Liquidia Corp (LQDA) Reports Q3 2023 Financial Results
Liquidia Corp (NASDAQ:LQDA) reported Q3 2023 financial results on November 7, 2023.
Revenue increased to $3.7 million, compared to $3.2 million in Q3 2022.
Cash totaled $76.2 million as of September 30, 2023.
Net loss for Q3 2023 was $15.8 million, or $0.24 per basic and diluted share.
On November 7, 2023, Liquidia Corp (NASDAQ:LQDA) released its financial results for the third quarter ended September 30, 2023. The company reported an increase in revenue to $3.7 million, compared to $3.2 million for the same period in 2022. The increase was primarily due to favorable gross-to-net managed care and chargeback adjustments offset by the impact of lower sales quantities compared to the same period in the prior year.
Financial Highlights
As of September 30, 2023, Liquidia Corp (NASDAQ:LQDA) had cash totaling $76.2 million, compared to $93.3 million as of December 31, 2022. The company's net loss for the third quarter of 2023 was $15.8 million, or $0.24 per basic and diluted share, compared to a net loss of $9.1 million, or $0.14 per basic and diluted share, for the same period in 2022.
Operational Updates
Liquidia Corp (NASDAQ:LQDA) continues to make significant strides in advancing its mission to help patients with pulmonary hypertension breathe easier and live longer. The company is looking forward to upcoming key events that will help unlock the value of YUTREPIA (treprostinil) inhalation powder. In anticipation of potential successful resolution of the ongoing legal dispute with United Therapeutics and receiving final FDA approval, the company has expanded its top-tier sales force.
Research and Development Expenses
Research and development expenses were $7.4 million for the three months ended September 30, 2023, compared to $4.5 million for the same period in 2022. The increase of $2.9 million or 65% was primarily due to a $1.5 million increase in expenses related to the YUTREPIA program driven by higher manufacturing and pre-launch commercial supply costs.
General and Administrative Expenses
General and administrative expenses were $10.6 million for the three months ended September 30, 2023, compared to $6.7 million for the same period in 2022. The increase of $3.9 million or 57% was primarily due to a $1.4 million increase in legal fees related to ongoing YUTREPIA-related litigation.
Future Outlook
Liquidia Corp (NASDAQ:LQDA) is fully transitioning clinical development of L606 from Pharmosa to Liquidia for the North American territory. The company is preparing for a Type C meeting with the FDA in December to discuss the registration pathway for PAH and PH-ILD.
Explore the complete 8-K earnings release (here) from Liquidia Corp for further details.
This article first appeared on GuruFocus.
