Liquidia 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Document Information [Line Items]
Entity Central Index Key	0001330436
Entity Registrant Name	Liquidia Technologies Inc
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38601
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1926605
Entity Address, Address Line One	419 Davis Drive, Suite 100
Entity Address, City or Town	Morrisville
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27560
City Area Code	919
Local Phone Number	328-4400
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	LQDA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,752,882

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash	$ 79,551,041	$ 55,796,378
Prepaid expenses and other current assets	1,095,331	590,251
Total current assets	80,646,372	56,386,629
Property, plant and equipment, net	7,388,376	9,253,965
Operating lease right-of-use assets, net	2,698,344	2,823,430
Other assets	378,043	378,043
Total assets	91,111,135	68,842,067
Current liabilities:
Accounts payable	3,414,978	3,498,043
Accrued compensation	2,068,480	3,164,687
Accrued stock offering expenses	0	1,289,413
Other accrued expenses	1,409,976	1,525,919
Current portion of operating lease liabilities	638,862	566,390
Current portion of finance lease liabilities	1,113,670	1,244,229
Current portion of long-term debt	5,585,636	5,585,637
Total current liabilities	14,231,602	16,874,318
Long-term operating lease liabilities	5,183,539	5,670,971
Long-term finance lease liabilities	310,513	1,056,747
Long-term debt	6,104,374	10,292,484
Total liabilities	25,830,028	33,894,520
Commitments and contingencies
Stockholders’ equity:
Preferred stock — 10,000,000 shares authorized as of September 30, 2020 and December 31, 2019, 0 shares issued and outstanding as of September 30, 2020 and December 31, 2019	0	0
Common stock — $0.001 par value, 60,000,000 and 40,000,000 shares authorized as of September 30, 2020 and December 31, 2019, respectively, 37,752,261 and 28,231,267 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	37,752	28,231
Additional paid-in capital	324,159,065	250,158,766
Accumulated deficit	(258,915,710)	(215,239,450)
Total stockholders’ equity	65,281,107	34,947,547
Total liabilities and stockholders’ equity	$ 91,111,135	$ 68,842,067

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)		0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	60,000,000	40,000,000
Common stock, shares issued (in shares)	37,752,261	28,231,267
Common stock, shares outstanding (in shares)	37,752,261	28,231,267

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 0	$ 0	$ 0	$ 8,072,120
Costs and expenses:
Cost of revenue	0	0	0	807,192
Research and development	7,660,979	10,942,561	26,974,320	32,330,454
General and administrative	7,151,788	2,377,687	16,201,249	7,807,920
Total costs and expenses	14,812,767	13,320,248	43,175,569	40,945,566
Loss from operations	(14,812,767)	(13,320,248)	(43,175,569)	(32,873,446)
Other income (expense):
Interest income	34,633	162,207	155,852	519,861
Interest expense	(190,546)	(265,018)	(656,543)	(737,429)
Total other income (expense), net	(155,913)	(102,811)	(500,691)	(217,568)
Net loss and comprehensive loss	$ (14,968,680)	$ (13,423,059)	$ (43,676,260)	$ (33,091,014)
Net loss attributable to common stockholders, basic and diluted (in dollars per share)	$ (0.40)	$ (0.72)	$ (1.38)	$ (1.85)
Weighted average common shares outstanding, basic and diluted (in shares)	37,755,472	18,757,166	31,576,992	17,856,826

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018					15,519,469
Balance at Dec. 31, 2018	$ 0	$ 0	$ (602,098)	$ (602,098)	$ 15,520	$ 185,726,048	$ (167,053,897)	$ 18,687,671
Exercise of common stock options (in shares)					52,914
Exercise of common stock options					$ 53	63,099	0	63,152
Stock-based compensation					$ 0	887,022	0	887,022
Sale of common stock, net (in shares)					3,000,000
Sale of common stock, net					$ 3,000	32,427,000	0	32,430,000
Net loss					$ 0	0	(13,766,790)	(13,766,790)
Exercise of common stock warrants (in shares)					64,629
Exercise of common stock warrants					$ 64	649	0	713
Public offering financing costs					$ 0	(382,423)	0	(382,423)
Balance (in shares) at Mar. 31, 2019					18,637,012
Balance at Mar. 31, 2019					$ 18,637	218,721,395	(181,422,785)	37,317,247
Balance (in shares) at Dec. 31, 2018					15,519,469
Balance at Dec. 31, 2018	$ 0	$ 0	$ (602,098)	$ (602,098)	$ 15,520	185,726,048	(167,053,897)	18,687,671
Net loss								(33,091,014)
Balance (in shares) at Sep. 30, 2019					18,656,686
Balance at Sep. 30, 2019					$ 18,656	220,277,055	(200,747,009)	19,548,702
Balance (in shares) at Mar. 31, 2019					18,637,012
Balance at Mar. 31, 2019					$ 18,637	218,721,395	(181,422,785)	37,317,247
Exercise of common stock options (in shares)					6,430
Exercise of common stock options					$ 6	30,110	0	30,116
Stock-based compensation					0	821,770	0	821,770
Net loss					0	0	(5,901,165)	(5,901,165)
Public offering financing costs					$ 0	(174,768)	0	(174,768)
Balance (in shares) at Jun. 30, 2019					18,643,442
Balance at Jun. 30, 2019					$ 18,643	219,398,507	(187,323,950)	32,093,200
Exercise of common stock options (in shares)					13,244
Exercise of common stock options					$ 13	48,046	0	48,059
Stock-based compensation					0	830,502	0	830,502
Net loss					$ 0	0	(13,423,059)	(13,423,059)
Balance (in shares) at Sep. 30, 2019					18,656,686
Balance at Sep. 30, 2019					$ 18,656	220,277,055	(200,747,009)	19,548,702
Balance (in shares) at Dec. 31, 2019					28,231,267
Balance at Dec. 31, 2019					$ 28,231	250,158,766	(215,239,450)	34,947,547
Exercise of common stock options (in shares)					2,035
Exercise of common stock options					$ 2	(2)	0	0
Stock-based compensation					$ 0	878,963	0	878,963
Issuance of common stock under employee stock purchase plan (in shares)					3,269
Issuance of common stock under employee stock purchase plan					$ 3	11,488	0	11,491
Issuance of common stock under stock incentive plan (in shares)					702
Issuance of common stock under stock incentive plan					$ 1	(1)	0	0
Sale of common stock, net (in shares)					131,425
Sale of common stock, net					$ 131	725,267	0	725,398
Net loss					$ 0	0	(14,791,479)	(14,791,479)
Balance (in shares) at Mar. 31, 2020					28,368,698
Balance at Mar. 31, 2020					$ 28,368	251,774,481	(230,030,929)	21,771,920
Balance (in shares) at Dec. 31, 2019					28,231,267
Balance at Dec. 31, 2019					$ 28,231	250,158,766	(215,239,450)	$ 34,947,547
Exercise of common stock options (in shares)								22,351
Net loss								$ (43,676,260)
Balance (in shares) at Sep. 30, 2020					37,752,261
Balance at Sep. 30, 2020					$ 37,752	324,159,065	(258,915,710)	65,281,107
Balance (in shares) at Mar. 31, 2020					28,368,698
Balance at Mar. 31, 2020					$ 28,368	251,774,481	(230,030,929)	21,771,920
Exercise of common stock options (in shares)					5,184
Exercise of common stock options					$ 5	25,646	0	25,651
Stock-based compensation					$ 0	988,119	0	988,119
Issuance of common stock under stock incentive plan (in shares)					703
Issuance of common stock under stock incentive plan					$ 1	(1)	0	0
Net loss					$ 0	0	(13,916,101)	(13,916,101)
Balance (in shares) at Jun. 30, 2020					28,374,585
Balance at Jun. 30, 2020					$ 28,374	252,788,245	(243,947,030)	8,869,589
Exercise of common stock options (in shares)					153
Exercise of common stock options					$ 0	273	0	273
Stock-based compensation					$ 0	1,081,000	0	1,081,000
Issuance of common stock under employee stock purchase plan (in shares)					1,821
Issuance of common stock under employee stock purchase plan					$ 2	7,923	0	7,925
Issuance of common stock under stock incentive plan (in shares)					702
Issuance of common stock under stock incentive plan					$ 1	(1)	0	0
Sale of common stock, net (in shares)					9,375,000
Sale of common stock, net					$ 9,375	70,281,625	0	70,291,000
Net loss					$ 0	0	(14,968,680)	(14,968,680)
Balance (in shares) at Sep. 30, 2020					37,752,261
Balance at Sep. 30, 2020					$ 37,752	$ 324,159,065	$ (258,915,710)	$ 65,281,107

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net loss	$ (43,676,260)	$ (33,091,014)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,948,082	2,539,294
Depreciation and amortization	2,178,402	1,857,070
Non-cash lease expense	125,086	190,784
Amortization of discount and debt issuance costs on long-term debt	47,183	0
Non-cash interest expense	0	32,180
Changes in operating assets and liabilities:
Accounts receivable, net	0	262,999
Prepaid expenses and other current assets	(505,080)	(267,414)
Other non-current assets	0	1,437,416
Accounts payable	133,521	1,353,762
Accrued expenses	203,833	77,630
Accrued compensation	(1,096,207)	(252,436)
Deferred revenue	0	(8,071,920)
Operating lease liabilities	(414,960)	(290,492)
Net cash used in operating activities	(40,056,400)	(34,222,141)
Investing activities
Purchases of property, plant and equipment	(713,121)	(1,716,208)
Net cash used in investing activities	(713,121)	(1,716,208)
Financing activities
Principal payments on finance leases	(876,793)	(696,875)
Proceeds from issuance of long-term debt	0	5,000,000
Principal payments on long-term debt	(4,235,294)	0
Proceeds from sale of common stock, net of underwriting fees and commissions	71,225,398	31,872,808
Payments for offering costs	(1,634,467)	(610,007)
Proceeds from issuance of common stock under stock incentive plans	45,340	0
Proceeds from exercise of stock options and warrants	0	142,002
Net cash provided by financing activities	64,524,184	35,707,928
Net increase (decrease) in cash	23,754,663	(230,421)
Cash, beginning of period	55,796,378	39,534,985
Cash, end of period	79,551,041	39,304,564
Supplemental disclosure of cash flow information
Cash paid for interest	601,838	705,249
Cash paid for operating lease liabilities	875,229	790,688
Right of use assets obtained with lease liabilities	0	354,791
Changes in purchases of property and equipment in accounts payable and accrued expenses	400,308	187,086
Accrued tenant improvements and receivable from landlord	0	936,104
Deferred offering costs incurred but not paid	$ 0	$ 141,314

Note 1 - Business

Note 1 - Business	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Nature of Operations [Text Block]	1. Liquidia Technologies, Inc. (“Liquidia” or the “Company”) is a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products utilizing the Company’s proprietary PRINT technology to transform the lives of patients. PRINT is a particle engineering platform that enables precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. The Company is currently focused on the development of two LIQ861 LIQ865 The development and commercialization activities are conducted at the Company’s headquarters located in Morrisville, North Carolina. The Company was incorporated under the laws of the state of Delaware in 2004. Recent Developments and Subsequent Events Acquisition of RareGen, LLC On June 29, 2020, August 1, 2018, first fourth 2020. one $0.001 one March 31, 2022. 2022, 2021 6,166,666 November 2, 2020, 805, Business Combinations November 13, 2020.

Note 2 - Basis of Presentation,

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	2. Basis of Presentation and Significant Accounting Policies The unaudited interim consolidated financial statements as of September 30, 2020 three nine September 30, 2020 2019 three nine September 30, 2020 not may December 31, 2020. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2019, 10 There have been no three nine September 30, 2020 2 December 31, 2019 2018. Going Concern The Company’s consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company's operations have consisted primarily of developing its technology, developing products, prosecuting its intellectual property and securing financing. The Company has incurred recurring losses and cash outflows from operations, has an accumulated deficit, and has debt principal payments that commenced in the first 2020. The Company believes that its existing cash will enable it to fund its operating expenses and capital expenditure requirements, make payments of interest and principal on its term loan facility with Pacific Western, and remain in compliance with its minimum cash covenant of $8.5 million pursuant to this term loan facility, into the first 2022. may $8.5 first 2022, LIQ861, may not The pandemic caused by the outbreak of the novel coronavirus, or COVID- 19, third may LIQ861 Consolidation The accompanying consolidated financial statements include the Company’s wholly owned subsidiary, Liquidia Corporation, and Liquidia Corporation’s wholly owned subsidiaries, Gemini Merger Sub I, Inc. and Gemini Merger Sub II, LLC. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual amounts could differ from those estimates. Reclassifications The Company has reclassified certain prior period amounts for comparative purposes. The Company reclassified certain prior period amounts to conform to the current period presentation, including the categorization of non-cash lease expense within the operating activities section of the Statements of Cash Flows. These reclassifications did not Revision of Previously Issued Financial Statements During the three June 30, 2020, three nine September 30, 2019. not September 30, 2019 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 As Presented As Revised As Presented As Revised Net loss per common share: Diluted $ (0.72 ) $ (0.72 ) $ (1.87 ) $ (1.85 ) Diluted weighted average shares outstanding 18,650,965 18,757,166 17,737,737 17,856,826 Summary of Significant Accounting Policies Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of default by the financial institutions holding its cash to the extent of amounts recorded on the consolidated balance sheet. With regard to cash, 100% of the Company’s cash is held on deposit with Pacific Western. Revenue Recognition The Company may The Company’s research, development and licensing agreements provide for multiple promised goods and services to be satisfied by the Company and include a license to the Company’s technology in a particular field of study, participation in collaboration committees, performance of certain research and development services and obligations for certain manufacturing services. The transaction price for these contracts includes non-refundable fees and fees for research and development services. Non-refundable up-front fees which may may may not The estimate of the research services to be provided through the Technology Transfer requires significant judgment to evaluate assumptions regarding the level of effort required for the Company to have performed sufficient obligations for the customer to be able to utilize the licensed technology without requiring further services from the Company. If the estimated level of effort changes, the remaining deferred revenue is recognized over the revised period in which the expected research services and Technology Transfer are required. Changes in estimates occur for a variety of reasons, including but not Royalties related to product sales will be recognized as revenue when the sale occurs since payments relate directly to products that will have been fully developed and for which the Company will have satisfied all of its performance obligations. Stock-Based Compensation The Company estimates the grant date fair value of its share-based awards and amortizes this fair value to compensation expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award (see Note 4 Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, stock options and restricted stock units are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the three nine September 30, 2020 2019 not Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Stock Options 2,747,538 2,037,003 2,516,604 2,037,003 Restricted Stock Units 123,369 — 98,355 — Total 2,870,907 2,037,003 2,614,959 2,037,003 For the three nine September 30, 2020 2019, Fair Value of Financial Instruments The carrying values of cash and accounts payable at September 30, 2020 December 31, 2019 The Company’s valuation of financial instruments is based on a three one three three Level 1 Level 2 1 Level 3 not The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present the placement in the fair value hierarchy of financial liabilities measured at fair value as of September 30, 2020 December 31, 2019: September 30, 2020 Quoted Significant Other Observable Inputs (Level 2) Significant Carrying Pacific Western Bank note - A&R LSA $ — $ 9,972,600 $ — $ 11,690,010 December 31, 2019 Quoted Significant Other Observable Inputs (Level 2) Significant Carrying Pacific Western Bank note - A&R LSA $ — $ 14,094,792 $ — $ 15,878,121 The fair value of debt is measured in accordance with ASU 2016 01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Recent Accounting Pronouncements In October 2018, 2018 18, Collaborative Arrangements 808 808 606 2018 18" 2018 18 606 606 December 15, 2019, 2018 18 January 1, 2020 not three nine September 30, 2020.

Note 3 - Stockholders' Equity

Note 3 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	3. Authorized Capital As of September 30, 2020, Common Stock Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of the common stock shall be entitled to receive that portion of the remaining funds to be distributed to the stockholders, subject to the liquidation preferences of any outstanding preferred stock, if any. Such funds shall be paid to the holders of common stock on the basis of the number of shares so held by each of them. Issuance of Common Stock on July 2, 2020 from an Underwritten Public Offering On June 29, 2020, The Offering closed on July 2, 2020, LIQ861, LIQ865 Issuance of Common Stock from the Private Placement in December 2019 On December 23, 2019, December 27, 2019. Issuance of Common Stock from t he ATM Agreement Commencing in August 2019 The Company entered into a sales agreement (the “ATM Agreement”) with Jefferies LLC (“Jefferies”) to issue and sell shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million, from time to time during the term of the ATM Agreement, through an “at-the-market” equity offering program at the Company’s sole discretion, under which Jefferies will act as the Company’s agent and/or principal. The Company pays Jefferies a commission equal to 3.0% of the gross proceeds of any common stock sold through Jefferies under the ATM Agreement. During the nine September 30, 2020, Issuance of Common Stock from an Underwritten Public Offering in March 2019 In March 2019, Warrants During the three nine September 30, 2020 2019, three nine September 30, 2020 2019, September 30, 2020 December 31, 2019, 106,274 $0.0168 December 31, 2026.

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	4. The Company’s 2018 “2018 July 2018. 2018 2018 January 1 2028, December 31, On January 1, 2019, 2018 January 1, 2020, 2018 2018 September 30, 2020, 2018 The 2018 2016 2004 2016 2004 2018 2016 2004 2016 2004 2016 2004 not 2018 September 30, 2020, 2016 2004 2016 2004 Stock-Based Compensation Valuation and Expense The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The fair value of each option grant is estimated using a Black-Scholes option-pricing model. For restricted stock units (“RSUs”), the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term. The Company recorded the following share-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, By Expense Category: 2020 2019 2020 2019 Research and development $ 292,386 $ 238,920 $ 853,704 $ 679,875 General and administrative 788,614 591,582 2,094,378 1,859,419 Total stock-based compensation expense $ 1,081,000 $ 830,502 $ 2,948,082 $ 2,539,294 Three Months Ended September 30, Nine Months Ended September 30, By Type of Award: 2020 2019 2020 2019 Stock Options $ 1,044,991 $ 808,153 $ 2,843,409 $ 2,424,654 Restricted stock awards 36,009 22,349 104,673 114,640 Total stock-based compensation expense $ 1,081,000 $ 830,502 $ 2,948,082 $ 2,539,294 The following table summarizes the unamortized compensation expense and the remaining years over which such expense would be expected to be recognized, on a weighted average basis, by type of award: As of September 30, 2020 Unamortized Expense Weighted Average Remaining Recognition Period (Years) Stock Options $ 7,000,498 2.53 Restricted Stock Units $ 443,913 3.38 Stock Options The following table summarizes the assumptions used for estimating the fair value of stock options granted under the Black-Scholes option-pricing model during: Nine Months Ended September 30, 2020 2019 Expected dividend yield —% —% Risk-free interest rate 0.40% - 1.60% 1.44% - 2.54% Expected Volatility 87% - 90% 83% - 85% Expected life (years) 6.32 6.04 As a result of using these assumptions in the Black-Scholes option-pricing model, the weighted average fair value for options granted during the nine September 30, 2020 2019 The following describes each of these assumptions and the Company’s methodology for determining each assumption: Expected Dividend Yield The dividend yield percentage is zero because the Company neither currently pays dividends nor intends to do so during the expected option term. Risk-Free Interest Rate The risk-free interest rate is based on the U.S. Treasury yield curve approximating the term of the expected life of the award in effect on the date of grant. Expected Volatility Expected stock price volatility is based on a weighted average of several peer public companies and the historical volatility of the Company’s common stock during the period for which it has traded since the initial public offering. For purposes of identifying peer companies, the Company considered characteristics such as industry, length of trading history and similar vesting terms. Expected Life The expected life represents the period the awards are expected to be outstanding. The Company’s historical share option exercise experience does not The following table summarizes the Company’s stock option activity during the nine September 30, 2020: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2019 2,052,976 $ 9.33 Granted 963,191 $ 5.63 Exercised (22,351 ) $ 3.30 Cancelled (424,454 ) $ 8.11 Outstanding as of September 30, 2020 2,569,362 $ 8.20 7.20 $ 1,030,161 Exercisable as of September 30, 2020 1,274,181 $ 8.34 5.55 $ 444,747 Vested and expected to vest as of September 30, 2020 2,392,942 $ 8.26 7.05 $ 901,226 The aggregate intrinsic value of stock options in the table above represents the difference between the $4.92 closing price of the Company’s common stock as of September 30, 2020 Restricted Stock Unit Awards During the nine September 30, 2020, four A summary of nonvested RSU awards outstanding as of September 30, 2020 nine Number of RSUs Weighted Grant-Date Fair Value (per RSU) Nonvested as of December 31, 2019 7,493 $ 28.87 Granted 138,614 3.32 Vested (2,107 ) 28.87 Forfeited (39,102 ) 3.31 Nonvested as of September 30, 2020 104,898 $ 4.63 Employee Stock Purchase Plan On May 8, 2019, 2019 September 30, 2020, six March September September 3, 2019. During the Company’s first September 1, 2019 February 28, 2020, 85% February 28, 2020, second March 1, 2020 August 31, 2020, August 31, 2020,

Note 5 - License Agreements

Note 5 - License Agreements	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
License Agreements [Text Block]	5. The Company performs research under a license agreement with The University of North Carolina at Chapel Hill (“UNC”) as amended to date (the “UNC Letter Agreement”). As part of the UNC Letter Agreement, the Company holds an exclusive license to certain research and development technologies and processes in various stages of patent pursuit, for use in its research and development and commercial activities, with a term until the expiration date of the last to expire patent subject to the UNC Letter Agreement, subject to industry standard contractual compliance. Under the UNC Letter Agreement, the Company is obligated to pay UNC royalties equal to a low single digit percentage of all net sales of drug products whose manufacture, use or sale includes any use of the technology or patent rights covered by the UNC Letter Agreement. The Company may

Note 6 - Revenue From Contracts

Note 6 - Revenue From Contracts With Customers	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	6. The Company derived its revenue during the nine September 30, 2019 The Company’s research, development and licensing agreements provide for multiple promised goods and services to be satisfied by the Company and include a license to the Company’s technology in a particular field of study, participation in collaboration committees, performance of certain research and development services and obligations for certain manufacturing services. The transaction price for these contracts includes non-refundable fees and fees for research and development services. Non-refundable up-front fees which may may not September 30, 2020. not The estimate of the research services to be provided through the Technology Transfer requires significant judgment to evaluate assumptions regarding the level of effort required for the Company to have performed sufficient obligations for the customer to be able to utilize the licensed technology without requiring further services from the Company. If the estimated level of effort changes, the remaining deferred revenue is recognized over the revised period in which the expected research services and Technology Transfer are required. Changes in estimates occur for a variety of reasons, including but not No royalties have been recognized during the three nine September 30, 2020 three nine September 30, 2019. In September 2015, February 2016, 606 In July 2018, 1 June 2019, third three 3 no nine September 30, 2019. not The following tables represent a disaggregation of revenue by each significant research, development and licensing agreement and payment type for the nine September 30, 2019: Revenue for the Nine Months Ended September 30, 2019 From Non-Refundable Payments Research and Up-front Development Milestones Payments Services Total GSK Inhaled $ 1,345,320 $ 6,726,600 $ — $ 8,071,920 Other — — 200 200 Total $ 1,345,320 $ 6,726,600 $ 200 $ 8,072,120 Deferred Sublicense Payments Sublicense payments to UNC are considered direct and incremental fulfillment costs of the Company’s research, development and licensing agreements as the PRINT technology resources used by the Company are continually researched by UNC. These costs are deferred and then amortized into Cost of Sales over the same estimated period of benefit as the period of the underlying revenue recognition. In conjunction with the June 2019 nine September 30, 2019.

Note 7 - Property, Plant and Eq

Note 7 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	7. Property, plant and equipment consisted of the following: Septe mber 30, December 31, 2020 2019 Lab and build-to-suit equipment $ 8,071,881 $ 7,562,263 Office equipment 128,669 128,669 Furniture and fixtures 294,689 237,951 Computer equipment 896,022 804,046 Leasehold improvements 11,524,739 11,762,351 Construction-in-progress — 91,797 Total property, plant and equipment 20,916,000 20,587,077 Accumulated depreciation and amortization (13,527,624 ) (11,333,112 ) Property, plant and equipment, net $ 7,388,376 $ 9,253,965 The Company recorded depreciation and amortization expense of $722,325 and $604,164 for the three September 30, 2020 2019, nine September 30, 2020 2019,

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. The Company did not three nine September 30, 2020 2019

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments Contingencies and Guarantees [Text Block]	9. Commitments In March 2012, no none September 30, 2020. Contingencies Merger Termination Fee and Merger Transaction Fees In the event the Merger Agreement is terminated by the Company on account of its acceptance of a Superior Proposal or by RareGen, if the Board of Directors shall have made a change in recommendation to its stockholders following the receipt of a Superior Proposal, then, in the case of a termination by the Company pursuant to (i), the Company shall pay to RareGen by wire transfer a one two The Company estimates it will incur $5.0 million of fees in connection with the Merger Transaction. The Company from time-to-time is subject to claims and litigation in the normal course of business, none

Note 10 - Long-term Debt

Note 10 - Long-term Debt	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	10. Long-term debt consisted of the following as of September 30, 2020 December 31, 2019: September 30, December 31, Maturity Date 2020 2019 Pacific Western Bank term loan outstanding October 25, 2022 $ 11,690,010 $ 15,878,121 Less current portion (5,585,636 ) (5,585,637 ) Long-term debt, less current portion $ 6,104,374 $ 10,292,484 Pacific Western Bank In October 2018, four October 2022. second $5.0 June 30, 2019. second LIQ861 two second May 2019 December 31, 2019. The A&R LSA carries a one October 27, 2020. December 2019 December 2019. December 31, 2019. ten one 15 In May 2019, December 31, 2019. September 30, 2020, January February 2020 Joinder and Second Amendment to Amended and Restated Loan and Security Agreement on July 3, 2020 On July 3, 2020, October 26, 2018 ( not 30 not Scheduled annual maturities of long-term debt as of September 30, 2020 Year ending December 31: 2020 – three months remaining $ 1,411,766 2021 5,647,059 2022 4,705,881 Thereafter — Total 11,764,706 Less: Unamortized discount (52,336 ) Less: Unamortized debt issuance costs (22,360 ) Less: Current portion of long-term debt (5,585,636 ) Long-term debt, noncurrent $ 6,104,374

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Significant Accounting Policies The unaudited interim consolidated financial statements as of September 30, 2020 three nine September 30, 2020 2019 three nine September 30, 2020 not may December 31, 2020. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2019, 10 There have been no three nine September 30, 2020 2 December 31, 2019 2018.
Substantial Doubt About Going Concern, Policy [Policy Text Block]	Going Concern The Company’s consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company's operations have consisted primarily of developing its technology, developing products, prosecuting its intellectual property and securing financing. The Company has incurred recurring losses and cash outflows from operations, has an accumulated deficit, and has debt principal payments that commenced in the first 2020. The Company believes that its existing cash will enable it to fund its operating expenses and capital expenditure requirements, make payments of interest and principal on its term loan facility with Pacific Western, and remain in compliance with its minimum cash covenant of $8.5 million pursuant to this term loan facility, into the first 2022. may $8.5 first 2022, LIQ861, may not The pandemic caused by the outbreak of the novel coronavirus, or COVID- 19, third may LIQ861
Consolidation, Policy [Policy Text Block]	Consolidation The accompanying consolidated financial statements include the Company’s wholly owned subsidiary, Liquidia Corporation, and Liquidia Corporation’s wholly owned subsidiaries, Gemini Merger Sub I, Inc. and Gemini Merger Sub II, LLC. All intercompany accounts and transactions have been eliminated.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual amounts could differ from those estimates.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications The Company has reclassified certain prior period amounts for comparative purposes. The Company reclassified certain prior period amounts to conform to the current period presentation, including the categorization of non-cash lease expense within the operating activities section of the Statements of Cash Flows. These reclassifications did not Revision of Previously Issued Financial Statements During the three June 30, 2020, three nine September 30, 2019. not September 30, 2019 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 As Presented As Revised As Presented As Revised Net loss per common share: Diluted $ (0.72 ) $ (0.72 ) $ (1.87 ) $ (1.85 ) Diluted weighted average shares outstanding 18,650,965 18,757,166 17,737,737 17,856,826
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of default by the financial institutions holding its cash to the extent of amounts recorded on the consolidated balance sheet. With regard to cash, 100% of the Company’s cash is held on deposit with Pacific Western.
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company may The Company’s research, development and licensing agreements provide for multiple promised goods and services to be satisfied by the Company and include a license to the Company’s technology in a particular field of study, participation in collaboration committees, performance of certain research and development services and obligations for certain manufacturing services. The transaction price for these contracts includes non-refundable fees and fees for research and development services. Non-refundable up-front fees which may may may not The estimate of the research services to be provided through the Technology Transfer requires significant judgment to evaluate assumptions regarding the level of effort required for the Company to have performed sufficient obligations for the customer to be able to utilize the licensed technology without requiring further services from the Company. If the estimated level of effort changes, the remaining deferred revenue is recognized over the revised period in which the expected research services and Technology Transfer are required. Changes in estimates occur for a variety of reasons, including but not Royalties related to product sales will be recognized as revenue when the sale occurs since payments relate directly to products that will have been fully developed and for which the Company will have satisfied all of its performance obligations.
Share-based Payment Arrangement [Policy Text Block]	Stock-Based Compensation The Company estimates the grant date fair value of its share-based awards and amortizes this fair value to compensation expense on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award (see Note 4
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, stock options and restricted stock units are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the three nine September 30, 2020 2019 not Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Stock Options 2,747,538 2,037,003 2,516,604 2,037,003 Restricted Stock Units 123,369 — 98,355 — Total 2,870,907 2,037,003 2,614,959 2,037,003 For the three nine September 30, 2020 2019,
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying values of cash and accounts payable at September 30, 2020 December 31, 2019 The Company’s valuation of financial instruments is based on a three one three three Level 1 Level 2 1 Level 3 not The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present the placement in the fair value hierarchy of financial liabilities measured at fair value as of September 30, 2020 December 31, 2019: September 30, 2020 Quoted Significant Other Observable Inputs (Level 2) Significant Carrying Pacific Western Bank note - A&R LSA $ — $ 9,972,600 $ — $ 11,690,010 December 31, 2019 Quoted Significant Other Observable Inputs (Level 2) Significant Carrying Pacific Western Bank note - A&R LSA $ — $ 14,094,792 $ — $ 15,878,121 The fair value of debt is measured in accordance with ASU 2016 01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In October 2018, 2018 18, Collaborative Arrangements 808 808 606 2018 18" 2018 18 606 606 December 15, 2019, 2018 18 January 1, 2020 not three nine September 30, 2020.

Note 2 - Basis of Presentatio_2

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 As Presented As Revised As Presented As Revised Net loss per common share: Diluted $ (0.72 ) $ (0.72 ) $ (1.87 ) $ (1.85 ) Diluted weighted average shares outstanding 18,650,965 18,757,166 17,737,737 17,856,826
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Stock Options 2,747,538 2,037,003 2,516,604 2,037,003 Restricted Stock Units 123,369 — 98,355 — Total 2,870,907 2,037,003 2,614,959 2,037,003
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]	September 30, 2020 Quoted Significant Other Observable Inputs (Level 2) Significant Carrying Pacific Western Bank note - A&R LSA $ — $ 9,972,600 $ — $ 11,690,010 December 31, 2019 Quoted Significant Other Observable Inputs (Level 2) Significant Carrying Pacific Western Bank note - A&R LSA $ — $ 14,094,792 $ — $ 15,878,121

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, By Expense Category: 2020 2019 2020 2019 Research and development $ 292,386 $ 238,920 $ 853,704 $ 679,875 General and administrative 788,614 591,582 2,094,378 1,859,419 Total stock-based compensation expense $ 1,081,000 $ 830,502 $ 2,948,082 $ 2,539,294 Three Months Ended September 30, Nine Months Ended September 30, By Type of Award: 2020 2019 2020 2019 Stock Options $ 1,044,991 $ 808,153 $ 2,843,409 $ 2,424,654 Restricted stock awards 36,009 22,349 104,673 114,640 Total stock-based compensation expense $ 1,081,000 $ 830,502 $ 2,948,082 $ 2,539,294
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block]	As of September 30, 2020 Unamortized Expense Weighted Average Remaining Recognition Period (Years) Stock Options $ 7,000,498 2.53 Restricted Stock Units $ 443,913 3.38
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2020 2019 Expected dividend yield —% —% Risk-free interest rate 0.40% - 1.60% 1.44% - 2.54% Expected Volatility 87% - 90% 83% - 85% Expected life (years) 6.32 6.04
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Weighted Weighted Aggregate Outstanding as of December 31, 2019 2,052,976 $ 9.33 Granted 963,191 $ 5.63 Exercised (22,351 ) $ 3.30 Cancelled (424,454 ) $ 8.11 Outstanding as of September 30, 2020 2,569,362 $ 8.20 7.20 $ 1,030,161 Exercisable as of September 30, 2020 1,274,181 $ 8.34 5.55 $ 444,747 Vested and expected to vest as of September 30, 2020 2,392,942 $ 8.26 7.05 $ 901,226
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of RSUs Weighted Grant-Date Fair Value (per RSU) Nonvested as of December 31, 2019 7,493 $ 28.87 Granted 138,614 3.32 Vested (2,107 ) 28.87 Forfeited (39,102 ) 3.31 Nonvested as of September 30, 2020 104,898 $ 4.63

Note 6 - Revenue From Contrac_2

Note 6 - Revenue From Contracts With Customers (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Revenue for the Nine Months Ended September 30, 2019 From Non-Refundable Payments Research and Up-front Development Milestones Payments Services Total GSK Inhaled $ 1,345,320 $ 6,726,600 $ — $ 8,071,920 Other — — 200 200 Total $ 1,345,320 $ 6,726,600 $ 200 $ 8,072,120

Note 7 - Property, Plant and _2

Note 7 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	Septe mber 30, December 31, 2020 2019 Lab and build-to-suit equipment $ 8,071,881 $ 7,562,263 Office equipment 128,669 128,669 Furniture and fixtures 294,689 237,951 Computer equipment 896,022 804,046 Leasehold improvements 11,524,739 11,762,351 Construction-in-progress — 91,797 Total property, plant and equipment 20,916,000 20,587,077 Accumulated depreciation and amortization (13,527,624 ) (11,333,112 ) Property, plant and equipment, net $ 7,388,376 $ 9,253,965

Note 10 - Long-term Debt (Table

Note 10 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, December 31, Maturity Date 2020 2019 Pacific Western Bank term loan outstanding October 25, 2022 $ 11,690,010 $ 15,878,121 Less current portion (5,585,636 ) (5,585,637 ) Long-term debt, less current portion $ 6,104,374 $ 10,292,484
Schedule of Maturities of Long-term Debt [Table Text Block]	Year ending December 31: 2020 – three months remaining $ 1,411,766 2021 5,647,059 2022 4,705,881 Thereafter — Total 11,764,706 Less: Unamortized discount (52,336 ) Less: Unamortized debt issuance costs (22,360 ) Less: Current portion of long-term debt (5,585,636 ) Long-term debt, noncurrent $ 6,104,374

Note 1 - Business (Details Text

Note 1 - Business (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2020$ / shares	Dec. 31, 2019$ / shares
Number of Products Under Development		2
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares		$ 0.001	$ 0.001
Merger With RareGen LLC [Member] | Forecast [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	6,166,666
Business Acquisition, Minimum Cash at Closing to Entitle Members of Acquired Company to Pro Rata Portion in Excess | $	$ 1
Business Combination, Consideration Transferred, Total | $	$ 23.9
Business Acquisition, Share Price (in dollars per share) | $ / shares	$ 3.34
Business Combination, Contingent Consideration, Liability, Total | $	$ 3.3
Merger With RareGen LLC [Member] | Forecast [Member] | Maximum [Member]
Business Acquisition, Number of Additional Shares Issuable Upon Achievement of Sales Target (in shares)	2,708,333
Merger With RareGen LLC [Member] | Forecast [Member] | RareGen Common Units Converted to HoldCo Common Units [Member]
Conversion of Stock, Shares Converted (in shares)	10,000
Merger With RareGen LLC [Member] | Forecast [Member] | Holdback Shares [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	616,666

Note 2 - Basis of Presentatio_3

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern (Details Textual) - USD ($) $ in Millions	Oct. 26, 2018	Sep. 30, 2020
Credit Concentration Risk [Member] | Cash Held on Deposit [Member] | Pacific Western Bank [Member]
Concentration Risk, Percentage		100.00%
Pacific Western Bank Note, A&R LSA [Member]
Debt Instrument Agreement, Minimum Cash Balance To Be Maintained	$ 8.5	$ 8.5

Note 2 - Basis of Presentatio_4

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern - Revision of Previously Issued Financial Statements (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Net loss per common share: Diluted (in dollars per share)	$ (0.72)	$ (1.85)
Diluted weighted average shares outstanding (in shares)	18,757,166	17,856,826
Previously Reported [Member]
Net loss per common share: Diluted (in dollars per share)	$ (0.72)	$ (1.87)
Diluted weighted average shares outstanding (in shares)	18,650,965	17,737,737

Note 2 - Basis of Presentatio_5

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern - Common Stock Equivalent Shares Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	2,870,907	2,037,003	2,614,959	2,037,003
Share-based Payment Arrangement, Option [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	2,747,538	2,037,003	2,516,604	2,037,003
Restricted Stock Units (RSUs) [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	123,369	0	98,355	0

Note 2 - Basis of Presentatio_6

Note 2 - Basis of Presentation, Significant Accounting Policies and Going Concern - Fair Value of Financial Liabilities (Details) - Pacific Western Bank Note, A&R LSA [Member] - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Reported Value Measurement [Member]
Total financial instruments	$ 11,690,010	$ 15,878,121
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Total financial instruments	0	0
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Total financial instruments	9,972,600	14,094,792
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Total financial instruments	$ 0	$ 0

Note 3 - Stockholders' Equity (

Note 3 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Sep. 29, 2020	Jul. 02, 2020	Dec. 23, 2019	Aug. 31, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Common Stock and Preferred Stock, Shares Authorized (in shares)						70,000,000		70,000,000
Common Stock and Preferred Stock, Par or Stated Value Per Share (in dollars per share)						$ 0.001		$ 0.001
Common Stock, Shares Authorized (in shares)						60,000,000		60,000,000		40,000,000
Preferred Stock, Shares Authorized (in shares)						10,000,000		10,000,000		10,000,000
Stock Issued During Period, Shares, New Issues (in shares)					3,000,000
Proceeds from Issuance of Common Stock					$ 34.5
Proceeds from Issuance of Common Stock, Net of Offering Costs					$ 31.8
Share Price (in dollars per share)					$ 11.50
Warrants to Purchase Common Stock [Member]
Class of Warrant or Right, Exercised During Period (in shares)						0	0	0	64,629
Class of Warrant or Right, Outstanding (in shares)						106,274		106,274		106,274
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						$ 0.0168		$ 0.0168		$ 0.0168
Underwritten Public Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)	9,375,000
Shares Issued, Price Per Share (in dollars per share)	$ 8
Proceeds from Issuance of Common Stock		$ 70.3
Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)			7,164,534
Shares Issued, Price Per Share (in dollars per share)			$ 3.13
Proceeds from Issuance of Private Placement			$ 22.4
Proceeds from Issuance of Private Placement, Net of Offering Costs			$ 21
ATM Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)								131,425
Proceeds from Issuance of Common Stock, Net of Offering Costs								$ 0.7
ATM Agreement [Member] | Jefferies, LLC [Member]
Sale of Stock, Maximum Aggregate Offering Price				$ 40
Sale of Stock, Commission Percentage				3.00%

Note 4 - Stock-based Compensa_3

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	Aug. 31, 2020	Feb. 28, 2020	Jan. 01, 2020	May 08, 2019	Jan. 01, 2019	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2019	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)							$ 4.16	$ 8.35
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate							0.00%	0.00%
Share Price (in dollars per share)											$ 11.50
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)							138,614
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							4 years
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)							138,614
Common Stock [Member]
Share Price (in dollars per share)	$ 5.12	$ 4.13				$ 5.12	$ 4.92
The 2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)			2,416,811		2,220,778		1,696,052		1,600,000	1,287,561
Increase in Reserve, Percentage of Shares Issued and Outstanding									4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)			1,129,250		620,778
The 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)							656,927
The 2004 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)							375,056
The ESPP [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)							446,731
Employee Stock Purchase Plan, Maximum Contribution Per Eligible Employee				$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent				85.00%		85.00%
Employee Stock Purchase Plan, Stock Issued During Period, Shares (in shares)	1,821	3,269

Note 4 - Stock-based Compensa_4

Note 4 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock-based compensation expense	$ 1,081,000	$ 830,502	$ 2,948,082	$ 2,539,294
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	1,044,991	808,153	2,843,409	2,424,654
Restricted Stock Units (RSUs) [Member]
Stock-based compensation expense	36,009	22,349	104,673	114,640
Research and Development Expense [Member]
Stock-based compensation expense	292,386	238,920	853,704	679,875
General and Administrative Expense [Member]
Stock-based compensation expense	$ 788,614	$ 591,582	$ 2,094,378	$ 1,859,419

Note 4 - Stock-based Compensa_5

Note 4 - Stock-based Compensation - Unamortized Compensation Expense (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Share-based Payment Arrangement, Option [Member]
Stock-based awards, unamortized expense	$ 7,000,498
Stock-based awards, weighted average remaining recognition period (Year)	2 years 6 months 10 days
Restricted Stock Units (RSUs) [Member]
Stock-based awards, unamortized expense	$ 443,913
Stock-based awards, weighted average remaining recognition period (Year)	3 years 4 months 17 days

Note 4 - Stock-based Compensa_6

Note 4 - Stock-based Compensation - Fair Value Assumptions (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Expected dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	0.40%	1.44%
Risk-free interest rate, maximum	1.60%	2.54%
Expected Volatility, minimum	87.00%	83.00%
Expected Volatility, maximum	90.00%	85.00%
Expected life (years) (Year)	6 years 3 months 25 days	6 years 14 days

Note 4 - Stock-based Compensa_7

Note 4 - Stock-based Compensation - Stock Option Activity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020
Outstanding, number of shares (in shares)	2,052,976
Outstanding, weighted average exercise price (in dollars per share)	$ 9.33
Granted, number of shares (in shares)	963,191
Granted, weighted average exercise price (in dollars per share)	$ 5.63
Exercised, number of shares (in shares)	(22,351)
Exercised, weighted average exercise price (in dollars per share)	$ 3.30
Cancelled, number of shares (in shares)	(424,454)
Cancelled, weighted average exercise price (in dollars per share)	$ 8.11
Outstanding, number of shares (in shares)	2,569,362
Outstanding, weighted average exercise price (in dollars per share)	$ 8.20
Outstanding, weighted average contractual term (Year)	7 years 2 months 12 days
Outstanding, aggregate intrinsic value	$ 1,030,161
Exercisable, number of shares (in shares)	1,274,181
Exercisable, weighted average exercise price (in dollars per share)	$ 8.34
Exercisable, weighted average contractual term (Year)	5 years 6 months 18 days
Exercisable, aggregate intrinsic value	$ 444,747
Vested and expected to vest, number of shares (in shares)	2,392,942
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 8.26
Vested and expected to vest, weighted average contractual term (Year)	7 years 18 days
Vested and expected to vest, aggregate intrinsic value	$ 901,226

Note 4 - Stock-based Compensa_8

Note 4 - Stock-based Compensation - Nonvested RSU Awards Outstanding (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Nonvested, number (in shares) | shares	7,493
Nonvested , weighted average grant date fair value (in dollars per share) | $ / shares	$ 28.87
Granted, number (in shares) | shares	138,614
Granted , weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.32
Vested , number (in shares) | shares	(2,107)
Vested , weighted average grant date fair value (in dollars per share) | $ / shares	$ 28.87
Forfeited, number (in shares) | shares	(39,102)
Forfeited , weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.31
Nonvested , number (in shares) | shares	104,898
Nonvested , weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.63

Note 6 - Revenue From Contrac_3

Note 6 - Revenue From Contracts With Customers (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 29, 2016	Sep. 30, 2015	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer, Excluding Assessed Tax, Total			$ 0	$ 0	$ 0	$ 8,072,120
GSK Inhaled 1 [Member]
Nonrefundable Payment To Be Received		$ 15,000,000
Collaboration Agreement Milestone Payment	$ 3,000,000
Collaboration Agreement Combined Up Front and Milestone Payments	$ 18,000,000
Contract with Customer, Liability, Revenue Recognized						8,100,000
Royalty [Member]
Revenue from Contract with Customer, Excluding Assessed Tax, Total			$ 0	$ 0	$ 0	$ 0

Note 6 - Revenue From Contrac_4

Note 6 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 0	$ 0	$ 0	$ 8,072,120
Non-Refundable Payments - Milestones [Member]
Revenue				1,345,320
Non-Refundable Payments - Up-front Payments [Member]
Revenue				6,726,600
Research and Development Services [Member]
Revenue				200
GSK Inhaled [Member]
Revenue				8,071,920
GSK Inhaled [Member] | Non-Refundable Payments - Milestones [Member]
Revenue				1,345,320
GSK Inhaled [Member] | Non-Refundable Payments - Up-front Payments [Member]
Revenue				6,726,600
GSK Inhaled [Member] | Research and Development Services [Member]
Revenue				0
Other Customer [Member]
Revenue				200
Other Customer [Member] | Non-Refundable Payments - Milestones [Member]
Revenue				0
Other Customer [Member] | Non-Refundable Payments - Up-front Payments [Member]
Revenue				0
Other Customer [Member] | Research and Development Services [Member]
Revenue				$ 200

Note 7 - Property, Plant and _3

Note 7 - Property, Plant and Equipment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Depreciation, Depletion and Amortization, Nonproduction, Total	$ 722,325	$ 604,164	$ 2,178,402	$ 1,857,070

Note 7 - Property, Plant and _4

Note 7 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Total property, plant and equipment	$ 20,916,000	$ 20,587,077
Accumulated depreciation and amortization	(13,527,624)	(11,333,112)
Property, plant and equipment, net	7,388,376	9,253,965
Lab and Build-to-Suit Equipment [Member]
Total property, plant and equipment	8,071,881	7,562,263
Office Equipment [Member]
Total property, plant and equipment	128,669	128,669
Furniture and Fixtures [Member]
Total property, plant and equipment	294,689	237,951
Computer Equipment [Member]
Total property, plant and equipment	896,022	804,046
Leasehold Improvements [Member]
Total property, plant and equipment	11,524,739	11,762,351
Construction in Progress [Member]
Total property, plant and equipment	$ 0	$ 91,797

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Maximum Net Sales Threshold As Basis For Payment Of Future Contingent Royalties		$ 1,500,000
Forecast [Member] | Merger With RareGen LLC [Member]
Business Acquisition, Cancellation of Acquisition Fee	$ 7,500,000
Business Acquisition, Cancellation of Merger, Fee Period (Day)	2 days
Business Combination, Acquisition Related Costs	$ 5,000,000

Note 10 - Long-term Debt (Detai

Note 10 - Long-term Debt (Details Textual) - USD ($)	Oct. 26, 2018	May 31, 2019	Oct. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jul. 03, 2020
Proceeds from Issuance of Long-term Debt, Total				$ 0	$ 5,000,000
Long-term Debt, Gross				11,764,706
UNC Promissory Note [Member]
Repayments of Unsecured Debt			$ 1,800,000
Pacific Western Bank Note, A&R LSA [Member]
Line of Credit Facility, Maximum Borrowing Capacity			11,000,000
Extinguishment of Debt, Amount			$ 8,000,000
Debt Instrument, Interest Rate, Stated Percentage			5.00%
Debt Instrument, Term (Year)			4 years
Proceeds from Issuance of Long-term Debt, Total		$ 5,000,000
Long-term Debt, Gross		16,000,000
Debt Instrument, Prepayment Penalty Fee Percentage	1.00%
Interest Expense, Debt, Total						$ 375,000
Debt Instrument Agreement, Minimum Cash Balance To Be Maintained	$ 8,500,000			$ 8,500,000
Debt Instrument Agreement, Maximum Capital Expenditures		$ 2,500,000
Debt Instrument, Covenant, Maximum Amount of Payments Made Without Lender's Consent							$ 250,000
Pacific Western Bank Note, A&R LSA [Member] | Maximum [Member]
Debt Instrument, Success Fee	$ 375,000

Note 10 - Long-term Debt - Long

Note 10 - Long-term Debt - Long-term Debt (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Less: Current portion of long-term debt	$ (5,585,636)	$ (5,585,637)
Long-term debt, noncurrent	6,104,374	10,292,484
Pacific Western Bank Note, A&R LSA [Member]
Long-term debt, total	$ 11,690,010	$ 15,878,121

Note 10 - Long-term Debt - Matu

Note 10 - Long-term Debt - Maturities of Long-term Debt (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
2020 – three months remaining	$ 1,411,766
2021	5,647,059
2022	4,705,881
Thereafter	0
Total	11,764,706
Less: Unamortized discount	(52,336)
Less: Unamortized debt issuance costs	(22,360)
Less: Current portion of long-term debt	(5,585,636)	$ (5,585,637)
Long-term debt, noncurrent	$ 6,104,374	$ 10,292,484