Liquidia Corp

Listed Company

LQDACIK 0001819576NasdaqNon-AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$158.32M

Net Income

$-68.90M

Total Assets

$327.93M

Equity

$44.75M

Shares Out

88.93M

Op. Cash Flow

$-35.69M

LQDA$78.94+554.56% · past yearDBEQ Basic

Daily closing prices

Business

Liquidia Corp is a biopharmaceutical company developing treatments for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. The company markets YUTREPIA (treprostinil) inhalation powder, approved in May 2025, and shares profits from Sandoz's generic Treprostinil Injection through a promotion agreement. It also develops L606, an inhaled liposomal treprostinil formulation, leveraging its proprietary PRINT particle-engineering platform. The company operates through two subsidiaries and employs a targeted sales force in the United States.

Summary from 10-K filed 2026-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues:	158	14	17	16	13
Research and development	39	48	43	19	21
Selling, general and administrative	157	82	45	—	—
Total costs and expenses	210	135	91	55	47
Income (loss) from operations	−51	−121	−73	−39	−34
Interest income	7	8	3	1	33,000
Interest expense	−24	−15	−6	—	—
Loss on extinguishment of debt	—	−4	−2	−997,000	−53,000
Total other expense, net	−18	−7	−5	−2	−782,000
Net loss and comprehensive loss	−69	−128	−79	−41	−35
Net loss per common share, basic (in dollars per share)	−0.8	−1.63	−1.21	−0.67	−0.7
Net loss per common share, diluted (in dollars per share)	−0.8	−1.63	−1.21	−0.67	−0.7
Weighted average common shares outstanding, basic (in shares)	86	79	65	61	50
Weighted average common shares outstanding, diluted (in shares)	86	79	65	61	50

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	191	176	84	93	57
Accounts receivable, net	54	3	4	5	3
Inventory	24	241,000	—	—	—
Prepaid expenses and other current assets	5	6	2	2	792,000
Total current assets	273	185	90	100	61
Property, plant and equipment, net	12	8	4	4	5
Operating lease right-of-use assets, net	4	4	2	2	2
Indemnification asset, related party	8	7	7	7	6
Contract acquisition costs, net	7	7	8	9	10
Intangible asset, net	3	3	3	4	4
Goodwill	4	4	4	4	4
Restricted cash	4	—	—	—	—
Other assets	13	11	287,000	—	—
Total assets	328	230	118	129	94
Accounts payable	4	5	1	2	1
Accrued expenses and other current liabilities	73	19	13	6	5
Long-term debt, current	58	18	3	—	—
Operating and finance lease liabilities, current	487,000	417,000	1	—	—
Total current liabilities	136	42	19	9	7
Litigation finance payable	8	7	7	7	6
Long-term debt, noncurrent	133	95	43	—	—
Operating and finance lease liabilities, noncurrent	6	7	2	—	—
Total liabilities	283	151	71	39	28
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock - 10,000,000 shares authorized, none outstanding	—	—	—	—	—
Common stock - $0.001 par value, 115,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively, 87,204,137 and 84,683,063 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	87,000	85,000	69,000	64,000	52,000
Additional paid-in capital	671	637	476	441	375
Accumulated deficit	−626	−557	−429	−351	−310
Total stockholders' equity	45	79	47	90	65
Total liabilities and stockholders' equity	328	230	118	129	94

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−69	−128	−79	−41	−35
Acquired in-process research and development	2	4	10	—	—
Stock-based compensation	29	19	10	9	7
Depreciation and amortization	2	2	2	4	6
Non-cash lease expense	238,000	468,000	397,000	311,000	237,000
Loss (gain) on disposal of property and equipment	11,000	46,000	−2,000	4,000	44,000
Accretion and non-cash interest expense	24	15	6	328,000	—
Accounts receivable, net	−51	1	956,000	−2	−3
Inventory	−23	−241,000	—	—	—
Prepaid expenses and other current assets	840,000	−2	−798,000	−719,000	−40,000
Other noncurrent assets	−2	−11	20,000	4,000	80,000
Accounts payable	−3	2	−1	814,000	−8
Accrued expenses and other current liabilities	55	5	8	545,000	563,000
Operating lease liabilities	−353,000	−970,000	−900,000	−775,000	−665,000
Net cash used in operating activities	−36	−93	−42	−29	−34
Purchase of in-process research and development	−2	−4	−10	—	—
Proceeds from the sale of property, plant and equipment	—	8,000	2,000	5,000	—
Purchases of property, plant and equipment	−4	−5	−1	−592,000	−107,000
Net cash used in investing activities	−6	−8	−11	−587,000	−107,000
Proceeds from long-term debt, net of fees	75	57	42	20	10
Payments on long-term debt	−21	−5	−22	−11	−10
Payments for debt prepayment and extinguishment costs	—	—	−2	—	—
Principal payments on finance leases	−64,000	−107,000	−181,000	−311,000	−477,000
Receipts from litigation financing	1	593,000	113,000	451,000	5
Proceeds from sale of common stock, net of issuance costs	—	139	24	54	22
Proceeds from issuance of common stock under stock incentive plans	5	3	1	1	41,000
Net cash provided by financing activities	60	195	43	65	26
Net increase in cash, cash equivalents, and restricted cash	18	93	−10	36	−8
Cash paid for interest	—	—	360,000	2	423,000
Cash paid for operating lease liabilities	1	1	1	1	1
Offering costs incurred, but not paid included in accrued expenses	—	—	132,000	—	—
Non-cash increase in right-of-use assets due to remeasurement of lease liabilities	—	5	—	—	—
Non-cash increase in property, plant and equipment through accounts payable	650,000	210,000	239,000	139,000	0
Non-cash increase in indemnification asset through accounts payable	932,000	753,000	112,000	313,000	5

Filings

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Frequently asked questions

What is Liquidia Corp's CIK number?

Liquidia Corp's SEC CIK number is 0001819576 (1819576). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Liquidia Corp's SEC filings?

All of Liquidia Corp's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Liquidia Corp last report earnings?

Liquidia Corp (LQDA) most recently filed an earnings 8-K with the SEC on May 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-058234). This is Liquidia Corp's most recent earnings filing of record — not a forecast of its next earnings date.

What is Liquidia Corp's most recent earnings 8-K?

Liquidia Corp's latest earnings 8-K (Item 2.02) was filed May 11, 2026 under accession 0001104659-26-058234. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Liquidia Corp's latest earnings 8-K →
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