Liquidia Corp(LQDA) - 2024 Q4 - Annual Results

Financial Performance - Liquidia Corporation reported a net loss of $130.4 million or$1.66 per share for the year ended December 31, 2024, compared to a net loss of $78.5 million or$1.21 per share for the previous year, reflecting an increase in losses of 66.3%[14] - Revenue for the year was $14.0 million, down from$17.5 million in 2023, a decrease of 20% primarily due to lower sales quantities of Treprostinil Injection[9] - Total revenue for the year ended December 31, 2024, was $13,996,000, a decrease of 20.5$17,488,000 in 2023[24] - The net loss for the year ended December 31, 2024, was $130,394,000, compared to a net loss of$78,502,000 in 2023, representing a 66.3% increase in losses[24] - The net loss per common share, basic and diluted, was $1.66 in 2024, compared to$1.21 in 2023[24] Expenses - Research and development expenses rose to $47.8 million, an increase of 11$43.2 million in 2023, driven by higher costs associated with the L606 program and YUTREPIA research[11] - General and administrative expenses surged to $81.6 million, an increase of 82$44.7 million in 2023, largely due to higher personnel costs and legal fees related to ongoing litigation[12] - Total costs and expenses increased significantly to $135,290,000 in 2024, up 48.9$90,872,000 in 2023[24] - Research and development expenses rose to $47,842,000 in 2024, an increase of 10.5$43,242,000 in 2023[24] - General and administrative expenses surged to $81,569,000 in 2024, up 82.2$44,742,000 in 2023[24] Cash and Assets - Cash and cash equivalents increased to $176.5 million as of December 31, 2024, compared to$83.7 million at the end of 2023, representing a growth of 110.5%[8] - The accumulated deficit as of December 31, 2024, was $559,492,000, compared to$429,098,000 at the end of 2023[24] - Total assets grew to $230,313,000 in 2024, compared to$118,332,000 in 2023[24] - Total stockholders' equity increased to $77,275,000 in 2024, up from$47,293,000 in 2023[24] Regulatory and Clinical Developments - The FDA granted tentative approval for YUTREPIA on August 16, 2024, with potential for final approval after the expiration of regulatory exclusivity on May 23, 2025[3] - The ASCENT study for YUTREPIA is nearing enrollment completion, showing promising tolerability and titratability in patients with PH-ILD[4] - Liquidia is advancing clinical studies for L606, with ongoing safety studies in patients with PAH and PH-ILD, aiming for a pivotal study to support approval[5] - The company anticipates receiving $50 million upon the first commercial sale of YUTREPIA following FDA approval, contingent on no injunctions against commercialization[7] Financing - Liquidia has strengthened its financial position with an amendment to its financing agreement with HCRx, providing up to an additional$100 million in funding[7]