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LQDA

Liquidia Corporation

LQDA

Liquidia Corporation • NASDAQ
$32.63 ▲ 2.87% (+0.91)
Market Cap $2.79 B
52w High $32.80
52w Low $10.37
Dividend Yield 0%
P/E -22.35
Volume 491.35K
Outstanding Shares 85.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $54.342M ▲ $49.402M ▲ $-3.533M ▲ -6.501% ▲ $-0.041 ▲ $3.888M ▲
Q2-2025 $8.837M ▲ $45.05M ▲ $-41.579M ▼ -470.51% ▲ $-0.49 ▼ $-35.64M ▼
Q1-2025 $3.12M ▲ $37.028M ▼ $-38.367M ▲ -1.23K% ▲ $-0.45 $-33.246M ▲
Q4-2024 $2.917M ▼ $37.67M ▲ $-38.369M ▼ -1.315K% ▼ $-0.45 ▼ $-33.485M ▼
Q3-2024 $4.448M $32.072M $-23.155M -520.571% $-0.3 $-19.549M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $157.496M ▼ $275.981M ▲ $253.929M ▲ $22.052M ▲
Q2-2025 $173.422M ▲ $257.41M ▲ $242.222M ▲ $15.188M ▼
Q1-2025 $169.758M ▼ $227.429M ▼ $177.716M ▲ $49.713M ▼
Q4-2024 $176.479M ▼ $230.313M ▼ $153.038M ▲ $77.275M ▼
Q3-2024 $204.368M $252.886M $142.368M $110.518M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.533M ▲ $-9.77M ▲ $-911K ▲ $-5.245M ▼ $-15.926M ▼ $-10.681M ▲
Q2-2025 $-41.579M ▼ $-39.481M ▼ $-1.057M ▼ $47.706M ▲ $7.168M ▲ $-40.538M ▼
Q1-2025 $-38.367M ▲ $-30.679M ▼ $-330K ▲ $24.288M ▲ $-6.721M ▲ $-31.009M ▼
Q4-2024 $-38.369M ▼ $-20.813M ▲ $-4.78M ▼ $-2.296M ▼ $-27.889M ▼ $-25.601M ▲
Q3-2024 $-23.155M $-25.082M $-1.747M $98.104M $71.275M $-26.829M

Revenue by Products

Product Q4-2018Q2-2019Q2-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$10.00M ▲$50.00M ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Collaboration And Licensing Milestones
Collaboration And Licensing Milestones
 $0 ▲$0 ▲$0 ▲$0 ▲
Collaboration And Licensing Non Refundable Upfront Payments
Collaboration And Licensing Non Refundable Upfront Payments
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Research And Development Services
Research And Development Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Liquidia still looks like a development‑stage company from its income statement. Reported revenue over the last five years has been minimal and not yet reflective of a fully commercial product ramp. The company consistently generates a small amount of gross profit, suggesting some partnership or limited product revenue, but not enough to cover its operating costs. Operating losses have been steady and widened in the most recent year as spending on development, commercialization, and overhead increased. Net losses per share remain sizable, so the business is not close to break‑even yet and depends on external funding rather than internally generated profits.

Balance Sheet

Balance Sheet The balance sheet shows a company that has gradually strengthened its financial footing but still carries typical biotech risks. Cash and total assets have grown meaningfully in the latest year, likely due to equity raises or partnership payments, which improves near‑term financial flexibility. Debt has also increased, but not to a level that appears extreme relative to the asset base. Equity turned from negative a few years ago to clearly positive more recently, which is a healthy sign. Overall, Liquidia appears better capitalized than in the past, but its balance sheet is still that of a small, loss‑making biotech rather than a mature, self‑funding business.

Cash Flow

Cash Flow Cash flow patterns match the income statement story. Operating cash flow has been negative every year, showing that the core business consistently uses cash rather than generates it. Free cash flow is also negative, though capital spending has been very light, which means most of the cash burn comes from research, development, and overhead rather than big equipment or facility investments. This structure gives management flexibility to scale spending up or down, but it also means the company will likely need to tap capital markets or partners again if commercial cash inflows do not ramp as hoped.

Competitive Edge

Competitive Edge Liquidia operates in a focused niche within pulmonary hypertension, where treatment needs are serious and existing options have limitations. Its PRINT technology and the dry‑powder treprostinil product YUTREPIA give it a differentiated angle versus traditional nebulized therapies, offering greater convenience and potentially better patient experience. The company also participates in the market through a generic treprostinil injection, which broadens its presence. At the same time, it competes against a much larger, established player with strong relationships, existing brand loyalty, and resources. Patent protection, specialized know‑how, and a proven willingness to fight legal battles help support Liquidia’s moat, but its commercial scale and negotiating power are still relatively modest.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Liquidia’s identity and the main driver of its spending. The PRINT platform enables very precise control over particle size and shape, which can improve how inhaled drugs reach the lungs and how well patients tolerate them. YUTREPIA is the first commercial proof point for this technology, and its dry‑powder format directly addresses real‑world issues with cumbersome nebulizers. Beyond that, the pipeline includes L606, a longer‑acting, next‑generation treprostinil candidate, and management has signaled plans to extend PRINT to other drugs and diseases, potentially through partnerships. This innovation focus provides meaningful upside potential but comes with the usual biotech uncertainties: clinical risk, regulatory risk, and heavy, ongoing R&D costs without guaranteed commercial payoff.

Summary

Liquidia today looks like a classic high‑innovation, high‑risk biotech: strong technological story and a differentiated product platform, but still very early in terms of financial maturity. The company has built a more solid balance sheet over time and now has an FDA‑approved inhaled product plus a generic franchise, which together could start to transform the income statement if adoption scales. However, losses and cash burn remain significant, and the business depends on successful commercialization, disciplined cost control, and continued access to capital. The long‑term outcome will hinge on how well YUTREPIA penetrates its market, how effectively Liquidia competes with entrenched incumbents, and whether the PRINT platform can be extended into additional valuable products and partnerships.

NEWS

November 3, 2025 · 8:00 AM UTC

Liquidia Corporation to Present at Upcoming Healthcare Investment Conferences

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October 27, 2025 · 8:30 AM UTC

Liquidia Corporation to Report Third Quarter 2025 Financial Results on November 3, 2025

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October 7, 2025 · 6:30 AM UTC

Liquidia Corporation to Host R&D Day in New York City on October 28, 2025

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