Liquidia Corp LQDA
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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.) | $86.1M | $78.7M | $65.0M | $61.0M | $49.7M | $33.9M | $18.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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.
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