RESEARCH TRIANGLE PARK, N.C. — Liquidia Technologies Inc. missed estimates its second-quarter earnings with a loss per share of 49 cents, compared to analysts’ forecasts of a 44 cent-per-share loss.
The company reported no revenue for the second quarter, down from $8.1 million for the second quarter of 2019. According to the Monday earnings press release, last year’s total was due to deferred revenue from an agreement with a subsidiary of GlaxoSmithKline plc.
During the second quarter, United Therapeutics Corporation filed a patent infringement complaint against Liquidia in response to a New Drug Application. Liquidia received acceptance for review for this NDA in April, from the Food and Drug Administration. The FDA is now precluded from approving the drug application, LIQ861 NDA, for up to 30 months.
“The second quarter of 2020 was marked by progress as we continued to execute effectively against key milestones that strengthen our position for the launch of LIQ861 and the future value of our company,” CEO Neal Fowler said in a statement.
In June, Liquidia announced an agreement to acquire the portfolio company RareGen LLC through an all-stock merger. The two companies will consolidate into Liquidia Corporation and, following the merger, are expected to trade on the Nasdaq Capital Market under the ticker “LQDA.”
“The proposed acquisition of RareGen would be significant as it would provide Liquidia with a relevant sales force and, importantly, would bolster Liquidia’s ability to advance much needed treatment options for the PAH community,” Fowler said in the statement.
The company also recently announced in July the closing of its underwritten public offering of 9.38 million shares of its common stock at $8 per share for a total of $75 million.
Liquidia is a biopharmaceutical company based in Research Triangle Park, North Carolina. The company’s stock was trading at $6.25 in the pre-market on Monday, up 3 cents from Friday’s close.
The earnings release is available here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s Hussman School of Journalism and Media.