---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-056013"
form_type: "8-K"
ticker: "LQDA"
cik: "0001819576"
company_name: "Liquidia Corp"
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T22:50:44.029546+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Liquidia Q1 net loss $11.7M ($0.18/shr); cash $94.4M; YUTREPIA legal appeals advanced

## Summary
- Cash $94.4M at March 31, 2023; received $31.8M net from HCRx financing, repaying $22.2M SVB debt.
- Revenue $4.5M (up $1.0M YoY) from Promotion Agreement; cost of revenue $0.7M.
- R&D $5.3M (+12% YoY); G&A $7.8M (-38% YoY on lower legal fees).
- Oral arguments presented May 3 to Federal Circuit in Hatch-Waxman appeal; PTAB appeal also underway.
- HCRx revenue interest financing provides up to $100M; $32.5M funded to date with tiered royalty 0.36%-10%.

## SEC filing metadata
- accession: 0001104659-23-056013
- form_type: 8-K
- ticker: LQDA
- cik: 0001819576
- company_name: Liquidia Corp
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819576/000110465923056013/0001104659-23-056013-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819576/000110465923056013/tm2314672d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-056013
- JSON: https://secwatch.observer/filing/0001104659-23-056013.json
- Plain text: https://secwatch.observer/filing/0001104659-23-056013.txt

## Key facts
- Earnings Releases
  Liquidia Corp reported Q1 2023 results: revenue $4.5 million, net income -$11.7 million, EPS -$0.18.
  - Period: Q1 2023
  - Revenue: $4.5 million
  - Net income: -$11.7 million
  - EPS: -$0.18
  - Result: reported results
  source text: Revenue was $4.5 million for the three months ended March 31, 2023, compared to $3.5 million for the three months ended March 31, 2022. Revenue related primarily to the Promotion Agreement. The increase of $1.0 million was primarily due to increased quantities and favorable gross-to-net rebate adjustments. Cost of revenue was $0.7 million for both the three months ended March 31, 2023 and 2022. Cost of revenue related to the Promotion Agreement as noted above. Research and development expenses were $5.3 million for the three months ended March 31, 2023, compared with $4.7 million for the three months ended March 31, 2022. The increase of $0.6 million or 12% was primarily due to a $0.5 million increase in consulting and personnel expenses in preparation for the potential commercialization of YUTREPIA. General and administrative expenses were $7.8 million for the three months ended March 31, 2023, compared with $12.5 million for the three months ended March 31, 2022. The decrease of $4.7
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819576/000110465923056013/0001104659-23-056013-index.htm

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