Liquidia (LQDA) 10-K 25 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 15, 2021	Jun. 30, 2020
Document Information [Line Items]
Entity Central Index Key	0001819576
Entity Registrant Name	Liquidia Corporation
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-39724
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1710962
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float			$ 212,930,004
Entity Common Stock, Shares Outstanding		43,336,277

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 65,316,481	$ 55,796,378
Prepaid expenses and other current assets	752,447	590,251
Total current assets	66,068,928	56,386,629
Property, plant and equipment, net	6,805,570	9,253,965
Operating lease right-of-use assets, net	2,649,328	2,823,430
Indemnification asset, related party	1,387,275	0
Contract acquisition costs, net	12,792,491	0
Intangible asset, net	5,534,843	0
Goodwill	3,903,282	0
Other assets	390,043	378,043
Total assets	99,531,760	68,842,067
Current liabilities:
Accounts payable	3,734,227	3,498,043
Accrued compensation	3,259,515	3,164,687
Accrued stock offering costs	0	1,289,413
Other accrued expenses	1,386,880	1,525,919
Refund liability	1,768,864	0
Current portion of operating lease liabilities	664,670	566,390
Current portion of finance lease liabilities	923,218	1,244,229
Current portion of long-term debt	0	5,585,637
Total current liabilities	11,737,374	16,874,318
Litigation finance payable	1,154,360	0
Long-term operating lease liabilities	5,006,301	5,670,971
Long-term finance lease liabilities	255,402	1,056,747
Long-term debt	10,292,485	10,292,484
Total liabilities	28,445,922	33,894,520
Commitments and contingencies
Stockholders’ equity:
Preferred stock — 10,000,000 shares authorized as of December 31, 2020 and December 31, 2019, 0 shares issued and outstanding as of December 31, 2020 and December 31, 2019	0	0
Common stock — $0.001 par value, 80,000,000 and 40,000,000 shares authorized as of December 31, 2020 and December 31, 2019, respectively, 43,336,277 and 28,231,267 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively	43,336	28,231
Additional paid-in capital	346,044,721	250,158,766
Accumulated deficit	(275,002,219)	(215,239,450)
Total stockholders’ equity	71,085,838	34,947,547
Total liabilities and stockholders’ equity	$ 99,531,760	$ 68,842,067

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	80,000,000	40,000,000
Common stock, shares issued (in shares)	43,336,277	28,231,267
Common stock, shares outstanding (in shares)	43,336,277	28,231,267

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 739,628	$ 8,072,120
Costs and expenses:
Research and development	32,222,393	40,491,358
General and administrative	27,368,653	13,597,119
Total costs and expenses	59,828,758	54,895,669
Loss from operations	(59,089,130)	(46,823,549)
Other income (expense):
Interest income	184,359	613,716
Interest expense	(857,998)	(1,373,622)
Total other expense, net	(673,639)	(759,906)
Net loss and comprehensive loss	$ (59,762,769)	$ (47,583,455)
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (1.76)	$ (2.57)
Weighted average common shares outstanding, basic and diluted (in shares)	33,888,434	18,482,455
Service [Member]
Revenue	$ 739,628	$ 0
Costs and expenses:
Costs and expenses	237,712	0
Collaboration [Member]
Revenue	0	8,072,120
Costs and expenses:
Costs and expenses	$ 0	$ 807,192

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 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
Issuance of common stock upon exercise of stock options (in shares)					32,325			32,325
Issuance of common stock upon exercise of stock options					$ 32	141,295	0	$ 141,327
Issuance of common stock upon exercise of common stock warrants (in shares)					64,629
Issuance of common stock upon exercise of common stock warrants					$ 64	649	0	713
Issuance of common stock upon vesting of restricted stock units (in shares)					40,954
Issuance of common stock upon vesting of restricted stock units					$ 41	(41)	0	0
Sale of common stock, net (in shares)					12,573,890
Sale of common stock, net					$ 12,574	60,914,510	0	60,927,084
Share-based compensation					0	3,376,305	0	3,376,305
Net loss					$ 0	0	(47,583,455)	(47,583,455)
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
Issuance of common stock upon exercise of stock options (in shares)					40,685			91,413
Issuance of common stock upon exercise of stock options					$ 40	67,876	0	$ 67,916
Issuance of common stock upon vesting of restricted stock units (in shares)					2,810
Issuance of common stock upon vesting of restricted stock units					$ 4	(4)	0	0
Sale of common stock, net (in shares)					9,506,425
Sale of common stock, net					$ 9,506	71,006,892	0	71,016,398
Share-based compensation					0	3,954,000	0	3,954,000
Net loss					$ 0	0	(59,762,769)	(59,762,769)
Issuance of common stock under employee stock purchase plan (in shares)					5,090
Issuance of common stock under employee stock purchase plan					$ 5	19,410	0	19,415
Equity consideration for acquisition (in shares)					5,550,000
Equity consideration for acquisition					$ 5,550	20,837,781	0	20,843,331
Balance (in shares) at Dec. 31, 2020					43,336,277
Balance at Dec. 31, 2020					$ 43,336	$ 346,044,721	$ (275,002,219)	$ 71,085,838

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net loss	$ (59,762,769)	$ (47,583,455)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	3,954,000	3,376,305
Depreciation and amortization	3,129,579	2,567,742
Non-cash lease expense	174,102	225,537
Amortization of discount and debt issuance costs on long-term debt	61,424	75,364
Loss on disposal of property and equipment	10,802	6,587
Changes in operating assets and liabilities, net of business acquired:
Accounts receivable, net	0	272,557
Prepaid expenses and other current assets	(132,007)	(371,194)
Other non-current assets	(12,000)	807,192
Accounts payable	(297,160)	294,514
Accrued compensation	42,312	649,168
Other accrued expenses	180,736	(108,707)
Refund liability	(927,136)	0
Operating lease liabilities	(566,390)	(422,364)
Deferred revenue	0	(8,071,920)
Net cash used in operating activities	(54,144,507)	(48,282,674)
Investing activities
Cash acquired from acquisition of business	1,000,000	0
Purchases of property, plant and equipment	(752,086)	(1,850,099)
Net cash provided by (used in) investing activities	247,914	(1,850,099)
Financing activities
Principal payments on finance leases	(1,122,356)	(998,687)
Payments for finance lease deposits	0	(34,649)
Proceeds from issuance of long-term debt	0	5,000,000
Principal payments on long-term debt	(5,647,060)	0
Proceeds from sale of common stock, net of underwriting fees and commissions	71,225,398	63,039,490
Payments for offering costs	(1,634,467)	(754,028)
Receipts from litigation financing	507,849	0
Proceeds from issuance of common stock under stock incentive plans	87,332	141,327
Proceeds from exercise of warrants	0	713
Net cash provided by financing activities	63,416,696	66,394,166
Net increase (decrease) in cash	9,520,103	16,261,393
Cash, beginning of period	55,796,378	39,534,985
Cash, end of period	65,316,481	55,796,378
Supplemental disclosure of cash flow information
Cash paid for interest	820,889	887,038
Cash paid for operating lease liabilities	1,172,759	1,081,582
Right of use assets obtained with lease liabilities	0	834,693
Changes in purchases of property and equipment in accounts payable and accrued expenses	412,096	184,424
Noncash acquisition of business, net of acquired cash	19,843,331	0
Accrued tenant improvements and receivable from landlord	0	936,104
Deferred offering costs incurred but not paid	$ 0	$ 1,358,378

Note 1 - Business

Note 1 - Business	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Nature of Operations [Text Block]	1. Liquidia Corporation (“Liquidia” or the “Company”) is a biopharmaceutical company focused on the development and commercialization of products that address unmet patient needs, with current focus directed towards the treatment of pulmonary arterial hypertension (“PAH”). Liquidia Corporation operates through the company’s subsidiaries, Liquidia Technologies, Inc. (“Liquidia Technologies”) and Liquidia PAH, LLC (“Liquidia PAH”), formerly known as RareGen, LLC (“RareGen”). The Company conducts research, development and manufacturing of novel products by applying its proprietary PRINT® technology, a particle engineering platform, to enable precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. The Company is currently developing two LIQ861 LIQ865 The Company’s most advanced product, LIQ861, LIQ861 January 2020 November 2020. The Company’s second LIQ865, three five two 1 2 LIQ865. The Company generates revenue pursuant to the promotion agreement between Liquidia PAH and Sandoz Inc. (“Sandoz”), dated as of August 1, 2018, first LIQ861 The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not 19 In accordance with Accounting Standards Update (“ASU”) 2014 15, Disclosure of Uncertainties about an Entity s Ability to Continue as a Going Concern (Subtopic 205 40 one December 31, 2020 December 31, 2020. March 25, 2021, December 31, 2020, 12 Recent Developments Acquisition of RareGen, LLC (now Liquidia PAH, LLC) On November 18, 2020 ( June 29, 2020, August 3, 2020 ( On the Closing Date, an aggregate of 5,550,000 shares of common stock, $0.001 2022, 2021 3

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	2. Basis of Presentation The Company has prepared the accompanying financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s financial position, results of operations and cash flows and are presented in U.S. Dollars. Consolidation The accompanying consolidated financial statements include the Company’s wholly owned subsidiaries, Liquidia Technologies and Liquidia PAH. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results will most likely differ from those estimates. Revision of Previously Issued Financial Statements During the three June 30, 2020, December 31, 2019. not December 31, 2019 Year Ended December 31, 2019 As Presented As Revised Net loss per common share: Diluted $ (2.59 ) $ (2.57 ) Diluted weighted average shares outstanding 18,371,083 18,482,455 Summary of Significant Accounting Policies Cash The Company considers all highly liquid investments with a maturity of three December 31, 2020 2019. Accounts Receivable Accounts receivable are stated at net realizable value including an allowance for doubtful accounts as of each balance sheet date, if applicable. The Company has not December 31, 2020 2019. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and accounts receivable. 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 balance sheet. With regard to cash, 99% of the Company’s cash is held on deposit with Pacific Western Bank (“Pacific Western”). With regard to revenues and concentration of credit risk, GlaxoSmithKline plc (“GSK” and “GSK Inhaled”) accounted for $0 and $8.1 million of our revenue during the years ended December 31, 2020 2019, December 31, 2020 2019, Leases In February 2016, 2016 02, Leases 842 2016 02” 842, January 1, 2019, 2016 02 January 1, 2019. 842 January 1, 2019. 2016 02 no The provisions of ASU 2016 02 not 12 12 Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets beginning when the assets are placed in service. Estimated useful lives for the major asset categories are: Lab and build-to-suit equipment (years) 5 - 7 Office equipment (years) 5 Furniture and fixtures (years) 10 Computer equipment (years) 3 Leasehold improvements Lesser of life of the asset or remaining lease term Major renewals and improvements are capitalized to the extent that they increase the useful economic life or increase the expected economic benefit of the underlying asset. Maintenance and repairs are charged to operations as incurred. When items of property, plant and equipment are sold or retired, the related cost and accumulated depreciation or amortization is removed from the accounts, and any gain or loss is included in operating expenses in the accompanying Statements of Operations and Comprehensive Loss. Business Combination In a business combination, the acquisition method of accounting requires that the assets acquired and liabilities assumed be recorded as of the date of the acquisition at their respective fair values with limited exceptions. Assets acquired and liabilities assumed in a business combination that arise from contingencies are generally recognized at fair value. If fair value cannot be determined, the asset or liability is recognized if probable and reasonably estimable; if these criteria are not no Long-Lived Assets The Company reviews long-lived assets, including definite-life intangible assets, for realizability on an ongoing basis. Changes in depreciation and amortization, generally accelerated depreciation and variable amortization, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change. The Company also reviews for impairment when conditions exist that indicate the carrying amount of the assets may not no Goodwill The Company acquired goodwill on its balance sheet during the fourth 2020 July 1 may not first not not Per ASU 2017 04 not As of December 31, 2020 no not Revenue Recognition from Promotion Agreements The Company recognizes revenue in accordance with Accounting Standards Update (ASU) 2014 09, Revenue from Contracts with Customers (Topic 606 606 five ● Step 1: ● Step 2: ● Step 3: ● Step 4: ● Step 5: In order to identify the performance obligations in a contract with a customer, the Company assesses the promised goods or services in the contract and identifies each promised good or service that is distinct. If a good or service is not The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a service to a customer. The amount of revenue recognized reflects estimates for refunds and returns, which are presented as a reduction of Accounts receivable where the right of setoff exists. On August 1, 2018, first The Company determined that certain activities within the contract are within the scope of ASC 808, Collaborative Arrangements In addition, the Company determined that the services provided under the Promotion Agreement fall within the scope of Topic 606. one one 2018 18: Clarifying the Interaction between Topic 808 606 606. Revenue Recognition from Research and Development Services The Company derives collaboration revenue primarily from licensing its proprietary PRINT technology and from performing research and development services. Collaboration revenues are recognized as services are performed in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services and technology. 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 December 31, 2020 December 31, 2019. 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. Segment Information U.S. GAAP requires segmentation based on an entity’s internal organization and reporting of revenue and operating income based upon internal accounting methods commonly referred to as the “management approach.” Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM), or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it has one Research and Development Expense Research and development costs are expensed as incurred and include direct costs incurred to third Patent Maintenance The Company is responsible for all patent costs, past and future, associated with the preparation, filing, prosecution, issuance, maintenance, enforcement and defense of United States patent applications. Such costs are recorded as general and administrative expenses as incurred. To the extent that the Company’s licensees share these costs, such benefit is recorded as a reduction of the related expenses. Share-Based Compensation The Company estimates the grant date fair value of its share-based awards and amortizes this fair value to compensation expense over the requisite service period or vesting term (see Note 5 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 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 warrants 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 years ended December 31, 2020 2019 not Year Ended December 31, 2020 2019 Stock options 2,652,525 1,979,411 Restricted stock units 98,705 — Total 2,751,230 1,979,411 Fair Value of Financial Instruments The carrying values of cash, accounts receivable, and accounts payable at December 31, 2020 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 December 31, 2020 2019: December 31, 2020 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 9,842,069 $ — $ 10,292,485 December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value 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 Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third Income Taxes The asset and liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets when realization of the tax benefit is uncertain. A valuation allowance is recorded, if necessary, to reduce net deferred taxes to their realizable values if management believes it is more likely than not not The Company may not 50% 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 December 31, 2020. In January 2017, No. 2017 04, Simplifying the Test for Goodwill Impairment not zero 2 zero December 31, 2020. not In June 2016, 2016 13, Financial Instruments Credit Losses, January 1, 2020. no

Note 3 - Acquisition of RareGen

Note 3 - Acquisition of RareGen LLC (now Liquidia PAH, LLC)	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. On November 18, 2020 ( 1 Reasons for the Acquisition and Merger The Company acquired Liquidia PAH to improve financial strength and operational efficiencies including the generation of cash flow through sales of a generic version of Remodulin, which is a parenteral formulation of treprostinil, for the treatment of PAH. Strategically, the Company believes that its commercial presence in the field will enable an efficient launch of LIQ861 Merger Consideration The fair value of the purchase consideration or the purchase price, was approximately $20.8 million. The purchase consideration consisted of the 6,166,666 shares of Liquidia Corporation Common Stock based on a per share price of $3.38, which represented the closing price of Liquidia Technologies Common Stock on the Closing Date. 5,550,000 of the shares were issued as of December 31, 2020 The total purchase price and allocated purchase price is summarized as follows: Number of common shares to be issued to RareGen’s members 6,166,666 Multiplied by the fair value per share of Liquidia Technologies common stock $ 3.38 Total estimated purchase price $ 20,843,331 Accounting for the Acquisition The acquisition of Liquidia PAH was accounted for as a business combination and reflects the application of acquisition accounting in accordance with Accounting Standards Codification (ASC) 805, no one Purchase Price Allocation The preliminary purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed as of the Closing Date of November 18, 2020 Cash $ 1,000,000 Property and equipment 79,330 Prepaid and other current assets 30,190 Intangible asset 5,620,000 Contract acquisition costs 12,980,000 Indemnification asset 1,065,538 Goodwill 3,903,282 Less other current liabilities (492,499 ) Less refund liability (2,696,000 ) Less litigation finance payable, current (646,510 ) Total estimated purchase price $ 20,843,331 Contract Acquisition Costs, Intangible Asset and Goodwill Acquired Prior to the Merger Transaction, the Company did not May 2027 ( 2 December 31, 2020, December 31, 2020. December 31, 2020, December 31, 2020. The Company acquired goodwill in the Merger Transaction of $3,903,282 which primarily represents the Liquidia PAH assembled workforce and the residual value of the purchase consideration and assumed liabilities that exceeded the assets acquired (see Note 2 None Refund Liability In accordance with the Promotion Agreement, Liquidia PAH receives consideration from Sandoz in the form of a share of Net Profits for the promotional activities it performs. The share of Net Profits received is subject to adjustments from Sandoz for items such as distributor chargebacks, rebates, inventory returns, inventory write-offs and other adjustments (the “Net Profits Adjustment”). As of the date of the Merger Transaction, the Company identified approximately $2,696,000 of Net Profits Adjustment that are expected to be refunded to Sandoz during 2021 2021 December 31, 2020, fourth 2020 Indemnification Asset with Related Party and Litigation Finance Payable Prior to the Closing Date of the Merger Transaction, Liquidia PAH entered into a litigation financing arrangement (the “Financing Agreement”) with Henderson SPV, LLC (“Henderson”). Liquidia PAH, along with Sandoz (collectively the “Plaintiffs”), are pursuing litigation against United Therapeutics Corporation (“United Therapeutics”) and Smiths Medical ASC (see Note 13 Litigation proceeds will be split equally between Liquidia PAH and Sandoz. Litigation proceeds received by Liquidia PAH must be applied first In connection with the Merger Transaction, Liquidia PAH entered into a Litigation Funding and Indemnification Agreement (“Indemnification Agreement”) with PBM. PBM is considered to be a related party as it is controlled by a major stockholder (which beneficially owns approximately 11 percent of Liquidia Corporation Common Stock as of the date of these financial statements) and who is also a member of the Company’s Board of Directors. Prior to the Merger Transaction, Liquidia PAH was actively managing the litigation, and had sole decision-making authority over the litigation. Under the terms of the Indemnification Agreement, PBM now controls the litigation, with Liquidia PAH’s only requirement being to cooperate to support the litigation proceedings as needed. The Indemnification Agreement also provides that Liquidia PAH and its affiliates will not not not Legal expenses incurred for the United Therapeutics and Smiths Medical ASC litigation are recorded as an increase to the Indemnification Asset. Subsequent Deployments received from Henderson are recorded as an increase to the Litigation Finance Payable. As of December 31, 2020, 2021. Liquidia PAH Results of Operations Liquidia PAH’s results of operations and cash flows are included in the Company’s consolidated financial statements for the period subsequent to November 18, 2020 December 31, 2020, December 31, 2020. November 18, 2020 December 31, 2020, December 31, 2020 Revenue $ 739,628 Costs and expenses: Cost of revenue 237,712 Research and development 35,919 General and administrative 216,787 Total costs and expenses 490,418 Total operating income and net income $ 249,210 Transaction Costs In connection with the Merger Transaction, the Company incurred significant one December 31, 2020 December 31, 2020. Supplemental Pro Forma Financial Information The following unaudited pro forma financial information assumes the companies were combined as of January 1, 2019. not January 1, 2019, January 1, 2019 ( Years Ended December 31, 2020 2019 Revenue $ 4,756,625 $ 18,160,476 Net loss $ (57,406,967 ) $ (52,876,681 ) Net loss per common share, basic and diluted $ (1.48 ) $ (2.15 )

Note 4 - Stockholders' Equity

Note 4 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	4. Equity Authorized Capital As of December 31, 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 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 the ATM Agreement Commencing in August 2019 Liquidia Technologies entered into a sales agreement (the “ATM Agreement”) with Jefferies LLC (“Jefferies”) to issue and sell shares of Liquidia Technologies 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 Liquidia Technologies’ sole discretion, under which Jefferies acted as Liquidia Technologies’ agent and/or principal. Liquidia Technologies paid Jefferies a commission equal to 3.0% of the gross proceeds of any common stock sold through Jefferies under the ATM Agreement. During the year ended December 31, 2020, December 31, 2019, Issuance of Common Stock from an Underwritten Public Offering in March 2019 In March 2019, Warrants During the year ended December 31, 2020, December 31, 2019, December 31, 2020 2019, 106,274 $0.0168 December 31, 2026.

Note 5 - Share-based Compensati

Note 5 - Share-based Compensation	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	5. The Company’s 2020 “2020 November 2020. 2020 2018 2020 2020 2020 January 1 2030, December 31, January 1, 2021, 2020 The Company’s 2018 “2018 July 2018. 2018 2018 On January 1, 2019, 2018 1,600,000 January 1, 2020, 2018 2018 2018 2020 2018 2018 2018 not 2020 December 31, 2020, 2018 2018 The 2018 2016 2004 2016 2004 2018 2016 2004 2016 2004 2016 2004 not 2018 December 31, 2020, 2016 2004 2016 2004 During December 2020, 2020 first December 14, 2020 thirty-six LIQ861 June 30, 2022, one December 31, 2021, Share-Based Compensation Valuation and Expense The Company accounts for its employee share-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its share-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: Year Ended December 31, By Expense Category: 2020 2019 Research and development $ 1,099,000 $ 1,119,382 General and administrative 2,855,000 2,256,923 Total $ 3,954,000 $ 3,376,305 Year Ended December 31, By Type of Award: 2020 2019 Stock Options $ 3,817,000 $ 3,240,376 Restricted Stock Units 137,000 135,929 Total $ 3,954,000 $ 3,376,305 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 December 31, 2020 Unamortized Expense Weighted Average Remaining Recognition Period (Years) Stock Options $ 10,977,000 3.5 Restricted Stock Units $ 359,000 3.1 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: Year Ended December 31, 2020 2019 Expected dividend yield —% —% Risk-free interest rate 0.40% - 1.60% 1.40% - 2.40% Expected Volatility 87% - 94% 83% - 88% Expected life (years) 5.8 - 6.2 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 years ended December 31, 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, including the CEO Option, during the year ended December 31, 2020: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2019 2,052,976 $ 9.33 Granted 3,481,191 $ 3.75 Exercised (91,413 ) $ 2.28 Cancelled (750,683 ) $ 8.22 Outstanding as of December 31, 2020 4,692,071 $ 5.51 7.2 $ 37,996 Exercisable as of December 31, 2020 1,167,357 $ 8.77 2.9 $ 1,196 Vested and expected to vest as of December 31, 2020 4,572,623 $ 5.47 7.2 $ 37,996 The aggregate intrinsic value of stock options in the table above represents the difference between the $2.95 closing price of the Company’s common stock as of December 31, 2020 The following table summarizes information about the Company’s stock options as of December 31, 2020: Exercise Price or Range of Exercise Price Options Outstanding Weighted Average Contractual Life (Years) Options Exercisable $1.85 to $2.79 233,771 9.8 3,771 $3.00 2,000,000 9.9 — $3.14 to $3.40 595,233 6.0 78,174 $3.64 to $7.95 670,899 5.8 308,379 $8.00 to $9.01 8,780 4.9 6,213 $9.31 515,990 2.8 394,976 $10.04 to $21.36 667,398 3.9 375,844 4,492,071 7.2 1,167,357 Additional information related to our stock options is summarized below: Year Ended December 31, 2020 2019 Intrinsic value of options exercised $ 176,433 $ 266,040 Fair value of options vested $ 4,178,659 $ 4,131,982 During the years ended December 31, 2020 2019, Restricted Stock Unit Awards During the year ended December 31, 2020, four A summary of nonvested RSU awards outstanding as of December 31, 2020 Number of RSUs Weighted Average Grant-Date Fair Value (per RSU) Nonvested as of December 31, 2019 7,493 $ 28.87 Granted 138,614 3.32 Vested (2,810 ) 28.87 Forfeited (55,166 ) 3.31 Nonvested as of December 31, 2020 88,131 $ 4.68 Employee Stock Purchase Plan In May 2019, 2019 “2019 2019 six March September September 3, 2019. 2019 first September 1, 2019 February 28, 2020, 85% February 28, 2020, second March 1, 2020 August 31, 2020, August 31, 2020, In November 2020, 2020 “2020 2020 2019 December 31, 2020, 2020 2020 six March September three June 1, 2021, six 2020

Note 6 - License Agreements

Note 6 - License Agreements	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
License Agreements [Text Block]	6. 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 7 - Revenue From Contracts

Note 7 - Revenue From Contracts With Customers	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	7. The Company derived its revenue during the year ended December 31, 2020 December 31, 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 December 31, 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 years ended December 31, 2020 2019. In September 2015, February 2016, 606 In July 2018, 1 June 2019, third three 3 no December 31, 2019. not The following tables represent a disaggregation of revenue by each significant research, development and licensing agreement and payment type for the years ended December 31, 2020 2019: Revenue for the Year Ended December 31, 2020 2019 Sandoz Promotion Agreement $ 739,628 — GSK Inhaled revenue: Non-refundable milestones — 1,345,320 Non-refundable upfront payments — 6,726,600 Total GSK Inhaled revenue — 8,071,920 Other research and development services — 200 Total Revenue $ 739,628 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 December 31, 2019.

Note 8 - Property, Plant and Eq

Note 8 - Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	8. Property, plant and equipment consisted of the following: December 31, December 31, 2020 2019 Lab and build-to-suit equipment $ 7,499,645 $ 7,562,263 Office equipment 31,205 128,669 Furniture and fixtures 257,774 237,951 Computer equipment and software 404,558 804,046 Leasehold improvements 11,524,738 11,762,351 Construction-in-progress 65,820 91,797 Total property, plant and equipment 19,783,740 20,587,077 Accumulated depreciation and amortization (12,978,170 ) (11,333,112 ) Property, plant and equipment, net $ 6,805,570 $ 9,253,965 The Company recorded depreciation and amortization expense of $2,856,914 and $2,567,742 for the years ended December 31, 2020 2019, December 31, 2020 2019. The following table details the activity of Construction in Progress (“CIP”) in 2020 2019 Leasehold Build-to-suit Lab Improvements Equipment Equipment Total Balance as of December 31, 2018 $ 63,351 $ — $ 91,797 $ 155,148 Add: Purchases related to CIP 2,820,640 — — 2,820,640 Less: Transfer due to being placed in service (2,883,991 ) — — (2,883,991 ) Balance as of December 31, 2019 — — 91,797 91,797 Add: Acquired in Merger Transaction — 65,820 — 65,820 Less: Transfer due to being placed in service — — (91,797 ) (91,797 ) Balance as of December 31, 2020 $ — $ 65,820 $ — $ 65,820

Note 9 - Income Taxes

Note 9 - Income Taxes	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. No provision for federal and state income tax expense has been recorded for the years ended December 31, 2020 2019 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows as of December 31, 2020 2019: 2020 2019 Deferred income tax assets: Tax loss carryforwards $ 54,844,147 $ 42,107,372 Research and development credits 3,995,782 3,016,889 Share-based compensation 1,501,172 973,905 Lease liability 1,576,326 1,508,645 Compensation 193,490 564,572 Fixed assets 17,421 — Refund liability 620,442 — Patent amortization 76,017 86,985 Other 267,422 55,972 Valuation allowance (61,595,499 ) (47,505,967 ) Total deferred income tax assets 1,496,720 808,373 Deferred income tax liabilities: Fixed assets — 158,787 Section 481(a) adjustment 62,420 Intangible assets 675,866 — Right of use asset 758,434 649,586 Total deferred income tax liabilities 1,496,720 808,373 Total net deferred tax $ — $ — As of December 31, 2020 2019, not not 2020 As of December 31, 2020, 2024 2021 December 31, 2020, 2026. The Internal Revenue Code of 1986, The reasons for the difference between actual income tax expense for the years ended December 31, 2020 2019 2020 2019 % of Pretax % of Pretax Amount Earnings Amount Earnings Income tax benefit at statutory rate $ (12,550,174 ) 21.0 % $ (10,019,974 ) 21.0 % State income taxes, net of federal tax benefit (1,203,286 ) 2.0 (957,616 ) 2.0 Non-deductible expenses 2,929 — 94,903 (0.2 ) Share-based compensation 247,011 (0.4 ) 258,338 (0.5 ) Transaction costs 573,494 (1.0 ) — — Credits (978,793 ) 1.6 (634,842 ) 1.3 Change in state rate (667 ) — 3,887 — Other (70,721 ) 0.1 77,009 (0.1 ) Change in valuation allowance 13,980,207 (23.3 ) 11,178,295 (23.5 ) Provision for income taxes $ — 0.0 % $ — 0.0 % The Company has determined that there may December 31, 2020 2019, Balance at December 31, 2018 $ — Increases related to 2019 158,710 Increases related to prior periods — Balance at December 31, 2019 158,710 Increases related to 2020 244,698 Increases related to prior periods — Balance at December 31, 2020 $ 403,408 The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not no December 31, 2020. not December 31, 2020 2019, no December 31, 2020 2019. The Company has all tax years open to examination by federal tax and state tax jurisdictions. No

Note 10 - Leases, Commitments a

Note 10 - Leases, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Leases and Other Commitments [Text Block]	10. Leases The Company leases certain laboratory space, office space, and equipment. Leases with an initial term of 12 not 842, one not The Company conducts its operations from leased facilities in Morrisville, North Carolina. As of December 31, 2020, October 31, 2026. November 2018, October 31, 2026 first 12 June 2019, 2019 2019. 2019 The Company leases specialized laboratory equipment under finance leases. The related right-of-use assets are amortized on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. The Company does not The Company’s lease cost is reflected in the accompanying Statements of Operations and Comprehensive Loss as follows: Year Ended December 31, Classification 2020 2019 Operating lease cost General and administrative $ 780,470 $ 884,597 Finance lease cost: Amortization of lease assets General and administrative 1,356,307 1,316,924 Interest on lease liabilities Interest expense 125,659 190,687 Total Lease Cost $ 2,262,436 $ 2,392,208 The weighted average remaining lease term and discount rates as of December 31, 2020 Weighted average remaining lease term (years): Operating leases 5.8 Finance leases 0.9 Weighted average discount rate: Operating leases 10.3 % Finance leases 7.3 % The discount rate for operating leases was estimated based upon market rates of collateralized loan obligations of comparable companies on comparable terms. The future minimum lease payments as of December 31, 2020 Operating Finance Year ending December 31: Leases Leases Total 2021 $ 1,207,708 $ 957,193 $ 2,164,901 2022 1,243,934 260,857 1,504,791 2023 1,283,253 — 1,283,253 2024 1,316,540 — 1,316,540 2025 1,355,923 — 1,355,923 Thereafter 1,157,807 — 1,157,807 Total minimum lease payments 7,565,165 1,218,050 8,783,215 Less: Interest (1,894,194 ) (39,430 ) (1,933,624 ) Present value of lease liabilities $ 5,670,971 $ 1,178,620 $ 6,849,591 Other Commitments and Contingencies In connection with the Merger Transaction, we agreed to issue additional consideration of up to 2,708,333 additional shares of common stock to the former equity holders of Raregen (now Liquidia PAH) contingent on achievement of certain Liquidia PAH revenue targets during the year ending December 31, 2021. December 31, 2020, In March 2012, no none December 31, 2020. We enter into contracts in the normal course of business with contract service providers to assist in the performance of our research and development and manufacturing activities. Subject to required notice periods and our obligations under binding purchase orders, we can elect to discontinue the work under these agreements at any time. In addition, we have entered into a multi-year agreement with LGM Pharma, LLC (LGM) to produce active pharmaceutical ingredients for LIQ861. five first LIQ861. December 31, 2021. The Company from time-to-time is subject to claims and litigation in the normal course of business, none 13 We also have employment agreements with certain employees which require the funding of a specific level of payments, if certain events, such as a change in control or termination without cause, occur.

Note 11 - Long-term Debt

Note 11 - Long-term Debt	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	11. Long-term debt consisted of the following as of December 31, 2020 2019: December 31, December 31, Maturity Date 2020 2019 Pacific Western Bank note October 25, 2022 $ 10,292,485 $ 15,878,121 Less current portion — (5,585,637 ) Long-term debt, less current portion $ 10,292,485 $ 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 carried a one October 27, 2020. December 2019 December 2019. December 31, 2020 2019. ten one 15 In May 2019, December 31, 2019. December 31, 2020, On July 3, 2020, not 30 not On February 26, 2021 ( two March 1, 2021 December 31, 2020 470 10 45 14. 14

Note 12 - Defined Contribution

Note 12 - Defined Contribution Retirement Plan	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Defined Contribution Plan [Text Block]	12. The Company maintains a defined contribution 401 sixty may December 31, 2020 2019 December 31, 2020 2019,

Note 13 - Legal Proceedings

Note 13 - Legal Proceedings	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	13. LIQ861 On June 4, 2020, No. 1:20 00755 9,604,901, “’901 9,593,066, “’066 July 16, 2020, ’901 ’066 LIQ861 LIQ861, LIQ861, LIQ861 505 2 LIQ861 30 LIQ861 LIQ861 505 2 LIQ861 On July 21, 2020, No. 10,716,793 “793 July 22, 2020, ‘793 LIQ861. ‘793 30 LIQ861, ‘901 ‘066 ‘793 LIQ861. ‘793 November 3, 2020. On July 30, 2020, May 2021 March 2022. On March 30, 2020, two ‘901 ‘901 second ‘066 ‘066 ‘901 ‘066 No. 8,497,393 2016 October 13, 2020, ‘901 ‘066 ‘066 not one ‘901 12 On January 7, 2021, ‘793 ‘793 third 2021, ‘793 12 Liquidia PAH-Related Litigation On April 16, 2019, No. No. 3:19 10170 1890, March 20, 2020, first 2015, not On January 29, 2020, November 6, 2020, 3 3 3 3 3 10

Note 14 - Subsequent Event

Note 14 - Subsequent Event	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	14. On February 26, 2021 ( two The Loan Agreement established a term loan facility in the aggregate principal amount of up to $20.5 million (the “Term Loan Facility”). An initial $10.5 million (the “Term A Loan”) was funded to the Company on the Effective Date. Availability of $5.0 million under the second LIQ861 June 30, 2022, third LIQ861 December 31, 2022. October 26, 2018, As security for its obligations under the Loan Agreement, Liquidia granted Lender a continuing security interest in substantially all of the assets of Liquidia, other than intellectual property. The Term Loans made under the Term Loan Facility mature on September 1, 2024 ( March 31, 2023 ( four x five In the event that Liquidia elects to terminate the Term Loan Facility in its entirety, it may five 5.0% Subject to certain exceptions, the Loan Agreement contains covenants prohibiting the Company from, among other things, and subject to certain limited exceptions: (a) conveying, selling, leasing, transferring or otherwise disposing of its properties or assets; (b) liquidating or dissolving; (c) engaging in any business other than the business currently engaged in or reasonably related thereto by it or any of its subsidiaries; (d) engaging in mergers or acquisitions; (e) incurrence of additional indebtedness; (f) allowing any lien or encumbrance on any of its property; (g) paying any dividends; (h) repurchasing its equity; and (i) making payment on subordinated debt. In addition, the Loan Agreement requires Liquidia to maintain an unrestricted and unencumbered “Minimum Cash Balance” (as defined therein) equal to at least (i) $30.0 million during the period commencing on the Effective Date and including the date immediately prior to the funding date of the Term B Loan (the “Term B Loan Funding Date”) and (ii) during the period commencing on the Term B Loan Funding Date through and including the date immediately prior to the funding date of the Term C Loan (the “Term C Loan Funding Date”), $35.0 million. Moreover, in the event the Minimum Cash Balance is not March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 June 30, 2022 provided however provided further no The Loan Agreement also contains customary events of default, including among other things, the Company’s failure to make any principal or interest payments when due, the occurrence of certain bankruptcy or insolvency events or the Company’s breach of the covenants under the Loan Agreement, or other material adverse changes relating to Liquidia. Furthermore, per the Loan Agreement, an event of default shall occur upon any formal court ruling against Liquidia that the Lender determines in its good faith busines judgment is reasonably likely to prohibit its ability to obtain final approval from the FDA with respect to its New Drug Application for LIQ861 LIQ861 may, In connection with the Loan Agreement, the Company issued to the Lender a warrant, dated as of the Effective Date (the “Warrant”) to purchase up to 200,000 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”), of which ( x 10 ten 10 not one

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The Company has prepared the accompanying financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s financial position, results of operations and cash flows and are presented in U.S. Dollars.
Consolidation, Policy [Policy Text Block]	Consolidation The accompanying consolidated financial statements include the Company’s wholly owned subsidiaries, Liquidia Technologies and Liquidia PAH. All intercompany accounts and transactions have been eliminated.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results will most likely differ from those estimates.
Reclassification, Comparability Adjustment [Policy Text Block]	Revision of Previously Issued Financial Statements During the three June 30, 2020, December 31, 2019. not December 31, 2019 Year Ended December 31, 2019 As Presented As Revised Net loss per common share: Diluted $ (2.59 ) $ (2.57 ) Diluted weighted average shares outstanding 18,371,083 18,482,455
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash The Company considers all highly liquid investments with a maturity of three December 31, 2020 2019.
Accounts Receivable [Policy Text Block]	Accounts Receivable Accounts receivable are stated at net realizable value including an allowance for doubtful accounts as of each balance sheet date, if applicable. The Company has not December 31, 2020 2019.
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 and accounts receivable. 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 balance sheet. With regard to cash, 99% of the Company’s cash is held on deposit with Pacific Western Bank (“Pacific Western”). With regard to revenues and concentration of credit risk, GlaxoSmithKline plc (“GSK” and “GSK Inhaled”) accounted for $0 and $8.1 million of our revenue during the years ended December 31, 2020 2019, December 31, 2020 2019,
Lessee, Leases [Policy Text Block]	Leases In February 2016, 2016 02, Leases 842 2016 02” 842, January 1, 2019, 2016 02 January 1, 2019. 842 January 1, 2019. 2016 02 no The provisions of ASU 2016 02 not 12 12
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets beginning when the assets are placed in service. Estimated useful lives for the major asset categories are: Lab and build-to-suit equipment (years) 5 - 7 Office equipment (years) 5 Furniture and fixtures (years) 10 Computer equipment (years) 3 Leasehold improvements Lesser of life of the asset or remaining lease term Major renewals and improvements are capitalized to the extent that they increase the useful economic life or increase the expected economic benefit of the underlying asset. Maintenance and repairs are charged to operations as incurred. When items of property, plant and equipment are sold or retired, the related cost and accumulated depreciation or amortization is removed from the accounts, and any gain or loss is included in operating expenses in the accompanying Statements of Operations and Comprehensive Loss.
Business Combinations Policy [Policy Text Block]	Business Combination In a business combination, the acquisition method of accounting requires that the assets acquired and liabilities assumed be recorded as of the date of the acquisition at their respective fair values with limited exceptions. Assets acquired and liabilities assumed in a business combination that arise from contingencies are generally recognized at fair value. If fair value cannot be determined, the asset or liability is recognized if probable and reasonably estimable; if these criteria are not no
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-Lived Assets The Company reviews long-lived assets, including definite-life intangible assets, for realizability on an ongoing basis. Changes in depreciation and amortization, generally accelerated depreciation and variable amortization, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change. The Company also reviews for impairment when conditions exist that indicate the carrying amount of the assets may not no
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill The Company acquired goodwill on its balance sheet during the fourth 2020 July 1 may not first not not Per ASU 2017 04 not As of December 31, 2020 no not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition from Promotion Agreements The Company recognizes revenue in accordance with Accounting Standards Update (ASU) 2014 09, Revenue from Contracts with Customers (Topic 606 606 five ● Step 1: ● Step 2: ● Step 3: ● Step 4: ● Step 5: In order to identify the performance obligations in a contract with a customer, the Company assesses the promised goods or services in the contract and identifies each promised good or service that is distinct. If a good or service is not The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not Revenue is measured based on consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a service to a customer. The amount of revenue recognized reflects estimates for refunds and returns, which are presented as a reduction of Accounts receivable where the right of setoff exists. On August 1, 2018, first The Company determined that certain activities within the contract are within the scope of ASC 808, Collaborative Arrangements In addition, the Company determined that the services provided under the Promotion Agreement fall within the scope of Topic 606. one one 2018 18: Clarifying the Interaction between Topic 808 606 606. Revenue Recognition from Research and Development Services The Company derives collaboration revenue primarily from licensing its proprietary PRINT technology and from performing research and development services. Collaboration revenues are recognized as services are performed in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services and technology. 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 December 31, 2020 December 31, 2019. 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.
Segment Reporting, Policy [Policy Text Block]	Segment Information U.S. GAAP requires segmentation based on an entity’s internal organization and reporting of revenue and operating income based upon internal accounting methods commonly referred to as the “management approach.” Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM), or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it has one
Research and Development Expense, Policy [Policy Text Block]	Research and Development Expense Research and development costs are expensed as incurred and include direct costs incurred to third
Patent Maintenance, Policy [Policy Text Block]	Patent Maintenance The Company is responsible for all patent costs, past and future, associated with the preparation, filing, prosecution, issuance, maintenance, enforcement and defense of United States patent applications. Such costs are recorded as general and administrative expenses as incurred. To the extent that the Company’s licensees share these costs, such benefit is recorded as a reduction of the related expenses.
Share-based Payment Arrangement [Policy Text Block]	Share-Based Compensation The Company estimates the grant date fair value of its share-based awards and amortizes this fair value to compensation expense over the requisite service period or vesting term (see Note 5
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 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 warrants 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 years ended December 31, 2020 2019 not Year Ended December 31, 2020 2019 Stock options 2,652,525 1,979,411 Restricted stock units 98,705 — Total 2,751,230 1,979,411
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying values of cash, accounts receivable, and accounts payable at December 31, 2020 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 December 31, 2020 2019: December 31, 2020 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 9,842,069 $ — $ 10,292,485 December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value 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
Deferred Charges, Policy [Policy Text Block]	Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third
Income Tax, Policy [Policy Text Block]	Income Taxes The asset and liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets when realization of the tax benefit is uncertain. A valuation allowance is recorded, if necessary, to reduce net deferred taxes to their realizable values if management believes it is more likely than not not The Company may not 50%
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 December 31, 2020. In January 2017, No. 2017 04, Simplifying the Test for Goodwill Impairment not zero 2 zero December 31, 2020. not In June 2016, 2016 13, Financial Instruments Credit Losses, January 1, 2020. no

Note 2 - Basis of Presentatio_2

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	Year Ended December 31, 2019 As Presented As Revised Net loss per common share: Diluted $ (2.59 ) $ (2.57 ) Diluted weighted average shares outstanding 18,371,083 18,482,455
Schedule of Property, Plant and Equipment, Useful Life [Table Text Block]	Lab and build-to-suit equipment (years) 5 - 7 Office equipment (years) 5 Furniture and fixtures (years) 10 Computer equipment (years) 3 Leasehold improvements Lesser of life of the asset or remaining lease term
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Year Ended December 31, 2020 2019 Stock options 2,652,525 1,979,411 Restricted stock units 98,705 — Total 2,751,230 1,979,411
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]	December 31, 2020 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 9,842,069 $ — $ 10,292,485 December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Carrying Value Pacific Western Bank note - A&R LSA $ — $ 14,094,792 $ — $ 15,878,121

Note 3 - Acquisition of RareG_2

Note 3 - Acquisition of RareGen LLC (now Liquidia PAH, LLC) (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Number of common shares to be issued to RareGen’s members 6,166,666 Multiplied by the fair value per share of Liquidia Technologies common stock $ 3.38 Total estimated purchase price $ 20,843,331
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Cash $ 1,000,000 Property and equipment 79,330 Prepaid and other current assets 30,190 Intangible asset 5,620,000 Contract acquisition costs 12,980,000 Indemnification asset 1,065,538 Goodwill 3,903,282 Less other current liabilities (492,499 ) Less refund liability (2,696,000 ) Less litigation finance payable, current (646,510 ) Total estimated purchase price $ 20,843,331
Business Acquisition, Pro Forma Information [Table Text Block]	Revenue $ 739,628 Costs and expenses: Cost of revenue 237,712 Research and development 35,919 General and administrative 216,787 Total costs and expenses 490,418 Total operating income and net income $ 249,210 Years Ended December 31, 2020 2019 Revenue $ 4,756,625 $ 18,160,476 Net loss $ (57,406,967 ) $ (52,876,681 ) Net loss per common share, basic and diluted $ (1.48 ) $ (2.15 )

Note 5 - Share-based Compensa_2

Note 5 - Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Year Ended December 31, By Expense Category: 2020 2019 Research and development $ 1,099,000 $ 1,119,382 General and administrative 2,855,000 2,256,923 Total $ 3,954,000 $ 3,376,305 Year Ended December 31, By Type of Award: 2020 2019 Stock Options $ 3,817,000 $ 3,240,376 Restricted Stock Units 137,000 135,929 Total $ 3,954,000 $ 3,376,305
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block]	As of December 31, 2020 Unamortized Expense Weighted Average Remaining Recognition Period (Years) Stock Options $ 10,977,000 3.5 Restricted Stock Units $ 359,000 3.1
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Year Ended December 31, 2020 2019 Expected dividend yield —% —% Risk-free interest rate 0.40% - 1.60% 1.40% - 2.40% Expected Volatility 87% - 94% 83% - 88% Expected life (years) 5.8 - 6.2 6.04
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2019 2,052,976 $ 9.33 Granted 3,481,191 $ 3.75 Exercised (91,413 ) $ 2.28 Cancelled (750,683 ) $ 8.22 Outstanding as of December 31, 2020 4,692,071 $ 5.51 7.2 $ 37,996 Exercisable as of December 31, 2020 1,167,357 $ 8.77 2.9 $ 1,196 Vested and expected to vest as of December 31, 2020 4,572,623 $ 5.47 7.2 $ 37,996
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Exercise Price or Range of Exercise Price Options Outstanding Weighted Average Contractual Life (Years) Options Exercisable $1.85 to $2.79 233,771 9.8 3,771 $3.00 2,000,000 9.9 — $3.14 to $3.40 595,233 6.0 78,174 $3.64 to $7.95 670,899 5.8 308,379 $8.00 to $9.01 8,780 4.9 6,213 $9.31 515,990 2.8 394,976 $10.04 to $21.36 667,398 3.9 375,844 4,492,071 7.2 1,167,357
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block]	Year Ended December 31, 2020 2019 Intrinsic value of options exercised $ 176,433 $ 266,040 Fair value of options vested $ 4,178,659 $ 4,131,982
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of RSUs Weighted Average Grant-Date Fair Value (per RSU) Nonvested as of December 31, 2019 7,493 $ 28.87 Granted 138,614 3.32 Vested (2,810 ) 28.87 Forfeited (55,166 ) 3.31 Nonvested as of December 31, 2020 88,131 $ 4.68

Note 7 - Revenue From Contrac_2

Note 7 - Revenue From Contracts With Customers (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Revenue for the Year Ended December 31, 2020 2019 Sandoz Promotion Agreement $ 739,628 — GSK Inhaled revenue: Non-refundable milestones — 1,345,320 Non-refundable upfront payments — 6,726,600 Total GSK Inhaled revenue — 8,071,920 Other research and development services — 200 Total Revenue $ 739,628 8,072,120

Note 8 - Property, Plant and _2

Note 8 - Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, December 31, 2020 2019 Lab and build-to-suit equipment $ 7,499,645 $ 7,562,263 Office equipment 31,205 128,669 Furniture and fixtures 257,774 237,951 Computer equipment and software 404,558 804,046 Leasehold improvements 11,524,738 11,762,351 Construction-in-progress 65,820 91,797 Total property, plant and equipment 19,783,740 20,587,077 Accumulated depreciation and amortization (12,978,170 ) (11,333,112 ) Property, plant and equipment, net $ 6,805,570 $ 9,253,965
Schedule of Construction In Progress Roll forward [Table Text Block]	Leasehold Build-to-suit Lab Improvements Equipment Equipment Total Balance as of December 31, 2018 $ 63,351 $ — $ 91,797 $ 155,148 Add: Purchases related to CIP 2,820,640 — — 2,820,640 Less: Transfer due to being placed in service (2,883,991 ) — — (2,883,991 ) Balance as of December 31, 2019 — — 91,797 91,797 Add: Acquired in Merger Transaction — 65,820 — 65,820 Less: Transfer due to being placed in service — — (91,797 ) (91,797 ) Balance as of December 31, 2020 $ — $ 65,820 $ — $ 65,820

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2020 2019 Deferred income tax assets: Tax loss carryforwards $ 54,844,147 $ 42,107,372 Research and development credits 3,995,782 3,016,889 Share-based compensation 1,501,172 973,905 Lease liability 1,576,326 1,508,645 Compensation 193,490 564,572 Fixed assets 17,421 — Refund liability 620,442 — Patent amortization 76,017 86,985 Other 267,422 55,972 Valuation allowance (61,595,499 ) (47,505,967 ) Total deferred income tax assets 1,496,720 808,373 Deferred income tax liabilities: Fixed assets — 158,787 Section 481(a) adjustment 62,420 Intangible assets 675,866 — Right of use asset 758,434 649,586 Total deferred income tax liabilities 1,496,720 808,373 Total net deferred tax $ — $ —
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2020 2019 % of Pretax % of Pretax Amount Earnings Amount Earnings Income tax benefit at statutory rate $ (12,550,174 ) 21.0 % $ (10,019,974 ) 21.0 % State income taxes, net of federal tax benefit (1,203,286 ) 2.0 (957,616 ) 2.0 Non-deductible expenses 2,929 — 94,903 (0.2 ) Share-based compensation 247,011 (0.4 ) 258,338 (0.5 ) Transaction costs 573,494 (1.0 ) — — Credits (978,793 ) 1.6 (634,842 ) 1.3 Change in state rate (667 ) — 3,887 — Other (70,721 ) 0.1 77,009 (0.1 ) Change in valuation allowance 13,980,207 (23.3 ) 11,178,295 (23.5 ) Provision for income taxes $ — 0.0 % $ — 0.0 %
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	Balance at December 31, 2018 $ — Increases related to 2019 158,710 Increases related to prior periods — Balance at December 31, 2019 158,710 Increases related to 2020 244,698 Increases related to prior periods — Balance at December 31, 2020 $ 403,408

Note 10 - Leases, Commitments_2

Note 10 - Leases, Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	Year Ended December 31, Classification 2020 2019 Operating lease cost General and administrative $ 780,470 $ 884,597 Finance lease cost: Amortization of lease assets General and administrative 1,356,307 1,316,924 Interest on lease liabilities Interest expense 125,659 190,687 Total Lease Cost $ 2,262,436 $ 2,392,208 Weighted average remaining lease term (years): Operating leases 5.8 Finance leases 0.9 Weighted average discount rate: Operating leases 10.3 % Finance leases 7.3 %
Lease Liability Maturity [Table Text Block]	Operating Finance Year ending December 31: Leases Leases Total 2021 $ 1,207,708 $ 957,193 $ 2,164,901 2022 1,243,934 260,857 1,504,791 2023 1,283,253 — 1,283,253 2024 1,316,540 — 1,316,540 2025 1,355,923 — 1,355,923 Thereafter 1,157,807 — 1,157,807 Total minimum lease payments 7,565,165 1,218,050 8,783,215 Less: Interest (1,894,194 ) (39,430 ) (1,933,624 ) Present value of lease liabilities $ 5,670,971 $ 1,178,620 $ 6,849,591

Note 11 - Long-term Debt (Table

Note 11 - Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	December 31, December 31, Maturity Date 2020 2019 Pacific Western Bank note October 25, 2022 $ 10,292,485 $ 15,878,121 Less current portion — (5,585,637 ) Long-term debt, less current portion $ 10,292,485 $ 10,292,484

Note 1 - Business (Details Text

Note 1 - Business (Details Textual)	Nov. 18, 2020USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Number of Products Under Development		2	2
Net Income (Loss) Attributable to Parent, Total | $			$ (59,762,769)	$ (47,583,455)
Retained Earnings (Accumulated Deficit), Ending Balance | $		$ (275,002,219)	$ (275,002,219)	$ (215,239,450)
Merger With RareGen LLC [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares	6,166,666	5,550,000
Business Acquisition, Minimum Cash at Closing to Entitle Members of Acquired Company to Pro Rata Portion in Excess | $	$ 1,000,000
Business Combination, Consideration Transferred, Total | $	$ 20,843,331
Merger With RareGen LLC [Member] | Maximum [Member]
Business Acquisition, Number of Additional Shares Issuable Upon Achievement of Sales Target (in shares) | shares	2,708,333
Merger With RareGen LLC [Member] | Holdback Shares [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares	616,666
Merger With RareGen LLC [Member] | RareGen Common Units Converted to HoldCo Common Units [Member]
Conversion of Stock, Shares Converted (in shares) | shares	10,000

Note 2 - Basis of Presentatio_3

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	Aug. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Cash Equivalents, at Carrying Value, Total		$ 0	$ 0
Accounts Receivable, Allowance for Credit Loss, Current		0	0
Revenue from Contract with Customer, Excluding Assessed Tax, Total		739,628	8,072,120
Lease Liability		6,849,591
Retained Earnings (Accumulated Deficit), Ending Balance		$ (275,002,219)	(215,239,450)
Number of Operating Segments		1
Accounting Standards Update 2016-02 [Member]
Right-of-Use Asset				$ 6,400,000
Lease Liability				9,100,000
Retained Earnings (Accumulated Deficit), Ending Balance				$ (600,000)
GlaxoSmithKline [Member]
Revenue from Contract with Customer, Excluding Assessed Tax, Total		$ 0	8,100,000
Sandoz [Member]
Revenue from Contract with Customer, Excluding Assessed Tax, Total		$ 700,000	$ 0
Sandoz [Member]
Marketing and Advertising Expense, Total	$ 20,000,000
Credit Concentration Risk [Member] | Cash Held on Deposit [Member] | Pacific Western Bank [Member]
Concentration Risk, Percentage		99.00%
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | GlaxoSmithKline [Member]
Concentration Risk, Percentage		0.00%	100.00%
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Sandoz [Member]
Concentration Risk, Percentage		100.00%	0.00%

Note 2 - Basis of Presentatio_4

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Revision of Previously Issued Financial Statements (Details)	12 Months Ended
	Dec. 31, 2019$ / sharesshares
Net loss per common share: Diluted (in dollars per share) | $ / shares	$ (2.57)
Diluted weighted average shares outstanding (in shares) | shares	18,482,455
Previously Reported [Member]
Net loss per common share: Diluted (in dollars per share) | $ / shares	$ (2.59)
Diluted weighted average shares outstanding (in shares) | shares	18,371,083

Note 2 - Basis of Presentatio_5

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives for Major Asset Categories (Details)	12 Months Ended
	Dec. 31, 2020
Lab and Build-to-Suit Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful life (Year)	5 years
Lab and Build-to-Suit Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful life (Year)	7 years
Office Equipment [Member]
Property, Plant and Equipment, Useful life (Year)	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful life (Year)	10 years
Computer Equipment [Member]
Property, Plant and Equipment, Useful life (Year)	3 years
Leasehold Improvements [Member]
Property, Plant and Equipment, Estimated Useful life	Lesser of life of the asset or remaining lease term

Note 2 - Basis of Presentatio_6

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Common Stock Equivalent Shares Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	2,751,230	1,979,411
Share-based Payment Arrangement, Option [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	2,652,525	1,979,411
Restricted Stock Units (RSUs) [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	98,705	0

Note 2 - Basis of Presentatio_7

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Financial Liabilities (Details) - Pacific Western Bank Note, A&R LSA [Member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Reported Value Measurement [Member]
Total financial instruments	$ 10,292,485	$ 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	9,842,069	14,094,792
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Total financial instruments	$ 0	$ 0

Note 3 - Acquisition of RareG_3

Note 3 - Acquisition of RareGen LLC (now Liquidia PAH, LLC) (Details Textual) - USD ($)	Nov. 18, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Combination, Contract Acquisition Costs, Net		$ 12,792,491	$ 12,792,491	$ 0
Goodwill, Ending Balance		3,903,282	3,903,282	0
Business Combination, Indemnification Assets, Amount as of Acquisition Date		1,387,275	1,387,275	$ 0
PBM [Member] | Liquidia Corporation [Member]
Related Party Ownership Percentage	11.00%
Sandoz Member [Member]
Accounts Receivable Related to Net Service Revenues Offset Against the Refund Liability		$ 927,136	927,136
Henderson [Member] | Liquidia PAH [Member] | UTC and Smiths Medical Litigation [Member]
Financing Agreement, Litigation Expenses, Maximum Commitment to be Received	$ 10,000,000
Merger With RareGen LLC [Member]
Business Combination, Consideration Transferred, Total	$ 20,843,331
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	6,166,666	5,550,000
Business Acquisition, Share Price (in dollars per share)	$ 3.38
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 5,534,843	5,534,843
Business Combination, Contract Acquisition Costs, Net	$ 12,980,000
Amortization of Intangible Assets, Total			85,157
Goodwill, Ending Balance	3,903,282	3,903,282	3,903,282
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Refund Liability	2,696,000
Business Combination, Indemnification Assets, Amount as of Acquisition Date	1,065,538
Merger With RareGen LLC [Member] | General and Administrative Expense [Member]
Business Combination, Acquisition Related Costs			4,800,000
Merger With RareGen LLC [Member] | Contract Acquisition Costs [Member]
Business Combination, Contingent Consideration, Asset, Total	12,980,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 5,620,000
Business Combination, Amortization Expense			187,508
Business Combination, Contract Acquisition Costs, Net		$ 12,792,491	$ 12,792,491
Merger With RareGen LLC [Member] | Holdback Shares [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	616,666

Note 3 - Acquisition of RareG_4

Note 3 - Acquisition of RareGen LLC (now Liquidia PAH, LLC) - Allocated Purchase Price (Details) - Merger With RareGen LLC [Member] - USD ($)	Nov. 18, 2020	Dec. 31, 2020
Number of common shares to be issued to RareGen’s members (in shares)	6,166,666	5,550,000
Multiplied by the fair value per share of Liquidia Technologies common stock (in dollars per share)	$ 3.38
Total estimated purchase price	$ 20,843,331

Note 3 - Acquisition of RareG_5

Note 3 - Acquisition of RareGen LLC (now Liquidia PAH, LLC) - Purchase Price Allocation (Details) - USD ($)	Dec. 31, 2020	Nov. 18, 2020	Dec. 31, 2019
Business Combination, Contract Acquisition Costs, Net	$ 12,792,491		$ 0
Business Combination, Indemnification Assets, Amount as of Acquisition Date	1,387,275		0
Goodwill, Ending Balance	3,903,282		$ 0
Merger With RareGen LLC [Member]
Cash		$ 1,000,000
Property and equipment		79,330
Prepaid and other current assets		30,190
Intangible asset		5,620,000
Business Combination, Contract Acquisition Costs, Net		12,980,000
Business Combination, Indemnification Assets, Amount as of Acquisition Date		1,065,538
Goodwill, Ending Balance	$ 3,903,282	3,903,282
Less other current liabilities		(492,499)
Less refund liability		(2,696,000)
Less litigation finance payable, current		(646,510)
Total estimated purchase price		$ 20,843,331

Note 3 - Acquisition of RareG_6

Note 3 - Acquisition of RareGen LLC (now Liquidia PAH, LLC) - Results of Operations and Pro Forma Information (Details) - Merger With RareGen LLC [Member] - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 739,628
Cost of revenue	237,712
Research and development	35,919
General and administrative	216,787
Total costs and expenses	490,418
Total operating income and net income	$ 249,210
Revenue		$ 4,756,625	$ 18,160,476
Net loss		$ (57,406,967)	$ (52,876,681)
Net loss per common share, basic and diluted (in dollars per share)		$ (1.48)	$ (2.15)

Note 4 - Stockholders' Equity (

Note 4 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jul. 02, 2020	Jun. 29, 2020	Dec. 23, 2019	Aug. 31, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Common Stock and Preferred Stock, Shares Authorized (in shares)						90,000,000
Common Stock and Preferred Stock, Par or Stated Value Per Share (in dollars per share)						$ 0.001
Common Stock, Shares Authorized (in shares)						80,000,000	40,000,000
Preferred Stock, Shares Authorized (in shares)						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	64,629
Class of Warrant or Right, Outstanding (in shares)						106,274	106,274
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						$ 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	$ 75
Proceeds from Issuance of Common Stock, Net	$ 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	2,409,356
Proceeds from Issuance of Common Stock							$ 8.4
Proceeds from Issuance of Common Stock, Net of Offering Costs						$ 0.7	$ 8.1
ATM Agreement [Member] | Jefferies, LLC [Member]
Sale of Stock, Maximum Aggregate Offering Price				$ 40
Sale of Stock, Commission Percentage				3.00%

Note 5 - Share-based Compensa_3

Note 5 - Share-based Compensation (Details Textual) - USD ($)	Jan. 01, 2021	Aug. 31, 2020	Feb. 28, 2020	Jan. 01, 2020	Jan. 01, 2019	Dec. 31, 2020	Nov. 30, 2020	Aug. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	May 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)									3,481,191
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)									$ 3.75
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)									$ 2.78	$ 8
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
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)									91,413	32,325
Proceeds from Stock Options Exercised									$ 43,141	$ 141,347
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)									4 years
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			$ 2.95		$ 5.12	$ 2.95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)									40,685	32,325
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)						2,000,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)						$ 3
Chief Executive Officer [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)						1 year
Chief Executive Officer [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						25.00%
Chief Executive Officer [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						25.00%
Chief Executive Officer [Member] | Share-based Payment Arrangement, Tranche One, Two, Three, and Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						100.00%
Employees [Member] | 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
The 2020 Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)							1,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Percent Annual Increase in Capital Shares Reserved for Future Issuance							4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)						1,222,000			1,222,000
The 2020 Plan [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	1,733,432
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	2,955,432
The 2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)				1,129,250	620,778
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)				2,416,811	2,220,778	1,455,465			1,455,465	1,287,561			1,600,000
The 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)						580,847			580,847
The 2004 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)						265,890			265,890
The ESPP [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)						300,000			300,000		300,000
Employee Stock Purchase Plan, Stock Issued During Period, Shares (in shares)		1,821	3,269
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent								85.00%	85.00%
Employee Stock Purchase Plan, Maximum Contribution Per Eligible Employee						$ 25,000			$ 25,000

Note 5 - Share-based Compensa_4

Note 5 - Share-based Compensation - Stock-based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation expense	$ 3,954,000	$ 3,376,305
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	3,817,000	3,240,376
Restricted Stock Units (RSUs) [Member]
Stock-based compensation expense	137,000	135,929
Research and Development Expense [Member]
Stock-based compensation expense	1,099,000	1,119,382
General and Administrative Expense [Member]
Stock-based compensation expense	$ 2,855,000	$ 2,256,923

Note 5 - Share-based Compensa_5

Note 5 - Share-based Compensation - Unamortized Compensation Expense (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Share-based Payment Arrangement, Option [Member]
Stock-based awards, unamortized expense	$ 10,977,000
Stock-based awards, weighted average remaining recognition period (Year)	3 years 6 months
Restricted Stock Units (RSUs) [Member]
Stock-based awards, unamortized expense	$ 359,000
Stock-based awards, weighted average remaining recognition period (Year)	3 years 1 month 6 days

Note 5 - Share-based Compensa_6

Note 5 - Share-based Compensation - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Expected dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	0.40%	1.40%
Risk-free interest rate, maximum	1.60%	2.40%
Expected Volatility, minimum	87.00%	83.00%
Expected Volatility, maximum	94.00%	88.00%
Expected life (years) (Year)		6 years 14 days
Minimum [Member]
Expected life (years) (Year)	5 years 9 months 18 days
Maximum [Member]
Expected life (years) (Year)	6 years 2 months 12 days

Note 5 - Share-based Compensa_7

Note 5 - Share-based Compensation - Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / sharesshares
Outstanding, number of shares (in shares) | shares	2,052,976
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 9.33
Granted, number of shares (in shares) | shares	3,481,191
Granted, weighted average exercise price (in dollars per share) | $ / shares	$ 3.75
Exercised, number of shares (in shares) | shares	(91,413)	(32,325)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 2.28
Cancelled, number of shares (in shares) | shares	(750,683)
Cancelled, weighted average exercise price (in dollars per share) | $ / shares	$ 8.22
Outstanding, number of shares (in shares) | shares	4,692,071	2,052,976
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 5.51	$ 9.33
Outstanding, weighted average contractual term (Year)	7 years 2 months 12 days
Outstanding, aggregate intrinsic value | $	$ 37,996
Exercisable, number of shares (in shares) | shares	1,167,357
Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 8.77
Exercisable, weighted average contractual term (Year)	2 years 10 months 24 days
Exercisable, aggregate intrinsic value | $	$ 1,196
Vested and expected to vest, number of shares (in shares) | shares	4,572,623
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares	$ 5.47
Vested and expected to vest, weighted average contractual term (Year)	7 years 2 months 12 days
Vested and expected to vest, aggregate intrinsic value | $	$ 37,996

Note 5 - Share-based Compensa_8

Note 5 - Share-based Compensation - Summarizes Information about Stock Options (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Options Outstanding (in shares)	4,492,071
Weighted Average Contractual Life (Year)	7 years 2 months 12 days
Options Exercisable (in shares)	1,167,357
Price Range One [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) | $ / shares	$ 1.85
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) | $ / shares	$ 2.79
Options Outstanding (in shares)	233,771
Weighted Average Contractual Life (Year)	9 years 9 months 18 days
Options Exercisable (in shares)	3,771
Price Range Two [Member]
Options Outstanding (in shares)	2,000,000
Weighted Average Contractual Life (Year)	9 years 10 months 24 days
Options Exercisable (in shares)	0
Options outstanding, exercise price (in dollars per share) | $ / shares	$ 3
Price Range Three [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) | $ / shares	3.14
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) | $ / shares	$ 3.40
Options Outstanding (in shares)	595,233
Weighted Average Contractual Life (Year)	6 years
Options Exercisable (in shares)	78,174
Price Range Four [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) | $ / shares	$ 3.64
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) | $ / shares	$ 7.95
Options Outstanding (in shares)	670,899
Weighted Average Contractual Life (Year)	5 years 9 months 18 days
Options Exercisable (in shares)	308,379
Price Range Five [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) | $ / shares	$ 8
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) | $ / shares	$ 9.01
Options Outstanding (in shares)	8,780
Weighted Average Contractual Life (Year)	4 years 10 months 24 days
Options Exercisable (in shares)	6,213
Price Range Six [Member]
Options Outstanding (in shares)	515,990
Weighted Average Contractual Life (Year)	2 years 9 months 18 days
Options Exercisable (in shares)	394,976
Options outstanding, exercise price (in dollars per share) | $ / shares	$ 9.31
Price Range Seven [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) | $ / shares	10.04
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) | $ / shares	$ 21.36
Options Outstanding (in shares)	667,398
Weighted Average Contractual Life (Year)	3 years 10 months 24 days
Options Exercisable (in shares)	375,844

Note 5 - Share-based Compensa_9

Note 5 - Share-based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intrinsic value of options exercised	$ 176,433	$ 266,040
Fair value of options vested	$ 4,178,659	$ 4,131,982

Note 5 - Share-based Compens_10

Note 5 - Share-based Compensation - Nonvested RSU Awards Outstanding (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 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	(2,810)
Vested , weighted average grant date fair value (in dollars per share) | $ / shares	$ 28.87
Forfeited, number (in shares) | shares	(55,166)
Forfeited , weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.31
Nonvested , number (in shares) | shares	88,131
Nonvested , weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.68

Note 7 - Revenue From Contrac_3

Note 7 - Revenue From Contracts With Customers (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Feb. 29, 2016	Sep. 30, 2015	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer, Excluding Assessed Tax, Total			$ 739,628	$ 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

Note 7 - Revenue From Contrac_4

Note 7 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 739,628	$ 8,072,120
Sandoz [Member]
Revenue	700,000	0
GSK Inhaled [Member]
Revenue	0	8,071,920
Promotion Agreement [Member] | Sandoz [Member]
Revenue	739,628	0
Non-Refundable Payments - Milestones [Member] | GSK Inhaled [Member]
Revenue	0	1,345,320
Non-Refundable Payments - Up-front Payments [Member] | GSK Inhaled [Member]
Revenue	0	6,726,600
Research and Development Services [Member]
Revenue	$ 0	$ 200

Note 8 - Property, Plant and _3

Note 8 - Property, Plant and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Depreciation, Depletion and Amortization, Nonproduction, Total	$ 2,856,914	$ 2,567,742
Cost of Property Repairs and Maintenance	$ 194,192	$ 220,658

Note 8 - Property, Plant and _4

Note 8 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total property, plant and equipment	$ 19,783,740	$ 20,587,077
Accumulated depreciation and amortization	(12,978,170)	(11,333,112)
Property, plant and equipment, net	6,805,570	9,253,965
Lab and Build-to-Suit Equipment [Member]
Total property, plant and equipment	7,499,645	7,562,263
Office Equipment [Member]
Total property, plant and equipment	31,205	128,669
Furniture and Fixtures [Member]
Total property, plant and equipment	257,774	237,951
Computer Equipment [Member]
Total property, plant and equipment	404,558	804,046
Leasehold Improvements [Member]
Total property, plant and equipment	11,524,738	11,762,351
Construction in Progress [Member]
Total property, plant and equipment	$ 65,820	$ 91,797	$ 155,148

Note 8 - Property, Plant and _5

Note 8 - Property, Plant and Equipment - Activity of Construction in Progress (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance as of December 31, 2018	$ 20,587,077
Balance as of December 31, 2019	19,783,740	$ 20,587,077
Construction In Progress, Leasehold Improvements [Member]
Balance as of December 31, 2018	0	63,351
Additions	0	2,820,640
Less: Transfer due to being placed in service	0	(2,883,991)
Balance as of December 31, 2019	0	0
Construction In Progress, Build To Suit Equipment [Member]
Balance as of December 31, 2018	0	0
Additions	65,820	0
Less: Transfer due to being placed in service	0	0
Balance as of December 31, 2019	65,820	0
Construction In Progress, Lab Equipment [Member]
Balance as of December 31, 2018	91,797	91,797
Additions	0	0
Less: Transfer due to being placed in service	(91,797)	0
Balance as of December 31, 2019	0	91,797
Construction in Progress [Member]
Balance as of December 31, 2018	91,797	155,148
Additions	65,820	2,820,640
Less: Transfer due to being placed in service	(91,797)	(2,883,991)
Balance as of December 31, 2019	$ 65,820	$ 91,797

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense (Benefit), Total	$ 0	$ 0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	13,980,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	0	$ 0
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Subject to Expiration	238,509,075
Tax Credit Carryforward, Amount	4,399,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Subject to Expiration	$ 239,195,945

Note 9 - Income Taxes - Compone

Note 9 - Income Taxes - Components of Deferred Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Tax loss carryforwards	$ 54,844,147	$ 42,107,372
Research and development credits	3,995,782	3,016,889
Share-based compensation	1,501,172	973,905
Lease liability	1,576,326	1,508,645
Compensation	193,490	564,572
Fixed assets	17,421	0
Refund liability	620,442	0
Patent amortization	76,017	86,985
Other	267,422	55,972
Valuation allowance	(61,595,499)	(47,505,967)
Total deferred income tax assets	1,496,720	808,373
Fixed assets	0	158,787
Section 481(a) adjustment	62,420
Intangible assets	675,866	0
Right of use asset	758,434	649,586
Total deferred income tax liabilities	1,496,720	808,373
Total net deferred tax	$ 0	$ 0

Note 9 - Income Taxes - Income

Note 9 - Income Taxes - Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income tax benefit at statutory rate	$ (12,550,174)	$ (10,019,974)
Income tax benefit at statutory rate, percentage	21.00%	21.00%
State income taxes, net of federal tax benefit	$ (1,203,286)	$ (957,616)
State income taxes, net of federal tax benefit, percentage	2.00%	2.00%
Non-deductible expenses	$ 2,929	$ 94,903
Non-deductible expenses, percentage	0.00%	(0.20%)
Share-based compensation	$ 247,011	$ 258,338
Share-based compensation, percentage	(0.40%)	(0.50%)
Transaction costs	$ 573,494	$ 0
Transaction costs, percentage	(1.00%)	0.00%
Credits	$ (978,793)	$ (634,842)
Credits, percentage	1.60%	1.30%
Change in state rate	$ (667)	$ 3,887
Change in state rate, percentage	0.00%	0.00%
Other	$ (70,721)	$ 77,009
Other, percentage	0.10%	(0.10%)
Change in valuation allowance	$ 13,980,207	$ 11,178,295
Change in valuation allowance, percentage	(23.30%)	(23.50%)
Provision for income taxes	$ 0	$ 0
Provision for income taxes, percentage	0.00%	0.00%

Note 9 - Income Taxes - Uncerta

Note 9 - Income Taxes - Uncertain Tax Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance at December 31, 2018	$ 158,710	$ 0
Increases related current period	244,698	158,710
Increases related to prior periods	0	0
Balance at December 31, 2019	$ 403,408	$ 158,710

Note 10 - Leases, Commitments_3

Note 10 - Leases, Commitments and Contingencies (Details Textual)	12 Months Ended
	Dec. 31, 2020USD ($)ft²	Nov. 18, 2020shares	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Nov. 30, 2018USD ($)ft²
Operating Lease, Maximum Commitment To Incur Construction Cost				$ 3,100,000
Operating Lease, Construction Cost			$ 2,800,000
Lessee, Finance Lease, Discount Rate	7.50%
Maximum Net Sales Threshold As Basis For Payment Of Future Contingent Royalties	$ 1,500,000
Agreement With LGM Pharma, LLC [Member]
Purchase Commitment, Remaining Minimum Amount Committed	$ 3,050,000
Merger With RareGen LLC [Member] | Maximum [Member]
Business Acquisition, Number of Additional Shares Issuable Upon Achievement of Sales Target (in shares) | shares		2,708,333
Primary Building in Morrisville, North Carolina [Member]
Area of Real Estate Property (Square Foot) | ft²	45,000				8,264
Operating Lease, Letter Of Intent Expansion Of Lease In Exchange For Termination Of Lease, Area Of Property Leased (Square Foot) | ft²					4,400
Operating Lease, Letter of Intent Tenant Allowance					$ 1,000,000
Operating Lease, Incremental Rent Over Terminated Lease					$ 100,000

Note 10 - Leases, Commitments_4

Note 10 - Leases, Commitments and Contingencies - Lease Cost and Other (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total Lease Cost	$ 2,262,436	$ 2,392,208
Operating leases (Year)	5 years 9 months 18 days
Finance leases (Year)	10 months 24 days
Operating leases	10.30%
Finance leases	7.30%
General and Administrative Expense [Member]
Operating lease cost	$ 780,470	884,597
Amortization of lease assets	1,356,307	1,316,924
Interest Expense [Member]
Interest on lease liabilities	$ 125,659	$ 190,687

Note 10 - Leases, Commitments_5

Note 10 - Leases, Commitments and Contingencies - Future Minimum Lease Payments (Details)	Dec. 31, 2020USD ($)
Operating leases, 2021	$ 1,207,708
Finance Lease, 2021	957,193
2021	2,164,901
Operating leases, 2022	1,243,934
Finance Lease, 2022	260,857
2022	1,504,791
Operating leases, 2023	1,283,253
Finance Lease, 2023	0
2023	1,283,253
Operating leases, 2024	1,316,540
Finance Lease, 2024	0
2024	1,316,540
Operating leases, 2025	1,355,923
Finance Lease, 2025	0
2025	1,355,923
Operating leases, Thereafter	1,157,807
Finance Lease, Thereafter	0
Thereafter	1,157,807
Operating leases, Total minimum lease payments	7,565,165
Finance Lease, Total minimum lease payments	1,218,050
Total minimum lease payments	8,783,215
Operating leases, Less: Interest	(1,894,194)
Finance Lease, Less: Interest	(39,430)
Less: Interest	(1,933,624)
Operating leases, Present value of lease liabilities	5,670,971
Finance Lease, Present value of lease liabilities	1,178,620
Lease Liability	$ 6,849,591

Note 11 - Long-term Debt (Detai

Note 11 - Long-term Debt (Details Textual) - USD ($)	Mar. 01, 2021	Feb. 26, 2021	Oct. 26, 2018	May 31, 2019	Oct. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Jul. 03, 2020
Proceeds from Issuance of Long-term Debt, Total						$ 0	$ 5,000,000
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
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] | Subsequent Event [Member]
Repayments of Debt	$ 9,400,000
Pacific Western Bank Note, A&R LSA [Member] | Maximum [Member]
Debt Instrument, Success Fee			$ 375,000
Term Loan Facility [Member] | Subsequent Event [Member]
Debt Instrument, Face Amount		$ 20,500,000
Term A Loan [Member] | Subsequent Event [Member]
Proceeds from Issuance of Debt	$ 10,500,000	$ 10,500,000

Note 11 - Long-term Debt - Long

Note 11 - Long-term Debt - Long-term Debt (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Less current portion	$ 0	$ (5,585,637)
Long-term debt, less current portion	10,292,485	10,292,484
Pacific Western Bank Note, A&R LSA [Member]
Pacific Western Bank note	$ 10,292,485	$ 15,878,121

Note 12 - Defined Contributio_2

Note 12 - Defined Contribution Retirement Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Defined Contribution Plan, Cost	$ 416,345	$ 400,378

Note 13 - Legal Proceedings (De

Note 13 - Legal Proceedings (Details Textual) $ in Thousands	Nov. 06, 2020USD ($)
Liquidia PAH and Sandoz [Member] | UTC and Smiths Medical Litigation [Member] | Pending Litigation [Member]
Proceeds from Legal Settlements	$ 4,250

Note 14 - Subsequent Event (Det

Note 14 - Subsequent Event (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Mar. 01, 2021	Feb. 26, 2021	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2018
Common Stock, Par or Stated Value Per Share (in dollars per share)									$ 0.001	$ 0.001
Term Loan Facility [Member] | Forecast [Member]
Debt Instrument, Cumulative Cash Burn			$ 38	$ 33.5	$ 28.5	$ 23	$ 17	$ 10.5
Pacific Western Bank Note, A&R LSA [Member]
Debt Instrument, Interest Rate, Stated Percentage											5.00%
Subsequent Event [Member] | Warrants in Connection With the Loan Agreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		200,000
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.001
Class of Warrant or Right, Number of Securities Vested (in shares)		100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 3.05
Warrants and Rights Outstanding, Term (Year)		10 years
Subsequent Event [Member] | Warrants to Vest in Connection with Term C Loan Funding Date [Member]
Class of Warrant or Right, Outstanding (in shares)		50,000
Subsequent Event [Member] | Warrants to Vest in Connection with Term B Loan Funding Date [Member]
Class of Warrant or Right, Outstanding (in shares)		50,000
Subsequent Event [Member] | Term Loan Facility [Member]
Debt Instrument, Face Amount		$ 20.5
Debt Instrument, Prepayment Fee, Percent		5.00%
Debt Instrument, Minimum Cash Balance to Maintain		$ 30
Debt Instrument, Cumulative Cash Burn, Conditional Increase, Percent		75.00%
Subsequent Event [Member] | Term Loan Facility [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		4.00%
Subsequent Event [Member] | Term Loan Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.75%
Subsequent Event [Member] | Term A Loan [Member]
Proceeds from Issuance of Debt	$ 10.5	$ 10.5
Subsequent Event [Member] | Term B Loan [Member]
Debt Instrument, Face Amount		5
Debt Instrument, Minimum Cash Balance to Maintain		35
Subsequent Event [Member] | Term C Loan [Member]
Debt Instrument, Face Amount		$ 5
Subsequent Event [Member] | Pacific Western Bank Note, A&R LSA [Member]
Repayments of Debt	$ 9.4