---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-002028"
form_type: "8-K"
ticker: "LQDA"
cik: "0001819576"
company_name: "Liquidia Corp"
filed_at: "2023-01-09T23:59:59+00:00"
generated_at: "2026-06-20T18:09:34.329257+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Liquidia enters up to $100M royalty financing with HealthCare Royalty; repays SVB debt

## Summary
- HealthCare Royalty provides up to $100M; initial $32.5M closing, $22.3M used to retire SVB term debt.
- Additional $7.5M for PH product acquisition, $35M upon favorable patent litigation outcome, $25M mutual.
- Non-dilutive capital extends cash runway through at least 2024; minimum cash covenant $7.5M in 2024, $15M from 2025.
- HCRx receives tiered royalty (0.36%-10%) on net revenue capped at 175% of funded amount plus IRR true-up.
- Financing supports YUTREPIA launch; litigation with United Therapeutics ongoing.

## SEC filing metadata
- accession: 0001104659-23-002028
- form_type: 8-K
- ticker: LQDA
- cik: 0001819576
- company_name: Liquidia Corp
- filed_at: 2023-01-09T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819576/000110465923002028/0001104659-23-002028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819576/000110465923002028/tm232655d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-002028
- JSON: https://secwatch.observer/filing/0001104659-23-002028.json
- Plain text: https://secwatch.observer/filing/0001104659-23-002028.txt

## Key facts
- Debt Financings
  Liquidia Corp incurred debt of $32.5 million of the Investment Amount will be funded at the initial closing with HealthCare Royalty Partners IV, L.P. at tiered royalty on annual net revenue ... ranging from 3.60% to 10.00% on the fir.
  - Principal: $32.5 million of the Investment Amount will be funded at the initial closing
  - Counterparty: HealthCare Royalty Partners IV, L.P.
  - Rate: tiered royalty on annual net revenue ... ranging from 3.60% to 10.00% on the fir
  - Event: incurrence
  source text: ntered into a Revenue Interest Financing Agreement (the “Agreement”) with HealthCare Royalty Partners IV, L.P. (the “Investor”) and HealthCare Royalty Management, LLC.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819576/000110465923002028/0001104659-23-002028-index.htm
- Material Agreements
  Liquidia Corp entered into Revenue Interest Financing Agreement with HealthCare Royalty Partners IV, L.P. valued at up to $100.0 million (effective 2023-01-09).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: HealthCare Royalty Partners IV, L.P.
  - Value: up to $100.0 million
  - Effective: 2023-01-09
  source text: On January 9, 2023, Liquidia Technologies, Inc., a Delaware corporation (the “Company”) and a wholly owned subsidiary of Liquidia Corporation (the “Parent”) entered into a Revenue Interest Financing Agreement (the “Agreement”) with HealthCare Royalty Partners IV, L.P. (the “Investor”) and HealthCare Royalty Management, LLC. Pursuant to the Agreement and subject to customary closing conditions, the Investor has agreed to pay the Company an aggregate investment amount of up to $100.0 million (the “Investment Amount”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819576/000110465923002028/0001104659-23-002028-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.