Liquidia Corporation LQDA R2K
Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for rare cardiopulmonary diseases in the United States. The company's 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). It also provides Remodulin, a treprostinil injection administered through continuous intravenous and subcutaneous infusion; and develops L606, an investigational liposomal formulation of treprostinil which is in phase III clinical trial for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). In addition, the company offers PRINT technology which allows to engineer and manufacture uniform drug particles with precise control over the size, three-dimensional geometric shape, and chemical composition of the particles. It has 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; Vectura; The University of North Carolina at Chapel Hill; GlaxoSmithKline; Alcon Inc; and promotion Agreement with Sandoz. Liquidia Corporation was founded in 2004 and is based in Morrisville, North Carolina.
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Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
PROS
- Strong return on equity of 28.2%.
- Compounding revenue at 115.0% over 5 years.
- Generates positive free cash flow.
- In a confirmed uptrend (50-DMA above 200-DMA).
CONS
- Trading at a high P/E of 363.9.
- Earnings shrank at -22.7% CAGR over 5 years.
- RSI at 77 suggests overbought conditions.
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Healthcare).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | LQDA Liquidia Corporation R2K | 61.86 | 363.88 | $5.50B | - | -23.29% | 28.18% | 114.98% | -22.68% |
| 2 | LLY Eli Lilly and Company SPX | 1,105.00 | 39.21 | $985.37B | 0.63% | 38.44% | 107.46% | 31.69% | 48.96% |
| 3 | JNJ Johnson & Johnson SPX | 225.33 | 26.11 | $542.42B | 2.38% | 23.13% | 26.42% | 5.60% | 14.32% |
| 4 | UNH UnitedHealth Group Incorporated SPX | 380.31 | 28.66 | $345.38B | 2.32% | 9.60% | 12.18% | 11.35% | -15.69% |
| 5 | MRK Merck & Co., Inc. SPX | 118.72 | 33.44 | $293.22B | 2.86% | 20.66% | 18.94% | 3.12% | 7.93% |
| 6 | TMO Thermo Fisher Scientific Inc. SPX | 492.51 | 27.11 | $183.03B | 0.38% | 9.17% | 13.52% | -0.27% | -1.19% |
| 7 | AMGN Amgen Inc. NDXSPX | 336.79 | 23.42 | $181.77B | 2.99% | 18.02% | 101.32% | 11.77% | 5.58% |
| 8 | GILD Gilead Sciences, Inc. NDXSPX | 134.43 | 18.29 | $166.90B | 2.44% | 22.92% | 43.36% | 2.57% | 22.83% |
| 9 | ISRG Intuitive Surgical, Inc. NDXSPXAI | 424.64 | 51.53 | $150.39B | - | 15.96% | 17.23% | 17.39% | 29.26% |
Quarterly Results
Figures in USD.
| Metric | Mar 2020 | Jun 2020 | Sep 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 3.08M | 3.38M | 3.18M | 3.49M | 3.92M | 3.17M | 4.49M | 4.79M | 3.68M | 2.97M | 3.66M | - | - | 3.12M | 8.84M | 54.34M | 92.02M | 132.87M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.52M | 1.50M | 3.17M | 7.05M | 11.85M |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.60M | 7.34M | 51.17M | 84.97M | 121.01M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 37.03M | 44.84M | 49.40M | 65.18M | 59.51M |
| Operating Income | -14.65M | -13.72M | -14.81M | -9.00M | -6.35M | -7.08M | -14.47M | -8.97M | -8.83M | -9.23M | -22.82M | -14.89M | -28.80M | -27.20M | - | - | -35.42M | -37.51M | 1.77M | 19.79M | 61.50M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -33.25M | -35.64M | 3.89M | 21.77M | 63.77M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.67M | 5.66M | 6.95M | 6.90M | 6.49M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -38.37M | -41.58M | -3.53M | 14.55M | 56.78M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | - | - | - | 3.92M |
| Net Income | -14.79M | -13.92M | -14.97M | -9.18M | -6.55M | -7.28M | -15.94M | -9.45M | -9.09M | -11.74M | -23.52M | -15.79M | -30.08M | -28.67M | - | - | -38.37M | -41.58M | -3.53M | 14.55M | 52.86M |
| Diluted EPS | - | - | - | -0.21 | -0.13 | -0.14 | -0.30 | -0.15 | -0.14 | -0.18 | -0.36 | -0.24 | -0.40 | -0.38 | - | - | -0.45 | -0.49 | -0.04 | 0.15 | 0.52 |
| R&D Expense | 10.82M | 8.49M | 7.66M | 6.05M | 4.59M | 4.49M | 4.73M | 5.22M | 4.51M | 5.28M | 17.70M | 7.44M | 10.06M | 9.42M | 11.89M | - | 6.97M | 6.02M | 9.35M | - | 12.57M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 8.07M | 739.63K | - | 15.94M | 17.49M | 14.00M | 158.32M |
| Cost of Revenue | - | - | - | 2.86M | 2.89M | 5.88M | 13.24M |
| Gross Profit | - | - | - | 13.08M | 14.60M | 8.12M | 145.08M |
| Operating Expenses | - | - | - | 51.85M | 87.98M | 129.41M | 196.45M |
| Operating Income | -46.82M | -59.09M | - | -38.77M | -73.38M | -121.29M | -51.38M |
| EBITDA | - | - | - | -35.03M | -70.05M | -111.44M | -43.22M |
| Interest Expense | - | - | - | 2.34M | 6.27M | 14.65M | 24.17M |
| Pretax Income | - | - | - | -41.02M | -78.50M | -128.29M | -68.92M |
| Tax Provision | - | - | - | - | - | - | - |
| Net Income | -47.58M | -59.76M | - | -41.02M | -78.50M | -128.29M | -68.92M |
| Diluted EPS | -2.57 | -1.76 | -0.70 | -0.67 | -1.21 | -1.66 | - |
| R&D Expense | 40.49M | 32.22M | 20.52M | 19.43M | 43.24M | 47.84M | 39.28M |
Compounded Sales Growth
| 5 Years: | 114.98% |
| 1 Year: | 4,158.50% |
Compounded Profit Growth
| 5 Years: | -22.68% |
| 1 Year: | - |
Stock Price Performance
| 1 Year: | +314.61% |
| 6 Months: | +91.75% |
| 3 Months: | +99.42% |
| 1 Month: | +62.15% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | - | 68.84M | 99.53M | - | 129.20M | 118.33M | 230.31M | 327.93M |
| Current Assets | - | - | - | - | 99.81M | 89.90M | 185.10M | 273.40M |
| Cash & Equivalents | - | - | 65.32M | - | 93.28M | 83.68M | 176.48M | 190.68M |
| Inventory | - | - | - | - | - | 0 | 241.00K | 23.80M |
| Receivables | - | - | - | - | 5.02M | 4.06M | 2.72M | 54.09M |
| Total Liabilities | - | 33.89M | 28.45M | - | 38.78M | 71.04M | 150.94M | 283.19M |
| Current Liabilities | - | 16.87M | 11.74M | - | 8.80M | 18.55M | 41.78M | 135.77M |
| Long Term Debt | - | 10.29M | 10.29M | - | 19.88M | 43.42M | 95.27M | 132.94M |
| Total Debt | - | - | - | - | 24.46M | 49.54M | 120.29M | 197.93M |
| Total Equity | 18.69M | 34.95M | 71.09M | - | 90.42M | 47.29M | 79.38M | 44.75M |
| Shares Outstanding | - | - | - | - | 64.52M | 68.63M | 84.68M | 87.20M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -48.28M | -54.14M | - | -28.59M | -41.56M | -93.42M | -35.69M |
| Investing Cash Flow | -1.85M | 247.91K | - | -587.00K | -11.29M | -8.44M | -6.34M |
| Financing Cash Flow | 66.39M | 63.42M | - | 64.96M | 43.25M | 194.66M | 59.73M |
| Capital Expenditure | -1.85M | -752.09K | - | -592.00K | -11.29M | -8.45M | -6.34M |
| Free Cash Flow | -50.13M | -54.90M | - | -29.18M | -52.85M | -101.87M | -42.02M |
| Net Change in Cash | - | - | - | 35.79M | -9.60M | 92.80M | 17.70M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | 82.1% | 83.5% | 58.0% | 91.6% |
| Operating Margin % | -580.1% | -7,989.0% | - | -243.3% | -419.6% | -866.6% | -32.5% |
| Net Margin % | -589.5% | -8,080.1% | - | -257.4% | -448.9% | -916.6% | -43.5% |
| ROE % | -136.2% | -84.1% | - | -45.4% | -166.0% | -161.6% | -154.0% |
| ROCE % | -90.1% | -67.3% | - | -32.2% | -73.5% | -64.3% | -26.7% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Farallon Capital Management LLC | 9.73% | 8.66M | $535.46M |
| 2 | Caligan Partners, LP | 9.13% | 8.12M | $502.23M |
| 3 | Blackrock Inc. | 6.17% | 5.49M | $339.56M |
| 4 | Findell Capital Management LLC | 3.94% | 3.50M | $216.64M |
| 5 | Vanguard Capital Management LLC | 3.29% | 2.93M | $181.06M |
| 6 | Opaleye Management Inc. | 2.86% | 2.54M | $157.43M |
| 7 | Bank of America Corporation | 2.57% | 2.29M | $141.52M |
| 8 | Geode Capital Management, LLC | 2.17% | 1.93M | $119.33M |
| 9 | State Street Corporation | 2.12% | 1.88M | $116.40M |
| 10 | MPM Bioimpact LLC | 1.58% | 1.41M | $86.92M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
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