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Liquidia Corp.

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Key Metrics

Previous Close: $75.33
52-Week Range: $21.15 – $93.61
Market Cap: $6.36B
P/E (TTM): 53.83
EPS (TTM): 1.32
Dividend Yield: —

Advanced Metrics

Price/Book: 32.44
PEG Ratio: —
Return on Equity: 131.82%
Return on Assets: 27.04%
Gross Margin: 92.54%
Operating Margin: 49.81%
Profit Margin: 30.74%
Current Ratio: 2.31
Debt/Equity: 0.94
Total Debt: $182.90M
Free Cash Flow: $74.30M
Revenue Growth: 1842.70%
Earnings Growth: —
Enterprise Value: $6.26B

LQDA Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$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
Research & Development	$19.43M	$43.24M	$47.84M	$39.28M
Selling, General & Admin	$32.41M	$44.74M	$81.57M	$157.18M
Operating Expenses	$51.85M	$87.98M	$129.41M	$196.45M
Operating Income	-$38.77M	-$73.38M	-$121.29M	-$51.38M
EBITDA	-$35.03M	-$70.05M	-$111.44M	-$43.22M
Pretax Income	-$41.02M	-$78.50M	-$128.29M	-$68.92M
Net Income	-$41.02M	-$78.50M	-$128.29M	-$68.92M
Diluted EPS	-0.67	-1.21	-1.66	-0.80
Diluted Shares	60.96M	64.99M	78.71M	86.06M

LQDA Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$93.28M	$83.68M	$176.48M	$190.68M
Receivables	$5.02M	$4.06M	$2.72M	$54.09M
Inventory	—	$0.00	$241.00K	$23.80M
Current Assets	$99.81M	$89.90M	$185.10M	$273.40M
Total Assets	$129.20M	$118.33M	$230.31M	$327.93M
Current Liabilities	$8.80M	$18.55M	$41.78M	$135.77M
Long-Term Debt	$19.88M	$43.42M	$95.27M	$132.94M
Total Debt	$24.46M	$49.54M	$120.29M	$197.93M
Total Liabilities	$38.78M	$71.04M	$150.94M	$283.19M
Retained Earnings	-$350.60M	-$429.10M	-$557.39M	-$626.31M
Shareholders' Equity	$90.42M	$47.29M	$79.38M	$44.75M
Working Capital	$91.01M	$71.35M	$143.32M	$137.63M
Net Debt	—	—	—	$661.00K

LQDA Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$28.59M	-$41.56M	-$93.42M	-$35.69M
Capital Expenditure	-$592.00K	-$11.29M	-$8.45M	-$6.34M
Free Cash Flow	-$29.18M	-$52.85M	-$101.87M	-$42.02M
Depreciation & Amortisation	$3.65M	$2.18M	$2.20M	$1.53M
Stock-Based Compensation	$9.30M	$10.09M	$18.81M	$29.47M
Investing Cash Flow	-$587.00K	-$11.29M	-$8.44M	-$6.34M
Financing Cash Flow	$64.96M	$43.25M	$194.66M	$59.73M
Net Change in Cash	$35.79M	-$9.60M	$92.80M	$17.70M

LQDA Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$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
Research & Development	$6.97M	$6.02M	$9.35M	$16.94M	$12.57M
Selling, General & Admin	$30.06M	$38.82M	$40.06M	$48.24M	$46.94M
Operating Expenses	$37.03M	$44.84M	$49.40M	$65.18M	$59.51M
Operating Income	-$35.42M	-$37.51M	$1.77M	$19.79M	$61.50M
EBITDA	-$33.25M	-$35.64M	$3.89M	$21.77M	$63.77M
Pretax Income	-$38.37M	-$41.58M	-$3.53M	$14.55M	$56.78M
Income Tax	$0.00	—	—	—	$3.92M
Net Income	-$38.37M	-$41.58M	-$3.53M	$14.55M	$52.86M
Diluted EPS	-0.45	-0.49	-0.04	0.15	0.52
Diluted Shares	85.17M	85.59M	86.33M	100.05M	101.11M

LQDA Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$169.76M	$173.42M	$157.50M	$190.68M	$222.79M
Receivables	$1.25M	$9.97M	$35.96M	$54.09M	$74.16M
Inventory	$1.35M	$6.44M	$24.53M	$23.80M	$28.51M
Current Assets	$177.21M	$195.58M	$226.72M	$273.40M	$333.06M
Total Assets	$227.43M	$257.41M	$275.98M	$327.93M	$401.53M
Current Liabilities	$60.52M	$78.41M	$102.94M	$135.77M	$149.74M
Long-Term Debt	$103.18M	$149.47M	$136.45M	$132.94M	$127.64M
Total Debt	$147.66M	$200.38M	$199.18M	$197.93M	$184.82M
Total Liabilities	$177.72M	$242.22M	$253.93M	$283.19M	$292.95M
Retained Earnings	-$595.76M	-$637.34M	-$640.87M	-$626.31M	-$573.45M
Shareholders' Equity	$49.71M	$15.19M	$22.05M	$44.75M	$108.58M
Working Capital	$116.69M	$117.17M	$123.78M	$137.63M	$183.31M
Net Debt	—	$20.19M	$35.00M	$661.00K	—

LQDA Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$30.68M	-$39.48M	-$9.77M	$44.24M	$52.99M
Capital Expenditure	-$330.00K	-$1.06M	-$911.00K	-$4.04M	-$2.83M
Free Cash Flow	-$31.01M	-$40.54M	-$10.68M	$40.21M	$50.16M
Depreciation & Amortisation	$451.00K	$281.00K	$476.00K	$320.00K	$497.00K
Stock-Based Compensation	$7.44M	$6.93M	$7.90M	$7.21M	$9.22M
Investing Cash Flow	-$330.00K	-$1.06M	-$911.00K	-$4.04M	-$2.83M
Financing Cash Flow	$24.29M	$47.71M	-$5.25M	-$7.02M	-$18.05M
Net Change in Cash	-$6.72M	$7.17M	-$15.93M	$33.18M	$32.11M

Market Snapshot

About

Liquidia Corp. is a biopharmaceutical company focused on the development and commercialization of therapies for pulmonary arterial hypertension and other respiratory diseases. The company uses proprietary PRINT technology to design and manufacture precisely engineered drug particles. Liquidia is advancing treatments that aim to improve outcomes for patients with cardiopulmonary conditions.