Item 2.02 Results of Operations and Financial Condition.
On January 10, 2025, scPharmaceuticals Inc. (the “Company”) issued a press release announcing preliminary financial information for the quarter and full year ended December 31, 2024, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 8.01. Other Events.
On January 10, 2025, the Company provided the below corporate update and preliminary unaudited financial results for the quarter and year ended December 31, 2024:
| |
• |
|
The Company expects preliminary unaudited fourth quarter FUROSCIX net revenue to be in the range of $12.0 million to $12.3 million, representing a 22% increase from the third quarter of 2024 at the mid-point of the range |
| |
• |
|
The gross-to-net discount is expected to be in the range of 18% to 19%, compared to the gross-to-net discount of 15.7% in the third quarter of 2024 |
| |
• |
|
Preliminary unaudited full year 2024 FUROSCIX net revenue is expected to be in the range of $36.2 million to $36.5 million, representing 167% growth over the full year 2023 at the mid-point of the range |
| |
• |
|
Approximately 13,300 FUROSCIX doses shipped in the fourth quarter, representing an approximately 23% increase from the 10,800 doses shipped in the third quarter of 2024 |
| |
• |
|
Added a specialty pharmacy to improve coverage of expanded geography |
| |
• |
|
Unaudited cash, cash equivalents and short-term investments were approximately $75.7 million as of December 31, 2024, which does not include an approximate increase in accounts receivable of 27% over the balance as of September 30, 2024 |
These preliminary select financial results are unaudited and subject to change. The Company has not completed its financial closing procedures for the quarter or year ended December 31, 2024 and its actual results could be materially different from these preliminary financial results.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the our anticipated financial results of the fiscal quarter and full year ended December 31, 2024. Any forward-looking statements in this Current Report on Form 8-K are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include but are not limited to, our dependence on the commercial success of FUROSCIX and, if approved, our other product candidates; risks related to the receipt of regulatory approval for our product candidates; risks related to our ability to manufacture, or the ability of third parties to deliver, sufficient product for commercialization of FUROSCIX or any of our product candidates, if approved; risks related to our history of operating losses, we have a history of significant operating losses and expect to incur significant and increasing losses for the foreseeable future; we may never achieve or maintain profitability; we may need additional funding and may be unable to raise capital when needed, which would force us to delay, reduce or eliminate our product development programs or commercialization efforts; the terms of our credit facility place restrictions on our operating and financial flexibility, and we may not have cash available to us in an amount sufficient to enable us to make interest or principal payments on our indebtedness when due; clinical and preclinical development involves a lengthy and expensive process with an uncertain outcome, and any difficulties or delays in the commencement or completion, or the termination or the potential for the results from any clinical trials to support submission of
