Liquidia Corporation

NASDAQ•LQDA

CEO: Dr. Roger A. Jeffs Ph.D.

Sector: Healthcare

Industry: Biotechnology

Listing Date: 2018-07-26

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States. Its lead product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company also offers Remodulin, a treprostinil administered through continuous intravenous and subcutaneous infusion. The company also a license agreement with Pharmosa Biopharm Inc to develop and commercialize L606, an inhaled sustained-release formulation of Treprostinil for the treatment of PAH and PH-ILD. Liquidia Corporation was founded in 2004 and is headquartered in Morrisville, North Carolina.

Contact Information

419 Davis Drive, Suite 100, Morrisville, NC, 27560, United States

919-328-4400

www.liquidia.com

Market Cap

$3.19B

P/E (TTM)

-46.3

17.9

Dividend Yield

52W High

$46.67

52W Low

$11.26

52W Range

72%

Rank59Top 87.6%

2.2

F-Score

Modified Piotroski Analysis

Based on 9-year fundamentals

Weak • 2.2 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2017-2025

Financial Dashboard

Q4 2025 Data

Revenue

$92.02M+0.00%

4-Quarter Trend

EPS

$0.17+0.00%

4-Quarter Trend

FCF

$42.21M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

YUTREPIA Drives Revenue Growth Net product sales reached $148.3M in 2025 following May FDA approval; total revenue grew 1,031% to $158.3M.

Net Loss Significantly Narrows Net loss decreased 46% to $68.9M in 2025, compared to $128.3M loss in 2024, reflecting initial commercial traction.

SG&A Expenses Surge Selling, general, and administrative expenses increased 93% to $157.2M, driven by YUTREPIA commercialization support and related litigation costs.

Treprostinil Service Revenue Drops Service revenue, tied to Treprostinil Injection profit share, fell 28% to $10.0M due to lower sales volumes in the current year.

Risk Factors

Patent Litigation Threatens YUTREPIA Ongoing lawsuits seek injunctions potentially removing YUTREPIA from market or limiting label indications; outcome remains uncertain.

Sustained Profitability Uncertain History of losses and high expected expenses mean future viability depends on YUTREPIA revenue and securing additional external financing.

Reliance on Single Suppliers Dependence on sole suppliers for API, device (DPI), and packaging for YUTREPIA creates material disruption risk if supplies fail.

Treprostinil Pump Availability Risk Sales of Treprostinil Injection constrained as CADD-MS 3 pump support ends; replacement pump FDA clearance is uncertain.

Outlook

Advance L606 Pivotal Study Planning worldwide placebo-controlled pivotal study for L606 treatment of PH-ILD; evaluating YUTREPIA for PH-COPD indication.

Scale Commercial Operations Focus commercial efforts on U.S. PAH/PH-ILD centers of excellence, leveraging targeted sales force and reimbursement specialists.

Build New Manufacturing Facility Leasing new 70,131 square foot facility in Morrisville, NC, for additional particle fabrication lines and supportive activities, expected to commence late 2026.

Peer Comparison

Revenue (TTM)

GLPG

$1.26B

+303.5%

RCUS

$247.00M

-4.3%

STOK

$205.63M

+1128.2%

Gross Margin (Latest Quarter)

LQDA

101.7%

+29.3pp

CLDX

100.0%

+0.0pp

ABCL

100.0%

+588.5pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
IBRX	$8.63B	-23.6	64.3%	175.0%
COGT	$5.52B	-7.0	-100.2%	27.0%
CELC	$5.29B	-31.4	-179.0%	67.3%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

209.0%

Strong Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

25%

Cash Flow Needs Attention

Deep Research

Next earnings:Mar 18, 2026

EPS:$0.01

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data