7Baggers

Liquidia Corporation
(NASDAQ:LQDA) 

LQDA stock logo

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States. Its product candidates include LIQ861, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension; ...

Founded: 2004
Full Time Employees: 64
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 
              
      revenue
    		          
      yoy
    		          
      qoq
    		NaN%          
      costs and expenses:
    		          
      cost of revenue
    		          
      research and development
    		7,660,979 8,490,418 10,822,924 8,160,904 10,942,561 10,723,591 10,664,302 7,998,554 7,156,618 5,917,702 
      general and administrative
    		7,151,788 5,226,264 3,823,197 5,789,199 2,377,687 2,408,651 3,021,581 2,329,196 2,283,936 1,991,231 
      total costs and expenses
    		14,812,767 13,716,682 14,646,121 13,950,103 13,320,248 13,939,434 13,685,883 10,327,750 9,440,554 8,003,275 
      income from operations
    		-14,812,767 -13,716,682 -14,646,121 -13,950,103 -13,320,248 -5,867,314 -13,685,883 -9,759,348 -9,270,824 -6,960,396 
      yoy
    		11.20% 133.78% 7.02% 42.94% 43.68% -15.70%     
      qoq
    		7.99% -6.35% 4.99% 4.73% 127.02% -57.13% 40.23% 5.27% 33.19%  
      operating margin %
    		NaN% NaN% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      other income:
    		          
      interest income
    		34,633 11,631 109,590 93,855 162,207 219,869 137,785 165,016 128,120 11,846 
      interest expense
    		-190,546 -211,050 -254,948 -636,193 -265,018 -253,720 -218,691 -229,098 -636,573 -245,711 
      total other income
    		-155,913 -199,419  -54,392 -102,811 -33,851 -80,906 73,613 -402,188 691,472 
      net loss and comprehensive loss
    		-14,968,680          
      net loss attributable to common stockholders, basic and diluted
    		-0.4          
      weighted-average common shares outstanding, basic and diluted
    		37,755,472         636,063 
      net income
    		 -13,916,101 -14,791,479 -14,492,441 -13,423,059 -5,901,165 -13,766,789 -9,685,735 -9,673,012 -6,268,924 
      yoy
    		 135.82% 7.44% 49.63% 38.77% -5.87%     
      qoq
    		 -5.92% 2.06% 7.97% 127.46% -57.13% 42.13% 0.13% 54.30%  
      net income margin %
    		NaN% NaN% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      other comprehensive loss
    		          
      comprehensive loss
    		 -13,916,101 -14,791,479 -14,492,441 -13,423,059 -5,901,165 -13,766,789 -9,685,735 -9,673,012 -6,268,924 
      net loss per common share:
    		          
      basic
    		 -0.49 -0.52 -0.72 -0.72 -0.31 -0.86 2.74 -0.83  
      diluted
    		 -0.49 -0.52 -0.72 -0.72 -0.32 -0.87 2.76 -0.84  
      weighted-average common shares outstanding:
    		          
      basic
    		 28,479,016 28,428,616 18,482,455 18,757,166 18,749,239 16,037,767 7,163,304 11,606,489  
      diluted
    		 28,479,016 28,322,342 18,371,083 18,650,892 18,642,965 15,892,619 7,078,757 11,464,459  
      revenues
    		     8,072,120  568,402 169,730 1,042,879 
      total other expense
    		  -145,358        
      cost of sales
    		     807,192    94,342 
      derivative and warrant fair value adjustments
    		        106,265 925,337 
      per share data:
    		          
      basic and diluted net loss per share
    		         -9.86 
      pro forma basic and diluted net loss per share
    		         -0.59 
      pro forma weighted-average basic and diluted shares outstanding
    		         10,584,270 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 
                
        assets
      		          
        current assets:
      		          
        cash
      		79,551,041 23,586,442 40,127,919 55,796,378 39,304,564 52,120,735 60,809,779 39,534,985 47,515,790 9,232,069 
        prepaid expenses and other current assets
      		1,095,331 750,023 884,923 590,251 486,471 323,405 302,945 219,057 240,883 227,709 
        total current assets
      		80,646,372 24,336,465 41,012,842 56,386,629 40,736,697 53,048,166 61,123,210 40,026,599 47,838,599 9,533,668 
        property, plant and equipment
      		7,388,376 7,976,411 8,599,985 9,253,965 8,090,272 8,040,739 7,525,450 8,130,708 8,230,945 8,503,667 
        operating lease right-of-use assets
      		2,698,344 2,743,600 2,785,238 2,823,430 2,836,829 3,244,195 3,909,054    
        other assets
      		378,043 378,043         
        total assets
      		91,111,135 35,434,519 52,779,108 68,842,067 52,238,655 64,711,142 73,719,913 49,418,258 57,230,383 20,782,630 
        liabilities and stockholders’ equity
      		          
        current liabilities:
      		          
        accounts payable
      		3,414,978 2,520,467 5,530,526 3,498,043 4,543,940 4,099,841 5,987,577 3,235,949 2,907,757 3,578,949 
        accrued compensation
      		2,068,480 2,141,133 1,428,270 3,164,687 2,263,083 1,720,202 944,192 2,515,519 1,866,872 1,606,916 
        accrued stock offering expenses
      		 65,000  1,289,413       
        other accrued expenses
      		1,409,976 1,068,276 1,463,772 1,525,919       
        current portion of operating lease liabilities
      		638,862 614,083 589,931 566,390 543,677 521,378 477,008    
        current portion of finance lease liabilities
      		1,113,670 1,336,833 1,484,882 1,244,229 1,020,546 1,000,578 899,512    
        current portion of long-term debt
      		5,585,636 5,585,636 5,585,636 5,585,637 4,293,611 2,835,583 924,505 316,906 293,274 6,694,979 
        total current liabilities
      		14,231,602 13,331,428 16,083,017 16,874,318 14,195,990 12,293,495 10,982,542 8,248,858 7,634,290 14,537,182 
        long-term operating lease liabilities
      		5,183,539 5,350,198 5,512,485 5,670,971 5,822,244 5,964,280 6,102,448    
        long-term finance lease liabilities
      		310,513 378,547 511,809 1,056,747 1,106,083 1,355,586 1,349,180    
        long-term debt
      		6,104,374 7,504,757 8,899,877 10,292,484 11,565,636 13,004,581 9,896,576 11,627,643 10,726,433 5,720,910 
        total liabilities
      		25,830,028 26,564,930 31,007,188 33,894,520 32,689,953 32,617,942 36,402,666 30,730,587 29,374,847 33,695,997 
        commitments and contingencies
      		          
        stockholders’ equity:
      		          
        preferred stock — 10,000,000 shares authorized as of september 30, 2020 and december 31, 2019, 0 shares issued and outstanding as of september 30, 2020 and december 31, 2019
      		          
        common stock — 0.001 par value...
      		37,752 28,374 28,368 28,231 18,656 18,643 18,637 15,520 15,478  
        additional paid-in capital
      		324,159,065 252,788,245 251,774,481 250,158,766 220,277,054 219,398,506 218,721,394 185,726,048 185,208,219 134,647,022 
        accumulated deficit
      		-258,915,710 -243,947,030 -230,030,929 -215,239,450 -200,747,008 -187,323,949 -181,422,784 -167,053,897 -157,368,161 -147,695,149 
        total stockholders’ equity
      		65,281,107 8,869,589 21,771,920 34,947,547 19,548,702 32,093,200 37,317,247 18,687,671 27,855,536  
        total liabilities and stockholders’ equity
      		91,111,135 35,434,519 52,779,108 68,842,067 52,238,655 64,711,142 73,719,913 49,418,258 57,230,383  
        preferred stock — 10,000,000 shares authorized as of june 30, 2020 and december 31, 2019, 0 shares issued and outstanding as of june 30, 2020 and december 31, 2019
      		          
        prepaid expenses and other assets
      		  381,043 378,043 574,857 378,042 1,162,199 1,260,951 1,160,839 2,745,295 
        preferred stock — 10,000,000 shares authorized as of march 31, 2020 and december 31, 2019, 0 shares issued and outstanding as of march 31, 2020 and december 31, 2019
      		          
        accounts receivable
      		     604,026 10,486    
        deferred rent
      		       268,599 268,599 268,599 
        long-term deferred rent
      		       2,406,084 2,458,186 2,509,651 
        long-term deferred revenue
      		      8,071,920 8,071,920 8,071,921 8,071,921 
        preferred stock — 10,000,000 shares authorized as of december 31, 2019 and december 31, 2018, 0 and 0 issued and outstanding as of december 31, 2019 and december 31, 2018, respectively
      		          
        accounts receivable - trade and other
      		    945,662      
        accrued expenses
      		    1,531,133 2,115,913 1,749,748 1,459,182 1,439,602 1,428,932 
        preferred stock — 10,000,000 shares authorized as of september 30, 2019 and december 31, 2018, 0 and 0 issued and outstanding as of september 30, 2019 and december 31, 2018, respectively
      		          
        preferred stock — series a, 0.001 par value...
      		         1,974 
        preferred stock — series a-1, 0.001 par value...
      		         1,835 
        preferred stock — series b, 0.001 par value...
      		         4,497 
        preferred stock — series c, 0.001 par value...
      		         17,103 
        preferred stock — series c-1, 0.001 par value...
      		         17,556 
        preferred stock — series d, 0.001 par value...
      		         91,147 
        common stock — class b (non-voting), 0.001 par value...
      		         20 
        accounts receivables
      		       272,557 81,926 73,890 
        accrued interest
      		        59,505 27,241 
        current portion of capital lease obligations
      		       452,703 471,981 500,627 
        current portion of deferred revenue
      		        326,700 430,939 
        long-term capital lease obligations
      		       376,082 484,017 564,924 
        deferred financing obligation
      		          
        warrant liabilities
      		         2,291,409 
        stockholders’ equity
      		          
        liabilities and stockholders’ deficit
      		          
        stockholders’ deficit:
      		          
        common stock — class a (voting), 0.001 par value...
      		         628 
        total stockholders’ deficit
      		         -12,913,367 
        total liabilities and stockholders’ deficit
      		         20,782,630 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 
                 
          operating activities
        		         
          net loss
        		-14,968,680 -13,916,101 -14,791,479 -14,492,441 -13,423,059 -5,901,166 -13,766,789 -9,685,735 -9,673,013 
          adjustments to reconcile net loss to net cash from operating activities:
        		         
          stock-based compensation
        		1,081,000 988,119 878,963 837,011 830,502 821,807 886,985 469,574 864,352 
          depreciation and amortization
        		722,325 724,048 732,029 519,888 820,589 618,231 609,034   
          non-cash lease expense
        		45,256 41,638 38,192       
          amortization of discount and debt issuance costs on long-term debt
        		11,382 16,643 19,158       
          non-cash interest expense
        		    3,585 12,036 16,559 3,599 69,566 
          changes in operating assets and liabilities:
        		         
          accounts receivable
        		     -954 262,071 -190,631  
          prepaid expenses and other current assets
        		-410,308 199,900 -294,672 -103,780 -163,066 -20,460 -83,888 21,825 -13,174 
          other non-current assets
        		  -3,000 -630,224 0 956,239 481,177 137,168 2,177,016 
          accounts payable
        		882,723 -2,954,817 2,205,615 -1,059,248 339,409 -1,852,798 2,867,151 430,003 -430,277 
          accrued expenses
        		341,700 1,213,693 -1,351,560 -186,337 -614,499 501,457 190,672 -54,625 325,700 
          accrued compensation
        		-72,653 712,863 -1,736,417 901,604 542,881 776,010 -1,571,327 648,646 259,956 
          deferred revenue
        		   0 0   -326,702 -104,238 
          operating lease liabilities
        		-141,880 -138,135 -134,945 -131,872      
          net cash from operating activities
        		-12,509,135 -13,109,149 -14,438,116 -14,060,533 -11,952,268 -12,161,518 -10,108,355 -8,328,559 -6,280,261 
          capital expenditures
        		-134,290 -100,474 -78,049 -133,891 -599,347 -814,792 -114,983 -220,612 -93,615 
          free cash flows
        		-12,643,425 -13,209,623 -14,516,165 -14,194,424 -12,551,615 -12,976,310 -10,223,338 -8,549,171 -6,373,876 
          investing activities
        		         
          purchases of property, plant and equipment
        		-122,502 -408,403 -182,216 -133,891 -635,972 -834,917 -245,319 -101,073 -139,891 
          net cash from investing activities
        		-122,502 -408,403 -182,216 -133,891 -635,972 -834,917 -245,319 -101,073 -139,891 
          financing activities
        		         
          principal payments on finance leases
        		-291,197 -281,311 -304,285 -301,812 -220,452 -255,490 -220,933   
          proceeds from issuance of long-term debt
        		   0 0     
          principal payments on long-term debt
        		-1,411,765 -1,411,763 -1,411,766     -9,972,330 -1,433,484 
          proceeds from sale of common stock, net of underwriting fees and commissions
        		70,500,000 0 725,398       
          payments for offering costs
        		-209,000 -1,356,502 -68,965 -144,021 -55,500     
          proceeds from issuance of common stock under stock incentive plans
        		8,198         
          proceeds from exercise of stock options and warrants
        		   38 48,021 30,079 63,902 48,535 71,948 
          net cash from financing activities
        		68,596,236 -3,023,925 -1,048,127 30,686,238 -227,931 4,307,391 31,628,468 448,827 44,703,873 
          net increase in cash
        		55,964,599 -16,541,477 -15,668,459 16,491,814 -12,816,171 -8,689,044 21,274,794 -7,980,805 38,283,721 
          cash, beginning of period
        		0 0 55,796,378 0 0 0 39,534,985 0 0 
          cash, end of period
        		55,964,599 -16,541,477 40,127,919 16,491,814 -12,816,171 -8,689,044 60,809,779 -7,980,805 38,283,721 
          supplemental disclosure of cash flow information
        		         
          cash paid for interest
        		157,628 202,406 241,804 181,789 261,433 241,684 202,132 225,499 567,006 
          cash paid for operating lease liabilities
        		291,743 291,743 291,743 290,894      
          right of use assets obtained with lease liabilities
        		         
          changes in purchases of property and equipment in accounts payable and accrued expenses
        		-11,788 307,929 104,167       
          accrued tenant improvements and receivable from landlord
        		    343,518     
          deferred offering costs incurred but not paid
        		      120,347 -231,375 -509,671 
          proceeds from employee stock purchase plan
        		  11,491       
          deferred offering costs and commissions incurred but not paid
        		         
          loss on disposal of property and equipment
        		         
          amortization of discount and debt issuance costs on long-term debt and convertible notes
        		         
          non-cash gain on early extinguishment of long-term debt
        		         
          warrant fair value adjustment
        		       0 -106,265 
          non-cash rent expense
        		       -52,103 -51,465 
          accounts receivable – trade and other
        		         
          payments for finance lease deposits
        		         
          refund of principal payments on long-term debt
        		       0 0 
          payments for debt issuance costs
        		       -5,000 0 
          proceeds from issuance of series d preferred stock, net of issuance costs
        		       0 -113 
          right of use assets obtained with finance lease liabilities
        		         
          purchase of equipment with leases
        		         
          purchase of build-to-suit asset with deferred financing obligation
        		       0 0 
          reclassification of deferred financing obligation to long-term debt
        		       0 -1,337,457 
          reclassification of financing costs on deferred financing obligation to discount on long-term debt
        		       0 1,337,457 
          recording of discount on long-term debt
        		         
          leasehold improvements paid by landlord
        		         
          conversion of accrued interest to long-term debt
        		       38,435 0 
          conversion of convertible notes and accrued interest into series d preferred stock
        		       0 0 
          exercise of stock options through exchange of vested stock options
        		       0 33,627 
          amortization of discount on long-term debt and convertible notes
        		       0 0 
          accounts receivable - trade and other
        		         
          proceeds from public offering of common stock, net of underwriting fees and commissions
        		    0 -174,768 32,047,576   
          changes in purchases of equipment in accounts payable
        		    36,625 20,125 130,336 -119,539 46,276 
          payments for deferred offering costs
        		      -262,077 -494,813 -1,102,231 
          preferred stock issuance costs in accounts payable
        		         
          depreciation
        		       408,117 409,616 
          derivative fair value adjustment
        		         
          lease incentive
        		         
          accrued interest
        		         
          principal payments on capital lease obligations
        		       -127,214 -152,831 
          proceeds from issuance of convertible notes
        		         
          proceeds from initial public offering, net of underwriting fees and commissions
        		       -351  
          purchase of equipment with capital leases
        		       0 43,280 
          recording of warrant liabilities with corresponding discount on convertible notes
        		         
          recording of derivative liabilities with corresponding discount on convertible notes
        		         
          recording of discount on convertible notes as paid-in capital for beneficial conversion feature
        		         
          debt issuance costs incurred but not paid
        		         
          issuance of convertible note for debt issuance costs
        		         
          accounts and related party receivables