LQDA

MKT CAP:$3B

Liquidia Corporation

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$37.53+$6.13 (+19.52%)

Apr 24, 2026

Company Details

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States. Its product candidates include YUTREPIA, an inhaled dry powder formulation of trepr...

CEO

Roger A. Jeffs

IPO Date

Jul 26, 2018

Website

www.liquidia.com

Key Metrics TTM

Revenue

$158M

+917.8% YoY

Net Income

-$69M

EPS (Diluted)

-$0.83

Free Cash Flow

-$40M

Revenue / Share

$1.58

Gross Margin

97.2%

Operating Margin

-32.5%

Net Margin

-43.5%

FCF Margin

-25.3%

P/S

20.7x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 5, 2026

$158M+1031.2%EPS -$0.80

Q4 2025

Mar 5, 2026

$92M+3054.6%EPS $0.15

Q3 2025

Nov 3, 2025

$54M+1121.7%EPS -$0.04

Q2 2025

Aug 12, 2025

$9M+141.5%EPS -$0.49

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$3M	$2M	-$11M
Q1 22	$3M	$3M	-$14M
Q2 22	$4M	$3M	-$9M
Q3 22	$3M	$2M	-$9M
Q4 22	$5M	$5M	-$6M
Q1 23	$4M	$4M	-$9M
Q2 23	$5M	$4M	-$23M
Q3 23	$4M	$3M	-$15M
Q4 23	$5M	$4M	-$26M
Q2 24	$4M	$2M	-$27M
Q3 24	$4M	$3M	-$29M
Q4 24	$3M	$2M	-$36M
Q1 25	$3M	$2M	-$35M
Q2 25	$9M	$8M	-$38M
Q3 25	$54M	$51M	$2M
Q4 25	$92M	$94M	$20M

Valuation

Quarter	P/S	P/E
Q4 21	21.0x	—
Q1 22	27.4x	—
Q2 22	20.2x	—
Q3 22	25.8x	—
Q4 22	23.5x	—
Q1 23	26.9x	—
Q2 23	28.5x	—
Q3 23	22.2x	—
Q4 23	55.4x	—
Q2 24	56.6x	—
Q3 24	48.2x	—
Q4 24	58.2x	—
Q1 25	82.1x	—
Q2 25	54.9x	—
Q3 25	28.2x	—
Q4 25	18.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$8M	-$8M
Q1 22	-$10M	-$10M
Q2 22	-$8M	-$8M
Q3 22	-$6M	-$6M
Q4 22	-$5M	-$5M
Q1 23	-$8M	-$9M
Q2 23	-$6M	-$6M
Q3 23	-$12M	-$22M
Q4 23	-$16M	-$16M
Q2 24	-$23M	-$24M
Q3 24	-$25M	-$27M
Q4 24	-$21M	-$26M
Q1 25	-$31M	-$31M
Q2 25	-$39M	-$41M
Q3 25	-$10M	-$11M
Q4 25	$44M	$42M

Capital Expenditures

Quarter	CapEx
Q4 21	$20.0K
Q1 22	$0
Q2 22	$0
Q3 22	$94.0K
Q4 22	$491.0K
Q1 23	$366.0K
Q2 23	$243.0K
Q3 23	$10M
Q4 23	$206.0K
Q2 24	$1M
Q3 24	$2M
Q4 24	$5M
Q1 25	$330.0K
Q2 25	$1M
Q3 25	$911.0K
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+334.7%	-12.5%
Q1 22	+13.2%	+48.6%
Q2 22	+16.1%	+32.5%
Q3 22	-0.4%	+16.9%
Q4 22	+66.7%	-18.7%
Q1 23	+28.7%	-23.6%
Q2 23	+22.2%	+114.2%
Q3 23	+16.2%	+54.8%
Q4 23	-15.5%	+161.2%
Q2 24	-18.6%	+124.8%
Q3 24	-7.1%	+21.8%
Q4 24	-20.7%	+110.2%
Q1 25	-31.1%	+24.5%
Q2 25	+141.5%	+50.2%
Q3 25	+1121.7%	+56.3%
Q4 25	+3054.6%	+85.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$4M	118.9%
Q1 22	$4M	119.8%
Q2 22	$2M	42.0%
Q3 22	$2M	52.1%
Q4 22	$2M	33.9%
Q1 23	$3M	56.8%
Q2 23	$2M	52.2%
Q3 23	$2M	67.6%
Q4 23	$3M	56.3%
Q2 24	$4M	119.5%
Q3 24	$5M	109.7%
Q4 24	$5M	172.4%
Q1 25	$7M	238.4%
Q2 25	$7M	78.4%
Q3 25	$8M	14.5%
Q4 25	$7M	7.8%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	$5M	$8M	—
Q1 22	$5M	$13M	—
Q2 22	$5M	$7M	—
Q3 22	$5M	$7M	—
Q4 22	$5M	$6M	—
Q1 23	$5M	$8M	—
Q2 23	$18M	$9M	—
Q3 23	$7M	$11M	—
Q4 23	$13M	$17M	—
Q2 24	$9M	$20M	—
Q3 24	$12M	$20M	—
Q4 24	$16M	$21M	—
Q1 25	$7M	$30M	—
Q2 25	$6M	$39M	—
Q3 25	$9M	$40M	—
Q4 25	$17M	—	$48M

Revenue Segments

Quarter	Product	Service
Q2 25	$7M	$2M
Q3 25	$52M	$3M
Q4 25	$90M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$58M	$0	$58M
Q2 22	$104M	$0	$104M
Q3 22	$98M	$0	$98M
Q4 22	$93M	$0	$93M
Q1 23	$94M	$0	$94M
Q2 23	$88M	$0	$88M
Q3 23	$76M	$0	$76M
Q4 23	$84M	$0	$84M
Q1 24	$158M	$0	$158M
Q2 24	$133M	$0	$133M
Q3 24	$204M	$0	$204M
Q4 24	$176M	$0	$176M
Q1 25	$170M	$0	$170M
Q2 25	$173M	$0	$173M
Q3 25	$157M	$0	$157M
Q4 25	$191M	$0	$191M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	51M	-1.9%	+32.1%
Q1 22	52M	+2.7%	+20.8%
Q2 22	62M	+18.5%	+22.3%
Q3 22	64M	+3.7%	+23.8%
Q4 22	63M	-2.7%	+22.8%
Q1 23	65M	+3.1%	+23.2%
Q2 23	65M	+0.2%	+4.2%
Q3 23	65M	+0.1%	+0.6%
Q4 23	66M	+1.3%	+4.7%
Q2 24	76M	+16.4%	+18.2%
Q3 24	78M	+2.5%	+20.9%
Q4 24	85M	+8.1%	+30.6%
Q1 25	85M	+0.6%	+29.7%
Q2 25	86M	+0.5%	+12.0%
Q3 25	86M	+0.9%	+10.2%
Q4 25	100M	+15.9%	+18.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$68.4K	47
Q1 22	$74.3K	47
Q2 22	$83.4K	47
Q3 22	$67.3K	47
Q4 22	$90.8K	59
Q1 23	$76.2K	59
Q2 23	$81.1K	59
Q3 23	$62.3K	59
Q4 23	$33.3K	136
Q2 24	$26.9K	136
Q3 24	$32.7K	136
Q4 24	$18.6K	157
Q1 25	$19.9K	157
Q2 25	$56.3K	157
Q3 25	$346.1K	157
Q4 25	$460	200K

Revenue / Employee