Liquidia Corp(LQDA) - 2025 Q3 - Quarterly Results

Financial Performance - Liquidia Corporation reported a net loss of $3.5 million for Q3 2025, a significant improvement from a net loss of $31.0 million in Q3 2024[4] - Total revenue for Q3 2025 was $54,342,000, a significant increase from $4,448,000 in Q3 2024[25] - The net loss for Q3 2025 was $3,533,000, compared to a net loss of $31,030,000 in Q3 2024[25] - Adjusted EBITDA for Q3 2025 was $10,142,000, reflecting improved operational performance[30] Product Sales and Revenue - The company achieved $51.7 million in net product sales of YUTREPIA™ during the third quarter, marking the first full quarter of sales since its launch[5][7] - Product sales contributed $51,669,000 to total revenue in Q3 2025, with service revenue at $2,673,000[25] - Service revenue for the quarter was $2.7 million, down from $4.4 million in Q3 2024, attributed to lower sales volumes[6] - The cost of product sales for YUTREPIA was $2.3 million, with no costs recorded in 2024[8] Expenses - Operating income for the quarter was $1.7 million, with a positive non-GAAP adjusted EBITDA of $10.1 million[4] - Research and development expenses decreased by 21% to $9.3 million compared to $11.9 million in Q3 2024, primarily due to a shift towards commercialization efforts[10] - Selling, general and administrative expenses increased by 98% to $40.1 million, driven by higher personnel and commercial expenses related to YUTREPIA[11] - Selling, general and administrative expenses surged to $40,056,000 in Q3 2025, up from $20,182,000 in Q3 2024[25] - Research and development expenses were $9,346,000 in Q3 2025, down from $11,890,000 in Q3 2024[25] Assets and Liabilities - Cash and cash equivalents totaled $157.5 million as of September 30, 2025, down from $176.5 million at the end of 2024[5] - Total assets increased to $275,981,000 as of September 30, 2025, up from $230,313,000 at the end of 2024[25] - Total liabilities rose to $253,929,000 in Q3 2025, compared to $150,935,000 in December 2024[25] - The accumulated deficit increased to $(640,868,000) as of September 30, 2025, from $(557,389,000) at the end of 2024[25] Prescription and Treatment Progress - As of October 30, 2025, over 2,000 unique prescriptions for YUTREPIA have been received, with more than 1,500 patients started on the treatment[3][7] - Liquidia is advancing its L606 program into pivotal trials, aiming to expand YUTREPIA's therapeutic profile[3] Share Information - The weighted average common shares outstanding increased to 86,333,772 in Q3 2025, compared to 78,316,820 in Q3 2024[25]