Liquidia Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, Liquidia generated revenue of $4.4 million, a 21% increase from $3.7 million in the same period in 2023. However, for the nine months ended September 30, 2024, total revenue decreased by 14% to $11.1 million from $13.0 million in the prior year. The revenue primarily stems from a promotion agreement with Sandoz Inc. for the sale of a generic treprostinil injection in the U.S., which accounted for approximately 98% of total revenue.

Total costs and expenses surged significantly, with Q3 2024 expenses reaching $33.6 million, an 81% increase from $18.6 million in Q3 2023. For the nine-month period, expenses rose 61% to $96.3 million from $59.9 million. This increase was driven by higher research and development costs, particularly related to the development of YUTREPIA, an inhalation powder for pulmonary arterial hypertension (PAH), and increased general and administrative expenses, which rose 119% to $60.4 million for the nine months ended September 30, 2024.

The company reported a net loss of $23.2 million for Q3 2024, compared to a loss of $15.8 million in Q3 2023, marking a 47% increase in losses. For the nine months, the net loss escalated to $92.0 million from $51.1 million in the same period in 2023, reflecting an 80% increase in losses.

Liquidia's cash and cash equivalents as of September 30, 2024, stood at $204.4 million, a substantial increase from $83.7 million at the end of 2023. This increase was bolstered by financing activities, including approximately $138.9 million raised from the sale of common stock and $57.5 million from revenue interest financing agreements.

Strategically, Liquidia has made significant moves, including the tentative FDA approval of YUTREPIA on August 16, 2024, although final approval is pending until after May 23, 2025. The company also expanded its licensing agreement with Pharmosa Biopharm Inc. to include key markets in Europe and Japan, enhancing its product development pipeline.

Overall, Liquidia continues to face challenges with increasing operational losses and the need for additional funding to support its ongoing development efforts and potential commercialization of YUTREPIA. The company anticipates continued operating losses in the foreseeable future, with future funding requirements dependent on the timing of product commercialization and development costs.