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Mar 31
Liquidia Q1 2025 Earnings Report
Liquidia reported financial results for the first quarter ended March 31, 2025.
Key Takeaways
Liquidia reported a net loss of $38.4 million for the first quarter of 2025, an increase from the $30.1 million net loss in the same period last year. Revenue remained relatively stable at $3.1 million, primarily from their promotion agreement for Treprostinil Injection. The company's cash and cash equivalents decreased slightly to $169.8 million.
Net loss increased to $38.4 million in Q1 2025 compared to $30.1 million in Q1 2024.
Revenue was $3.1 million in Q1 2025, a slight increase from $3.0 million in Q1 2024, primarily from the Treprostinil Injection promotion agreement.
Research and development expenses decreased by 31% year-over-year due to a shift in personnel to commercialization preparation.
General and administrative expenses increased by 48% year-over-year due to higher headcount and increased commercialization preparation activities, as well as higher legal fees.
Liquidia
Liquidia
Liquidia Revenue by Segment
Liquidia Revenue by Geographic Location
Revenue by Segment
Promotion Agreement Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Liquidia is awaiting FDA action on the YUTREPIA NDA with a PDUFA goal date of May 24, 2025 and is preparing for potential commercial availability. The company has strengthened its financial position with access to up to an additional $100 million from an existing financing agreement.
Positive Outlook
- Awaiting FDA action on YUTREPIA NDA with a PDUFA goal date of May 24, 2025.
- District Court dismissed cross-claim challenging PH-ILD amendment to YUTREPIA NDA.
- Fully enrolled Cohort A of ASCENT study in patients with PH-ILD.
- Interim data from ASCENT study Cohort A shows positive trends on exploratory efficacy measures.
- Strengthened financial position via access of up to $100 million from existing financing agreement with HealthCare Royalty.
Challenges Ahead
- Net loss increased in Q1 2025 compared to Q1 2024.
- Cash and cash equivalents decreased slightly from the end of 2024.
- Ongoing YUTREPIA-related litigation contributing to increased general and administrative expenses.
- Increased interest expense due to higher borrowings under the HCR Agreement.
- Actual prevalence of PH-ILD in many underlying ILD diseases is not fully known.