Healthcare · Biotechnology
Price
$78.17
Market Cap
$7.0B
Employees
170
Beta
0.59
Avg Volume
1,777,732
CEO
Roger A. Jeffs
Business Description
Liquidia Corporation operates as a biopharmaceutical enterprise, concentrating on the development, production, and market introduction of various treatments aimed at fulfilling critical patient requirements throughout the United States. A key asset in its developmental portfolio is YUTREPIA, an innovative inhaled dry powder version of treprostinil, intended for managing pulmonary arterial hypertension. Beyond its pipeline, the company also distributes a generic treprostinil injection within the U.S. market. Founded in 2004, Liquidia Corporation's main office is located in Morrisville, North Carolina.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
308.43
Stock Price: $78.17
EPS (Diluted): -0.80
EPS (Diluted): -0.80
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
66.33
Stock Price: $78.17
Total Equity: $44.75M
Shares: 86,059,101
Total Equity: $44.75M
Shares: 86,059,101
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
128.52
Market Cap: $6.95B
Total Debt: $191.34M
Cash: $190.68M
EBITDA: -$43.22M
Total Debt: $191.34M
Cash: $190.68M
EBITDA: -$43.22M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$3.0B
Market Cap: $6.95B
Total Debt: $191.34M
Cash: $190.68M
Total Debt: $191.34M
Cash: $190.68M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
18.75
Stock Price: $78.17
Revenue: $158.32M
Shares: 86,059,101
Revenue: $158.32M
Shares: 86,059,101
EV/Sales (Total value vs revenue — works when P/E can't)
API18.79
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
91.6%
Gross Profit: $145.08M
Revenue: $158.32M
Revenue: $158.32M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-32.5%
Operating Income: -$51.38M
Revenue: $158.32M
Revenue: $158.32M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-43.5%
Net Income: -$68.92M
Revenue: $158.32M
Revenue: $158.32M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
46.8%
Net Income: -$68.92M
Total Equity: $44.75M
Total Equity: $44.75M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
12.8%
Operating Income: -$51.38M
Tax Rate: 0.0%
Equity: $44.75M
Total Debt: $191.34M
Cash: $190.68M
Tax Rate: 0.0%
Equity: $44.75M
Total Debt: $191.34M
Cash: $190.68M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.40
Current Assets: $190.68M
Current Liabilities: $135.77M
Current Liabilities: $135.77M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
4.28
Short-Term Debt: $58.41M
Long-Term Debt: $132.94M
Total Debt: $191.34M
Total Equity: $44.75M
Long-Term Debt: $132.94M
Total Debt: $191.34M
Total Equity: $44.75M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$1.84
Revenue: $158.32M
Shares: 86,059,101
Shares: 86,059,101
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$0.52
Total Equity: $44.75M
Shares: 86,059,101
Shares: 86,059,101
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.47
Operating CF: -$35.69M
CapEx: -$4.34M
Shares: 86,059,101
CapEx: -$4.34M
Shares: 86,059,101
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $78.17
Stock Price: $78.17
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$68.92M
Net Income: -$68.92M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares LQDA against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 25, 2026 2:57am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.9M | $15.9M | $17.5M | $14.0M | $158.3M |
| Cost of Revenue | $3.0M | $2.9M | $2.9M | $5.9M | $13.2M |
| Gross Profit | $9.8M | $13.1M | $14.6M | $8.1M | $145.1M |
| Operating Expenses | $43.6M | $51.8M | $88.0M | $129.4M | $196.5M |
| Operating Income | -$33.8M | -$38.8M | -$73.4M | -$121.3M | -$51.4M |
| Net Income | -$34.6M | -$41.0M | -$78.5M | -$130.4M | -$68.9M |
| EBITDA | -$28.2M | -$35.0M | -$70.1M | -$115.7M | -$43.2M |
| EPS | $-0.70 | $-0.67 | $-1.21 | $-1.66 | $-0.80 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 25, 2026 2:57am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $57.5M | $93.3M | $83.7M | $176.5M | $190.7M |
| Total Current Assets | $61.3M | $99.8M | $89.9M | $185.1M | $190.7M |
| Total Assets | $93.7M | $129.2M | $118.3M | $230.3M | $327.9M |
| Current Liabilities | $7.3M | $8.8M | $18.6M | $41.8M | $135.8M |
| Long-Term Debt | $10.4M | $19.9M | $43.4M | $97.4M | $132.9M |
| Total Liabilities | $28.5M | $38.8M | $71.0M | $153.0M | $283.2M |
| Total Equity | $65.3M | $90.4M | $47.3M | $77.3M | $44.7M |
| Retained Earnings | -$309.6M | -$350.6M | -$429.1M | -$559.5M | -$626.3M |
Cash Flow (Annual)
Last updated: Jun 25, 2026 2:57am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$34.0M | -$28.6M | -$41.6M | -$93.4M | -$35.7M |
| Capital Expenditure | $-107,000 | $-592,000 | -$1.3M | -$4.9M | -$4.3M |
| Free Cash Flow | -$34.1M | -$29.2M | -$42.9M | -$98.4M | -$40.0M |
| Acquisitions (net) | $0 | $5,000 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$7.8M | $35.8M | -$9.6M | $92.8M | $14.2M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 3:14am (5h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$1.2B $940.5M – $1.4B
|
$1.3B $1.1B – $1.6B
|
$1.5B $1.2B – $1.7B
|
$1.7B $1.3B – $1.9B
|
| EBITDA |
-$1.0B -$1.2B – -$803.7M
|
-$1.2B -$1.3B – -$922.8M
|
-$1.3B -$1.5B – -$1.0B
|
-$1.4B -$1.6B – -$1.1B
|
| Net Income |
$575.9M $404.2M – $600.2M
|
$532.3M $466.4M – $598.1M
|
$577.6M $428.6M – $697.0M
|
$651.8M $483.7M – $786.6M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 25, 2026 2:57am (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +24.0% | +9.7% | -20.0% | +1,031.2% |
| Gross Profit Growth | +33.0% | +11.7% | -44.4% | +1,687.3% |
| Operating Income Growth | -14.7% | -89.3% | -65.3% | +57.6% |
| Net Income Growth | -18.6% | -91.4% | -66.1% | +47.1% |
| EBITDA Growth | -24.2% | -100.0% | -65.2% | +62.6% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 3:14am (5h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-22 | Bloch Stephen M | S-Sale | 69,500.00 | $75.54 | $5.3M |
| 2026-06-22 | Bloch Stephen M | S-Sale | 30,500.00 | $76.18 | $2.3M |
| 2026-06-16 | JOHNSON DAVID EDWARD | A-Award | 5,882.00 | $0.00 | $0 |
| 2026-06-16 | SINGH RAMAN | A-Award | 5,882.00 | $0.00 | $0 |
| 2026-06-16 | Bloch Stephen M | A-Award | 5,882.00 | $0.00 | $0 |
| 2026-06-16 | deGoa Damian | A-Award | 5,882.00 | $0.00 | $0 |
| 2026-06-16 | Horobin Joanna | A-Award | 5,882.00 | $0.00 | $0 |
| 2026-06-16 | KIRSCH ARTHUR S | A-Award | 5,882.00 | $0.00 | $0 |
| 2026-06-16 | Rielly-Gauvin Katherine | A-Award | 5,882.00 | $0.00 | $0 |
| 2026-06-16 | Manning Paul B | A-Award | 5,882.00 | $0.00 | $0 |
| 2026-06-12 | Bloch Stephen M | S-Sale | 97,954.00 | $71.37 | $7.0M |
| 2026-06-12 | Bloch Stephen M | S-Sale | 13,095.00 | $72.15 | $944,862 |
| 2026-06-15 | Bloch Stephen M | S-Sale | 82,740.00 | $71.42 | $5.9M |
| 2026-06-15 | Bloch Stephen M | S-Sale | 2,322.00 | $72.08 | $167,361 |
| 2026-06-11 | Krepp Sarah | S-Sale | 5,749.00 | $70.28 | $404,031 |
| 2026-06-11 | Krepp Sarah | S-Sale | 19,131.00 | $70.28 | $1.3M |
| 2026-06-10 | Bloch Stephen M | S-Sale | 14,416.00 | $64.48 | $929,554 |
| 2026-06-10 | Bloch Stephen M | S-Sale | 103,301.00 | $65.54 | $6.8M |
| 2026-06-10 | Bloch Stephen M | S-Sale | 28,237.00 | $66.30 | $1.9M |
| 2026-06-11 | Bloch Stephen M | S-Sale | 1,476.00 | $66.40 | $98,000 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for LQDA — it's generated by the pipeline (
market-narrative step).
No community reviews yet for LQDA.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
Sign in to save personal notes and rate your interest in this stock.
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30