Liquidia Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Liquidia Corp has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Liquidia Corp (LQDA) filed a Annual Report (10-K) with the SEC on March 13, 2024. Liquidia Corp filed its 2023 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. Key dates include the filing date of March 13, 2024, and the fiscal year end of December 31, 2023. The company's principal business address is 419 Davis Drive, Suite 100, Morrisville, NC 27560. The SIC code for Liquidia Corp is 2834 (Pharmaceutical Preparations).

Why It Matters

For investors and stakeholders tracking Liquidia Corp, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Liquidia Corp's financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. This filing includes detailed financial statements, risk factors, and executive compensation, offering transparency into the company's management and potential challenges.

Risk Assessment

Risk Level: — Liquidia Corp shows moderate risk based on this filing. The company's financial performance and future prospects are subject to the inherent risks and uncertainties of the pharmaceutical industry, including regulatory approvals, market competition, and patent challenges, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Liquidia Corp's current financial position and potential future challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-13 — Filing Date (As of Date)
• 2834 — SIC Code (Standard Industrial Classification)
• 001-39724 — SEC File Number (SEC File Number)

Key Players & Entities

• Liquidia Corp (company) — Filer
• 2023 (date) — Fiscal Year End
• March 13, 2024 (date) — Filing Date
• December 31, 2023 (date) — Fiscal Year End
• 419 Davis Drive, Suite 100, Morrisville, NC 27560 (address) — Business Address
• 2834 (industry) — Standard Industrial Classification
• 1934 Act (regulation) — SEC Act
• 001-39724 (identifier) — SEC File Number

FAQ

Industry Context

Liquidia Corp operates within the pharmaceutical preparations industry, focusing on the development and commercialization of treatments for rare and serious diseases.

Regulatory Implications

The company is subject to the regulations of the U.S. Securities and Exchange Commission (SEC) for its public filings, including the annual 10-K report.

What Investors Should Do

1. Review the detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Examine executive compensation details to assess management incentives.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-03-13: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial filing analyzed for the period, so no comparison to a previous filing is available.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value per share LQDA The Nasdaq
• $7.85 — l quarter, was $ 368,576,944 based on a $7.85 closing price per share as reported on
• $5.5 b — nd PH-ILD in the United States exceeded $5.5 billion, of which $3.4 billion targeted t
• $3.4 billion — States exceeded $5.5 billion, of which $3.4 billion targeted the prostacyclin pathway. Unit
• $1.98 billion — products generated U.S. net revenue of $1.98 billion in 2023, of which the Tyvaso franchise
• $1.2 b — which the Tyvaso franchise contributed $1.2 billion, Orenitram contributed $359 milli
• $359 million — ted $1.2 billion, Orenitram contributed $359 million and Remodulin contributed $415 million.
• $415 million — $359 million and Remodulin contributed $415 million. Since 2019, reported annual sales of p
• $400 million — he Tyvaso franchise have increased from $400 million to $1.2 billion, correlating with the e

Filing Documents

• lqda-20231231x10k.htm (10-K) — 2173KB
• lqda-20231231xex4d7.htm (EX-4.7) — 36KB
• lqda-20231231xex10d4.htm (EX-10.4) — 244KB
• lqda-20231231xex10d6.htm (EX-10.6) — 76KB
• lqda-20231231xex10d7.htm (EX-10.7) — 74KB
• lqda-20231231xex10d8.htm (EX-10.8) — 78KB
• lqda-20231231xex10d9.htm (EX-10.9) — 72KB
• lqda-20231231xex10d19.htm (EX-10.19) — 45KB
• lqda-20231231xex10d20.htm (EX-10.20) — 80KB
• lqda-20231231xex10d47.htm (EX-10.47) — 244KB
• lqda-20231231xex10d49.htm (EX-10.49) — 794KB
• lqda-20231231xex10d51.htm (EX-10.51) — 199KB
• lqda-20231231xex10d50.htm (EX-10.50) — 83KB
• lqda-20231231xex14d1.htm (EX-14.1) — 388KB
• lqda-20231231xex21d1.htm (EX-21.1) — 4KB
• lqda-20231231xex23d1.htm (EX-23.1) — 4KB
• lqda-20231231xex31d1.htm (EX-31.1) — 14KB
• lqda-20231231xex31d2.htm (EX-31.2) — 13KB
• lqda-20231231xex32d1.htm (EX-32.1) — 6KB
• lqda-20231231xex32d2.htm (EX-32.2) — 6KB
• lqda-20231231x10k001.jpg (GRAPHIC) — 27KB
• lqda-20231231xex10d50001.jpg (GRAPHIC) — 1KB
• lqda-20231231xex14d1001.jpg (GRAPHIC) — 17KB
• lqda-20231231xex14d1002.jpg (GRAPHIC) — 5KB
• lqda-20231231xex14d1008.jpg (GRAPHIC) — 5KB
• 0001558370-24-003051.txt (&nbsp;) — 12427KB
• lqda-20231231.xsd (EX-101.SCH) — 81KB
• lqda-20231231_cal.xml (EX-101.CAL) — 64KB
• lqda-20231231_def.xml (EX-101.DEF) — 255KB
• lqda-20231231_lab.xml (EX-101.LAB) — 636KB
• lqda-20231231_pre.xml (EX-101.PRE) — 486KB
• lqda-20231231x10k_htm.xml (XML) — 1509KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 73 Item 1C. Cybersecurity 74 Item 2.

Properties

Properties 75 Item 3.

Legal Proceedings

Legal Proceedings 75 Item 4. Mine Safety Disclosures 75 PART II 76 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 76 Item 6. [Reserved] 76 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 77 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 87 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B . Other Information 89 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III 91 Item 10. Directors, Executive Officers and Corporate Governance 91 Item 11.

Executive Compensation

Executive Compensation 91 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accounting Fees and Services 93 PART IV 94 Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 98 1 Table of Contents This Annual Report on Form 10-K, or this Annual Report, includes our trademarks, trade names and service marks, such as Liquidia, the Liquidia logo, YUTREPIA and PRINT, or P article R eplication I n N on-wetting T emplates, which are protected under applicable intellectual property laws and are the property of Liquidia Technologies, Inc. This Annual Report also contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. Solely for convenience, trademarks, trade names and service marks referred to in this Annual Report on Form 10-K may appear without the , or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements. All statements other than statements of historical facts contained in this Annual Report may be forward-looking statements. The forward-looking statements are contained principally in the sections entitled "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations", but are also contained elsewhere in this Annual Report. In som

Business

Item 1. Business. Overview We are a biopharmaceutical company focused on the development, manufacture, and commercialization of products that address unmet patient needs, with current focus directed towards rare cardiopulmonary diseases such as pulmonary arterial hypertension ("PAH") and pulmonary hypertension associated with interstitial lung disease ("PH-ILD"). We operate through our wholly owned operating subsidiaries, Liquidia Technologies, Inc. ("Liquidia Technologies") and Liquidia PAH, LLC ("Liquidia PAH"), formerly known as RareGen, LLC ("RareGen"). We currently generate revenue pursuant to a promotion agreement between Liquidia PAH and Sandoz Inc. ("Sandoz"), dated as of August 1, 2018, as amended (the "Promotion Agreement"), sharing profit derived from the sale of Sandoz's substitutable generic treprostinil injection ("Treprostinil Injection") in the United States. Liquidia PAH has the exclusive rights to conduct commercial activities to encourage the appropriate use of Treprostinil Injection. We employ a targeted sales force calling on physicians and hospital pharmacies involved in the treatment of PAH and PH-ILD in the United States, as well as key stakeholders involved in the distribution and reimbursement of medicines to treat these patients. We established our commercial presence in the field to support Treprostinil Injection, and have since expanded our presence to support the potential launch of YUTREPIA upon final approval, further validating our reputation as a company committed to supporting PAH and PH-ILD patients. We conduct research, development and manufacturing of novel products by applying our subject matter expertise in cardiopulmonary diseases and our proprietary PRINT technology, a particle engineering platform, to enable precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. Through development of our own products and research with third parties, we have ex