$LQDA
Liquidia Corp

2021 Q4 Form 10-Q Financial Statement

#000155837021014305 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $3.215M $3.179M $740.0K
YoY Change 334.46%
Cost Of Revenue $725.9K $889.5K $240.0K
YoY Change 202.47%
Gross Profit $2.489M $2.289M $500.0K
YoY Change 397.82%
Gross Profit Margin 77.42% 72.02% 67.57%
Selling, General & Admin $8.431M $4.840M $6.370M
YoY Change 32.36% 11.26% 10.02%
% of Gross Profit 338.73% 211.43% 1274.0%
Research & Development $5.381M $4.487M $5.250M
YoY Change 2.49% -41.43% -35.66%
% of Gross Profit 216.17% 196.02% 1050.0%
Depreciation & Amortization $871.6K $1.546M $950.0K
YoY Change -8.25% 114.66% 82.69%
% of Gross Profit 35.02% 67.52% 190.0%
Operating Expenses $13.85M $4.487M $11.61M
YoY Change 19.31% -41.43% -16.77%
Operating Profit -$11.36M -$7.080M -$11.11M
YoY Change 2.27% -52.21% -20.36%
Interest Expense -$200.7K $205.1K -$170.0K
YoY Change 18.05% 7.64% -68.52%
% of Operating Profit
Other Income/Expense, Net -$201.2K
YoY Change 29.07%
Pretax Income -$11.56M -$7.281M -$16.09M
YoY Change -28.13% -51.36% 11.04%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$11.56M -$7.281M -$16.09M
YoY Change -28.13% -51.36% 11.04%
Net Earnings / Revenue -359.66% -229.06% -2174.32%
Basic Earnings Per Share -$0.14
Diluted Earnings Per Share -$221.3K -$139.8K -$394.2K
COMMON SHARES
Basic Shares Outstanding 51.98M 51.98M
Diluted Shares Outstanding 52.08M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.49M $64.05M $65.32M
YoY Change -11.98% -19.48% 17.06%
Cash & Equivalents $57.49M $64.10M $65.30M
Short-Term Investments
Other Short-Term Assets $792.4K $375.7K $750.0K
YoY Change 5.65% -65.85% 27.12%
Inventory
Prepaid Expenses
Receivables $2.990M $3.050M $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $61.28M $67.48M $66.07M
YoY Change -7.25% -16.33% 17.17%
LONG-TERM ASSETS
Property, Plant & Equipment $5.017M $5.452M $6.806M
YoY Change -26.28% -45.96% -26.46%
Goodwill $3.903M $3.903M $3.903M
YoY Change -0.01%
Intangibles $4.390M $4.520M $5.535M
YoY Change -20.68%
Long-Term Investments
YoY Change
Other Assets $16.73M $16.47M $14.57M
YoY Change 14.83% 4233.19% 3734.21%
Total Long-Term Assets $32.45M $32.82M $33.46M
YoY Change -3.02% 213.76% 168.66%
TOTAL ASSETS
Total Short-Term Assets $61.28M $67.48M $66.07M
Total Long-Term Assets $32.45M $32.82M $33.46M
Total Assets $93.73M $100.3M $99.53M
YoY Change -5.83% 10.09% 44.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.070M $1.609M $3.734M
YoY Change -71.35% -52.81% 6.75%
Accrued Expenses $5.946M $5.130M $5.310M
YoY Change 11.97% 24.51% -18.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $311.0K $325.4K $0.00
YoY Change -95.14% -100.0%
Total Short-Term Liabilities $7.327M $7.064M $11.74M
YoY Change -37.58% -50.36% -30.44%
LONG-TERM LIABILITIES
Long-Term Debt $10.41M $10.33M $10.29M
YoY Change 1.14% 61.18% 0.0%
Other Long-Term Liabilities $10.38M $9.512M $6.160M
YoY Change 68.43% 83.63% 8.64%
Total Long-Term Liabilities $10.41M $10.33M $10.29M
YoY Change 1.14% -10.86% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.327M $7.064M $11.74M
Total Long-Term Liabilities $10.41M $10.33M $10.29M
Total Liabilities $28.46M $27.34M $28.45M
YoY Change 0.06% 5.83% -16.08%
SHAREHOLDERS EQUITY
Retained Earnings -$309.6M -$298.0M -$275.0M
YoY Change 12.57% 27.77%
Common Stock $52.00K $51.98K $43.34K
YoY Change 19.99% 53.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.27M $72.96M $71.09M
YoY Change
Total Liabilities & Shareholders Equity $93.73M $100.3M $99.53M
YoY Change -5.83% 10.09% 44.58%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$11.56M -$7.281M -$16.09M
YoY Change -28.13% -51.36% 11.04%
Depreciation, Depletion And Amortization $871.6K $1.546M $950.0K
YoY Change -8.25% 114.66% 82.69%
Cash From Operating Activities -$7.559M -$5.830M -$14.08M
YoY Change -46.31% -53.39% 0.14%
INVESTING ACTIVITIES
Capital Expenditures -$19.98K $0.00 -$40.00K
YoY Change -50.05% -100.0% -69.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.000M
YoY Change -100.0%
Cash From Investing Activities -$19.98K $0.00 $960.0K
YoY Change -102.08% -100.0% -838.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.019M 1.995M -1.100M
YoY Change -192.68% -97.09% -103.59%
NET CHANGE
Cash From Operating Activities -7.559M -5.830M -14.08M
Cash From Investing Activities -19.98K 0.000 960.0K
Cash From Financing Activities 1.019M 1.995M -1.100M
Net Change In Cash -6.560M -3.836M -14.22M
YoY Change -53.87% -106.85% -186.23%
FREE CASH FLOW
Cash From Operating Activities -$7.559M -$5.830M -$14.08M
Capital Expenditures -$19.98K $0.00 -$40.00K
Free Cash Flow -$7.539M -$5.830M -$14.04M
YoY Change -46.3% -52.94% 0.79%

Facts In Submission

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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’s lead product candidate, for which it holds worldwide commercial rights, is LIQ861 for the treatment of 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 2021, the FDA accepted the Company’s resubmitted NDA for LIQ861 for review and established a PDUFA goal date of November 7, 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 current or future 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;">$23.0</span><span style="font-style:normal;"> million for the the nine months ended September 30, 2021 and the Company had an accumulated deficit of </span><span style="font-style:normal;">$298.0</span><span style="font-style:normal;"> million as of September 30, 2021. The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of the September 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. 100% 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 nine months ended September 30, 2021, one customer accounted for 99% of revenue. As of September 30, 2021 one customer accounted for 99% of the Company's accounts receivable.</p>
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FinanceLeaseLiabilityPaymentsDueYearTwo
195350
CY2021Q3 lqda Lease Liability Payments Due Year Two
LeaseLiabilityPaymentsDueYearTwo
1478603
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1316540
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
114727
CY2021Q3 lqda Lease Liability Payments Due Year Three
LeaseLiabilityPaymentsDueYearThree
1431267
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1355923
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
64161
CY2021Q3 lqda Lease Liability Payments Due Year Four
LeaseLiabilityPaymentsDueYearFour
1420084
CY2021Q3 lqda Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1157807
CY2021Q3 lqda Lease Liability Payments Due After Year Four
LeaseLiabilityPaymentsDueAfterYearFour
1157807
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6663893
CY2021Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
818326
CY2021Q3 lqda Lease Liability Payments Due Total
LeaseLiabilityPaymentsDueTotal
7482219
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1480512
CY2021Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
65527
CY2021Q3 lqda Lease Liability Undiscounted Excess Amount
LeaseLiabilityUndiscountedExcessAmount
1546039
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5183381
CY2021Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
752799
CY2021Q3 lqda Lease Liability
LeaseLiability
5936180
lqda Maximum Net Sales Threshold As Basis For Payment Of Future Contingent Royalties
MaximumNetSalesThresholdAsBasisForPaymentOfFutureContingentRoyalties
1500000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10331648
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10292485
CY2021Q1 lqda Number Of Subsidiaries
NumberOfSubsidiaries
2
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5250000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5250000
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10500000
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
168352
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10331648
CY2021Q3 lqda Long Term Debt Maturity Thereafter
LongTermDebtMaturityThereafter
0

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