olivLaw · US equity research
Liquidia Corporation LQDA
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Liquidia is a biopharmaceutical company in North Carolina that sells YUTREPIA, an inhaled treprostinil powder for pulmonary arterial hypertension and PH-ILD. The product generated net sales of about 170.4 million USD in the second quarter of 2026, which makes its transition to profitability the central topic for the company right now.
At the close of 05 Nov 2026, Liquidia Corporation (LQDA) stock was 44.49 USD (−6.10% on the day), with market capitalisation 4.0 bn USD, P/E 32.1 on diluted EPS of 1.39 USD over the last 12 months, beta 1.13, 52-week range 25.60–91.03 USD. Latest reported quarter (Q2 2026): revenue of 171.7 m USD (+1,842.7% YoY), net income of 74.7 m USD, diluted EPS 0.74 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.1
- neutral
- Bollinger (20, 2)
- 26.05 – 51.69
- in the upper half of the band · %B 0.72 · band width 66.0%
- SMA 50 / 200
- 50.89 / 54.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.71 / -2.47
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +71.7% | −5.9% | +77.7 pp | — |
| 3 months | −50.2% | −4.6% | −45.6 pp | — |
| 6 months | +5.2% | +0.2% | +5.0 pp | — |
| Year to date | +29.0% | +7.4% | +21.6 pp | — |
| 1 year | +68.4% | +8.2% | +60.2 pp | −11.5% |
| 3 years | +578.2% | +68.4% | +509.8 pp | +38.9% |
| 5 years | +977.2% | +56.5% | +920.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.4 m | 2.9 m | 3.1 m | 8.8 m | 54.3 m | 92.0 m | 132.9 m | 171.7 m |
| Cost of revenue | 1.6 m | 1.4 m | 1.5 m | — | — | — | — | — |
| Research & development | 11.9 m | 16.5 m | 7.0 m | 6.0 m | 9.3 m | 16.9 m | 12.6 m | 17.2 m |
| SG&A | 20.2 m | 21.2 m | 30.1 m | 38.8 m | 40.1 m | 48.2 m | 46.9 m | 57.4 m |
| Operating income | -29.2 m | -36.1 m | -35.4 m | -37.5 m | 1.8 m | 19.8 m | 61.5 m | 85.5 m |
| Depreciation & amortisation | 300.0 k | 518.0 k | 451.0 k | 200.0 k | 300.0 k | 320.0 k | 497.0 k | 300.0 k |
| Interest expense | 3.0 m | 6.5 m | 4.7 m | 5.7 m | 6.9 m | 6.9 m | 6.5 m | 6.3 m |
| Pre-tax income | — | — | -38.4 m | -41.6 m | — | — | 56.8 m | 81.7 m |
| Income tax | — | — | 0 | 0 | — | — | 3.9 m | 7.0 m |
| Net income | -31.0 m | -38.5 m | -38.4 m | -41.6 m | -3.5 m | 14.6 m | 52.9 m | 74.7 m |
| Diluted EPS | -0.40 | -0.46 ≈ | -0.45 | -0.49 | -0.04 | 0.17 ≈ | 0.52 | 0.74 |
| Operating cash flow | -25.1 m ≈ | -20.8 m | -30.7 m | -39.5 m ≈ | -9.8 m ≈ | 44.2 m | 53.0 m | 80.2 m ≈ |
| Capex | 1.7 m ≈ | 1.3 m | 330.0 k | 1.1 m ≈ | 911.0 k ≈ | 2.0 m | 2.8 m | 11.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 57.5, median 148.9, max 240.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 8.1 m | 739.6 k | 12.9 m | 15.9 m | 17.5 m | 14.0 m | 158.3 m |
| Revenue YoY | unavailable | −90.8% | — | +24.0% | +9.7% | −20.0% | +1,031.2% |
| Net income | -47.6 m | -59.8 m | -34.6 m | -41.0 m | -78.5 m | -128.3 m | -68.9 m |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -2.57 | -1.76 | -0.70 | -0.67 | -1.21 | -1.63 | -0.80 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| net % | -589.5% | -8,080.1% | -269.0% | -257.4% | -448.9% | -916.6% | -43.5% |
| Free cash flow | -50.1 m | -54.9 m | -34.1 m | -29.2 m | -42.9 m | -98.4 m | -40.0 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 190.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 44.7 m USD
- Total assets
- 327.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.01x
- ROE
- -111.1%
- ROA
- -24.7%
- FCF margin
- -25.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 739.6 k | 12.9 m | 15.9 m | 17.5 m | 14.0 m | 158.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Cost of revenue | 237.7 k | 3.0 m | 2.9 m | 2.9 m | 5.9 m | — | SEC (XBRL)· 19 Mar 2025verified |
| Gross profit | 501.9 k ≈ | 9.8 m ≈ | 13.1 m ≈ | 14.6 m ≈ | 8.1 m ≈ | — | SEC (XBRL)· 19 Mar 2025derived |
| Research & development | 32.2 m | 20.5 m | 19.4 m | 43.2 m | 47.8 m | 39.3 m | SEC (XBRL)· 05 Mar 2026verified |
| SG&A | — | — | — | 44.7 m | 81.6 m | 157.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | -59.1 m | -33.8 m | -38.8 m | -73.4 m | -121.3 m | -51.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Depreciation & amortisation | 3.1 m | 5.6 m | 3.6 m | 2.2 m | 2.2 m | 1.5 m | SEC (XBRL)· 05 Mar 2026verified |
| EBITDA | -56.0 m ≈ | -28.2 m ≈ | -35.1 m ≈ | -71.2 m ≈ | -119.1 m ≈ | -49.8 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Interest expense | 858.0 k | 762.0 k | 2.3 m | 6.3 m | 14.7 m | 24.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 05 Mar 2026verified |
| Net income | -59.8 m | -34.6 m | -41.0 m | -78.5 m | -128.3 m | -68.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | -1.76 | -0.70 | -0.67 | -1.21 | -1.63 | -0.80 | SEC (XBRL)· 05 Mar 2026verified |
| Weighted average diluted shares | 33.9 m | 49.7 m | 61.0 m | 65.0 m | 78.7 m | 86.1 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 65.3 m | 57.5 m | 93.3 m | 83.7 m | 176.5 m | 190.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 0 | 3.0 m | 5.0 m | 4.1 m | 2.7 m | 54.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Inventories | — | — | — | — | 241.0 k | 23.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 66.1 m | 61.3 m | 99.8 m | 89.9 m | 185.1 m | 273.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 6.8 m | 5.0 m | 4.2 m | 4.5 m | 8.3 m | 11.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Goodwill | 3.9 m | 3.9 m | 3.9 m | 3.9 m | 3.9 m | 3.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Intangibles (excl. goodwill) | 5.5 m | 4.4 m | 3.7 m | 3.4 m | 3.2 m | 3.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 99.5 m | 93.7 m | 129.2 m | 118.3 m | 230.3 m | 327.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 3.7 m | 1.1 m | 2.2 m | 1.4 m | 4.7 m | 3.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Short-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 25 Mar 2021verified |
| Long-term debt | 10.3 m | 10.4 m | 19.9 m | — | — | — | SEC (XBRL)· 20 Mar 2023verified |
| Current liabilities | 11.7 m | 7.3 m | 8.8 m | 18.6 m | 41.8 m | 135.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 28.4 m | 28.5 m | 38.8 m | 71.0 m | 150.9 m | 283.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Equity | 71.1 m † | 65.3 m † | 90.4 m † | 47.3 m † | 79.4 m † | 44.7 m † | SEC (XBRL)· 05 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -54.1 m | -34.0 m | -28.6 m | -41.6 m | -93.4 m | -35.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 752.1 k | 107.0 k | 592.0 k | 1.3 m | 4.9 m | 4.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Free cash flow | -54.9 m ≈ | -34.1 m ≈ | -29.2 m ≈ | -42.9 m ≈ | -98.4 m ≈ | -40.0 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Investing cash flow | 247.9 k | -107.0 k | -587.0 k | -11.3 m | -8.4 m | -6.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | 63.4 m | 26.3 m | 65.0 m | 43.2 m | 194.7 m | 59.7 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.46 – 58.72 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E16.46 – 58.72 (Mid 28.64)16 companies used · median multiple 20.6x · quartiles 11.9x – 42.3xABBV, ABT, ALNY, BMY, CRMD, GMAB, INVA, JNJ, LLY, NATR, PFE, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 30.7% | 85 (vs peers) | 13% |
| FCF conversion · Quality | 108.7% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 115.0% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.3x | 74 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 32.1x | 53 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.8% | 47 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet85/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality92/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation50/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LIQUIDIA CORPORATION (LQDA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 158.3 m USD in 2025; YoY growth 1,031.2%; net margin 30.7%; ROE 131.8%.
The estimated value range is 16.46–58.72 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 28.64 USD, the price of 44.49 USD leaves a potential of -35.6% (value / price − 1) and a margin of safety of -55.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 30.7%
- FCF conversion: 108.7%
- Revenue CAGR 3Y: 115.0%
- Interest coverage: 6.3x
- Current ratio: 2.3x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,283.9 bn | 44.3 | 86.1% | 31.9% | +44.7% | +27% / +131% |
| JNJJohnson & Johnson | 655.6 bn | 41.3 | 20.0% | 16.2% | +6.0% | +32% / +76% |
| ONCBeone Medicines Ltd. | 575.0 bn | 640.9 | 18.4% | 13.9% | +40.2% | +14% / +107% |
| ABBVAbbVie Inc. | 509.5 bn | 49.6 | — | 15.7% | +8.6% | +27% / +102% |
| MRKMerck & Co., Inc. | 362.2 bn | 151.2 | 5.1% | 3.6% | +1.3% | +40% / +43% |
| ABTAbbott Laboratories | 196.7 bn | 42.3 | 9.2% | 9.7% | +5.7% | −12% / +9% |
| PFEPfizer Inc | 170.3 bn | 42.6 | 4.4% | 6.3% | −1.6% | +16% / −2% |
| VRTXVertex Pharmaceuticals Inc | 137.5 bn | 34.9 | 20.8% | 30.7% | +8.9% | +25% / +53% |
| BMYBristol-Myers Squibb Company | 129.0 bn | 14.0 | 44.1% | 18.5% | −0.2% | +28% / +28% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.3 | 6.6% | 3.6% | +4.3% | +55% / +325% |
| ZTSZoetis Inc. | 33.4 bn | 13.8 | 57.6% | 26.4% | +2.3% | −36% / −54% |
| ROIVRoivant Sciences Ltd. | 26.5 bn | — | -6.2% | -3,535.0% | −71.6% | +76% / +283% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 24.1 bn | 21.3 | 19.1% | 38.6% | +10.6% | +16% / +136% |
| INSMInsmed Inc | 23.9 bn | — | -72.5% | -39.9% | +66.7% | −48% / +335% |
| VTRSViatris Inc. | 21.7 bn | — | -24.3% | -23.9% | −3.0% | +77% / +107% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.0 bn | 7.9 | 126.6% | 52.8% | +65.2% | −65% / −7% |
| LQDALiquidia Corporation | 4.0 bn | 32.1 | 131.8% | 30.7% | +1,031.2% | +68% / +578% |
| IDYAIDEAYA Biosciences, Inc. | 3.0 bn | — | -38.5% | -1,149.6% | +3,024.4% | −14% / −3% |
| RCUSArcus Biosciences, Inc. | 2.5 bn | — | -114.1% | -453.0% | −4.3% | −32% / +17% |
| STOKStoke Therapeutics, Inc. | 1.7 bn | — | -73.6% | -862.1% | +404.5% | −16% / +588% |
| INVAInnoviva, Inc. | 1.4 bn | 9.7 | 17.0% | 44.1% | +14.7% | −11% / +39% |
| JANXJanux Therapeutics, Inc. | 982.6 m | — | -10.6% | -428.7% | −5.6% | −53% / +84% |
| WVEWave Life Sciences, Inc. | 635.1 m | — | -80.0% | -296.9% | −60.5% | −59% / −39% |
| NGNENeurogene Inc. | 513.3 m | — | -45.3% | — | −100.0% | +22% / +85% |
1- and 3-year price returns: for LQDA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 32.46 Total return -27% · Per year -27% | 57.12 Total return 28% · Per year 28% | 85.68 Total return 93% · Per year 93% |
| 3 years | 38.50 Total return -13% · Per year -5% | 75.54 Total return 70% · Per year 19% | 123.38 Total return 177% · Per year 40% |
| 5 years | 45.67 Total return 3% · Per year 1% | 99.90 Total return 125% · Per year 18% | 177.66 Total return 299% · Per year 32% |
- Exit P/E± 18.88
- Net margin± 13.22
- Annual revenue growth± 9.86
- Annual dilution± 1.11
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Liquidia is a biopharmaceutical company in North Carolina that sells YUTREPIA, an inhaled treprostinil powder for pulmonary arterial hypertension and PH-ILD. The product generated net sales of about 170.4 million USD in the second quarter of 2026, which makes its transition to profitability the central topic for the company right now.
SWOT
Strengths
- YUTREPIA has achieved rapid adoption after launch, with a large number of treated patients and active prescribers, according to the quarterly release.
- The PRINT technology allows uniform particles and a simple inhaler device, factors that support product differentiation.
- The company has reached sustained quarterly profitability and holds cash available to fund operations.
Weaknesses
- The company has accumulated large losses in the past, and its ability to sustain profitability over the long term remains uncertain.
- Dependence on a single commercial product makes revenue vulnerable to any approval, pricing or distribution problem.
- Selling, general and administrative expenses have risen significantly, and legal and commercialization costs are high.
Opportunities
- Clinical studies under way in new indications could widen the YUTREPIA market if results are favorable.
- The pivotal Re-Spire study for L606 could add a second product if the data support its efficacy.
- Growth of the inhaled category and physician preference for therapies with flexible dosing could support sales over the medium term.
Threats
- Litigation with United Therapeutics could lead to withdrawal or restriction of YUTREPIA if courts rule in the plaintiff's favor.
- Competition from existing and developing inhaled and injectable therapies could limit market share.
- The shortage of CADD-MS 3 pumps and dependence on single suppliers could disrupt delivery and revenue from the Sandoz agreement.
Risks
- Litigation with United Therapeuticshigh
Court actions by United Therapeutics seek withdrawal of YUTREPIA from the market or removal of some indications, which could seriously affect the company's revenue.
- Dependence on a single producthigh
Revenue is concentrated almost entirely in YUTREPIA, so any approval or commercialization problem has a direct impact on the company.
- Financing obligationsmedium
The HealthCare Royalty Partners agreement imposes fixed quarterly payments and a minimum cash balance, and failure to meet these terms could lead to severe adjustments.
- Supply chainmedium
The company relies on single suppliers for the active ingredient, device and packaging, and an interruption could slow commercialization.
- Pump availabilitylow
The shortage of CADD-MS 3 pumps limits subcutaneous treatment with the generic injection and may reduce revenue from the promotion agreement.
Investment thesis
What would need to be true (bull case)
- If YUTREPIA adoption continues at the pace of recent quarters, the company could sustain profitability and reduce its reliance on external financing.
- Success in studies of new indications and in the Re-Spire study of L606 could significantly broaden the patient base.
- Physician preference for inhaled therapies and the flexible dosing of YUTREPIA could give the company a solid competitive position over the medium term.
What would break the thesis
- If the litigation with United Therapeutics restricts YUTREPIA, revenue could fall quickly and profitability could disappear.
- The history of losses and rising commercial spending could compress margins if sales do not keep growing.
- Dependence on one product and on a pump no longer supported by its maker could limit growth in revenue from the Sandoz agreement.
What to watch
- Trend in YUTREPIA net sales and the number of patients treatedQ3 2026
- Outcome of the litigation with United Therapeutics in the Delaware and North Carolina courts2026
- Progress of the pivotal Re-Spire study of L606 in PH-ILD2027
- Evolution of profitability and operating cash flow in upcoming quarterly reportsnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Liquidia Corporation (NASDAQ: LQDA) develops and commercializes therapies for challenging respiratory and vascular diseases, especially pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). Revenue comes from YUTREPIA, approved by the FDA in May 2025 and launched in June 2025, and from a promotion agreement with Sandoz for generic treprostinil injection, under which the company receives a share of profit 12. The company works on its proprietary PRINT platform and is developing L606, a liposomal treprostinil formulation 1.
In fiscal 2025 the company recorded a net loss of 68.9 million USD, and its accumulated deficit reached 626.3 million USD as of December 31, 2025 1. In the second quarter of 2026 it reported net income of 74.7 million USD, its fourth consecutive quarter of increasing profitability 3. The sources describe recent quarters and do not report a full-year profit.
The company also runs clinical studies of YUTREPIA in new indications, including PH-COPD, IPF, PPF and SSc-RP, as well as the pivotal Re-Spire study of L606 in PH-ILD 13. Its financing includes an agreement with HealthCare Royalty Partners IV that requires a minimum cash balance of 15.0 million USD until 2033 2.
Segments
YUTREPIA
YUTREPIA is a dry inhaled powder of treprostinil made with the PRINT technology for PAH and PH-ILD. Product sales net were 148.3 million USD in fiscal 2025 and 170.4 million USD in the second quarter of 2026 13.
Market context
PAH has an estimated diagnosed and treated population of about 45000 patients in the United States, and PH-ILD an estimated prevalence above 60000 13. Inhaled therapies are increasingly preferred by physicians for PH-ILD, and the company states the inhaled category has grown almost 40 percent since the YUTREPIA launch 3.
The market is constrained by the lack of a cure and by the difficulty of administering prostacyclins, which gives products with more flexible dosing room to be adopted. Revenue growth, however, depends on keeping the FDA approval and on the outcome of litigation with United Therapeutics 1.
Trends
- Shift to inhaled therapy in PAH and PH-ILDtailwind
Physicians increasingly prefer inhaled therapies to avoid the systemic effects of prostacyclins, and YUTREPIA has captured a growing share of this category growth 13.
- Limited supply of CADD-MS 3 pumpsheadwind
ICU Medical no longer manufactures or supports the CADD-MS 3 pump, which restricts the number of patients who can receive subcutaneous generic treprostinil and affects revenue from the agreement 12.
- Litigation with United Therapeuticsheadwind
United Therapeutics seeks in court an injunction to withdraw YUTREPIA from the market; the outcome could limit the company's ability to sell the product or keep its approval 12.
- Rising profitabilitymixed
YUTREPIA sales have supported consecutive quarters with profit and positive operating cash flow, although these results are recent and do not guarantee continuity 13.
Competitive position
The main direct competitor is Tyvaso DPI, the dry powder inhaled formulation of United Therapeutics, approved for PAH and PH-ILD, while nebulized Tyvaso is an alternative in the same market 1. Competition also includes other PAH drug classes, such as injectable and oral prostacyclins, endothelin antagonists and IP receptor agonists 1.
The company says YUTREPIA offers doses above the labeled doses of other inhaled therapies, an advantage that could matter if physicians choose therapies with more titration flexibility 1. That advantage depends on clinical data and on the outcome of litigation with the main competitor 12.
- United TherapeuticsUTHR
Maker of Tyvaso and Tyvaso DPI, a direct competitor in inhaled therapy for PAH and PH-ILD, and a party to the YUTREPIA litigation.
- Sandoz
Commercial partner and ANDA holder for the generic treprostinil injection, relevant as a source of agreement revenue.
- Pharmosa Biopharm
Licensor of the technology behind L606, a liposomal formulation still in development.
- ICU Medical
Manufacturer of the CADD-MS 3 pump, whose support has ended and which influences distribution of the generic injection.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Liquidia Corporation’s (LQDA) Yutrepia Launch Continues to Outpace the ExpectationsYahoo Finance — News · 03 Sept 2026 · EN
The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 14 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report14 Oct 2026Material agreement · Termination of a material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report30 Sept 2026Other events · Financial statements and exhibits
- Current report03 Sept 2026Other events · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report17 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report08 Jun 2026Other events · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Other events · Financial statements and exhibits
- Proxy statement24 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Liquidia Corporation · 05 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Liquidia Corporation · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Liquidia Corporation · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.