Third Quarter 2019 Financial Results and Financial Guidance
scPharmaceuticals reported a net loss of $6.2 million in the third quarter ended September 30, 2019, compared to $5.8 million for the comparable period in 2018.
Research and development expenses were $4.3 million for the third quarter ended September 30, 2019, compared to $3.9 million for the comparable period in 2018. The increase in research and development expenses for the quarter was primarily due to costs associated with the transition to the SmartDose® drug delivery system.
General and administrative expenses were $2.0 million for the third quarter ended September 30, 2019, compared to $1.9 million for the comparable period in 2018. The increase in general and administrative expenses for the quarter was primarily due to legal and professional service costs.
scPharmaceuticals ended the third quarter of 2019 with $83.7 million in cash, cash equivalents, and restricted cash compared to $89.7 million as of December 31, 2018. This change reflects the ongoing investment in product development, offset by the restructuring of the Company’s term loan.
Based on its current operating plan, scPharmaceuticals expects year end 2019 cash and cash equivalents and investment securities to be approximately$65-$70 million.
About FUROSCIX
FUROSCIX is a proprietary furosemide solution formulated to a neutral pH to allow for subcutaneous infusion via a wearable, subcutaneous injector with an integrated drug delivery system, for outpatient self-administration. FUROSCIX is being developed for treatment of congestion, or fluid overload, in patients with heart failure. FUROSCIX has the potential to provide an outpatient alternative for the treatment of worsening heart failure due to congestion.
About scPharmaceuticals
scPharmaceuticals is a pharmaceutical company focused on developing and commercializing products that are designed to reduce healthcare costs and improve health outcomes. The Company develops, internally and through strategic partnerships, innovative products and solutions that aim to expand and advance the outpatient care of select acute conditions. The Company’s lead programs focus on the subcutaneous, self-administration ofIV-strength treatments in heart failure and infectious disease. scPharmaceuticals is headquartered in Burlington, MA. For more information, please visit scPharmaceuticals.com