Liquidia Corporation reported a net loss of $130.4 million for the fiscal year ending December 31, 2024, a significant increase from the $78.5 million loss recorded in 2023. The company's revenue decreased by 20% to $14.0 million, down from $17.5 million in the previous year, primarily due to lower sales volumes of Treprostinil Injection, which were impacted by limited availability of the necessary infusion pumps. The cost of revenue rose to $5.9 million, reflecting the expansion of the sales force, while research and development expenses increased by 11% to $47.8 million, driven by costs associated with the L606 program and ongoing development of YUTREPIA.
Strategically, Liquidia has made significant advancements in its product pipeline, particularly with YUTREPIA, an inhaled dry powder formulation of treprostinil. The U.S. Food and Drug Administration (FDA) granted tentative approval for YUTREPIA in August 2024, but final approval is contingent upon the expiration of a three-year exclusivity period for a competing product, Tyvaso DPI, which will end on May 23, 2025. Additionally, Liquidia is developing L606, a nebulized liposomal formulation of treprostinil, which is currently undergoing clinical trials. The company has also entered into a licensing agreement with Pharmosa Biopharm for L606, expanding its market reach to Europe and Japan.
Operationally, Liquidia's workforce has grown to 170 employees, reflecting its commitment to expanding its capabilities in research, development, and commercialization. The company is focused on establishing a commercial presence in the U.S. for both YUTREPIA and Treprostinil Injection, leveraging its existing relationships with healthcare providers and stakeholders. However, the ongoing litigation with United Therapeutics, which includes claims of patent infringement related to YUTREPIA, poses a risk to the company's timeline for commercialization and could lead to further delays.
Looking ahead, Liquidia faces substantial financial challenges, with an accumulated deficit of $559.5 million as of December 31, 2024. The company anticipates needing additional funding to support its operations and product development efforts, particularly as it prepares for the potential launch of YUTREPIA. The recent amendment to its financing agreement with HealthCare Royalty Partners, which provides an additional $100 million in funding, is a positive step, but the company acknowledges that it may need to curtail or delay certain programs if it cannot secure further financing. The outlook remains uncertain, with the success of its product candidates hinging on regulatory approvals and market acceptance.
About Liquidia Corp
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