scPharmaceuticals Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in product revenues, with Q3 2024 revenues reaching $10.0 million, up from $3.8 million in Q3 2023. For the nine months ended September 30, 2024, total product revenues surged to $24.2 million, compared to $7.5 million for the same period in the previous year. This growth is attributed to heightened demand for FUROSCIX, a product launched in early 2023 following FDA approval.

Despite the revenue increase, scPharmaceuticals reported a net loss of $35.1 million for Q3 2024, a substantial rise from a net loss of $15.6 million in Q3 2023. For the nine-month period, the net loss escalated to $66.3 million, compared to $41.0 million in the prior year. The increase in losses is primarily due to higher operating expenses, which rose to $28.2 million in Q3 2024 from $18.6 million in Q3 2023, and total operating expenses for the nine months reached $72.6 million, up from $47.6 million.

The company’s accumulated deficit increased to approximately $347.6 million as of September 30, 2024, compared to $281.3 million at the end of 2023. Total stockholders’ equity decreased to $30.7 million from $37.2 million during the same period. Cash and cash equivalents saw a significant increase, totaling $91.5 million as of September 30, 2024, up from $46.8 million at the end of 2023, bolstered by financing activities including a public offering that generated net proceeds of $53.5 million.

Strategically, scPharmaceuticals entered into a Credit Agreement on August 9, 2024, establishing a $75 million term loan facility, with $50 million funded immediately. The company also completed a public offering of common stock, which contributed to its liquidity position. However, the company reported a material weakness in its internal controls over financial reporting, specifically related to fair value accounting for financial liabilities, prompting the implementation of a remediation plan.

Overall, while scPharmaceuticals has made strides in revenue generation and liquidity, it continues to face challenges in profitability and operational expenses, necessitating ongoing strategic adjustments.