Liquidia Technologies Inc., Morrisville-based clinical biopharmaceutical company, fell short of analyst expectations with third quarter revenue of $200,000, according to a filing with the Securities and Exchange Commission.

Liquidia also reported a net loss of $9.7 million for the third quarter, compared to a net loss of $19.2 million for the third quarter of 2017.

This decrease was due to several factors including the decrease in general and administrative expenses, the decrease in interest expense of $3.5 million, and the decrease in derivative and warrant fair value adjustments of $7.4 million, partially offset by the decrease in revenues and the increase in research and development expenses.

Dr. Stephen Bloch was also appointed as the new chairman. He earned his medical degree at the University of Rochester and has founded multiple start-ups, including Radiology Management Services, a specialty medical management company, where he was CEO for six years.

Liquidia’s third quarter revenue of $200,000 is less than it 2017 third quarter revenue of $1.8 million.

The company said the revenue decrease is due to its priority to develop its own pharmaceutical products, which has caused it to decrease the amount of research and development services performed.

Liquidia is a late-stage biopharmaceutical company focused on development and commercialization of human therapeutics. The company created the proprietary PRINT technology, a particle engineering platform that it licenses to pharmaceutical companies as its primary source of revenue.

Liquidia’s shares rose $2.59, or 15.2 percent, to close at $19.60 on Friday.