SCPH merger: insiders cashed at $5.35 plus CVRs up to $1.00

Rhea-AI Filing Summary

scPharmaceuticals Inc. reporting person Rachael Nokes (CFO and Treasurer) reported transactions tied to a merger with MannKind Corporation. On 10/07/2025 a tender offer and subsequent merger completed under a Merger Agreement that provided $5.35 per share in cash plus one non-tradable contingent value right (CVR) per share, with CVRs eligible for up to $1.00 aggregate upon certain milestones.

As a result, 30,386 directly held common shares were disposed and 125,675 other common shares (including RSUs) were surrendered for cash and CVRs, leaving 0 shares held following the transactions. Outstanding options with exercise prices below $5.35 were cancelled and cashed out for the excess value, and corresponding RSU awards were converted into cash and CVRs per the agreement.

Positive

• Cash consideration of $5.35 per share provided immediate liquidity for surrendered common shares and RSUs
• CVRs issued for each share preserve contingent upside up to $1.00 per CVR tied to specific milestones
• In-the-money options were cashed out, removing potential future dilution from those awards

Negative

• Reporting person’s common stock ownership reduced to 0 shares after the transactions, eliminating direct equity stake
• Outstanding options and RSUs were cancelled, removing any remaining exercise-based upside except via CVRs
• CVR payments are contingent on regulatory and net sales milestones and are not guaranteed

Insights

Corporate Transactions Analyst

Insider holdings were fully cashed out under merger terms on the closing date.

The reporting person executed dispositions on 10/07/2025 where common stock, RSUs and in-the-money options were converted into cash at $5.35 per share plus one CVR per share under the Merger Agreement. This converted equity compensation into immediate cash value and contingent upside via CVRs.

The main dependency is achievement of the CVR milestones that can add up to $1.00 per CVR; timeline and payout depend on the specified regulatory and net sales triggers. Investors can monitor milestone disclosures and any CVR payment announcements governing aggregate payouts.

Compensation & Governance Specialist

Equity incentive instruments were accelerated, vested, and cancelled for cash consideration.

Per the agreement, each outstanding RSU was vested and exchanged for cash and a CVR, and options with exercise prices below $5.35 were cashed out for the spread. The treatment eliminates future equity dilution from these specific awards but also ends potential upside for the reporting person except via CVRs.

Key items to watch are any disclosures about the number of CVRs outstanding and detailed milestone timelines; these determine residual contingent exposure and potential future cash flows.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nokes Rachael

(Last) (First) (Middle)

C/O SCPHARMACEUTICALS INC.

25 BURLINGTON MALL ROAD, SUITE 203

(Street)

BURLINGTON MA 01803

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
scPharmaceuticals Inc. [ SCPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO and Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/07/2025		U		30,386	D	(1)(2)	125,675	D
Common Stock	10/07/2025		D		125,675	D	(3)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$3.34	10/07/2025		D			132,670	(4)	02/11/2035	Common Stock	132,670	$0	0	D
Stock Option (Right to Buy)	$4.31	10/07/2025		D			54,700	(4)	01/31/2032	Common Stock	54,700	$0	0	D
Stock Option (Right to Buy)	$3.81	10/07/2025		D			6,426	(4)	04/17/2027	Common Stock	6,426	$0	0	D
Stock Option (Right to Buy)	$4.88	10/07/2025		D			13,850	(4)	07/17/2028	Common Stock	13,850	$0	0	D

Explanation of Responses:

1. In connection with the terms of an Agreement and Plan of Merger, dated as of August 24, 2025 (the "Merger Agreement"), by and among the Issuer, MannKind Corporation ("Parent") and Seacoast Merger Sub, Inc., a direct wholly owned subsidiary of Parent ("Purchaser"), Purchaser completed a tender offer for shares of the Issuer's common stock ("Common Stock") on October 7, 2025. Tendering stockholders received per share consideration of $5.35 in cash, without interest, subject to any applicable withholding taxes, plus one non-tradable contingent value right ("CVR"), representing the right to receive certain contingent payments of up to an aggregate amount of $1.00 per CVR in cash,

2. (Continued from footnote 1) without interest, subject to any applicable withholding taxes, upon the achievement of certain regulatory and net sales milestones on or prior to the applicable milestone outside dates. After completion of the tender offer, Purchaser merged with and into the Issuer (the "Merger", and the effective time of the Merger, the "Effective Time"), with the Issuer continuing as the surviving corporation in the Merger and a wholly owned subsidiary of Parent.

3. Pursuant to the terms of the Merger Agreement, immediately prior to the Effective Time, each restricted stock unit award with respect to shares of Common Stock ("RSU Award") that was outstanding as of immediately prior to the Effective Time, whether or not then vested, became fully vested and was cancelled and converted into the right to receive (i) an amount in cash, without interest and subject to any applicable withholding taxes, equal to (A) the number of shares underlying such RSU Award immediately prior to such cancellation multiplied by (B) $5.35 and (ii) one CVR in respect of each share subject to such RSU Award.

4. Pursuant to the terms of the Merger Agreement, immediately prior to the Effective Time, each option to purchase shares of Common Stock (a "Company Option") that was outstanding and unexercised as of immediately prior to the Effective Time and that had an exercise price per share that was less than $5.35, whether or not then vested or exercisable, was cancelled and converted into the right to receive (i) an amount in cash, without interest and subject to any applicable withholding taxes, equal to (A) the total number of shares subject to such Company Option immediately prior to such cancellation multiplied by (B) the excess, if any, of (x) $5.35 over (y) the exercise price payable per share underlying such Company Option and (ii) one CVR in respect of each share subject to such Company Option.

	/s/ Rachael Nokes	10/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What did scPharmaceuticals (SCPH) insiders receive per share in the merger?

Insiders received $5.35 in cash per share plus one non-tradable contingent value right (CVR) per share eligible for up to $1.00 based on milestone achievement.

How many shares did Rachael Nokes sell or surrender in the Form 4?

The report shows 30,386 directly disposed shares and 125,675 additional shares (including RSUs) surrendered, leaving 0 common shares following the transactions.

What happened to outstanding stock options held by the reporting person?

Options with exercise prices below $5.35 were cancelled and converted into cash equal to the excess of $5.35 over the exercise price for each share, per the Merger Agreement.

What is a CVR and what value could it provide here?

A CVR is a contingent value right that gives the holder the right to receive additional cash if specified milestones are met; here each CVR can provide up to $1.00 per CVR upon achievement of regulatory and net sales milestones.

When did these transactions occur for SCPH?

The reported transactions and the merger effective time occurred on 10/07/2025.