Liquidia Corporation has reported its financial results for the third quarter ended September 30, 2024. The company's cash and cash equivalents totaled $204.4 million as of September 30, 2024, a significant increase from $83.6 million as of December 31, 2023. Revenue for the third quarter of 2024 was $4.4 million, up from $3.7 million for the same period in 2023.
The cost of revenue was $1.6 million for the third quarter of 2024, compared to $0.6 million for the third quarter of 2023. Research and development expenses increased to $11.9 million for the third quarter of 2024 from $7.4 million for the same period in 2023. General and administrative expenses also rose to $20.2 million for the third quarter of 2024, up from $10.6 million for the third quarter of 2023.
The company's net loss for the three months ended September 30, 2024, was $23.2 million, or $0.30 per basic and diluted share, compared to a net loss of $15.8 million, or $0.24 per basic and diluted share, for the same period in 2023.
Liquidia Corporation also strengthened its balance sheet by raising approximately $100 million in additional capital through an equity raise and advance from a financing agreement. This included a total gross proceeds of $67.5 million from an underwritten public offering and a concurrent private placement, as well as an additional $32.5 million from a revenue interest financing agreement.
In addition to its financial results, the company provided a corporate update, including receiving tentative approval from the FDA for Yutrepia (treprostinil) inhalation powder for the treatment of patients with pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. Liquidia also expanded its collaboration with Pharmosa Biopharm to develop L606 (liposomal treprostinil) inhalation suspension and reported favorable decisions related to three patents originally asserted against the company.
These financial and corporate developments demonstrate the company's strategic efforts to strengthen its position in the biopharmaceutical industry and advance its innovative therapies for patients with rare cardiopulmonary diseases. The market has reacted to these announcements by moving the company's shares -1.6% to a price of $10.46. For more information, read the company's full 8-K submission here.
