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Sep 30, 2022
Liquidia Q3 2022 Earnings Report
Liquidia reported financial results for the third quarter ended September 30, 2022.
Key Takeaways
Liquidia reported revenue of $3.2 million and a net loss of $9.1 million for the third quarter of 2022. The company's cash totaled $98.3 million as of September 30, 2022. They are awaiting decisions on YUTREPIA™ (treprostinil) inhalation powder.
The PTAB found in favor of Liquidia in the ‘793 IPR stating that all the claims of the ‘793 Patent have been shown to be unpatentable.
The Court ruled in Liquidia’s favor with respect to the ‘066 Patent, finding that five of the six asserted claims of the '066 Patent are invalid and that the remaining asserted claim is not infringed by Liquidia.
Unless UTC is successful in overturning at least one of the decisions that have been rendered, the Company will be able to launch YUTREPIA following completion of the appeals process.
Cash totaled $98.3 million as of September 30, 2022, compared to $57.5 million as of December 31, 2021.
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CapyFin.com Forward Guidance
Timeline for a prospective launch will be primarily governed by the resolution of UTC’s expected appeal of the ‘793 IPR decision.
Positive Outlook
- The PTAB found in favor of Liquidia in the ‘793 IPR stating that all the claims of the ‘793 Patent have been shown to be unpatentable.
- The Court ruled in Liquidia’s favor with respect to the ‘066 Patent, finding that five of the six asserted claims of the '066 Patent are invalid and that the remaining asserted claim is not infringed by Liquidia.
- Data from the completed INSPIRE study were published in the journal Pulmonary Circulation, highlighting observations from patients treated for an average of one year.
- YUTREPIA was safely dosed from 26.5 mcg to 212 mcg, which are comparable to 3 to 24 breaths of nebulized Tyvaso® per session.
- Patients maintained or improved in exploratory measures of clinical efficacy, whether prostacyclin naïve or transitioning from Tyvaso.
Challenges Ahead
- The decisions of the Court and the PTAB are all subject to ongoing rehearing requests and appeals.
- If the PTAB denies the rehearing request, we anticipate that the timeline for the completion of the appeal to the Court of Appeals for the Federal Circuit could be approximately 12-14 months from the date on which the rehearing request is denied.
- The increase of $1.8 million or 38% was primarily due to a $2.2 million increase in commercial, marketing, and personnel expenses in preparation for the potential commercialization of YUTREPIA offset by a $0.9 million decrease in legal fees related to our ongoing YUTREPIA-related litigation.
- Net loss for the three months ended September 30, 2022, was $9.1 million, or $0.14 per basic and diluted share, compared to a net loss of $7.3 million, or $0.14 per basic and diluted share, for the three months ended September 30, 2021.
- Other Expenses net total was $0.3 million for the three months ended September 30, 2022, compared with $0.2 million for the three months ended September 30, 2021.