[Form 4] scPharmaceuticals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider report summary: A Form 4 filed for Abraham William Tober, a director of scPharmaceuticals Inc. (SCPH), discloses cancellation of multiple outstanding stock options and conversion mechanics tied to a merger with MannKind Corporation. On 10/07/2025 the reporting person had three option grants cancelled and treated as dispositions: 30,000, 19,750, and 16,300 option shares. Under the Merger Agreement, Company Options with exercise prices below $5.35 were cancelled and converted into (i) a cash payment equal to the excess of $5.35 over the option exercise price times the number of shares and (ii) one contingent value right per share.

The Form 4 lists the options as disposed (Transaction Code D) on 10/07/2025 and shows 0 shares of common stock resulting from these specific derivative holdings after the transactions.

Positive

• Conversion to cash for in‑the‑money options at $5.35 secures immediate value for option holders
• Contingent Value Rights (CVRs) preserve upside tied to future milestones or payments

Negative

• Cancellation of 66,050 options removes future equity upside from the reporting person
• Post‑transaction holdings show 0 underlying shares from these options, reducing direct stock exposure

Insights

Corporate Governance Analyst

TL;DR: Director's options were cancelled for cash plus CVRs under a merger priced at $5.35.

The cancellation of in‑the‑money options and conversion into a cash payment plus one contingent value right per option share is a standard merger consideration mechanism. This converts potential equity upside into immediate cash value for the option holder and preserves a tied contingent payment through CVRs.

The main dependency is the merger closing and any CVR terms that determine future payments; stakeholders should note the transaction date 10/07/2025 and that the post‑transaction derivative holdings show 0 underlying shares from these grants, removing that equity exposure for the reporting person.

Compensation & Securities Specialist

TL;DR: Three option grants totaling 66,050 options were cancelled and treated as dispositions on 10/07/2025.

The Form 4 lists cancellations of options exercisable at $3.85, $4.11, and $4.53, totaling 66,050 option shares. Each cancelled option yields a cash amount equal to the $5.35 merger price less the exercise price multiplied by option count, plus one CVR per share.

Key items to watch are the amount of cash actually paid per cancelled option and the CVR terms and payout triggers, which will determine realized value timing and magnitude after the merger is completed.

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

OMB Number:			3235-0287
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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^*

Abraham William Tober

(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)

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

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

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)	$3.85	10/07/2025		D			30,000	(1)(2)	06/03/2035	Common Stock	30,000	$0	0	D
Stock Option (Right to Buy)	$4.11	10/07/2025		D			19,750	(1)(2)	06/11/2034	Common Stock	19,750	$0	0	D
Stock Option (Right to Buy)	$4.53	10/07/2025		D			16,300	(1)(2)	06/14/2032	Common Stock	16,300	$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. 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,

2. (Continued from footnote 1) 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/ John H. Tucker, attorney-in-fact	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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did the Form 4 filed for SCPH on 10/07/2025 disclose?

The Form 4 shows director Abraham William Tober had three stock option grants cancelled on 10/07/2025 totaling 66,050 options and converted under the merger terms.

How were the cancelled SCPH options compensated?

Options with exercise prices below $5.35 were cancelled and converted into a cash payment equal to the excess of $5.35 over the exercise price per share and one CVR per share.

Which option exercise prices were cancelled in this filing?

The cancelled options had exercise prices of $3.85, $4.11, and $4.53.

How many option shares were cancelled in total?

A total of 66,050 option shares were reported as cancelled and disposed of on 10/07/2025.

Do the cancelled options leave residual common shares for the reporting person?

The Form 4 shows 0 common shares resulting from these specific derivative holdings after the reported transactions.