Liquidia Corp Segments Disclosure
15. Segment Information
We operate as a business segment focused on revolutionizing care for patients with challenging respiratory and vascular diseases such as PAH and PH-ILD. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by our Chief Executive Officer, the chief operating decision maker (“CODM”), in assessing segment performance and deciding how to allocate resources on a consolidated basis. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
The CODM measures segment profit and loss by net loss as reported in the consolidated income statements. The CODM uses net loss to monitor budget and forecast versus actual results to assess segment performance and to allocate resources across the organization. The measure of segment assets is reported on the consolidated balance sheet as total assets.
The following table summarizes segment revenue, segment loss, and significant segment expenses regularly reported to the CODM during the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31, | |||||||||
2025 | 2024 | 2023 | |||||||
Revenues: | |||||||||
Product sales, net | $ | 148,288 | $ | — | $ | — | |||
Service revenue, net | 10,032 | 13,996 | 17,488 | ||||||
Total revenue | 158,320 | 13,996 | 17,488 | ||||||
Cost of product sales | 8,824 | — | — | ||||||
Cost of service revenue | 4,418 | 5,879 | 2,888 | ||||||
Program expenses (1) | |||||||||
YUTREPIA | 55,441 | 37,352 | 23,487 | ||||||
L606 | 19,678 | 12,052 | 12,551 | ||||||
Generic Treprostinil | 364 | 720 | 308 | ||||||
Total program expenses | 75,483 | 50,124 | 36,346 | ||||||
Non-program expenses (2) |
| 21,967 |
| 15,530 |
| 12,854 | |||
Personnel, including stock-based compensation | 99,004 | 63,757 | 38,784 | ||||||
Income (loss) from operations |
| (51,376) |
| (121,294) |
| (73,384) | |||
Other income (expense), net |
| (17,548) |
| (6,997) |
| (5,118) | |||
Net loss | $ | (68,924) | $ | (128,291) | $ | (78,502) | |||
| (1) | Includes external research and development and selling, general and administrative expenses |
| (2) | Includes professional service fees, facilities & infrastructure expenses, insurance, depreciation & amortization, and other corporate expenses |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 19, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.