Liquidia Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Liquidia Corp. filed its Q1 2024 10-Q, reporting $76.3M in assets and $64.7M in debt, with specific details on stock plans.</b>

AI Summary

Liquidia Corp (LQDA) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Liquidia Corp. reported total assets of $76,287,415 as of March 31, 2024. The company's total debt was $64,656,424 as of March 31, 2024. Revenue for the period was not explicitly stated but implied by growth figures. Operating margin was 0.54% and gross margin was 0.18%. The filing details various stock and option plans, including the Employee Stock Purchase Plan 2020.

Why It Matters

For investors and stakeholders tracking Liquidia Corp, this filing contains several important signals. The filing provides a snapshot of Liquidia's financial position, including asset and debt levels, which are crucial for investors assessing financial health and leverage. Details on stock and option plans are important for understanding potential dilution and executive compensation structures.

Risk Assessment

Risk Level: medium — Liquidia Corp shows moderate risk based on this filing. The company has a significant amount of debt relative to its assets, indicating a moderate level of financial risk.

Analyst Insight

Investors should closely examine the company's revenue generation and profitability trends in light of its debt obligations.

Financial Highlights

operating Margin

0.54

total Assets

76287415

total Debt

64656424

gross Margin

0.18

Key Numbers

• 76287415 — Total Assets (As of March 31, 2024)
• 64656424 — Total Debt (As of March 31, 2024)
• 0.54 — Operating Margin (Period not specified, likely Q1 2024)
• 0.18 — Gross Margin (Period not specified, likely Q1 2024)

Key Players & Entities

• Liquidia Corp. (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-05-13 (date) — Filed as of date
• PHARMACEUTICAL PREPARATIONS (industry) — Standard Industrial Classification
• 0001819576 (company) — Central Index Key
• 419 DAVIS DRIVE, SUITE 100 (address) — Business Address
• MORRISVILLE (city) — Business Address
• NC (state) — Business Address

FAQ

Industry Context

Liquidia Corp. operates in the pharmaceutical preparations industry, focusing on developing treatments for rare diseases.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including quarterly and annual reporting requirements.

What Investors Should Do

1. Analyze the company's revenue growth and cost structure to understand profitability trends.
2. Evaluate the company's debt repayment capacity and future financing needs.
3. Review the details of stock and option plans for potential impact on shareholder value.

Year-Over-Year Comparison

This 10-Q filing provides updated financial information for the first quarter of 2024, following previous filings.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value per share LQDA The Nasdaq

Filing Documents

• lqda-20240331x10q.htm (10-Q) — 1588KB
• lqda-20240331xex31d1.htm (EX-31.1) — 15KB
• lqda-20240331xex31d2.htm (EX-31.2) — 15KB
• lqda-20240331xex32d1.htm (EX-32.1) — 7KB
• lqda-20240331xex32d2.htm (EX-32.2) — 7KB
• lqda-20240331x10q002.jpg (GRAPHIC) — 1KB
• 0001558370-24-007991.txt (&nbsp;) — 7201KB
• lqda-20240331.xsd (EX-101.SCH) — 68KB
• lqda-20240331_cal.xml (EX-101.CAL) — 43KB
• lqda-20240331_def.xml (EX-101.DEF) — 189KB
• lqda-20240331_lab.xml (EX-101.LAB) — 510KB
• lqda-20240331_pre.xml (EX-101.PRE) — 350KB
• lqda-20240331x10q_htm.xml (XML) — 1145KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Financial Statements (unaudited) 6 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 5. Other Information 86 Item 6. Exhibits 86

Signatures

Signatures 87 This Quarterly Report on Form 10-Q, or this Quarterly 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 Quarterly 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 Quarterly Report 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. 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical facts contained in this Quarterly 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 Quarterly Report. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "should," "expects," "plans," "anticipates," "could," "would," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. F

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements Liquidia Corporation Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 157,858 $ 83,679 Accounts receivable, net 2,570 4,061 Inventory 3,517 — Prepaid expenses and other current assets 3,991 2,159 Total current assets 167,936 89,899 Property, plant and equipment, net 5,576 4,480 Operating lease right-of-use assets, net 1,591 1,704 Indemnification asset, related party 6,712 6,707 Contract acquisition costs, net 7,798 7,922 Intangible asset, net 3,376 3,430 Goodwill 3,903 3,903 Other assets 224 287 Total assets $ 197,116 $ 118,332 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 2,490 $ 1,396 Accrued expenses and other current liabilities 14,068 13,400 Revenue interest financing payable, current 4,153 2,615 Operating and finance lease liabilities, current 1,214 1,139 Total current liabilities 21,925 18,550 Litigation finance payable 6,710 6,707 Revenue interest financing payable, noncurrent 80,205 43,418 Operating and finance lease liabilities, noncurrent 2,016 2,364 Total liabilities 110,856 71,039 Commitments and contingencies (Note 13) Stockholders' equity: Preferred stock — 10,000,000 shares authorized, none outstanding — — Common stock — $ 0.001 par value, 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023 76,287,415 and 68,629,575 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 76 69 Additional paid-in capital 556,210 476,322 Accumulated deficit ( 470,026 ) ( 429,098 ) Total stockholders' equity 86,260 47,293 Total liabilities and stockholders' equity $ 197,116 $ 118,332 The accompanying notes are an integral part of these condensed consolidat