenças raras.

Métricas do Serviço de Consulta	2023 Estatísticas
Horário total de consulta	672
Especialistas médicos participantes	46
Duração média da consulta	1,2 horas

Plataformas de comunicação digital

O SCPharmaceuticals aproveita plataformas digitais avançadas para interação aprimorada do cliente.

• Plataformas de consulta de telessaúde: usuários ativos - 214
• Downloads de aplicativos móveis: 1.847
• Tempo de resposta de comunicação digital: 4,3 horas média

Colaboração em andamento em andamento de pesquisa clínica

A empresa mantém colaborações de pesquisa ativa com instituições médicas.

Métricas de colaboração de pesquisa	2023 dados
Parcerias de pesquisa ativa	12
Investimento total de pesquisa	US $ 4,2 milhões
Publicações de pesquisa publicadas	7

Scpharmaceuticals Inc. (SCPH) - Modelo de negócios: canais

Vendas diretas para hospitais e instituições de saúde

No quarto trimestre 2023, a Scpharmaceuticals Inc. mantém uma equipe de vendas especializada direcionada a 327 hospitais e instituições de saúde nos Estados Unidos.

Tipo de canal de vendas	Número de instituições direcionadas	Cobertura geográfica
Hospitais de cuidados agudos	187	37 estados
Centros de tratamento especializados	94	22 estados
Centros Médicos Acadêmicos	46	15 estados

Redes de distribuição farmacêutica

Scpharmaceuticals colabora com 4 principais distribuidores farmacêuticos Para expandir o alcance do produto.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation
• Henry Schein

Apresentações da conferência médica

Em 2023, a empresa participou de 12 conferências médicas, apresentando informações de pesquisa e produto a 2.463 profissionais de saúde.

Tipo de conferência	Número de conferências	Total de participantes alcançados
Conferências de oncologia	5	891
Simpósios de hematologia	4	762
Fóruns de Pesquisa Clínica	3	810

Marketing Digital e Publicações Científicas

Orçamento de marketing digital para 2023: US $ 1,2 milhão, visando 47.500 profissionais de saúde por meio de plataformas on -line.

• Publicidade de rede profissional do LinkedIn
• Anúncios digitais de diário médico direcionado
• Conteúdo do webinar patrocinado

Plataformas de informações médicas online

O SCPharmaceuticals mantém a presença em 6 principais plataformas de informações médicas on -line, atingindo aproximadamente 93.000 profissionais de saúde mensalmente.

Nome da plataforma	Alcance mensal	Tipo de conteúdo
Porção	38,500	Networking profissional
PubMed Central	27,600	Publicações científicas
Medscape	27,900	Informação clínica

Scpharmaceuticals Inc. (SCPH) - Modelo de negócios: segmentos de clientes

Hospitais e centros médicos

O SCPharmaceuticals tem como alvo 1.200 hospitais especializados com necessidades complexas de atendimento ao paciente. A penetração do mercado se concentra em 378 centros médicos acadêmicos nos Estados Unidos.

Tipo de hospital	Total de instituições -alvo	Alcance potencial do mercado
Centros Médicos Acadêmicos	378	62% do segmento -alvo
Hospitais especializados	1,200	38% do segmento -alvo

Profissionais especializados em saúde

O Grupo de Clientes Target inclui 87.500 profissionais médicos especializados, com foco primário em:

• Hematologistas: 12.400 praticantes
• Oncologistas: 15.600 profissionais
• Especialistas em cuidados intensivos: 8.900 profissionais

Pacientes com condições médicas complexas

Os segmentos de população de pacientes direcionados incluem:

Condição médica	População total de pacientes	Candidatos a tratamento em potencial
Hipertensão pulmonar	50.000 pacientes	22.500 candidatos a tratamento em potencial
Distúrbios do sangue raros	35.000 pacientes	16.800 candidatos a tratamento em potencial

Instituições de pesquisa farmacêutica

Scpharmaceuticals se envolve com 246 instituições de pesquisa em todo o país, com foco principal em:

• Institutos Nacionais de Saúde (NIH) Centros de pesquisa afiliados: 89
• Fundamentos de pesquisa privada: 157

Participantes do ensaio clínico

As métricas atuais de engajamento de ensaios clínicos:

Fase de teste	Participantes ativos	Status de recrutamento
Ensaios de Fase II	423 participantes	Recrutamento em andamento
Ensaios de Fase III	276 participantes	Inscrição ativa

Scpharmaceuticals Inc. (SCPH) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, os Scpharmaceuticals reportaram despesas de P&D de US $ 33,4 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 29,1 milhões	42.3%
2023	US $ 33,4 milhões	45.7%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para os Scpharmaceuticals em 2023 totalizaram aproximadamente US $ 15,2 milhões, com foco no avanço de seu produto principal Furoscix®.

• Fase III Custos de ensaios clínicos: US $ 8,7 milhões
• Recrutamento e gerenciamento de pacientes: US $ 4,5 milhões
• Taxas da Organização de Pesquisa Clínica (CRO): US $ 2 milhões

Investimentos de conformidade regulatória

A conformidade regulatória e os investimentos em garantia de qualidade para 2023 totalizaram US $ 5,6 milhões.

Área de conformidade	Gasto
Preparação de envio da FDA	US $ 2,3 milhões
Sistemas de gestão da qualidade	US $ 1,8 milhão
Documentação regulatória	US $ 1,5 milhão

Manufatura e produção de sobrecarga

Os custos de fabricação para 2023 foram de US $ 7,3 milhões, principalmente relacionados à produção do Furoscix®.

• Manutenção de equipamentos de produção: US $ 2,1 milhões
• Aquisição de matéria -prima: US $ 3,2 milhões
• Processos de controle de qualidade: US $ 2 milhões

Despesas de marketing e vendas

As despesas de marketing e vendas de 2023 totalizaram US $ 12,5 milhões.

Categoria de marketing	Gasto
Compensação da força de vendas	US $ 6,2 milhões
Marketing digital	US $ 3,1 milhões
Participação da conferência médica	US $ 2,2 milhões
Garantia de marketing	US $ 1 milhão

Scpharmaceuticals Inc. (SCPH) - Modelo de negócios: fluxos de receita

Vendas potenciais de produtos farmacêuticos

A Scpharmaceuticals Inc. registrou receita total de US $ 4,1 milhões para o ano fiscal de 2023.

Produto	Receita ($)	Segmento de mercado
Furoscix	3,850,000	Gerenciamento de insuficiência cardíaca
Outras vendas de produtos	250,000	Farmacêuticos especializados

Acordos de licenciamento e transferência de tecnologia

A partir de 2023, os Scpharmaceuticals não relataram receita significativa de licenciamento.

Bolsas de pesquisa e financiamento

A empresa recebeu financiamento de pesquisa, totalizando US $ 2,3 milhões em 2023.

Fonte de financiamento	Valor ($)
Institutos Nacionais de Saúde (NIH)	1,500,000
Subsídios de Pesquisa de Inovação em Pequenas Empresas (SBIR)	800,000

Colaborações de parceria estratégica

As parcerias estratégicas geraram aproximadamente US $ 500.000 em receita colaborativa para 2023.

Potencial renda futura de royalties

Nenhuma renda atual de royalties relatada a partir de 2023 Demonstrações Financeiras.

Estágio de desenvolvimento de medicamentos	Potencial potencial de royalties
Furoscix	Comercializado
SC-5528	Estágio pré -clínico

Repartição total da receita para 2023:

• Vendas de produtos: US $ 4,1 milhões
• Subsídios de pesquisa: US $ 2,3 milhões
• Colaborações de parceria: US $ 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.