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scPharmaceuticals Inc (SCPH)
NASDAQ:SCPH
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scPharmaceuticals
(NASDAQ:SCPH)
44Neutral
Positive Factors
Market Opportunity
FDA approval of the sNDA for Furoscix meaningfully expands its labeled indication to include edema in patients with chronic kidney disease (CKD), representing a significant positive milestone.
Sales Strategy
The company completed the planned sales force expansion, which should significantly enhance Furoscix's sales performance.
Negative Factors
Revenue Challenges
Shares are trading down ~13% due to the lower than expected revenue which was mostly due to Medicare coverage gap patients being unable or unwilling to fill scripts.
scPharmaceuticals (SCPH) vs. S&P 500 (SPY)
Market Cap
$154.12M
Dividend YieldN/A
Average Volume (3M)465.08K
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth303.87%
EPS Growth-40.33%
CountryUS
Employees136
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.91
Shares Outstanding50,040,134
10 Day Avg. Volume837,090
30 Day Avg. Volume465,077
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)4.78
Price to Cash Flow (P/CF)-2.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$21.50Price Target Upside598.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
scPharmaceuticals Business Overview & Revenue Model
Company DescriptionscPharmaceuticals Inc. is a pharmaceutical company focused on developing innovative solutions for conditions that require parenteral delivery of therapies. The company operates primarily in the healthcare sector and is dedicated to transforming the administration of intravenous (IV) drugs from a clinical setting to a convenient, patient-friendly, and cost-effective home setting. Its core product, FUROSCIX, is a proprietary formulation and drug delivery system designed to deliver subcutaneous furosemide for the treatment of congestion in patients with heart failure.
How the Company Makes MoneyscPharmaceuticals generates its revenue primarily through the commercialization of its flagship product, FUROSCIX. The company earns money by selling this product to healthcare providers, hospitals, and directly to patients through partnerships with specialty pharmacies and distributors. Revenue is driven by the adoption and utilization of FUROSCIX in the healthcare market, supported by marketing efforts, clinical data, and insurance reimbursements. Key factors contributing to earnings include the product's ability to reduce hospital readmissions and improve patient outcomes, as well as strategic partnerships with pharmaceutical companies and healthcare systems to expand market reach and uptake.
scPharmaceuticals Financial Statement Overview
Summary
scPharmaceuticals shows strong revenue growth but struggles with profitability and high leverage. While there is improved stockholder equity, the company faces significant challenges managing debt levels and achieving sustainable profitability.Income Statement
The company's revenue has grown significantly from $13.59 million in 2023 to $30.28 million in the TTM (Trailing-Twelve-Months), indicating strong sales growth. However, the company is not yet profitable, with a net profit margin of -264.6%, suggesting significant ongoing expenses relative to revenue. Gross profit margin is relatively high at 69.5%, but substantial EBIT and EBITDA losses reflect high operational costs.45
Neutral
Balance Sheet
The balance sheet shows a high debt-to-equity ratio due to negative equity, which poses a risk. Stockholders' equity is positive at $30.71 million as of TTM, a recovery from previous negative values. However, total liabilities remain high relative to equity, indicating potential leverage concerns.40
Negative
Cash Flow
The company improved its operating cash flow from -$59.24 million in 2023 to -$70.51 million in TTM. The free cash flow remained negative, raising concerns about liquidity and cash reserves. However, the financing cash flow is positive, suggesting successful capital raising efforts to support operations.50
Neutral
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 30.28M | 13.59M | 0.00 | 0.00 | 0.00 | 0.00 | Gross Profit |
| 21.06M | 9.78M | -468.00K | -438.00K | -399.00K | -364.00K | EBIT |
| -63.69M | -55.40M | -36.16M | -25.82M | -29.93M | -32.91M | EBITDA |
| -71.69M | -46.06M | -33.07M | -25.02M | -29.22M | -30.86M | Net Income Common Stockholders |
| -80.11M | -54.81M | -37.52M | -30.49M | -34.39M | -34.41M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 89.66M | 76.01M | 118.37M | 75.46M | 105.28M | 72.81M | Total Assets |
| 93.75M | 94.48M | 124.19M | 79.04M | 109.05M | 77.28M | Total Debt |
| 11.34M | 40.27M | 37.37M | 17.64M | 20.21M | 20.27M | Net Debt |
| -78.32M | -6.54M | -33.69M | -56.63M | -85.07M | -52.54M | Total Liabilities |
| 15.01M | 57.26M | 51.76M | 22.57M | 26.88M | 25.92M | Stockholders Equity |
| 78.74M | 37.22M | -226.54M | -189.70M | -161.66M | -129.46M |
| Cash Flow | Free Cash Flow | ||||
| -70.56M | -59.28M | -34.60M | -27.16M | -27.69M | -30.44M | Operating Cash Flow |
| -70.51M | -59.24M | -34.58M | -27.15M | -27.69M | -30.44M | Investing Cash Flow |
| 55.77M | 19.96M | -45.86M | 32.13M | -33.46M | 0.00 | Financing Cash Flow |
| 71.18M | 14.85M | 77.23M | -2.53M | 60.35M | 13.59M |
scPharmaceuticals Technical Analysis
Negative
3.08
Price Trends
3.34
Negative
3.56
Negative
4.06
Negative
Market Momentum
-0.10
Positive
40.40
Neutral
32.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SCPH, the sentiment is Negative. The current price of 3.08 is below the 20-day moving average (MA) of 3.29, below the 50-day MA of 3.34, and below the 200-day MA of 4.06, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 40.40 is Neutral, neither overbought nor oversold. The STOCH value of 32.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SCPH.
scPharmaceuticals Risk Analysis
scPharmaceuticals disclosed 70 risk factors in its most recent earnings report. scPharmaceuticals reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
scPharmaceuticals Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $675.80M | ― | 222.83% | ― | 23.89% | 16.86% | |
60 Neutral | $1.34B | ― | -23.01% | ― | 168.06% | 44.66% | |
49 Neutral | $6.90B | 0.02 | -54.05% | 2.46% | 24.91% | -3.14% | |
44 Neutral | $154.12M | ― | -200.65% | ― | 303.87% | -40.33% | |
41 Neutral | $62.62M | ― | 41.08% | ― | -0.55% | 49.85% | |
37 Underperform | $1.89M | ― | 153.59% | ― | ― | 99.19% |
* Healthcare Sector Average
Performance Comparison
SCPH
scPharmaceuticals
3.02
-2.42
-44.49%
KPTI
Karyopharm Therapeutics
7.53
-13.77
-64.65%
ARDX
Ardelyx
5.44
-3.20
-37.04%
XERS
Xeris Pharmaceuticals
4.57
2.39
109.63%
PBLA
Panbela Therapeutics
0.39
-0.26
-40.00%
scPharmaceuticals Earnings Call Summary
Earnings Call Date: Nov 13, 2024 | % Change Since: -21.23% | Next Earnings Date: Mar 19, 2025
Earnings Call Sentiment Positive
The earnings call reflected a positive overall sentiment driven by significant revenue growth, strategic expansions, and successful financing, despite some challenges with higher discounts and increased net loss.Highlights
Revenue Growth
Net revenue for Q3 2024 was $10 million, representing an approximately 24% increase from Q2 2024.
FUROSCIX Expansion and sNDA Acceptance
Acceptance of sNDA filing by the FDA to expand FUROSCIX indication to include treatment of edema in CKD patients.
Increased Prescriber Base
Approximately 3,100 unique healthcare providers have prescribed FUROSCIX, a 13% increase compared to Q2 2024.
Positive Autoinjector Study
Announced positive top-line results from a PK/PD bridging study for the low-volume Autoinjector.
Transformative Financing
Completed financing that resulted in a net addition of roughly $75 million, bolstering the cash runway through expected profitability.
Lowlights
Higher Gross-to-Net Discount
FUROSCIX gross net discount was approximately 15.7%, above the guided range of 10% to 15% due to lagging CMS reporting.
Increased Net Loss
Reported a net loss of $35.1 million for Q3 2024, compared to $15.6 million for Q3 2023, primarily due to one-time charges related to debt extinguishment and new financial instruments.
Challenges in Coverage Gap
The coverage gap rebates impacted revenue and patient fill rates, leading to higher patient co-pays and abandonment.
Company Guidance
During the third quarter 2024 earnings call for scPharmaceuticals (SCPH), key guidance included several financial and operational metrics. The company reported net revenue of $10 million, marking a 24% increase from the previous quarter, despite some challenges in the latter half of Q3 due to coverage gap rebates impacting their gross-to-net (GTN) discount, which was 15.7%, slightly above the anticipated 10% to 15% range. The GTN is expected to remain within this range for the rest of 2024, but an increase up to 35% is anticipated by the end of 2025 due to the Medicare Part D redesign. The company also highlighted the expansion of FUROSCIX's indication to include Class IV heart failure patients and the acceptance of a supplemental NDA for its use in chronic kidney disease (CKD), with a PDUFA date set for March 6, 2025. Additionally, scPharmaceuticals completed a transformative financing round, adding $75 million to its balance sheet, positioning the company towards expected profitability.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.