scPharmaceuticals is a specialty pharma company with one commercial product: FUROSCIX, an FDA-approved subcutaneous furosemide formulation delivered via a wearable on-body infusor. FUROSCIX addresses fluid overload in heart failure and chronic kidney disease (CKD) patients, for whom oral diuretics are often poorly absorbed and IV furosemide typically requires hospitalization. FUROSCIX allows patients to receive IV-equivalent diuresis at home — a patient applies a pre-filled wearable patch to the abdomen, and the device delivers 80 mg of furosemide subcutaneously over five hours. The company sells exclusively through a direct U.S. sales force of roughly 90 reps targeting cardiologists, heart failure specialists, and nephrologists, with fulfillment through specialty pharmacies. FUROSCIX is priced at roughly $947 per dose, with a typical treatment episode costing around $5,700. About 70-75% of prescriptions are filled by Medicare Part D patients, so fill rates are highly sensitive to patient co-pay levels. The 2025 Medicare Part D redesign, which caps patient out-of-pocket costs at $2,000/year, is expected to increase fill rates at the cost of higher mandatory rebates and a wider gross-to-net discount. scPharmaceuticals is pre-profitability, with a large commercial cost base relative to current revenue. Key growth levers include a recently launched CKD indication, and a pending supplemental NDA for an autoinjector format that management expects would reduce manufacturing costs and, if approved, capture the majority of the market.