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SC Pharmaceuticals reported its financial results for Q1 2025, revealing a larger-than-expected loss per share and revenue shortfall. The company posted an earnings per share (EPS) of -$0.36, missing analyst expectations of -$0.32. Revenue reached $11.8 million, falling short of the $12.83 million forecast. Despite impressive year-over-year revenue growth of 167% in the last twelve months, the company remains unprofitable. In after-hours trading, SC Pharmaceuticals’ stock showed a slight uptick of 0.13%, despite closing down 3.45% during regular trading hours. InvestingPro analysis reveals the company maintains strong gross margins of nearly 69%, suggesting efficient core operations despite current losses.
Key Takeaways
- SC Pharmaceuticals missed both EPS and revenue forecasts for Q1 2025.
- The company launched its Furosex product in the chronic kidney disease market in April 2025.
- Despite financial shortfalls, the company expanded its sales force and prescriber base.
- After-hours trading showed a modest stock price increase.
Company Performance
SC Pharmaceuticals demonstrated significant year-over-year revenue growth, with Q1 2025 revenue increasing to $11.8 million from $6.1 million in Q1 2024. This growth is attributed to the company’s expansion into the chronic kidney disease market and the successful launch of its Furosex product. However, the company faced increased costs, with product revenue costs rising to $3.5 million from $1.8 million in the previous year.
Financial Highlights
- Revenue: $11.8 million, up from $6.1 million in Q1 2024.
- Earnings per share: -$0.36, compared to a forecast of -$0.32.
- Cash and cash equivalents: $57.5 million, down from $75.7 million as of December 31, 2024.
Earnings vs. Forecast
SC Pharmaceuticals reported an EPS of -$0.36, missing the forecasted -$0.32 by $0.04. Revenue also fell short, coming in at $11.8 million against a $12.83 million expectation. The miss in both EPS and revenue indicates challenges in meeting market expectations, despite the company’s efforts to expand its product offerings and market reach.
Market Reaction
The stock closed down 3.45% at $2.32 during regular trading hours but experienced a slight recovery in after-hours trading, rising by 0.13% to $2.243. The stock remains near its 52-week low of $1.94, reflecting investor caution despite the company’s growth initiatives. According to InvestingPro analysis, the stock appears undervalued at current levels, with analyst price targets ranging from $11 to $25. The company’s strong current ratio of 7.12 indicates solid short-term financial stability, though InvestingPro data shows rapid cash burn remains a concern.
Outlook & Guidance
SC Pharmaceuticals remains optimistic about its growth potential, particularly in the chronic kidney disease market. The company expects Q2 2025 to outpace Q1, driven by increased orders from Integrated Delivery Networks and lower patient out-of-pocket costs. The company’s forward guidance projects continued revenue growth and expansion in nephrology and heart failure markets.
Executive Commentary
CEO John Tucker expressed confidence in the company’s positioning, stating, "We truly believe, particularly in this environment, that SC Pharmaceuticals is better positioned than at any point in our history." Steve Parsons, SVP Commercial, highlighted the rapid adoption of the CKD launch, noting, "The CKD launch and the adoption is way faster than it was in heart failure. It’s not even close."
Risks and Challenges
- Increased competition in the chronic kidney disease market could impact market share.
- Rising costs associated with product revenues may pressure profit margins.
- The company’s ability to manage cash reserves effectively as cash and cash equivalents decrease.
- Potential regulatory hurdles in expanding product offerings and market reach.
- Dependency on Medicare and insurance reimbursement policies for patient access.
Q&A
During the earnings call, analysts questioned the pace of the CKD market launch and the company’s strategies for sustaining growth. Executives reiterated their confidence in the product’s rapid adoption and the favorable reimbursement landscape. The company also addressed queries on prescription fill rates, which have improved from 46% in Q1 to 55% in April, indicating positive momentum in product uptake.
Full transcript - Scpharmaceuticals Inc (SCPH) Q1 2025:
Conference Operator: a reminder, today’s conference call is being recorded. I would now like to turn the conference over to Wim Thorpe, Investor Relations, to cover forward looking statements.
Wim, please go ahead.
Wim Thorpe, Investor Relations, SC Pharmaceuticals: Thank you, operator. Before beginning this afternoon’s earnings call, we would like to highlight the following forward looking statements. All statements on this conference call, other than historical facts, are forward looking statements within the meaning of the federal securities laws, including but not limited to statements regarding SC Pharmaceuticals’ expected future financial results, management’s expectations and plans for the business, the ongoing commercialization and marketing of Purosix, the potential label expansion and other regulatory approvals of Purosix, decrease of quarterly net cash outflows for the balance of 2025, the rise of purosix dispenses as out of pocket expenses decreased, and estimated reduction in COGS. The words anticipate, believe, estimate, expect, intend, guidance, confidence, target, project, and other similar expressions are typically used to identify such forward looking statements. These forward looking statements are not guarantees of future performance.
It may involve and are subject to certain risks and uncertainties and other important factors that may affect SC Pharmaceuticals business, financial condition, and other operating results. These include, but are not limited to, the risk factors and other qualifications contained in SC Pharmaceuticals annual report on Form 10 ks, quarterly reports on Form 10 Q, and other reports filed by the company with the SEC to which your attention is directed. Actual outcomes and results may differ materially from what is expressed or implied by these forward looking statements. Any forward looking statements made in this conference call, including responses to your questions, are based on current expectations as of today, and SC Pharmaceuticals expressly disclaim any intent or obligation to update these forward looking statements except as required by law. With that, I will now turn the call over to John Tucker, Chief Executive Officer of ST Pharmaceuticals.
John, please go ahead.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Thank you, William, and thank you to all for attending this afternoon’s conference call. Today, we will provide an overview of SC Pharmaceuticals’ core business and operational highlights for the first quarter of twenty twenty five. I will then hand the call to Steve Parsons, Senior Vice President of Commercial for Ferozix commercial update. Our Chief Financial Officer, Rachel Mokes, will then provide a financial update for Q1 before we open the line for questions. We truly believe, particularly in this environment, that FC Pharmaceuticals is better positioned than at any point in our history.
Four zero six is successfully penetrating a market where we had broad synergies across the healthcare ecosystem by keeping patients out of the hospital and at home, which is far greater from a quality of life and cost perspective for both the patient and the healthcare system. We are also expanding the market into chronic kidney disease and making progress on our auto injector, which we think will continue to transform the company, improve and expand the patient experience, and add materially to our Ferozix sales. In the first quarter of twenty twenty five, SC Pharmaceuticals generated $11,800,000 in net revenue and filled approximately 13,800 furosex doses. As we have discussed, our net revenue generated in the first quarter is impacted by the typical seasonality factors, including deductible and Medicare beneficiaries out of pocket cap resets. Despite these headwinds, we did see an increase in doses filled quarter over quarter.
On our Q4 twenty twenty four earnings call two months ago, we highlighted the increasing number of Part D beneficiaries who hit their out of pocket caps or enrolled in Medicare’s Co Pay Smoothing Program. Particularly in March of twenty twenty five relative to January and February of twenty twenty five, we have seen an acceleration of this trend play out over the course of April and early May as more Medicare patients reach their $2,000 cap or enrolled in the copay smoothing program. Historically, we have observed increased prescribing of and improved fill rates for Furosex when patients have lower out of pocket co pays. This is what we have seen so far in Q2 and see it continuing to accelerate through the balance of the year. The gross to net discount for Ferrosics in the first quarter of twenty twenty five was approximately 23%.
Over the balance of 2025, we anticipate a blended GTN of approximately 30%. The increase in GTN is primarily attributable to the implementation of the Medicare Part D redesign, including the mandatory manufacturer rebates under the Inflation Reduction Act. We view the Medicare Part D redesign as a net tailwind in 2025 given the anticipated increase of four zero six fill rates and prescribing for Part D enrollees who are through to catastrophic coverage and have a zero dollars copay on any Part D prescription. In April 2025, we formally launched Feroxics in the chronic kidney disease and we’re pleased to announce that we began filling nephrology prescriptions in April. We believe prescribing by nephrologists will be a meaningful growth driver for Feroxics for a few core reasons.
One, there are an estimated seven hundred thousand additional patients that can be prescribed Furosex for their fluid management. Two, in the cardio renal space nephrologists are the primary diuretic managers for patients with CKD and heart failure. Three, the concentration of targets and their focus on fluid management. Lastly, we’re able to provide a positive update on the auto injector. Our additional shelf life testing of the high silicone syringe is progressing as expected and we are targeting filing the sNDA next quarter.
We continue to believe that the auto injector will be meaningfully important to the long term FEROSIX growth trajectory with an estimated 70 to 75% reduction in COGS compared to the current on body infuser and an increase in our penetration rates. Overall, we feel very positive about the long term growth trajectory of 04/2006 over the course of twenty twenty five Between the CKD indication expansion and the favorable co pay paradigm with Part D patients progressing into catastrophic coverage, we believe FEROSIX is well positioned to treat heart failure and kidney disease patients when they’re experiencing fluid overload. With that,
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: I will pass the line to Steve Parsons, SC Pharmaceuticals Senior Vice President of Commercial. Steve? Thank you, John. Since we launched Verosix in early twenty twenty three, over 4,000 unique cardiologists and nephrologists have prescribed Furosex to heart failure and now kidney disease patients. We expect the number of unique prescribers to increase steadily as we further penetrate cardiology and expand into the nephrology market.
With our sales force expansion in the fourth quarter of twenty twenty four, the larger team and smaller territory size has resulted in greater reach and frequency to target and non target prescribers and has increased demand for Furosex. Our improved target coverage capabilities will be especially important as we launch Furosex in chronic kidney disease in quarter two and add nephrology targets and continue our penetration further into heart failure. As John already mentioned, we are very positive about the balance of 2025. Our IDN distribution strategy is paying dividends as we open new accounts every month and see reorders from some of the top systems in the country. Targeting IDNs is a great complement to our overall promotional efforts.
Medicare patient out of pocket costs move to $0 when patients reach the annual maximum threshold of $2,000 We see more and more heart failure patients and chronic kidney disease patients who are meeting this threshold as the year progresses. As a result, Ferosex expenses will continue to rise as out of pocket expenses decrease. I will now hand the call over to our Chief Financial Officer, Rachel Noakes. Rachel?
Rachel Mokes, Chief Financial Officer, SC Pharmaceuticals: Thank you, Steve. Product revenues were $11,800,000 for the first quarter of twenty twenty five compared to $6,100,000 for the first quarter of twenty twenty four. Costs of product revenues were $3,500,000 for the first quarter of twenty twenty five compared to $1,800,000 for the first quarter of twenty twenty four. The increase in both product revenues and cost of product revenues for the quarter ended 03/31/2025 was due to an increase in demand for Furosex further into the commercial launch and related manufacturing costs. SC Pharmaceuticals ended the first quarter of twenty twenty five with $57,500,000 in cash and cash equivalents compared to $75,700,000 in cash and cash equivalents as of 12/31/2024.
Net cash outflows in the first quarter included certain incentive compensation payouts and an increase in accounts receivable from our customers. We expect quarterly net outflows to decrease for the balance of 2025 as revenues increase and other cash outflows normalize. We continue to monitor our exposure to tariffs as the market landscape changes. We currently do not expect a material impact on our supply chain costs and believe that our exposure would be mainly limited to the cost of the drug component of Furosex. I will now pass the call back to John for concluding remarks.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: In the first quarter of twenty twenty five, SC Pharmaceuticals delivered solid progress across our commercial, operational, and financial fronts and believe we are in the early stages of a phorosix growth acceleration. We remain confident in our ability to scale effectively and deliver value for patients and shareholders alike. We will now open the call for questions. Operator?
Conference Operator: Thank you. Ladies and gentlemen, as a reminder to ask a question, Our first question comes from the line of Roana Ruiz with Leerink Partners. Your line is open.
Roana Ruiz, Analyst, Leerink Partners: Hi, afternoon everyone. A couple from me. So I wanted to start with the launch in CKD as of April. What signs of growing physician traction are you seeing in the field so far? And could you talk a bit about the features of the newer patients that are getting four zero six that also have CKD?
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Hey, Ron, it’s John. I’ll turn that over to Steve to answer the question. Steve? Yeah, it’s very positive. We’re getting
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: every single day I see CKD patients prescriptions, new accounts, nephrologists who are also using it in heart failure. So we’re seeing that as well. It’s meeting our early expectations. We expect good things from this specialty. And so far, they’re delivering.
So I think,
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Ronan, we’re seeing what we see is nephrology. We don’t see it indicated specifically for CKD or for heart failure. So we are seeing every day nephrology scripts, and that’s Accelerate.
Roana Ruiz, Analyst, Leerink Partners: Got it, that helps. And I wanted to follow-up and ask about the increase in sales to IDNs as well in the quarter. Do you think that could continue into subsequent quarters in 2025? And any other color you can give on the cadence of orders and things like that?
John Tucker, Chief Executive Officer, SC Pharmaceuticals: So this is John and Steve I’ll pass it to you in a second. Yes, so we expect Q2 to be much bigger than Q1 in IDNs. It’s a key component of our strategy for a number of reasons. Doctors can order off their EMR. It goes right through the specialty pharmacy that’s associated with the IDN.
They can use it to facilitate a discharge. So we have a big emphasis there. And we’re continuing to see growth there. Someone said that some of that cannibalize your other business? We’re seeing both grow, especially in this quarter over last quarter, significant growth, the highest we’ve seen yet quarter over quarter.
We’re almost halfway through May. And it’s being driven primarily outside of the IDNs, but also IDN growth as well.
Conference Operator: Got it. Sounds good.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Thanks, Ron.
Conference Operator: Please stand by for our next question. Our next question comes from the line of Stacy Kru with TD Cowen. Your line is open.
Stacy Kru, Analyst, TD Cowen: Hey, good afternoon. Congrats on the quarter, and thanks so much for taking our questions. So first question is a bit of a follow-up. So we understand it’s still really early days, but maybe can you talk about the CK launch and how it’s progressing in comparison? So relative to the early heart failure launch for PROCIC, so maybe talk about some initial signals that can give you confidence in the launch.
So that’s the first question. Then the second question is on reimbursement. Could you talk about access for both heart failure and maybe talk about the early experience for CKD patients. What has been the feedback there? And then last question, a little bit of a kind of detailed question.
What percent of your Medicare 406 patients have signed up for the smoothing? Are able to kind of help raise the profile of this option? Is there high awareness now? Just help us understand kind of the cadence of sign ups. Thank you so much.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Sure. Thanks. Thanks, Stacy. Maybe I’ll handle the last one.
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: So the CKD launch and the adoption is way faster than it was in heart failure. It’s not even close. When we call on people, we’re getting prescriptions the same day that we call on them. And multiple prescriptions are happening from these offices. I feel like there must have been some pent up demand.
They were waiting for us to come to them. They give us comments that, why didn’t you call on us for heart failure too? We have heart failure patients. So it’s been very good. When
Wim Thorpe, Investor Relations, SC Pharmaceuticals: we get
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: in and talk to them, they are responding. They can think of patients. And so the comparison, it’s much faster.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: And then as far as the smoothing question, Stacy, so it’s hard for us to look at the data we see and know if they smooth or not. With one of the four major PBMs, we do see it. The other three, we are blinded to it. But we are able to look at co pays. So we are seeing, especially in April, May, and even in March, at the March, more patients with $0 co pays in Medicare, which tells us one of two things.
They’ve either gone through their $2,000 out of pocket they’ve already hit that or they’ve elected for smoothing. And that has accelerated our fill rate. To give you an example, in Q1 was around forty six percent. In April, it was fifty five percent. That is due to either smoothing more patients in smoothing or probably more patients getting through their CAP, their CKD patients, their heart failure patients.
Don’t think we have enough data on nephrology right now, to answer your second question, to say they’ve smoothed more or smoothed less. Again, we only see about 25% of the plan smoothing. But we do see similar low co pays, again, the last two months of CKD patients and heart failure patients.
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: And I think you asked about reimbursement. Reimbursement is the same as it is for heart failure. The prescriptions are mostly going through with a simple prior auth. We’re not noticing any additional rejections or need for appeal. The co pays are about the same.
So not noticing anything different about a patient with an indication of CKD versus heart failure when it comes to reimbursement.
Stacy Kru, Analyst, TD Cowen: Incredibly helpful. Thank you.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Thanks.
Conference Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Douglas with H. C. Wainwright.
Your line is open.
Douglas, Analyst, H.C. Wainwright: Hi, good afternoon. Thanks for taking questions. I’m just curious with the Part D redesign, we heard from one company that sort of suggested that they have visibility when patients get used up their out of pocket expense and move into catastrophic or the point where they hit full coverage. Do you have that? And so are you able to, therefore, then direct patients to go ahead and get scripts filled?
John Tucker, Chief Executive Officer, SC Pharmaceuticals: So we have it. Again, we look at the co pays that come in. Our hub will talk to the patients, and we’ll be able to alert them what their co pay is. We also receive CMS claims for patients that are in catastrophic because they’re listed in catastrophic because, again, the rebate is different. But real time at the doctor’s office, unless they can get the hub on the phone immediately and run that benefit verification, we wouldn’t know that.
But again, what we do at the hub is as soon as we know the patient co pay, we’ll alert the patient if it’s a large co pay. We’ll automatically offer them smoothing. Now we can’t enroll them in smoothing. It has to go through the plan. But we’ll give them the form from the plan, give them the phone number for the plan.
We’re also out promoting the smoothing to doctors. I think doctors were, as I talked about in March, a little confused at the beginning. I think they understand it now. And they’re more active on their patients where they feel they’re probably going to have a high copay and actually encouraging them to enroll. We have the forms at the doctor’s office.
So we’re seeing more and more smoothing patients every day. Again, the data we see. We see the $0. We have the hub that speaks to the patient and understands that the patient has gotten through their out of pocket.
Douglas, Analyst, H.C. Wainwright: Okay, that’s helpful. And then just in terms of the CKD launch, I’m just curious, are you largely now seeing patients who sort of have the comorbidity in kidney disease and heart failure? Or are you seeing evidence of patients who only have CKD getting prescriptions for ROSIC? Thank you.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Yeah, thanks, Doug. Steve? Yeah, so
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: we do definitely see patients with CKD only as their indication. That’s clear. But there’s also a lot of patients who have CKD and heart failure coming from nephrology that we weren’t getting before because we weren’t calling on nephrology. So it’s double bonus for us because now we’re calling on them for chronic kidney disease and they have a lot of heart failure patients. But there are CKD only indicated patients that are getting cirrhosis.
Douglas, Analyst, H.C. Wainwright: Okay, great. That’s very helpful.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Thanks, Nadek.
Conference Operator: Thank you. Ladies and gentlemen, that’s star one one to ask the question. Please stand by for our next question. Our next question comes from the line of Chase Knickerbocker with Craig Hallum. Your line is open.
Chase Knickerbocker, Analyst, Craig Hallum: Good afternoon. Thanks for taking the questions. Just first quick housekeeping. Can you share the doses per script in Q1?
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: ’7 point ’4 was the average doses per script. So it was up again from Q4. I look at it monthly. I don’t see it going much more than that. It’s kind of stabilized around seven but that’s what it was in Q1 here in Q2.
It’s not going to eight. It’s staying right around there. So we might have hit some kind of a normal dose number now around that around seven to seven point four.
Chase Knickerbocker, Analyst, Craig Hallum: What was it in Q4 Steve? Then just any initial inkling on?
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: Sorry. Six point eight, I think, is what it was in Q4. Did you say Any
Chase Knickerbocker, Analyst, Craig Hallum: initial inkling on what we’re going to see from CKD patients as far as doses per script?
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: It’s been similar.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: It’s been similar so far, Chase.
Chase Knickerbocker, Analyst, Craig Hallum: Got it. And then just maybe following up on an earlier question. I mean, obviously, it’s good to see the improvement in fill rate in April. Can you maybe just kind of share some more specifics if you can just on kind of the percentage of patients where you were seeing either smoothing or already at their out of pocket maximums in Q4 versus what you’re seeing in April and kind if that’s kind of that a big piece of that driver in April as far as that improvement?
John Tucker, Chief Executive Officer, SC Pharmaceuticals: You mean from Q1 to April?
Chase Knickerbocker, Analyst, Craig Hallum: I do. Sorry.
Steve Parsons, Senior Vice President of Commercial, SC Pharmaceuticals: Yeah. I mean, there is it’s a noticeable difference of the number of $0 co pays here in Q2, April and May is continuing. We had some trouble in January and February with high co pays. I mean, there’s no secret about that. And it is like night and day.
So we know. We just know from that that people are getting to either sign up for smoothing or they’ve reached their out of pocket cap. And that’s only going to increase. Nobody’s going backwards from $0 Those patients can get fibrosis again and again this year for $0
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Yeah. So we’ve seen an improvement in the fill rate. Again, I said fifty five percent in April. But we also and I think we’ve spoken about this before, the difference you see in prescriptions written when doctors can write them. We talked about the acceleration from Q1 to Q2.
What we’re seeing halfway through the quarter is dramatically higher increase in doses shipped than we’ve seen quarter over quarter. Again, we’re only halfway through the quarter than we’ve seen before. But it’s driven by two things. Obviously driven by that much higher fill rate, but also driven by the number of scripts that are actually being written. And again, I think the scripts being written follows that fill rate up if docs have confidence that patients can get it.
And docs now know about the smoothing. They know we’re out there educating. They know about the lower patient out of pocket. And so I think they have more confidence that these scripts will get filled and their patients will therapy. So again, it’s a marked difference between really, we started seeing some of this in March.
March was a decent month for us. But it’s accelerated in April. The jump in doses filled from March to April was the biggest one month we’ve had and continue to see that growth in May.
Chase Knickerbocker, Analyst, Craig Hallum: Got it. On that front, last quarter you gave us some just kind of overview thoughts on kind of where the street was and you performed in line to a little bit better than that in Q1. If we look at Street estimates still around $149,000,000 it implies kind of, call it, mid-thirty percent kind of growth sequentially on a revenue basis. Can you just kind of speak to your thoughts there? And it sounds like you’re seeing an inflection in volume in the first couple of months, But maybe just kind of speak to current trends.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Yeah. Again, we have seen that inflection, again, started, Chase, really in March, and then March, and then into April. And it’s carried through to May. So I think we feel comfortable about the full year. We feel comfortable about this quarter, Q2.
We knew the headwinds we were going to face in Q1. We know we have a GTN headwind. We saw the GTN headwind in Q1, which knocked down our revenue versus Q4. We have a little bit more here, but we think we’re going to weigh more than grow through that. Are we going to have an extra three or four points in GTN hit this quarter?
Probably it starts stabilizing after that. But the growth rate we’re seeing and again, it’s halfway through the quarter, but it’s accelerated through April into May and from March into April. So we’re bullish on this quarter. We’re bullish on this year. Obviously, these trends have to continue.
But if you think about co pays, they can only go down from here. They cannot go up. They’re capped at two thousand. These are heart failure patients, chronic kidney disease patients that are on a lot of different drugs. So we’re going to continue to enroll them in smoothing when that makes sense.
But for a lot of these patients, they’re going be blowing through that cap. And so we really feel bullish about the balance of the year.
Wim Thorpe, Investor Relations, SC Pharmaceuticals: Appreciate those thoughts, John. Thanks, guys.
Conference Operator: Thank you. Ladies and gentlemen, I’m showing no further questions in the queue. That concludes the SC Pharmaceuticals first quarter twenty twenty five earnings conference call. I would now like to turn the call back over to the company for any closing remarks.
John Tucker, Chief Executive Officer, SC Pharmaceuticals: Well, you once again for joining us. We look forward to keeping you updated on our progress as we believe we are well positioned for success in 2025. Thank you.
Conference Operator: Ladies and gentlemen, that concludes today’s conference call. Thank you for your participation. You may now disconnect.
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