Liquidia Corporation (LQDA) Stock Price & Analysis
Liquidia Corporation (LQDA) closed at USD 42.65 on Friday, October 23, 2026, up 7.46% on the day. The US market is currently closed; this is not a live price.
The prior close was USD 42.65; the Oct 23, 2026 session ranged USD 38.69–42.82 on volume of 3,779,740 shares. Market capitalization is —, with a 52-week range of USD 22.05–93.61 (NCM). Source: Nexqual, retrieved October 24, 2026 at 01:35 UTC.
Also available as compact Markdown for AI agents: nexqual.com/LQDA.md
Key facts (LQDA)
- Last four reported quarters (through Jun 30, 2026): revenue $451M, net income $139M (30.7% margin), free cash flow $151M (SEC filings).
- Total return with dividends: 1Y +90.6% vs S&P 500 +13.4%; 5Y +1037.3% vs S&P 500 +76.9%.
- Next earnings: 2026-11-03, EPS estimate USD 0.98, revenue estimate $214M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (LQDA)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.9M | $15.9M | $17.5M | $14.0M | $158M | $451M |
| Gross profit | $9.8M | $13.1M | $14.6M | $8.1M | — | — |
| Operating income | -$33.8M | -$38.8M | -$73.4M | -$121M | -$51.4M | $169M |
| Net income | -$34.6M | -$41.0M | -$78.5M | -$128M | -$68.9M | $139M |
| EPS (diluted) | -$0.70 | -$0.67 | -$1.21 | -$1.63 | -$0.80 | — |
| Free cash flow | -$34.1M | -$29.2M | -$42.9M | -$98.4M | -$40.0M | $151M |
| Gross margin | 76.5% | 82.1% | 83.5% | 58.0% | — | — |
| Operating margin | -263.0% | -243.3% | -419.6% | -866.6% | -32.5% | 37.4% |
| Net margin | -269.0% | -257.4% | -448.9% | -916.6% | -43.5% | 30.7% |
| Revenue growth | +1637.8% | +24.0% | +9.7% | -20.0% | +1031.2% | — |
| Cash + short-term investments | $57.5M | $93.3M | $83.7M | $176M | $191M | — |
| Total debt | $10.4M | $19.9M | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (LQDA)
Analysts (LQDA)
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | HC Wainwright & Co. | Target raised | Buy | $58 → $65 |
| 2026-10-14 | LifeSci Capital | Upgrade | Market Perform → Outperform | $59 |
| 2026-10-14 | Wells Fargo | Target raised | Equal-Weight | $30 → $33 |
| 2026-10-14 | Needham | Target lowered | Buy | $72 → $58 |
| 2026-10-14 | BTIG | Upgrade | Neutral → Buy | $70 |
| 2026-10-02 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $108 → $30 |
| 2026-10-02 | HC Wainwright & Co. | Target lowered | Buy | $130 → $58 |
| 2026-10-01 | Raymond James | Downgrade | Strong Buy → Outperform | $106 → $53 |
| 2026-10-01 | BTIG | Downgrade | Buy → Neutral | |
| 2026-10-01 | Needham | Target lowered | Buy | $110 → $72 |
| 2026-08-13 | Wells Fargo | Target raised | Overweight | $62 → $108 |
| 2026-08-13 | B of A Securities | Target raised | Neutral | $79 → $92 |
Total return (dividends reinvested) (LQDA)
| 1Y (from 2025-10-24) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | +90.6% | +1037.3% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +91.0% | +62.7% |
| Volatility (annualized) | 110.3% | 80.6% |
| Max drawdown | -71.5% (Aug 2026→Oct 2026) | -69.7% (Aug 2026→Oct 2026) |
LQDA revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product | $170.4M | 99.2% | +2514.4% |
| Service | $1.3M | 0.8% | -44.1% |
| Total revenue | $171.7M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
LQDA suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | LGM Pharma | “For example, we currently rely on a sole supplier, LGM Pharma, LLC ("LGM"), for treprostinil, the active pharmaceutical ingredient of YUTREPIA, and we currently rely on a sole supplier, Plastiape S.p.A ("Plastiape"), for RS00 Model DPI, the device used to administer YUTREPIA.” |
| Supplier | Lonza | “We also rely on a sole supplier, Lonza Tampa LLC ("Lonza"), for encapsulation and packaging services for YUTREPIA.” |
| Partner | Pharmosa Biopharm | “In June 2023, we entered into the Pharmosa License Agreement (as defined below) pursuant to which we were granted an exclusive license in North America to develop and commercialize L606, an inhaled, sustained-release liposomal formulation of treprostinil currently being evaluated in a clinical trial for the treatment of PAH and PH-ILD.” |
| Partner | Vectura | “In October 2025, we entered into the Vectura License Agreement (as defined below) pursuant to which we were granted a license to use certain nebulizers developed by Vectura to administer L606.” |
| Partner | Sandoz | “We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder ("YUTREPIA") and pursuant to a promotion agreement with Sandoz Inc. ("Sandoz"), dated as of August 1, 2018, as amended (the "Promotion Agreement"), under which we share profit derived from the sale of Sandoz's generic treprostinil injection ("Treprostinil Injection") in the United States.” |
| Partner | GSK | “In March 2023, we and GSK plc ("GSK") entered into a Research License Agreement (the "GSK License Agreement") which superseded and replaced our prior agreements with GSK.” |
| Partner | Liquidia Technologies | “In October 2025, we entered into an exclusive licensing agreement (the "Vectura License Agreement") with Vectura, which provided for, among other things, (i) the exclusive right for Liquidia Technologies to develop, manufacture and commercialize for use in the United States products containing treprostinil, including L606, administered via certain Vectura nebulizer devices for treatment in the field of hypertensio…” |
| Partner | UNITED THERAPEUTICS Corp (UTHR) | “Similarly, Corsair Pharma, a former partner of United Therapeutics, is developing a prodrug and transdermal patch intended to provide continuous and consistent blood levels of treprostinil comparable to an infusion pump.” |
| Partner | HealthCare Royalty Partners IV | “Additionally, the revenue interest financing agreement with HealthCare Royalty Partners IV, L.P. ("HCR") dated January 9, 2023, as amended (the "HCR Agreement") contains fixed quarterly payments and minimum cash covenants that require us to maintain cash and cash equivalents in an amount at least equal to $15.0 million for the remainder of the payment term, which based on amounts funded as of December 31, 2025, is…” |
Quoted from the company's 10-K filed Mar 5, 2026.
LQDA analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.98 | $1.10 | -11.7% | $214.1M | 7 |
| Next quarter (ends Dec 2026) | $-0.28 | $1.27 | -121.9% | $198.4M | 7 |
| Current fiscal year (ends Dec 2026) | $2.03 | $3.48 | -41.7% | $717.0M | 7 |
| Next fiscal year (ends Dec 2027) | $2.19 | $5.57 | -60.7% | $762.1M | 7 |
LQDA options: expected move
Options price a move of about ±11.6% (±$4.90) by Nov 6, 2026, which includes earnings on Nov 3, 2026. Over the last 8 reports the stock moved ±12.8% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 86.0% | ±9.6% |
| Nov 6, 2026 | 14 | 73.6% | ±11.6% |
| Nov 13, 2026 | 21 | 81.3% | ±15.6% |
| Nov 20, 2026 | 28 | 68.4% | ±15.2% |
| Nov 27, 2026 | 35 | 80.8% | ±19.9% |
| Dec 4, 2026 | 42 | 79.0% | ±21.3% |
| Dec 18, 2026 | 56 | 78.5% | ±24.5% |
| Jan 15, 2027 | 84 | 81.1% | ±30.9% |
30-day implied volatility 76.1% vs 266.2% realized over the last 30 trading days. Put/call ratio (volume) 0.17. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 24, 2026 at 01:35 UTC)
| Price | USD 42.65 |
|---|---|
| Change | ▲ 7.46% (up) |
| Previous Close | USD 42.65 |
| Open | USD 42.65 |
| Day Range | USD 38.69 – 42.82 |
| 52-Week Range | USD 22.05 – 93.61 |
| Volume | 3,779,740 shares |
| Market Cap | — |
| Exchange | NCM |
Technical Analysis (LQDA)
Nexqual's technical model rates LQDA "SELL" based on 2 bullish and 4 bearish signals across 127 daily candles, as of October 24, 2026 at 01:35 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 49.98 (neutral) |
| vs SMA50 | Below (USD 55.95) |
| MACD | -5.47 (negative) |
Earnings (LQDA)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 0.98 |
| Revenue Estimate | $214.15M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.74 vs est 0.85 ▼ miss |
| 2026-03-31 | USD 0.52 vs est 0.4 ▲ beat |
| 2025-12-31 | USD 0.15 vs est 0.33 ▼ miss |
| 2025-09-30 | USD -0.04 vs est -0.35 ▲ beat |
Source: Nexqual, October 24, 2026 at 01:35 UTC.
Financials & Fundamentals (LQDA)
| Total Revenue | $450.91M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +1842.70% |
| Gross Margin | +92.54% |
| Operating Margin | +49.81% |
| Profit Margin | +30.74% |
| ROE | +131.82% |
| Debt / Equity | 0.94 |
| Current Ratio | 2.31 |
| Total Cash | $284.18M |
| Total Debt | $182.90M |
Source: Nexqual, October 24, 2026 at 01:35 UTC.
Ownership (LQDA)
| Insider Ownership | +9.21% |
|---|---|
| Institutional Ownership | +81.78% |
| Shares Outstanding | 89.51M |
| Float | 65.22M |
| Short % of Float | +17.52% |
Source: Nexqual, October 24, 2026 at 01:35 UTC.
From Liquidia Corporation's Latest SEC 10-K Filing (filed 2026-03-05)
Key Strengths & Strategy (as disclosed to the SEC)
- We are the owner or exclusive licensee of patents and applications relating to our proprietary technology platform and our product candidates and are pursuing additional patent protection for these and for our other product candidates and technology developments.
- Our proprietary PRINT particle engineering technology allows us to engineer and manufacture highly uniform drug particles with precise control over the size, three-dimensional geometric shape and chemical composition of the particles.
- Our policy is to seek patent protection of our proprietary product candidates and technology by filing U.S., international and certain foreign patent applications covering certain of our proprietary technology, inventions, improvements and product candidates that are important to the growth and protection of our business.
- YUTREPIA is an inhaled dry powder formulation of treprostinil designed with our proprietary PRINT technology, a particle engineering platform that enables precise production of uniform drug particles, to improve the therapeutic profile of treprostinil by enhancing deep lung delivery while using a convenient, low effort dry-powder inhaler ("DPI") and by achieving higher dose levels than the labeled doses of other marketed inhaled treprostinil therapies.
Partnerships
- We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder ("YUTREPIA") and pursuant to a promotion agreement with Sandoz Inc. ("Sandoz"), dated as of August 1, 2018, as amended (the "Promotion Agreement"), under which we share profit derived from the sale of Sandoz's generic treprostinil injection ("Treprostinil Injection") in the United States.
- In consideration for these exclusive rights, we paid Pharmosa an upfront license fee of $10 million and paid an additional $3.5 million upfront license fee in October 2024 in connection with the rights granted in the First Amendment and the Device License Agreement.
Legal & Regulatory Risks (Item 1A, quoted)
- The pharmaceutical industry is subject to a range of laws and regulations in areas including healthcare program requirements and fraud, waste, and abuse; healthcare and related marketing compliance and transparency; and privacy and data security. Our failure to comply with these laws and regulations as they are, or in the future become, applicable to us may have an adverse effect on our business.
- We, directly or through our third-party service providers, may adopt, use or incorporate artificial intelligence ("AI") technology and capabilities into the information technology systems or software that we use in our business and operations.
- Environmental, social and governance matters may impact our business and reputation.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| AMLX | Amylyx Pharmaceuticals, Inc. | USD 27.2 | ▼ 4.8% |
| INDV | Indivior Pharmaceuticals, Inc. | USD 34.47 | ▼ 2.43% |
| RGC | Regencell Bioscience Holdings L | USD 7.67 | ▼ 21.81% |
| HCM | HUTCHMED (China) Limited | USD 14.36 | ▲ 0.56% |
| SUPN | Supernus Pharmaceuticals, Inc. | USD 40.7 | ▼ 3.26% |
| BHC | Bausch Health Companies Inc. | USD 6.44 | ▼ 0.77% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 24, 2026 at 01:35 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt