$LQDA
Liquidia Corp

2021 Q3 Form 10-Q Financial Statement

#000155837021011128 Filed on August 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $3.179M $3.376M $0.00
YoY Change -100.0%
Cost Of Revenue $889.5K $714.0K $0.00
YoY Change -100.0%
Gross Profit $2.289M $2.662M $0.00
YoY Change -100.0%
Gross Profit Margin 72.02% 78.85%
Selling, General & Admin $4.840M $4.379M $3.730M
YoY Change 11.26% 17.4% 78.47%
% of Gross Profit 211.43% 164.5%
Research & Development $4.487M $4.595M $8.490M
YoY Change -41.43% -45.88% -20.8%
% of Gross Profit 196.02% 172.61%
Depreciation & Amortization $1.546M $1.585M $730.0K
YoY Change 114.66% 117.08% 17.74%
% of Gross Profit 67.52% 59.53%
Operating Expenses $4.487M $4.595M $8.490M
YoY Change -41.43% -45.88% -35.34%
Operating Profit -$7.080M -$6.354M -$13.72M
YoY Change -52.21% -53.68% 133.67%
Interest Expense $205.1K $203.0K $211.1K
YoY Change 7.64% -3.81% -803.5%
% of Operating Profit
Other Income/Expense, Net -$201.2K -$198.0K -$199.4K
YoY Change 29.07% -0.71%
Pretax Income -$7.281M -$6.551M -$13.92M
YoY Change -51.36% -52.93% 135.93%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.281M -$6.552M -$13.92M
YoY Change -51.36% -52.92% 135.87%
Net Earnings / Revenue -229.06% -194.08%
Basic Earnings Per Share -$0.14 -$0.13
Diluted Earnings Per Share -$139.8K -$0.13 -$488.8K
COMMON SHARES
Basic Shares Outstanding 51.98M 50.85M
Diluted Shares Outstanding 52.08M 50.85M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.05M $67.89M $23.59M
YoY Change -19.48% 187.79% -54.74%
Cash & Equivalents $64.10M $67.90M $23.59M
Short-Term Investments
Other Short-Term Assets $375.7K $439.5K $750.0K
YoY Change -65.85% -41.4% 134.38%
Inventory
Prepaid Expenses
Receivables $3.050M $2.992M
Other Receivables $0.00 $0.00
Total Short-Term Assets $67.48M $71.32M $24.34M
YoY Change -16.33% 193.02% -54.12%
LONG-TERM ASSETS
Property, Plant & Equipment $5.452M $5.880M $10.72M
YoY Change -45.96% -45.15% -4.96%
Goodwill $3.903M $3.903M
YoY Change
Intangibles $4.520M $4.855M
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.47M $15.88M $380.0K
YoY Change 4233.19% 4079.85% 0.0%
Total Long-Term Assets $32.82M $33.06M $11.09M
YoY Change 213.76% 198.12% -4.89%
TOTAL ASSETS
Total Short-Term Assets $67.48M $71.32M $24.34M
Total Long-Term Assets $32.82M $33.06M $11.09M
Total Assets $100.3M $104.4M $35.43M
YoY Change 10.09% 194.61% -45.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.609M $2.547M $2.520M
YoY Change -52.81% 1.05% -38.54%
Accrued Expenses $5.130M $4.096M $3.890M
YoY Change 24.51% 5.29% -10.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $325.4K $330.5K $6.920M
YoY Change -95.14% -95.22% 80.21%
Total Short-Term Liabilities $7.064M $6.973M $13.33M
YoY Change -50.36% -47.69% 8.46%
LONG-TERM LIABILITIES
Long-Term Debt $10.33M $10.25M $7.880M
YoY Change 61.18% 30.12% -45.13%
Other Long-Term Liabilities $9.512M $7.632M $5.350M
YoY Change 83.63% 42.65% -10.23%
Total Long-Term Liabilities $10.33M $10.25M $13.23M
YoY Change -10.86% -22.5% -34.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.064M $6.973M $13.33M
Total Long-Term Liabilities $10.33M $10.25M $13.23M
Total Liabilities $27.34M $25.36M $26.56M
YoY Change 5.83% -4.51% -18.58%
SHAREHOLDERS EQUITY
Retained Earnings -$298.0M -$290.7M
YoY Change
Common Stock $51.98K $51.98K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.96M $79.02M $8.870M
YoY Change
Total Liabilities & Shareholders Equity $100.3M $104.4M $35.43M
YoY Change 10.09% 194.61% -45.25%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$7.281M -$6.552M -$13.92M
YoY Change -51.36% -52.92% 135.87%
Depreciation, Depletion And Amortization $1.546M $1.585M $730.0K
YoY Change 114.66% 117.08% 17.74%
Cash From Operating Activities -$5.830M -$8.256M -$13.11M
YoY Change -53.39% -37.03% 7.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$37.24K -$410.0K
YoY Change -100.0% -90.92% -50.6%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$37.24K -$410.0K
YoY Change -100.0% -90.92% -50.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.995M 22.55M -3.020M
YoY Change -97.09% -846.56% -170.07%
NET CHANGE
Cash From Operating Activities -5.830M -8.256M -13.11M
Cash From Investing Activities 0.000 -37.24K -410.0K
Cash From Financing Activities 1.995M 22.55M -3.020M
Net Change In Cash -3.836M 14.25M -16.54M
YoY Change -106.85% -186.17% 90.55%
FREE CASH FLOW
Cash From Operating Activities -$5.830M -$8.256M -$13.11M
Capital Expenditures $0.00 -$37.24K -$410.0K
Free Cash Flow -$5.830M -$8.219M -$12.70M
YoY Change -52.94% -35.29% 12.09%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 7.2pt 12pt 0pt;">Liquidia Corporation (“Liquidia” or the “Company”) is a biopharmaceutical company focused on the development, manufacturing, and commercialization of products that address unmet patient needs, with current focus directed towards the treatment of pulmonary hypertension (“PH”). Liquidia Corporation operates through its wholly owned operating subsidiaries, Liquidia Technologies, Inc. (“Liquidia Technologies”) and Liquidia PAH, LLC (“Liquidia PAH”), formerly known as RareGen, LLC (“RareGen”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 7.2pt 12pt 0pt;">The Company generates revenue pursuant to a promotion agreement between Liquidia PAH and Sandoz Inc. (“Sandoz”), dated as of August 1, 2018, as amended (the “Promotion Agreement”), sharing profit derived from the sale of the first-to-file fully substitutable generic treprostinil injection (“Treprostinil Injection”) in the United States. Liquidia PAH has the exclusive rights to conduct commercial activities to encourage the appropriate use of Treprostinil Injection. The Company employs a targeted sales force calling on physicians and hospital pharmacies involved in the treatment of pulmonary arterial hypertension (“PAH”) in the United States, as well as key stakeholders involved in the distribution and reimbursement of Treprostinil Injection. Strategically, the Company believes that its commercial presence in the field will enable an efficient base to expand from for the launch of LIQ861 upon approval, leveraging existing relationships and further validating its reputation as a company committed to supporting PAH patients.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 7.2pt 12pt 0pt;">The Company conducts research, development and manufacturing of novel products by applying its proprietary PRINT® technology, a particle engineering platform, to enable precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. The Company is currently developing one product candidate for which it holds worldwide commercial rights: LIQ861 to treat PAH.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 7.2pt 12pt 0pt;"><span style="white-space:pre-wrap;">LIQ861 is an inhaled dry powder formulation of treprostinil designed to improve the therapeutic profile of treprostinil by enhancing deep lung delivery and achieving higher dose levels than current inhaled therapies. The Company submitted the New Drug Application (“NDA”) for LIQ861 in January 2020. In November 2020, the Company received a Complete Response Letter (“CRL”) issued by the Food and Drug Administration (“FDA”) with respect to the NDA for LIQ861. In May 2021, the Company resubmitted the NDA for LIQ861 in response to the CRL. In June of 2021, the FDA accepted the Company’s resubmitted NDA for LIQ861 for review and established a PDUFA goal date of November 7, 2021. In July 2021, the Company received notices from the FDA that, due to restrictions on travel related to COVID-19, the FDA may be unable to conduct the pre-approval inspections for LIQ861 prior to the PDUFA goal date. Subsequent to that notice, the FDA scheduled the pre-approval inspection for the Company’s Morrisville, NC facility to be conducted in the third quarter of 2021.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 7.2pt 12pt 0pt;">The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, the impact of the COVID-19 coronavirus, and the ability to secure additional capital to fund operations. The Company expects to incur significant expenses and operating losses for the foreseeable future as it seeks regulatory approval and pursues commercialization of any approved product candidates. In addition, if the Company obtains marketing approval for any of its product candidates, it would incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. Even if the Company's development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company may need to seek additional funding through public or private financings, debt financing or collaboration. If the Company determines it requires but is unable to obtain funding, the Company could be required to delay, reduce, or eliminate research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-style:normal;">In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. The Company has financed its growth and operations through a combination of funds generated from revenues, the issuance of convertible preferred stock and common stock, finance leases, bank borrowings, bank borrowings with warrants and the issuance of convertible notes and warrants. Since inception, the Company has incurred recurring losses, including net loss of </span><span style="font-style:normal;">$15.7</span><span style="font-style:normal;"> million for the the six months ended June 30, 2021 and the Company had an accumulated deficit of </span><span style="font-style:normal;">$290.7</span><span style="font-style:normal;"> million as of June 30, 2021. The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of the June 30, 2021 condensed consolidated financial statements, the Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these unaudited interim condensed consolidated financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the ordinary course of business.</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 7.2pt 0pt 0pt;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 7.2pt 12pt 0pt;">related disclosures as experience develops or new information becomes known. Actual results will most likely differ from those estimates.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of default by the financial institutions holding its cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheet. 93.1% of the Company’s cash and cash equivalents are held with Silicon Valley Bank (“SVB”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">For the three and six months ended June 30, 2021, one customer accounted for 98% and 99% of revenue, respectively. As of June 30, 2021 one customer accounted for 97% of the Company's accounts receivable.</p>
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LeaseLiabilityPaymentsDueYearThree
1431152
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1355923
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
64142
CY2021Q2 lqda Lease Liability Payments Due Year Four
LeaseLiabilityPaymentsDueYearFour
1420065
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1157807
CY2021Q2 lqda Lease Liability Payments Due After Year Five
LeaseLiabilityPaymentsDueAfterYearFive
1157807
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6964317
CY2021Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
911363
CY2021Q2 lqda Lease Liability Payments Due Total
LeaseLiabilityPaymentsDueTotal
7875680
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1614117
CY2021Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
78405
CY2021Q2 lqda Lease Liability Undiscounted Excess Amount
LeaseLiabilityUndiscountedExcessAmount
1692522
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5350200
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
832958
CY2021Q2 lqda Lease Liability
LeaseLiability
6183158
lqda Maximum Net Sales Threshold As Basis For Payment Of Future Contingent Royalties
MaximumNetSalesThresholdAsBasisForPaymentOfFutureContingentRoyalties
1500000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
10253830
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
10292485
CY2021Q1 lqda Number Of Subsidiaries
NumberOfSubsidiaries
2
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5250000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5250000
CY2021Q2 lqda Long Term Debt Maturity Thereafter
LongTermDebtMaturityThereafter
0
CY2021Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10500000
CY2021Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
246170
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10253830

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