$LQDA
Liquidia Corp

2022 Q1 Form 10-Q Financial Statement

#000155837022008524 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $3.492M $3.084M
YoY Change 13.23%
Cost Of Revenue $694.0K $694.0K
YoY Change 0.0%
Gross Profit $2.798M $2.390M
YoY Change 17.07%
Gross Profit Margin 80.13% 77.5%
Selling, General & Admin $12.50M $5.190M
YoY Change 140.92% 35.86%
% of Gross Profit 446.89% 217.15%
Research & Development $4.728M $6.054M
YoY Change -21.9% -44.06%
% of Gross Profit 168.98% 253.31%
Depreciation & Amortization $947.0K $1.609M
YoY Change -41.14% 119.8%
% of Gross Profit 33.85% 67.32%
Operating Expenses $4.728M $6.054M
YoY Change -21.9% -44.06%
Operating Profit -$14.47M -$9.001M
YoY Change 60.78% -38.54%
Interest Expense $478.0K $150.0K
YoY Change 218.67% -41.16%
% of Operating Profit
Other Income/Expense, Net -$1.471M -$182.0K
YoY Change 708.24% 25.21%
Pretax Income -$15.94M -$9.180M
YoY Change 73.67% -37.93%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.94M -$9.183M
YoY Change 73.61% -37.92%
Net Earnings / Revenue -456.56% -297.76%
Basic Earnings Per Share -$0.30 -$0.21
Diluted Earnings Per Share -$0.30 -$0.21
COMMON SHARES
Basic Shares Outstanding 52.47M 43.44M
Diluted Shares Outstanding 52.47M 43.44M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.79M $53.64M
YoY Change 7.74% 33.67%
Cash & Equivalents $57.80M $53.60M
Short-Term Investments
Other Short-Term Assets $874.0K $810.0K
YoY Change 7.9% -7.95%
Inventory
Prepaid Expenses
Receivables $3.287M $627.6K
Other Receivables $0.00 $0.00
Total Short-Term Assets $61.96M $55.08M
YoY Change 12.48% 34.31%
LONG-TERM ASSETS
Property, Plant & Equipment $4.614M $6.296M
YoY Change -26.72% -44.72%
Goodwill $3.903M $3.903M
YoY Change -0.01%
Intangibles $4.225M $5.207M
YoY Change -18.85%
Long-Term Investments
YoY Change
Other Assets $16.49M $15.37M
YoY Change 7.26% 3944.74%
Total Long-Term Assets $31.57M $33.37M
YoY Change -5.4% 183.54%
TOTAL ASSETS
Total Short-Term Assets $61.96M $55.08M
Total Long-Term Assets $31.57M $33.37M
Total Assets $93.53M $88.45M
YoY Change 5.74% 67.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.666M $3.004M
YoY Change -44.54% -45.68%
Accrued Expenses $5.976M $4.550M
YoY Change 31.34% 30.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $334.0K $330.0K
YoY Change 1.21% -95.33%
Total Short-Term Liabilities $7.976M $7.883M
YoY Change 1.18% -50.98%
LONG-TERM LIABILITIES
Long-Term Debt $19.48M $10.18M
YoY Change 91.38% 8.15%
Other Long-Term Liabilities $10.44M $6.900M
YoY Change 51.26% 25.23%
Total Long-Term Liabilities $19.48M $10.18M
YoY Change 91.38% -31.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.976M $7.883M
Total Long-Term Liabilities $19.48M $10.18M
Total Liabilities $38.14M $25.54M
YoY Change 49.3% -17.63%
SHAREHOLDERS EQUITY
Retained Earnings -$325.5M -$284.2M
YoY Change 14.53%
Common Stock $53.00K $43.35K
YoY Change 22.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.39M $62.91M
YoY Change
Total Liabilities & Shareholders Equity $93.53M $88.45M
YoY Change 5.74% 67.59%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$15.94M -$9.183M
YoY Change 73.61% -37.92%
Depreciation, Depletion And Amortization $947.0K $1.609M
YoY Change -41.14% 119.8%
Cash From Operating Activities -$9.782M -$12.39M
YoY Change -21.02% -14.21%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $52.00K
YoY Change -100.0% -71.46%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$52.00K
YoY Change -100.0% -71.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.50M $10.35M
YoY Change 1.42% 633.34%
Cash From Financing Activities 10.08M 759.0K
YoY Change 1228.33% -172.41%
NET CHANGE
Cash From Operating Activities -9.782M -12.39M
Cash From Investing Activities 0.000 -52.00K
Cash From Financing Activities 10.08M 759.0K
Net Change In Cash 300.0K -11.68M
YoY Change -102.57% -25.46%
FREE CASH FLOW
Cash From Operating Activities -$9.782M -$12.39M
Capital Expenditures $0.00 $52.00K
Free Cash Flow -$9.782M -$12.44M
YoY Change -21.35% -14.93%

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 0pt 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 0pt 12pt 0pt;">The Company generates revenue primarily 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 YUTREPIA upon final 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 0pt 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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company’s lead product candidate, for which it holds worldwide commercial rights, is YUTREPIA for the treatment of PAH. YUTREPIA 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’s New Drug Application (NDA) for YUTREPIA was tentatively approved by the FDA in November 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 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. 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;margin:0pt;">In accordance with Accounting Standards Update (“ASU”) 2014-15,<i style="font-style:italic;"> Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40)</i>, 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 $15.9. million for the three months ended March 31, 2022 and the Company had an accumulated deficit of $325.5 million as of </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">March 31, 2022. The Company expects to continue to generate operating losses for the foreseeable future and anticipates that cash and cash equivalents will be sufficient to fund operations and remain in compliance with financial covenants into 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">Therefore, as of the issuance date of the condensed consolidated financial statements for the three months ended March 31, 2022, the Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the issuance date of these unaudited interim condensed consolidated financial statements</span><span style="background:#ffffff;">.</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 12pt 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 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 months ended <span style="-sec-ix-hidden:Hidden_nv4xfZORwUqmo8VWqI2e_A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">March 31, 2022</span></span>, one customer accounted for 98% of revenue and 98% of accounts receivable.</p>
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