$LQDA
Liquidia Corp

2024 Q2 Form 10-Q Financial Statement

#000155837024007991 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $3.659M $2.972M
YoY Change -23.55% -33.85%
Cost Of Revenue $1.493M $1.467M
YoY Change 122.5% 124.31%
Gross Profit $2.166M $1.505M
YoY Change -47.36% -60.8%
Gross Profit Margin 59.2% 50.64%
Selling, General & Admin $19.94M $20.25M
YoY Change 115.72% 159.84%
% of Gross Profit 920.73% 1345.45%
Research & Development $9.420M $10.06M
YoY Change -46.76% 90.55%
% of Gross Profit 434.9% 668.24%
Depreciation & Amortization $580.0K $489.0K
YoY Change -1.53% -14.06%
% of Gross Profit 26.78% 32.49%
Operating Expenses $9.420M $10.06M
YoY Change -46.76% 90.55%
Operating Profit -$27.20M -$28.80M
YoY Change 19.15% 211.97%
Interest Expense $2.600M $2.524M
YoY Change 82.33% 124.56%
% of Operating Profit
Other Income/Expense, Net -$745.0K -$12.13M
YoY Change 7.66% 382.57%
Pretax Income -$27.94M -$40.93M
YoY Change 18.82% 248.47%
Income Tax
% Of Pretax Income
Net Earnings -$27.94M -$40.90M
YoY Change 18.82% 249.57%
Net Earnings / Revenue -763.65% -1376.18%
Basic Earnings Per Share -$0.37 -$0.54
Diluted Earnings Per Share -$0.37 -$0.54
COMMON SHARES
Basic Shares Outstanding 76.38M 76.03M
Diluted Shares Outstanding 76.44M 75.39M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.1M $157.9M
YoY Change 50.91% 67.2%
Cash & Equivalents $133.1M $157.9M
Short-Term Investments
Other Short-Term Assets $3.707M $3.991M
YoY Change 516.81% 247.95%
Inventory $7.212M $3.517M
Prepaid Expenses
Receivables $3.249M $2.570M
Other Receivables $0.00 $0.00
Total Short-Term Assets $147.3M $167.9M
YoY Change 58.53% 68.46%
LONG-TERM ASSETS
Property, Plant & Equipment $6.387M $5.576M
YoY Change 53.13% 28.3%
Goodwill $3.903M $3.903M
YoY Change 0.0% 0.0%
Intangibles $3.300M $3.376M
YoY Change -7.15% -7.33%
Long-Term Investments
YoY Change
Other Assets $15.04M $14.73M
YoY Change -0.82% -3.89%
Total Long-Term Assets $30.10M $29.18M
YoY Change 4.86% -0.18%
TOTAL ASSETS
Total Short-Term Assets $147.3M $167.9M
Total Long-Term Assets $30.10M $29.18M
Total Assets $177.4M $197.1M
YoY Change 45.86% 52.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.741M $2.490M
YoY Change 199.32% 196.08%
Accrued Expenses $14.33M $15.28M
YoY Change -8.94% 294.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.154M $4.153M
YoY Change 125.15% 97.57%
Total Short-Term Liabilities $24.22M $21.93M
YoY Change 24.24% 221.48%
LONG-TERM LIABILITIES
Long-Term Debt $81.76M $80.21M
YoY Change 156.18% 160.73%
Other Long-Term Liabilities $8.655M $8.726M
YoY Change -9.16% -10.01%
Total Long-Term Liabilities $90.42M $88.93M
YoY Change 118.17% 119.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.22M $21.93M
Total Long-Term Liabilities $90.42M $88.93M
Total Liabilities $114.6M $110.9M
YoY Change 88.12% 134.47%
SHAREHOLDERS EQUITY
Retained Earnings -$498.0M -$470.0M
YoY Change 29.05% 29.73%
Common Stock $76.00K $76.00K
YoY Change 16.92% 16.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.72M $86.26M
YoY Change
Total Liabilities & Shareholders Equity $177.4M $197.1M
YoY Change 45.86% 52.9%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$27.94M -$40.90M
YoY Change 18.82% 249.57%
Depreciation, Depletion And Amortization $580.0K $489.0K
YoY Change -1.53% -14.06%
Cash From Operating Activities -$22.66M -$24.87M
YoY Change 307.28% 194.03%
INVESTING ACTIVITIES
Capital Expenditures $1.290M $624.0K
YoY Change 430.86% 70.49%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.290M -$624.0K
YoY Change 430.86% 71.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -814.0K 99.67M
YoY Change 99.02% 901.7%
NET CHANGE
Cash From Operating Activities -22.66M -24.87M
Cash From Investing Activities -1.290M -624.0K
Cash From Financing Activities -814.0K 99.67M
Net Change In Cash -24.76M 74.18M
YoY Change 298.41% 6470.33%
FREE CASH FLOW
Cash From Operating Activities -$22.66M -$24.87M
Capital Expenditures $1.290M $624.0K
Free Cash Flow -$23.95M -$25.49M
YoY Change 312.45% 188.9%

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;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Description of the Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We are a biopharmaceutical company focused on the development, manufacture, and commercialization of products that address unmet patient needs, with current focus directed towards rare cardiopulmonary diseases such as pulmonary arterial hypertension (“PAH”) and pulmonary hypertension associated with interstitial lung disease (“PH-ILD”). We operate through our 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;">We currently generate 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 Sandoz’s 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. We employ a targeted sales force calling on physicians and hospital pharmacies involved in the treatment of PAH and PH-ILD in the United States, as well as key stakeholders involved in the distribution and reimbursement of medicines to treat these patients. We established our commercial presence in the field to support Treprostinil Injection and have since expanded our presence to support the potential launch of YUTREPIA upon final approval, further validating our reputation as a company committed to supporting PAH and PH-ILD patients.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We conduct research, development and manufacturing of novel products by applying our subject matter expertise in cardiopulmonary diseases and our 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. Through development of our own products and research with third parties, we have experience applying PRINT across multiple routes of administration and drug payloads including inhaled therapies, vaccines, biologics, nucleic acids and ophthalmic implants, among others.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Our lead product candidate is YUTREPIA for the treatment of PAH and PH-ILD. YUTREPIA is an inhaled dry powder formulation of treprostinil designed with PRINT to improve the therapeutic profile of treprostinil by enhancing deep lung delivery while using a convenient, low effort dry-powder inhaler (“DPI”) and by achieving higher dose levels than the labeled doses of current inhaled therapies. In November 2021, the United States Food and Drug Administration (“FDA”) tentatively approved our New Drug Application (“NDA”) for YUTREPIA for the treatment of PAH. In July 2023, we filed an amendment to our NDA to add PH-ILD to the label for YUTREPIA. We are currently awaiting final action by the FDA with respect to our NDA.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We are also developing L606, an investigational, liposomal formulation of treprostinil administered twice-daily with a short-duration next-generation nebulizer, which we licensed from Pharmosa. L606 is currently being evaluated in an open-label study in the United States for treatment of PAH and PH-ILD with a planned pivotal study for the treatment of PH-ILD.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;padding-bottom:12pt;margin:0pt;">Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">We are 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 third parties and key personnel, protection of proprietary technology, compliance with government regulations, and the ability to secure additional capital to fund operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The current global macro-economic environment is volatile, which may result in supply chain constraints and elevated rates of inflation. In addition, we operate in a dynamic and highly competitive industry and believe that changes in any of the following areas could have a material adverse effect on our future financial position, results of operations, or cash </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">flows: the ability to obtain future financing; advances and trends in new technologies and industry standards; results of clinical trials; regulatory approval and market acceptance of our products; development of sales channels; certain strategic relationships; litigation or claims against us related to intellectual property, product, regulatory, or other matters; and our ability to attract and retain employees necessary to support our growth.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">Product candidates we develop require approval from the FDA and/or other international regulatory agencies prior to commercial sales. There can be no assurance that our product candidates will receive the necessary approvals or, if we do, the indications for which our products will be approved. If we are denied approval, approval is delayed, approval is for less than all of the indications we are seeking, or we are unable to maintain approval, it could have a material adverse impact on our business, financial position and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">We rely on single source manufacturers and suppliers for the supply of our product candidates, adding to the manufacturing risks we face. In the event of any failure by a supplier, we could be left without backup facilities. Any disruption from these manufacturers or suppliers could have a negative impact on our business, financial position and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;padding-bottom:12pt;margin:0pt;">Liquidity</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;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>, we have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. We have financed our growth and operations through a combination of funds generated from revenues, the issuance of convertible preferred stock and common stock, bank borrowings, bank borrowings with warrants, the issuance of convertible notes and warrants, and revenue interest financing. Since inception, we have incurred recurring losses, including a net loss of $40.9 million for the three months ended March 31, 2024. As of March 31, 2024, we had an accumulated deficit of $470.0 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">We expect to incur significant expenses and operating losses for the foreseeable future as we conduct clinical development of product candidates and seek regulatory approval and prepare for commercialization of any approved product candidates. These efforts require significant amounts of capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. Even if our development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales. Additionally, the Revenue Interest Financing Agreement with HealthCare Royalty Partners IV, L.P. (“HCR”) dated January 9, 2023, as amended (the “RIFA”) contains fixed quarterly payments and minimum cash covenants that require us to maintain cash and cash equivalents in an amount at least equal to $7.5 million during the calendar year beginning on January 1, 2024 and at least equal to $15.0 million for the remainder of the payment term after the calendar year ended December 31, 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">Our future funding requirements will be heavily determined by the timing of the potential commercialization of YUTREPIA and the resources needed to support development of our product candidates. We may require additional capital to fund operations as well as to pursue in-licenses or acquisitions of other product candidates. If we determine we require but are unable to obtain additional funding, we could be required to delay, reduce, or eliminate research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect our business prospects, or we may be unable to continue operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">Although we expect to continue to generate operating losses for the foreseeable future, we believe that based on our current operating plan, excluding any future YUTREPIA product revenue, our cash and cash equivalents will be sufficient to fund operations, capital expenditures, and RIFA quarterly fixed payment requirements and allow us to remain in compliance with our minimum cash covenants pursuant to the RIFA for at least twelve months from the issuance date of these condensed consolidated financial statements. If we have not received full FDA approval for both PAH and PH-ILD and begun product sales of YUTREPIA or are unable to access additional capital by the date of issuance of our second quarter 2024 financial statements, there could be substantial doubt about our ability to continue as a going concern as of that date. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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CY2024Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
11483000
CY2024Q1 lqda Revenue Interest Financing Agreement
RevenueInterestFinancingAgreement
82600000
CY2024Q1 lqda Revenue Interest Financing Agreement Accretion
RevenueInterestFinancingAgreementAccretion
2412000
CY2024Q1 lqda Payments On Revenue Interest Financing Liability
PaymentsOnRevenueInterestFinancingLiability
654000
CY2024Q1 lqda Revenue Interest Financing Agreement
RevenueInterestFinancingAgreement
84358000
CY2024Q1 lqda Revenue Interest Financing Payable Current
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4153000
CY2024Q1 lqda Revenue Interest Financing Payable Noncurrent
RevenueInterestFinancingPayableNoncurrent
80205000
CY2024Q1 lqda Non Cancelable Future Commitment For Product Manufacturing And Supply Costs
NonCancelableFutureCommitmentForProductManufacturingAndSupplyCosts
6500000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-007991-index-headers.html Edgar Link pending
0001558370-24-007991-index.html Edgar Link pending
0001558370-24-007991.txt Edgar Link pending
0001558370-24-007991-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
lqda-20240331.xsd Edgar Link pending
lqda-20240331x10q.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
lqda-20240331x10q002.jpg Edgar Link pending
lqda-20240331xex31d1.htm Edgar Link pending
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lqda-20240331_def.xml Edgar Link unprocessable
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lqda-20240331x10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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lqda-20240331_pre.xml Edgar Link unprocessable
lqda-20240331_cal.xml Edgar Link unprocessable