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Liquidia Corporation

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
$2.85B
P/E (TTM)
-23.6
42.1
Dividend Yield
--
52W High
$35.54
52W Low
$10.37
52W Range
91%
Rank61Top 80.3%
2.4
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Weak • 2.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2024

Financial Dashboard

Q3 2025 Data

Revenue

$54.34M+1121.72%
4-Quarter Trend

EPS

-$0.04-86.37%
4-Quarter Trend

FCF

-$10.68M-60.19%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Surge Post-YUTREPIA Launch Total revenue reached $66.30M for nine months ended September 30, 2025, up 498% from $11.08M in 2024, driven by $58.19M in new product sales.
Net Loss Narrows Significantly Net loss improved 7% to $(83.48M) for the nine months ended September 30, 2025, compared to $(89.78M) in the prior period.
Operating Loss Improvement Income from operations loss improved $14.02M (16%) to $(71.16M) for nine months, despite SG&A rising 80% to $108.94M for commercialization.
Strong Cash Position Maintained Cash, cash equivalents, and restricted cash totaled $157.50M as of September 30, 2025, supporting near-term operations.

Risk Factors

Ongoing United Therapeutics Litigation Multiple lawsuits seek injunctive relief that could require YUTREPIA withdrawal from market or label limitations, posing material business risk.
Increased Operating Cash Burn Net cash used in operating activities increased to $(79.93M) for nine months, increasing reliance on financing activities to fund operations.
HCR Financing Covenant Pressure HCR Agreement requires maintaining minimum $15.0M cash balance until 2033, collateralized by substantially all assets.
Product Supply Chain Dependencies Reliance on single-source suppliers for key components like treprostinil API and RS00 DPI creates vulnerability to disruptions.

Outlook

Advance L606 Pivotal Study Plan to advance L606 development, including initiating a planned pivotal study for the treatment of PH-ILD.
Vectura L606 Commercialization Deal Entered October 2025 agreement with Vectura for exclusive US commercialization of L606 using Vectura Device.
R&D Spending Shift R&D expenses decreased 29% to $22.33M (9M 2025) as focus shifts from development to YUTREPIA commercialization efforts.
Future Funding Requirements Future viability depends on sustained YUTREPIA revenue; insufficient sales may necessitate further financing or curtailment of development activities.

Peer Comparison

Revenue (TTM)

Galapagos NVGLPG
$316.64M
-3298.7%
Stoke Therapeutics, Inc.STOK
$205.63M
+1128.2%
Liquidia CorporationLQDA
$69.22M
+343.4%

Gross Margin (Latest Quarter)

Galapagos NVGLPG
475.5%
+375.5pp
Celldex Therapeutics, Inc.CLDX
100.0%
+31.9pp
Liquidia CorporationLQDA
94.2%
+29.3pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
COGT$6.00B-17.0-120.2%22.1%
CELC$4.87B-28.9-179.0%67.3%
VERA$3.18B-14.5-46.7%13.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
165.1%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Mar 18, 2026
|
EPS:$0.08
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 3, 2025|
    Revenue: $54.34M+1121.7%
    |
    EPS: $-0.04-86.4%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 12, 2025|
    Revenue: $8.84M+141.5%
    |
    EPS: $-0.49+32.4%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $3.12M+5.0%
    |
    EPS: $-0.45-16.7%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 19, 2025|
    Revenue: $14.00M-20.0%
    |
    EPS: $-1.66-37.2%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 13, 2024|
    Revenue: $4.45M+20.9%
    |
    EPS: $-0.30+25.0%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: $3.66M-23.5%
    |
    EPS: $-0.37+2.8%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 13, 2024|
    Revenue: $2.97M-33.9%
    |
    EPS: $-0.54+170.0%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 13, 2024|
    Revenue: $17.49M+9.7%
    |
    EPS: $-1.21-80.6%
    Miss