Liquidia Corp LQDA

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

We are a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases such as pulmonary arterial hypertension ("PAH") and pulmonary hypertension associated with interstitial lung disease ("PH-ILD"). We operate through our wholly owned operating subsidiaries, Liquidia Technologies, Inc. and Liquidia PAH, LLC, formerly known as RareGen.

We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder ("YUTREPIA") and pursuant to a promotion agreement with Sandoz Inc. ("Sandoz"), dated as of August 1, 2018, as amended (the "Promotion Agreement"), under which we share profit derived from the sale of Sandoz's generic treprostinil injection ("Treprostinil Injection") in the United States.

Last close 42.65 2026-10-23
Market cap $3.82B 2026-06-30 share count
52-week range 22.05 - 93.61

Valuation FY2025 figures against the last close

P/S24.1x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.80

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $158.3M$14.0M$17.5M$15.9M$12.9M$739.6K$8.1M—
Cost of revenue —$5.9M$2.9M$2.9M$3.0M$237.7K——
Gross profit —$8.1M$14.6M$13.1M$9.8M$501.9K——
R&D $39.3M$47.8M$43.2M$19.4M$20.5M$32.2M$40.5M—
SG&A $157.2M$81.6M$44.7M$32.4M$23.1M$27.4M$13.6M—
Total operating expenses $209.7M$135.3M$90.9M$54.7M$46.6M$59.8M$54.9M—
Operating income -$51.4M-$121.3M-$73.4M-$38.8M-$33.8M-$59.1M-$46.8M—
Interest expense $24.2M$14.7M$6.3M$2.3M$762.0K$858.0K$1.4M—
Pre-tax income -$68.9M-$130.4M-$78.5M-$41.0M-$34.6M-$59.8M-$47.6M—
Income tax $0$0$0$0$0$0$0—
Net income -$68.9M-$130.4M-$78.5M-$41.0M-$34.6M-$59.8M-$47.6M—
EPS, basic -0.80-1.63-1.21-0.67-0.70-1.76——
EPS, diluted -0.80-1.63-1.21-0.67-0.70-1.76-2.57—
Shares, diluted (wtd. avg.) 86.1M78.7M65.0M61.0M49.7M33.9M18.5M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $190.7M$176.5M$83.7M$93.3M$57.5M$65.3M——
Receivables $54.1M$2.7M$4.1M$5.0M$3.0M———
Inventory $23.8M$241.0K——————
Total current assets $273.4M$185.1M$89.9M$99.8M$61.3M$66.1M$56.4M—
Property, plant and equipment $11.8M$8.3M$4.5M$4.2M$5.0M$6.8M$9.3M—
Goodwill $3.9M$3.9M$3.9M$3.9M$3.9M$3.9M$0—
Other intangibles $3.0M$3.2M$3.4M$3.7M$4.4M$5.5M$0—
Total assets $327.9M$230.3M$118.3M$129.2M$93.7M$99.5M$68.8M—
Accounts payable $3.7M$4.7M$1.4M$2.2M$1.1M$3.7M$3.5M—
Short-term debt —————$0$5.6M—
Total current liabilities $135.8M$41.8M$18.6M$8.8M$7.3M$11.7M$16.9M—
Long-term debt ———$19.9M$10.4M$10.3M$10.3M—
Total liabilities $283.2M$150.9M$71.0M$38.8M$28.5M$28.4M$33.9M—
Retained earnings -$626.3M-$557.4M-$429.1M-$350.6M-$309.6M-$275.0M-$215.2M—
Total equity $44.7M$79.4M$47.3M$90.4M$65.3M$71.1M$34.9M$18.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow -$35.7M-$93.4M-$41.6M-$28.6M-$34.0M-$54.1M-$48.3M—
Depreciation and amortisation $1.5M$2.2M$2.2M$3.6M$5.6M$3.1M$2.6M—
Stock-based compensation $29.5M$18.8M$10.1M$9.3M$6.7M$4.0M$3.4M—
Capital expenditure $4.3M$4.9M$1.3M$592.0K$107.0K$752.1K$1.9M—
Investing cash flow -$6.3M-$8.4M-$11.3M-$587.0K-$107.0K$247.9K-$1.9M—
Financing cash flow $59.7M$194.7M$43.2M$65.0M$26.3M$63.4M$66.4M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048597.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M -100M 0 100M 200M Revenue, FY2019: 8.1M Net income, FY2019: -47.6M Revenue, FY2020: 739.6K Gross profit, FY2020: 501.9K Net income, FY2020: -59.8M Revenue, FY2021: 12.9M Gross profit, FY2021: 9.8M Net income, FY2021: -34.6M Revenue, FY2022: 15.9M Gross profit, FY2022: 13.1M Net income, FY2022: -41M Revenue, FY2023: 17.5M Gross profit, FY2023: 14.6M Net income, FY2023: -78.5M Revenue, FY2024: 14M Gross profit, FY2024: 8.1M Net income, FY2024: -130.4M Revenue, FY2025: 158.3M Net income, FY2025: -68.9M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $8.1M $739.6K $12.9M $15.9M $17.5M $14.0M $158.3M
Gross profit — — $501.9K $9.8M $13.1M $14.6M $8.1M —
Net income — -$47.6M -$59.8M -$34.6M -$41.0M -$78.5M -$130.4M -$68.9M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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