Liquidia Corp 2025年季度报告

FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGEACT OF 1934For the fiscal quarter endedMarch31,2025 or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period from to Commission File Number:001-39724 LIQUIDIA CORPORATION(Exact Name of Registrant as Specified in Its Charter) Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that theregistrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months(or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large acceleratedfiler,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection13(a)of the Exchange Act☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ As of May 1, 2025, there were85,484,525shares of the registrant’s common stock outstanding. LIQUIDIA CORPORATION PARTI. FINANCIAL INFORMATION Item 1.Condensed Financial Statements (unaudited)6Condensed Consolidated Balance Sheets as of March 31, 2025 and December31, 20246Condensed Consolidated Statements of Operations and Comprehensive Loss forthe Three Months Ended March 31, 2025 and 20247Condensed Consolidated Statements of Stockholders’ Equity for the ThreeMonths Ended March 31, 2025 and 20248Condensed Consolidated Statements of Cash Flows for the Three Months EndedMarch 31, 2025 and 20249Notes toCondensedConsolidated Financial Statements10Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations33Item 3.Quantitative and Qualitative Disclosures About Market Risk43Item 4.Controls and Procedures43PART II. OTHER INFORMATIONItem 1.Legal Proceedings44Item 1A.Risk Factors44Item 5.Other Information92Item 6.Exhibits93Signatures93 This Quarterly Report on Form10-Q, includes our trademarks, trade names and service marks, suchas Liquidia, the Liquidia logo, YUTREPIA and PRINT, which are protected under applicableintellectual property laws and are the property of Liquidia Technologies, Inc. This Quarterly Reporton Form 10-Q also contains trademarks, trade names and service marks of other companies, whichare the property of their respective owners. Solely for convenience, trademarks, trade names andservice marks referred to in this Quarterly Report on Form 10-Q may appear without the ®, ™ orSMsymbols, but such references are not intended to indicate, in any way, that we will not assert, to thefullest extent under applicable law, our rights or the right of the applicable licensor to thesetrademarks, trade names and service marks. We do not intend our use or display of other parties’trademarks, trade names or service marks to imply, and such use or display should not be construed toimply, a relationship with, or endorsement or sponsorship of us by, these other parties. Cautionary NoteRegarding Forward-Looking Statements This Quarterly Report on Form10-Q contains forward-looking statements. All statements other thanstatements of historical facts contained in this Quarterly Report on Form 10-Qmay be forward-looking statements. We intend such forward-looking statements to be subject to the safe harborprovisions of the Private Securities Litigation Reform Act of 1995, including Section 27A of theSecurities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities ExchangeAct of 1934, as amended (the “Exchange Act”). The forward-looking statements are containedprincipally in the sections entitled “Risk Factors,” and “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations,” but are also contained elsewhere in this QuarterlyReport on Form 10-Q. In some cases, you can identify forward-looking statements by terms such as“anticipates,” “believes,” contemplates,” “continue,” “could,” “estimates,” “expects,” “intends,”“may,” “might,” “plans,” “potential,” “predicts,” “projects,” “should,” “targets,” “will,” “would” orthe negative of these terms or other similar expressio