Liquidia Technologies, Inc. reported on Wednesday a third-quarter net loss of $13.4 million, greater than the $9.7 million net loss from the same quarter a year ago.

The larger net loss can be attributed to a $3.7 million increase in research and development expenses, the company said.

Liquidia reported a loss of 72 cents per diluted share, up from a loss of 84 cents per diluted share year-over-year.

The company reported no revenue in the third quarter, a decrease from the $200,000 in revenue from the same quarter in 2018.

“We continue to deliver on our key objectives by completing the clinical program for LIQ861 and driving towards our first NDA submission,” said CEO Neal Fowler.

Liquidia said it has initiated studies to evaluate the long-term safety of LIQ861, is targeting an NDA submission for first quarter 2020, and is hoping to present and publish clinical data from the LIQ861 program next year.

As for LIQ865, the company is starting toxicology studies with the goal of starting a Phase 2 program in 2020.

Liquidia is a late-stage clinical biopharmaceutical company focused on the development of LIQ861 for treatment of pulmonary arterial hypertension and LIQ865 for local post-operative pain. Shares of Liquidia were trading at $3.59 on Wednesday afternoon, up 16 cents.