Liquidia Corporation (NASDAQ: LQDA) has announced its Q2 2022 financial results for the quarter ending June 30, 2022, and has also provided corporate updates.
Liquidia is working towards the launch of YUTREPIA inhalation powder
CEO Roger Jeffs stated that they continue to make progress towards the launch of YUTREPIA(treprostinil) inhalation powder as soon as the Hatch-Waxman dispute is concluded. He added that with significant legal victories and new personnel joining the team to support in achieving short- and long-term objectives, it is wonderful to see the enthusiasm and excitement growing inside the company. In anticipation of YUTREPIA’s ultimate clearance, Liquidia is eager to begin the next phase of the Company’s development.
During the quarter the company reported revenue of $3.9 million compared to $3.4 million a year ago. The revenue was mainly from the sale of Treprostinil Injection under the Promotion Agreement. Also, in the second quarter, the company received a profit split percentage of 505 under the Promotion Agreement compared to a profit split percentage of 805 a year ago. The increase in the number of units sold did offset the decline in profit split percentage during the quarter. Net loss during the quarter was $9.4 million or $0.15 per diluted and basic share relative to $6.4 million or $0.13 per diluted and basic share.
Liquidia strengthened its financial position through a public offering at $4.1 per share
Also, Liquidia strengthened its financial position through equity transactions as it sought to support its pipeline and commercial activity. In an underwritten registered public offering that was completed in April, the firm sold 11,274,510 common shares for $5.10 per share, with 19% of the shares going to insiders. At the end of Q2 of 2022, the total cash available was $103.8 million, thanks to the net proceeds of roughly $54.5 million. In anticipation of ultimate regulatory approval, the Company is prepared to introduce YUTREPIA and forward other development initiatives. The Company was also included in the June 2022 Russell index reconstitution as a component of the US small-cap Russell 2000 Index.