---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-075439"
form_type: "8-K"
ticker: "LQDA"
cik: "0001819576"
company_name: "Liquidia Corp"
filed_at: "2023-06-28T23:59:59+00:00"
generated_at: "2026-06-13T15:40:14.572152+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Liquidia exclusively licenses L606 (inhaled treprostinil) for N. America; $10M upfront, up to $215M milestones

## Summary
- Exclusive license from Pharmosa for development/commercialization of L606 in North America for PAH and PH-ILD.
- Upfront $10M funded via HCR revenue-interest financing amendment; total HCR draws now $42.5M of $100M facility.
- Milestone payments up to $215M for PAH/PH-ILD indications, plus $10M per additional indication/product; low double-digit royalties.
- L606 is a twice-daily sustained-release inhaled treprostinil; ongoing Phase 3 open-label study; NDA planned via 505(b)(2) pathway.
- Patent-litigation dependent $35M tranche remains unchanged; webcast held June 28, 2023 at 8:30 AM ET.

## SEC filing metadata
- accession: 0001104659-23-075439
- form_type: 8-K
- ticker: LQDA
- cik: 0001819576
- company_name: Liquidia Corp
- filed_at: 2023-06-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819576/000110465923075439/0001104659-23-075439-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819576/000110465923075439/tm2319810d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-075439
- JSON: https://secwatch.observer/filing/0001104659-23-075439.json
- Plain text: https://secwatch.observer/filing/0001104659-23-075439.txt

## Key facts
- Material Agreements
  Liquidia Corp amended Second Amendment to Revenue Interest Financing Agreement with HealthCare Royalty Partners IV, L.P. and HealthCare Royalty Management, LLC valued at Amendment moves $2.5 million from fourth tranche to second tranche, resulting in $10 million total s (effective 2023-06-28).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: HealthCare Royalty Partners IV, L.P. and HealthCare Royalty Management, LLC
  - Value: Amendment moves $2.5 million from fourth tranche to second tranche, resulting in $10 million total s
  - Effective: 2023-06-28
  source text: On June 28, 2023, Liquidia Technologies and HCR entered into a Second Amendment to the Financing Agreement (the “Second Amendment”), pursuant to which, HCR will move $2.5 million from the fourth tranche to the second tranche under the Financing Agreement. As a result, HCR will fund a total of $10 million (as the second tranche under the Financing Agreement), which will be used for the upfront payment owed to Pharmosa in connection with the transactions contemplated by the License Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819576/000110465923075439/0001104659-23-075439-index.htm
- Material Agreements
  Liquidia Corp entered into License Agreement with Pharmosa Biopharm Inc. valued at Upfront payment of $10 million; potential development milestone payments up to $30 million; potentia (effective 2023-06-28).
  - Action: entry
  - Agreement: license
  - Counterparty: Pharmosa Biopharm Inc.
  - Value: Upfront payment of $10 million; potential development milestone payments up to $30 million; potentia
  - Effective: 2023-06-28
  source text: License Agreement with Pharmosa Biopharm On June 28, 2023, Liquidia Technologies, Inc., a Delaware corporation (the “Liquidia Technologies”) and a wholly owned subsidiary of Liquidia Corporation
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819576/000110465923075439/0001104659-23-075439-index.htm

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