Liquidia Corporation Reports Q1 2025 Financial Results with Revenue Increase and Higher Net Loss

Liquidia Corporation reported its financial results for the first quarter of 2025, revealing a revenue of $3.1 million, a 5% increase from $3.0 million in the same period last year. The revenue primarily stems from a promotion agreement with Sandoz for the sale of Treprostinil Injection. However, the company experienced a net loss of $38.4 million, compared to a net loss of $30.1 million in the first quarter of 2024, reflecting a 28% increase in losses. The increase in losses was attributed to higher general and administrative expenses, which rose by 48% to $30.1 million, largely due to increased personnel costs and legal fees related to ongoing litigation.

In terms of operational changes, Liquidia's research and development expenses decreased by 31% to $7.0 million, down from $10.1 million in the prior year. This reduction was primarily due to a shift in focus from research activities to preparations for the potential commercialization of its lead product candidate, YUTREPIA. The company has capitalized $16.6 million in prelaunch inventory for YUTREPIA, indicating its expectation of regulatory approval and subsequent commercialization. The FDA has set a goal date of May 24, 2025, for the review of YUTREPIA, following a resubmission of the New Drug Application in March 2025.

Liquidia's total assets as of March 31, 2025, were reported at $227.4 million, a slight decrease from $230.3 million at the end of 2024. The company’s cash and cash equivalents stood at $169.8 million, down from $176.5 million at the end of the previous year. The increase in current liabilities, which rose to $60.5 million from $41.8 million, was primarily due to an increase in accounts payable and accrued expenses. The company also reported an accumulated deficit of $595.8 million, highlighting the ongoing financial challenges it faces.

Strategically, Liquidia has expanded its product pipeline with the development of L606, an investigational liposomal formulation of treprostinil, which is currently in clinical trials. The company has entered into a licensing agreement with Pharmosa for L606, which includes potential milestone payments and royalties based on sales. Additionally, Liquidia is involved in ongoing litigation with United Therapeutics, which could impact its market position and financial outlook.

Looking ahead, Liquidia has expressed substantial doubt about its ability to continue as a going concern without additional funding. The company anticipates significant operating losses and negative cash flows as it continues to invest in the development and commercialization of its product candidates. Future funding requirements will depend heavily on the timing of YUTREPIA's commercialization and the resources needed to support ongoing development efforts.