Liquidia Corp
LQDA- Exchange
- Nasdaq
- Industry
- Pharmaceutical Preparations
- SEC CIK
- 0001819576
In the last 90 days, Liquidia Corp insiders filed 0 open-market purchases and 17 sales; 337 institutions reported holding it in 13F filings for Q2 2026, worth $5.78B in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 11, 2026, 1:16 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net loss for FY2025: $68.9M (43.5% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 5, 2026 | Mar 19, 2025 | Mar 13, 2024 | Mar 16, 2023 | – |
| Revenue | $158.3M | $14.0M | $17.5M | $15.9M | $12.9M |
| Cost of revenue | – | $5.88M | $2.89M | $2.86M | $3.02M |
| Research and development | $39.3M | $47.8M | $43.2M | $19.4M | $20.5M |
| Selling, general and administrative | $157.2M | $81.6M | $44.7M | $32.4M | $23.1M |
| Operating income | -$51.4M | -$121.3M | -$73.4M | -$38.8M | -$33.8M |
| Interest expense | – | – | $6.27M | $2.34M | $815.0K |
| Income tax | $0 | $0 | $0 | $0 | $0 |
| Net income | -$68.9M | -$130.4M | -$78.5M | -$41.0M | -$34.6M |
| EPS, basic | $-0.80 | $-1.66 | $-1.21 | $-0.67 | $-0.70 |
| EPS, diluted | $-0.80 | $-1.66 | $-1.21 | $-0.67 | $-0.70 |
| Weighted shares, basic | 86.1M | 78.7M | 65.0M | 61.0M | 49.7M |
| Weighted shares, diluted | 86.1M | 78.7M | 65.0M | 61.0M | 49.7M |
| Margins and growth | |||||
| Operating margin | -32.5% | -866.6% | -419.6% | -243.3% | -262.9% |
| Net margin | -43.5% | -931.7% | -448.9% | -257.4% | -269.0% |
| Revenue growth, year over year | +1,031.2% | −20.0% | +9.7% | +24.0% | +1,637.8% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 5, 2026 | Mar 19, 2025 | Mar 13, 2024 | Mar 16, 2023 | – |
| Cash and equivalents | $190.7M | $176.5M | $83.7M | $93.3M | $57.5M |
| Accounts receivable | $54.1M | $2.72M | $4.06M | $5.02M | $2.99M |
| Inventory | $23.8M | $241.0K | – | – | – |
| Total current assets | $273.4M | $185.1M | $89.9M | $99.8M | $61.3M |
| Property, plant and equipment | $11.8M | $8.30M | $4.48M | $4.15M | $5.02M |
| Goodwill | $3.90M | $3.90M | $3.90M | $3.90M | $3.90M |
| Intangible assets | $2.95M | $3.16M | $3.43M | $3.73M | $4.39M |
| Total assets | $327.9M | $230.3M | $118.3M | $129.2M | $93.7M |
| Accounts payable | $3.68M | $4.69M | $1.40M | $2.20M | $1.07M |
| Total current liabilities | $135.8M | $41.8M | $18.6M | $8.80M | $7.33M |
| Long-term debt | – | – | – | $19.9M | $10.4M |
| Total liabilities | $283.2M | $153.0M | $71.0M | $38.8M | $28.5M |
| Shareholders' equity | $44.7M | $77.3M | $47.3M | $90.4M | $65.3M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 5, 2026 | Mar 19, 2025 | Mar 13, 2024 | Mar 16, 2023 | – |
| Operating cash flow | -$35.7M | -$93.4M | -$41.6M | -$28.6M | -$34.0M |
| Capital expenditures | $4.34M | $4.95M | $1.29M | $592.0K | $107.2K |
| Free cash flow | -$40.0M | -$98.4M | -$42.9M | -$29.2M | -$34.1M |
| Depreciation and amortization | $1.53M | $2.20M | $2.18M | $3.65M | $5.61M |
| Stock-based compensation | $29.5M | $18.8M | $10.1M | $9.30M | $6.75M |
| Investing cash flow | -$6.34M | -$8.44M | -$11.3M | -$587.0K | -$107.2K |
| Financing cash flow | $59.7M | $194.7M | $43.2M | $65.0M | $26.3M |
| Net change in cash | $17.7M | $92.8M | -$9.60M | $35.8M | -$7.82M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 18.6% | 134.4% | 57.7% | 58.3% | 52.5% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 28, 2026 | 90.1M | +3.6% | SEC |
| Jul 29, 2026 | 89.5M | +4.0% | SEC |
| May 1, 2026 | 88.9M | +4.0% | SEC |
| Feb 17, 2026 | 88.1M | +3.3% | SEC |
| Oct 20, 2025 | 87.0M | +2.8% | SEC |
| Aug 4, 2025 | 86.1M | +12.1% | SEC |
| May 1, 2025 | 85.5M | +11.9% | SEC |
| Mar 10, 2025 | 85.3M | +12.2% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.