# Liquidia Corporation (LQDA)

> Source: Nexqual · https://nexqual.com/LQDA · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Liquidia Corporation (LQDA), nexqual.com/LQDA" · informational, not investment advice.

**Price:** USD 42.65 (+7.46% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 39.69 · day 38.69–42.82 · 52w 22.05–93.61 · market cap $3.82B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $451M, net income $139M (30.7% margin), free cash flow $151M (SEC filings).
- Valuation: P/E 27.5x.
- 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)
| 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)
P/E 27.5x · P/S 8.5x · P/FCF 25.3x · P/B 19.6x · FCF yield 3.95% · Earnings yield 3.63%

## Analysts
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)
|  | 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) |

## Peers (Drug Manufacturers - Specialty & Generic)
AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.2 -4.80% · 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%

## More
Full page: https://nexqual.com/LQDA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LQDA's own 10-K filed 2026-03-05 (https://www.sec.gov/Archives/edgar/data/1819576/000110465926023804/lqda-20251231x10k.htm):

| 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…" |
| 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 lip…" |
| 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 "Pro…" |
| 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, manu…" |
| 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 covenant…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $170.4M | 99.2% | +2514.4% |
| Service | $1.3M | 0.8% | -44.1% |
| Total revenue | $171.7M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.98 | $1.10 | -11.7% | $214.1M | 7 |
| Next quarter (ends 2026-12-31) | $-0.28 | $1.27 | -121.9% | $198.4M | 7 |
| Current fiscal year (ends 2026-12-31) | $2.03 | $3.48 | -41.7% | $717.0M | 7 |
| Next fiscal year (ends 2027-12-31) | $2.19 | $5.57 | -60.7% | $762.1M | 7 |