Liquidia Corporation is a biopharmaceutical company focused on developing therapies for rare cardiopulmonary diseases, particularly its lead product YUTREPIA. This inhaled treprostinil formulation is aimed at treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company reported a decline in overall financial performance for the year ended December 31, 2024.

Revenue for 2024 was reported at $14 million, down from $17.5 million in 2023, marking a decrease of $3.5 million or 20%. This decline was primarily attributed to lower sales volumes related to a promotion agreement, specifically due to limitations on the availability of pumps used to administer treprostinil injection subcutaneously. The cost of revenue increased to $5.9 million in 2024 from $2.9 million in 2023, driven largely by the expansion of the sales force.

Research and development expenses grew by 11% to $47.8 million in 2024, compared to $43.2 million in 2023. Key contributors to this increase included a $6.1 million rise in expenses related to the L606 program and a $5.3 million increase in YUTREPIA research activities, including the ASCENT clinical trial. General and administrative expenses soared by 82% to $81.6 million from $44.7 million, largely due to a $19.7 million rise in personnel costs, increased legal fees of $7.9 million related to ongoing litigation, and additional commercial expenses of $6.8 million for preparations related to YUTREPIA.

Liquidia’s net loss for the year was $130.4 million or $1.66 per share, worsening from a net loss of $78.5 million or $1.21 per share in 2023. The increased loss was driven by the rise in operational costs as well as total other expenses, netting $9.1 million in 2024 versus $5.1 million the prior year.

The company strengthened its financial position by amending its agreement with Healthcare Royalty Partners, allowing for up to $100 million in financing to support ongoing commercialization efforts. As of December 31, 2024, Liquidia reported cash and cash equivalents of $176.5 million, a substantial increase from $83.7 million at the end of 2023. The upcoming expiration of regulatory exclusivity for YUTREPIA on May 23, 2025, is a critical milestone that Liquidia is targeting for achieving final FDA approval for both PAH and PH-ILD indications.

In summary, Liquidia Corporation faces challenges with declining revenue and increasing losses, yet has potential upcoming opportunities with the anticipated launch of YUTREPIA.