Second Quarter 2018 Financial Results and Financial Guidance
scPharmaceuticals reported a net loss of $9.9 million in the second quarter of 2018 compared to $6.5 million for the second quarter period of 2017. The increase in net loss for the second quarter ended June 30, 2018, was largely due to costs associated with increased headcount, the expansion of the Company’s commercial organization, and costs incurred as a public company.
Research and development expenses were $4.9 million for the second quarter of 2018 compared to $4.1 million for the comparable period in 2017. The increase in research and development expenses for the quarter ended June 30, 2018, was largely due to increased headcount and costs associated with clinical initiatives.
General and administrative expenses were $5.0 million for the second quarter of 2018 compared to $2.4 million for the comparable period in 2017. The increase in general and administrative expenses for the year was primarily due to increased headcount, the expansion of the Company’s commercial organization, and costs incurred as a public company.
scPharmaceuticals ended the second quarter of 2018 with $101.0 million in cash compared to $118.5 million as of December 31, 2017. This change reflects the ongoing investment in product and clinical development, as well as the costs incurred in the Company’s transition to a public company and costs associated with preparing for the potential commercialization of FUROSCIX.
Based on its current operating plan, scPharmaceuticals expects year end 2018 cash and cash equivalents and investment securities to be approximately$80 - $85 million and forecasts 2019 expenditures of$8 - $10 million per quarter.
About FUROSCIX
FUROSCIX is a proprietary furosemide solution formulated to a neutral pH to allow for subcutaneous infusion via the patented Infusor, a wearable,pre-programed drug delivery system that is applied to the abdomen for subcutaneous drug administration. FUROSCIX is under review by the FDA for treatment of edema, or fluid overload, in patients with heart failure. FUROSCIX has the potential to provide an outpatient alternative to IV furosemide for the treatment of worsening heart failure due to edema that would typically require hospitalization.
About scPharmaceuticals
scPharmaceuticals is a clinical-stage pharmaceutical company focused on developing and commercializing products that reduce healthcare costs and improve health outcomes. The Company develops products for the subcutaneous, self-administration ofIV-strength treatments in heart failure and infectious disease. scPharmaceuticals is headquartered in Burlington, MA. For more information, please visitscPharmaceuticals.com.