Tearsheet

Liquidia (LQDA)

Market Price (3/1/2026): $31.0 | Market Cap: $2.7 Bil
Sector: Health Care | Industry: Biotechnology

Liquidia (LQDA)

Market Price (3/1/2026): $31.0
Market Cap: $2.7 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 343%	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -107 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -155%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -62%		Stock price has recently run up significantly 12M Rtn12 month market price return is 100%
2	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.		Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 39%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -146%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -156%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0%
5			Key risks LQDA key risks include [1] ongoing patent litigation threatening its key drug, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 343%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -62%
2	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -107 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -155%
5	Stock price has recently run up significantly 12M Rtn12 month market price return is 100%
6	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 39%
7	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -146%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -156%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0%
9	Key risks LQDA key risks include [1] ongoing patent litigation threatening its key drug, Show more.

Valuation, Metrics & Events

	3/1/26	2025	2024	2023	2022	2021
Share Price CYE	$31.00	$34.49	$11.76	$12.03	$6.37	$4.87
Market Cap CYE ($ Bil)	2.7	3.0	0.9	0.8	0.4	0.3
Total Debt ($ Bil)	0.2	0.2	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.2	0.2	0.2	0.1	0.1	0.1
Enterprise Value ($ Bil)	2.7	3.2	0.9	0.8	0.4	0.3
Valuation Ratios
P/S TTM	38.7	43.0	59.0	42.6	29.8	24.4
P/EBIT TTM	-25.6	-28.5	-8.8	-14.8	-9.3	-6.6
P/E TTM	-21.6	-24.0	-7.9	-13.5	-8.9	-6.5
P/FCF TTM	-24.8	-27.6	-10.0	-18.7	-13.0	-6.2
Sector Ratios
P/S TTM (Sector)	4.0	4.2	3.8	4.1	4.5	7.9
P/EBIT TTM (Sector)	-1.6	-1.5	-1.5	-1.3	-1.1	-3.3
P/E TTM (Sector)	-1.7	-1.7	-1.7	-1.4	-1.1	-3.3
P/FCF TTM (Sector)	-1.5	-1.5	-1.5	-1.4	-1.4	-3.7

	3/1/26	2025	2024
Share Price CYE	$31.00	$34.49	$11.76
Market Cap CYE ($ Bil)	2.7	3.0	0.9
Total Debt ($ Bil)	0.2	0.2	0.0
Total Cash ($ Bil)	0.2	0.2	0.2
Enterprise Value ($ Bil)	2.7	3.2	0.9
Valuation Ratios
P/S TTM	38.7	43.0	59.0
P/EBIT TTM	-25.6	-28.5	-8.8
P/E TTM	-21.6	-24.0	-7.9
P/FCF TTM	-24.8	-27.6	-10.0
Sector Ratios
P/S TTM (Sector)	4.0	4.2	3.8
P/EBIT TTM (Sector)	-1.6	-1.5	-1.5
P/E TTM (Sector)	-1.7	-1.7	-1.7
P/FCF TTM (Sector)	-1.5	-1.5	-1.5

	LQDA	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.1
Rev Chg Q	1,121.7%	7.6%
Rev Chg LTM	343.4%	6.6%
Rev Chg 3Y Avg	120.5%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-155.0%	18.8%
CFO/Rev LTM	-145.5%	20.8%
Net Inc Mgn	-179.3%	12.9%
VALUATION	VERY HIGH
P/S	38.7	3.4
P/CFO	-26.6	16.6
P/FCF	-24.8	21.5
P/E	-21.6	25.2
STABILITY	VERY GOOD
Debt/Equity	0.07	0.20
Cash/Assets	0.57	0.07

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Metric	Value	Date	Source
Unique patient prescriptions for YUTREPIA	more than 2,000	10302025	Link
Patient starts for YUTREPIA	over 1,500	10302025	Link
Number of prescribers for YUTREPIA	over 600	10302025	Link
Referral-to-start ratio for YUTREPIA	85%	11032025	Link
Percentage of YUTREPIA patients new to treprostinil therapy	approximately 75%	11032025	Link
Percentage of YUTREPIA patients transitioning from other prostacyclin therapies	approximately 25%	11032025	Link
ASCENT clinical trial enrollment	approximately 60 subjects	1052024	Link
New manufacturing facility size	approximately 70,131 square feet	6162025	Link

Upcoming
3/18/2026	Earnings Release	Rev: - EPS: -
5/06/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Liquidia (LQDA) stock has lost about 5% since 11/30/2025 because of the following key factors:

1. Ongoing patent litigation with United Therapeutics creates significant market uncertainty.

Liquidia continues to await a court decision on the critical '327 patent litigation, which is considered the "most important catalyst and the biggest risk" to its Yutrepia franchise. This unresolved legal challenge introduces uncertainty regarding Liquidia's competitive position in the pulmonary hypertension market.

2. Announcement of a new rival drug by United Therapeutics introduced competitive concerns.

In late February 2026, United Therapeutics announced TreSMI, a new generation of inhaled treprostinil. This development adds fresh competitive questions around how Liquidia's PRINT-enabled treprostinil products, such as Yutrepia, will compete and grow within the evolving treatment landscape.

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Stock Movement Drivers

Fundamental Drivers

The -4.9% change in LQDA stock from 11/30/2025 to 2/28/2026 was primarily driven by a -4.9% change in the company's P/S Multiple.

(LTM values as of)	11302025	2282026	Change
Stock Price ($)	32.63	31.02	-4.9%
Change Contribution By:
Total Revenues ($ Mil)	69	69	0.0%
P/S Multiple	40.7	38.7	-4.9%
Shares Outstanding (Mil)	86	86	0.0%
Cumulative Contribution			-4.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 2/28/2026

	Return	Correlation
LQDA	-4.9%
Market (SPY)	0.4%	7.1%
Sector (XLV)	1.6%	-2.4%

Fundamental Drivers

The 12.1% change in LQDA stock from 8/31/2025 to 2/28/2026 was primarily driven by a 258.2% change in the company's Total Revenues ($ Mil).

(LTM values as of)	8312025	2282026	Change
Stock Price ($)	27.68	31.02	12.1%
Change Contribution By:
Total Revenues ($ Mil)	19	69	258.2%
P/S Multiple	122.6	38.7	-68.4%
Shares Outstanding (Mil)	86	86	-0.9%
Cumulative Contribution			12.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 2/28/2026

	Return	Correlation
LQDA	12.1%
Market (SPY)	6.6%	14.8%
Sector (XLV)	17.1%	7.9%

Fundamental Drivers

The 100.3% change in LQDA stock from 2/28/2025 to 2/28/2026 was primarily driven by a 343.4% change in the company's Total Revenues ($ Mil).

(LTM values as of)	2282025	2282026	Change
Stock Price ($)	15.49	31.02	100.3%
Change Contribution By:
Total Revenues ($ Mil)	16	69	343.4%
P/S Multiple	77.7	38.7	-50.2%
Shares Outstanding (Mil)	78	86	-9.3%
Cumulative Contribution			100.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 2/28/2026

	Return	Correlation
LQDA	100.3%
Market (SPY)	16.5%	30.7%
Sector (XLV)	9.0%	20.6%

Fundamental Drivers

The 309.8% change in LQDA stock from 2/28/2023 to 2/28/2026 was primarily driven by a 401.9% change in the company's Total Revenues ($ Mil).

(LTM values as of)	2282023	2282026	Change
Stock Price ($)	7.57	31.02	309.8%
Change Contribution By:
Total Revenues ($ Mil)	14	69	401.9%
P/S Multiple	35.4	38.7	9.3%
Shares Outstanding (Mil)	64	86	-25.3%
Cumulative Contribution			309.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 2/28/2026

	Return	Correlation
LQDA	309.8%
Market (SPY)	79.6%	21.9%
Sector (XLV)	31.8%	15.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
LQDA Return	65%	31%	89%	-2%	193%	-11%	944%
Peers Return	-26%	-13%	-15%	-50%	-32%	4%	-81%
S&P 500 Return	27%	-19%	24%	23%	16%	1%	84%
Monthly Win Rates [3]
LQDA Win Rate	67%	67%	50%	67%	67%	50%
Peers Win Rate	33%	58%	54%	38%	56%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
LQDA Max Drawdown	-23%	-31%	-10%	-26%	-3%	-13%
Peers Max Drawdown	-37%	-32%	-42%	-51%	-49%	-7%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, AKTS, ALPS, DCOY, DFTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	LQDA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-55.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	124.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	83 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-77.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	340.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	1,089 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-91.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	1111.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2,217 days	120 days

Compare to VRTX, AKTS, ALPS, DCOY, DFTX

In The Past

Liquidia's stock fell -55.4% during the 2022 Inflation Shock from a high on 4/6/2022. A -55.4% loss requires a 124.0% gain to breakeven.

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About Liquidia (LQDA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States. Its product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension. It also distributes generic treprostinil injection in the United States. Liquidia Corporation was founded in 2004 and is headquartered in Morrisville, North Carolina.

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Analogy 1: The Keurig of inhaled medicines, simplifying complex drug delivery for serious respiratory conditions.

Analogy 2: A biopharma company focused on making existing, critical drugs easier to use for patients, much like Novo Nordisk has innovated with user-friendly insulin pens for diabetes management.

Analogy 3: A biopharma company modernizing the delivery of established, life-saving medications, similar to how Nest reinvented thermostats for smart homes.

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YUTIQ: An FDA-approved intravitreal implant used to treat chronic non-infectious uveitis affecting the posterior segment of the eye.
LIQ861: An investigational dry powder inhaled formulation of treprostinil, currently under review by the FDA for the treatment of pulmonary arterial hypertension (PAH).

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Liquidia Corporation (LQDA) primarily sells its pharmaceutical products to other companies, specifically a limited number of specialty distributors in the U.S. These distributors then supply healthcare providers and pharmacies.

While Liquidia's SEC filings indicate a significant concentration of its revenue from a few direct customers, the company does not publicly disclose the specific names of its major customers.

According to Liquidia's 2023 Annual Report (10-K), for the year ended December 31, 2023, one customer accounted for approximately 75% of the company's total revenue, and a second customer accounted for approximately 18% of total revenue. These direct customers are typically large pharmaceutical wholesalers and specialty distributors responsible for distributing prescription medications to healthcare providers (such as ophthalmology practices and hospitals) and pharmacies.

Common major pharmaceutical distributors in the U.S. market, which often serve as direct customers for biopharmaceutical companies, include:

McKesson Corporation (NYSE: MCK)
Cencora, Inc. (formerly AmerisourceBergen Corporation) (NYSE: COR)
Cardinal Health, Inc. (NYSE: CAH)

However, Liquidia has not confirmed that these specific companies are its major customers.

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Recro Pharma, Inc.

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Roger Jeffs, Ph.D. Chief Executive Officer

Dr. Jeffs joined Liquidia as CEO in 2022, after serving on the company's Board of Directors since 2020. He is also the Co-Founder and Vice-Chairman of Kryia Therapeutics. Previously, he retired as President & Co-CEO of United Therapeutics Corporation in 2016 after an 18-year tenure, where he joined during its start-up phase in 1998, helped lead its IPO, oversaw the clinical development and regulatory approval of six rare disease products, and managed commercial efforts resulting in a >$1.5 billion annual revenue run rate and an $8 billion peak market capitalization. Prior to United Therapeutics, he held positions in clinical development at Amgen, Inc. and Burroughs Wellcome Co.

Michael Kaseta Chief Operating Officer & Chief Financial Officer

Mr. Kaseta joined Liquidia in 2020 as Chief Financial Officer and took on the additional role of Chief Operating Officer in January 2023. Before Liquidia, he served as Chief Financial Officer at Aerami Therapeutics, a private biotech company. He also held the CFO position at Aralez Pharmaceuticals Inc. Mr. Kaseta spent eleven years at Sanofi in various financial roles, culminating as Chief Financial Officer for North America Global Services and the North America Pharmaceutical Region, where he managed a $10 billion business. He currently serves on the Board of Directors at Heron Therapeutics and Bryn Pharma.

Rajeev Saggar, M.D. Chief Medical Officer

Dr. Saggar joined Liquidia in 2022 and brings over 20 years of experience as a practicing pulmonologist. He previously served as Vice President of Clinical Development at Theravance Biopharma, overseeing all phases of clinical development across its respiratory disease portfolio.

Scott Moomaw Chief Commercial Officer

Mr. Moomaw joined Liquidia in 2020. He is an experienced biopharmaceutical leader with extensive experience in product launches and developing commercial strategies and organizations.

Jason Adair Chief Business Officer

Mr. Adair joined Liquidia in 2016 and is responsible for corporate development activities, including strategy, investor relations, communications, and the pursuit of collaboration and licensing opportunities. Prior to Liquidia, he led business development efforts as Executive Director of Corporate Development at BioCryst Pharmaceuticals.

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Here are the key risks to Liquidia's business: 1.

Litigation Risk

Liquidia faces significant ongoing patent litigation with United Therapeutics, particularly concerning its lead product, YUTREPIA. This legal uncertainty poses a substantial risk to Liquidia's market operations and financial performance, with potential outcomes including impacts on the continued commercialization of YUTREPIA or the requirement for royalty payments. The market's current bullish outlook on YUTREPIA's sales estimates is predicated on its continued momentum, which could be disrupted by an unfavorable litigation outcome. 2.

Financial Risk (High Leverage and Negative Cash Flow)

Liquidia exhibits significant financial risk due to high leverage, evidenced by a substantial debt-to-equity ratio, and persistent negative operating and free cash flows. While the company has shown strong revenue growth, it has also recorded net losses, highlighting ongoing financial challenges and potential liquidity concerns. The company's growth is currently financed primarily through debt. 3.

Dependency on YUTREPIA

The company's valuation and future prospects are almost entirely tied to the success of its lead product, YUTREPIA. The extreme premium in Liquidia's price-to-book ratio signals that the stock's value is based largely on the anticipated future success of YUTREPIA rather than its current balance sheet. A negative event impacting YUTREPIA, such as an unfavorable regulatory decision, could significantly undermine the company's value.

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The primary clear emerging threat for Liquidia (LQDA) is the established market position of United Therapeutics' **Tyvaso DPI** (treprostinil inhalation powder) in the pulmonary arterial hypertension (PAH) market. Liquidia's key product, **YUTREPIA** (also treprostinil inhalation powder), received FDA approval in October 2023. However, Tyvaso DPI was approved in May 2021 and has since gained significant market share and physician/patient adoption. This creates a challenging competitive environment for Liquidia, as it must differentiate YUTREPIA and capture market share from an already entrenched and similar therapeutic product offered by a larger pharmaceutical company.

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Liquidia's primary products, YUTREPIA (treprostinil inhalation powder) and its pipeline candidate L606, as well as the generic treprostinil injection they promote, target the Pulmonary Arterial Hypertension (PAH) and Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD) markets.

The addressable market sizes are as follows:

Global Pulmonary Arterial Hypertension (PAH) Market: The global PAH market was estimated at approximately USD 8.02 billion in 2024 and is projected to reach about USD 13.34 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.9% from 2025 to 2033. Other estimates for the global PAH market include USD 8.3 billion in 2024, with a projected growth to USD 13.9 billion in 2034 at a CAGR of 5.4%. Another source valued the global market at USD 7.91 billion in 2024, expecting it to reach USD 12.18 billion by 2032 with a CAGR of 5.60%.
U.S. Pulmonary Arterial Hypertension (PAH) Market: The U.S. market is a significant portion of the global market, with North America holding the largest share of 41.85% in 2024. The U.S. pulmonary arterial hypertension market was valued at USD 4 billion in 2024. It is projected to be valued at USD 2.5 billion in 2024 and is expected to grow to USD 4.0 billion in 2033, at a CAGR of 5.3%. Another estimate indicates the U.S. market size was USD 2.31 billion in 2024 and is expected to reach approximately USD 3.90 billion by 2034, with a CAGR of 5.37%. The prevalence of PAH in the United States was estimated to be between 25,000 and 30,000 patients by 2020.

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Here are three to five expected drivers of future revenue growth for Liquidia (LQDA) over the next 2-3 years:

Robust Commercial Adoption and Market Penetration of YUTREPIA: Liquidia's primary revenue growth driver is the continued strong uptake and market penetration of YUTREPIA™ (treprostinil) inhalation powder for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company has reported rapid adoption, with over 2,000 unique prescriptions and more than 1,500 patients initiated on therapy within five months of its launch in Q2 2025, generating $51.7 million in net product sales in its first full quarter. Liquidia anticipates sustained growth in its prescriber base and favorable improvements in the payer landscape.
Expanding Payer Coverage and Access for YUTREPIA: A crucial driver for sustained revenue growth is Liquidia's success in securing and expanding payer coverage for YUTREPIA. The company has already signed contracts with three major commercial payers, which is expected to enhance patient access and drive prescription volumes.
Expansion of YUTREPIA's Clinical Utility and Potential New Indications: Liquidia is actively exploring additional clinical utility for YUTREPIA, including studies on transitions from oral prostacyclins and proof-of-concept studies in Idiopathic Pulmonary Fibrosis (IPF) and Progressive Pulmonary Fibrosis (PPF). Successful expansion into new indications would significantly broaden YUTREPIA's addressable market and contribute to future revenue growth.
Advancement and Potential Commercialization of L606: The progression of L606 (treprostinil liposome inhalation suspension), an investigational sustained-release formulation of treprostinil, into pivotal trials and its eventual commercialization represents a significant potential future revenue stream. Liquidia plans to initiate the pivotal RESPIRE trial for L606 in late 2025 or early 2026, with ongoing investment in its development.

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Share Issuance

In July 2020, Liquidia completed a public offering of 9,375,000 shares of common stock, generating gross proceeds of $75 million.
In April 2022, Liquidia closed an underwritten public offering of 11,274,510 shares of common stock for approximately $57.5 million in gross proceeds.
In September 2024, Liquidia sold 6,460,674 shares of common stock in an underwritten public offering, resulting in gross proceeds of approximately $57.5 million.

Inbound Investments

In January 2024, Liquidia secured an additional $100 million in capital through agreements with Patient Square Capital and HealthCare Royalty (HCRx), including a private placement of common stock and an amendment to a Revenue Interest Financing Agreement.
In the month leading up to January 4, 2024, Liquidia obtained a total of $126 million in gross proceeds from these financings, along with a previously announced public offering and private placement.

Capital Expenditures

Liquidia's capital expenditures were -$3.59 million in the last 12 months as of November 7, 2025.
Capital expenditures have been a principal use of cash for the company.

Interactive Breakdown

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Cytokinetics

BBIO (774.5%)

BridgeBio Pharma

IBRX (748.2%)

ImmunityBio

AXSM (183.0%)

Axsome Therapeutics

Higher Op Mgn LTM (Value for LQDA: -155.0%)

LLY (45.6%)

Eli Lilly

MRK (34.0%)

Merck

ABBV (32.8%)

AbbVie

JNJ (27.2%)

Johnson & Johnson

UNH (6.1%)

UnitedHealth

Higher CFO/Rev LTM (Value for LQDA: -145.5%)

ABBV (31.1%)

AbbVie

JNJ (26.0%)

Johnson & Johnson

LLY (25.8%)

Eli Lilly

MRK (25.3%)

Merck

UNH (4.8%)

UnitedHealth

Higher FCF/Rev LTM (Value for LQDA: -155.8%)

ABBV (29.1%)

AbbVie

JNJ (20.5%)

Johnson & Johnson

MRK (19.0%)

Merck

LLY (9.2%)

Eli Lilly

UNH (4.0%)

UnitedHealth

Higher Total Yield (Value for LQDA: -4.6%)

UNH (9.6%)

UnitedHealth

MRK (8.6%)

Merck

JNJ (6.6%)

Johnson & Johnson

ABBV (3.9%)

AbbVie

LLY (2.8%)

Eli Lilly

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LQDA: 120.5% | 38.7x)

SLF (322.2% | 0.9x)

Sun Life Financial

CRCL (514.0% | 8.0x)

Circle Internet

QXO (2715.8% | 3.7x)

QXO

AGNC (164.9% | 6.8x)

AGNC Investment

JXN (429.4% | 1.6x)

Jackson Financial

Higher Rev Chg LTM (Value for LQDA: 343.4%)

QXO (8117.4%)

QXO

JOBY (1934.5%)

Joby Aviation

SMR (765.7%)

NuScale Power

ASTS (641.2%)

AST SpaceMobile

MDU (478.2%)

MDU Resources

Higher Rev Chg 3Y Avg (Value for LQDA: 120.5%)

QXO (2715.8%)

QXO

CRCL (514.0%)

Circle Internet

JXN (429.4%)

Jackson Financial

SLF (322.2%)

Sun Life Financial

AGNC (164.9%)

AGNC Investment

Higher Op Mgn LTM (Value for LQDA: -155.0%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for LQDA: -145.5%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for LQDA: -155.8%)

NVDA (44.8%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

AMZN (1.1%)

Amazon.com

Higher Total Yield (Value for LQDA: -4.6%)

MSFT (5.0%)

Microsoft

GOOGL (3.8%)

Alphabet

AMZN (3.5%)

Amazon.com

AAPL (3.4%)

Apple

NVDA (2.8%)

NVIDIA

Best Bets in Health Care

What You Pay

P/EBIT (Value for LQDA: -25.6x)

RPRX (12.1x)

Royalty Pharma

VEEV (34.8x)

Veeva Systems

DOCS (19.3x)

Doximity

HALO (16.9x)

Halozyme Therapeutics

UTHR (13.1x)

United Therapeutics

CPRX (10.9x)

Catalyst Pharmaceuticals

HRMY (6.7x)

Harmony Biosciences

LGND (58.1x)

Ligand Pharmaceuticals

INCY (12.0x)

Incyte

GMED (29.6x)

Globus Medical

P/E (Value for LQDA: -21.6x)

RPRX (25.7x)

Royalty Pharma

VEEV (34.7x)

Veeva Systems

DOCS (19.2x)

Doximity

HALO (25.8x)

Halozyme Therapeutics

UTHR (17.4x)

United Therapeutics

CPRX (13.0x)

Catalyst Pharmaceuticals

HRMY (8.8x)

Harmony Biosciences

LGND (79.9x)

Ligand Pharmaceuticals

INCY (15.5x)

Incyte

GMED (30.3x)

Globus Medical

What You Get

Rev Chg 3Y Avg (Value for LQDA: 120.5%)

RPRX (2.1%)

Royalty Pharma

VEEV (14.1%)

Veeva Systems

DOCS (16.7%)

Doximity

HALO (28.5%)

Halozyme Therapeutics

UTHR (19.0%)

United Therapeutics

CPRX (46.5%)

Catalyst Pharmaceuticals

HRMY (27.4%)

Harmony Biosciences

LGND (16.0%)

Ligand Pharmaceuticals

INCY (15.0%)

Incyte

GMED (45.6%)

Globus Medical

Rev Chg LTM (Value for LQDA: 343.4%)

RPRX (5.1%)

Royalty Pharma

VEEV (16.0%)

Veeva Systems

DOCS (15.9%)

Doximity

HALO (37.6%)

Halozyme Therapeutics

UTHR (13.5%)

United Therapeutics

CPRX (25.6%)

Catalyst Pharmaceuticals

HRMY (21.1%)

Harmony Biosciences

LGND (64.8%)

Ligand Pharmaceuticals

INCY (21.2%)

Incyte

GMED (11.7%)

Globus Medical

Rev Chg Q (Value for LQDA: 1121.7%)

RPRX (4.8%)

Royalty Pharma

VEEV (16.0%)

Veeva Systems

DOCS (9.8%)

Doximity

HALO (51.6%)

Halozyme Therapeutics

UTHR (6.8%)

United Therapeutics

CPRX (15.3%)

Catalyst Pharmaceuticals

HRMY (28.7%)

Harmony Biosciences

LGND (122.8%)

Ligand Pharmaceuticals

INCY (27.8%)

Incyte

GMED (22.9%)

Globus Medical

FCF/Rev 3Y Avg (Value for LQDA: -325.4%)

RPRX (118.0%)

Royalty Pharma

VEEV (41.8%)

Veeva Systems

DOCS (41.6%)

Doximity

HALO (38.8%)

Halozyme Therapeutics

UTHR (34.3%)

United Therapeutics

CPRX (34.2%)

Catalyst Pharmaceuticals

HRMY (33.2%)

Harmony Biosciences

LGND (23.9%)

Ligand Pharmaceuticals

INCY (14.5%)

Incyte

GMED (14.3%)

Globus Medical

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Liquidia Earnings Notes	12/27/2025
2	Is Liquidia Stock Built to Withstand a Pullback?	10/17/2025
3	How Does LQDA Stock Compare With Its Peers Right Now?	08/16/2025
4	Day 5 of Gains Streak for Liquidia Stock with 36% Return (vs. 122% YTD) [8/14/2025]	08/15/2025
5	Liquidia (LQDA) Operating Income Comparison	08/08/2025
6	Liquidia (LQDA) Debt Comparison	08/08/2025
7	Liquidia (LQDA) Net Income Comparison	08/08/2025
8	Liquidia (LQDA) Operating Cash Flow Comparison	08/08/2025
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High	01/27/2026
11	Stacking Up LQDA Against Its Peers – Is It Still a Buy?	08/16/2025
12	LQDA Stock Up 36% after 5-Day Win Streak	08/15/2025
13	LQDA Stock Up 36% after 6-Day Win Streak	07/29/2025

	Title
0	DASHBOARDS
1	Liquidia Earnings Notes
2	Is Liquidia Stock Built to Withstand a Pullback?
3	How Does LQDA Stock Compare With Its Peers Right Now?
4	Day 5 of Gains Streak for Liquidia Stock with 36% Return (vs. 122% YTD) [8/14/2025]
5	Liquidia (LQDA) Operating Income Comparison
6	Liquidia (LQDA) Debt Comparison
7	Liquidia (LQDA) Net Income Comparison
8	Liquidia (LQDA) Operating Cash Flow Comparison
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High
11	Stacking Up LQDA Against Its Peers – Is It Still a Buy?
12	LQDA Stock Up 36% after 5-Day Win Streak
13	LQDA Stock Up 36% after 6-Day Win Streak

Trade Ideas

Select ideas related to LQDA.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ABT_1302026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	01302026	ABT	Abbott Laboratories	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	5.0%	5.0%	-1.0%
VEEV_1302026_Monopoly_xInd_xCD_Getting_Cheaper	01302026	VEEV	Veeva Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-13.5%	-13.5%	-15.7%
BIIB_1162026_Dip_Buyer_FCFYield	01162026	BIIB	Biogen	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.0%	16.0%	0.0%
BMRN_1162026_Dip_Buyer_FCFYield	01162026	BMRN	BioMarin Pharmaceutical	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.5%	12.5%	0.0%
DOCS_1162026_Dip_Buyer_High_CFO_Margins_ExInd_DE	01162026	DOCS	Doximity	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-40.9%	-40.9%	-42.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AAOI	Applied Optoelectronics	5.3	56.9%	141.6%
ARLO	Arlo Technologies	1.7	27.1%	12.2%
BWIN	Baldwin Insurance	1.6	25.6%	-3.3%
FIGS	FIGS	2.5	23.9%	36.0%
DELL	Dell Technologies	99.4	21.9%	18.2%
XYZ	Block	38.9	16.8%	-2.1%
XRAY	Dentsply Sirona	2.9	15.5%	28.4%
NFLX	Netflix	407.0	13.8%	2.6%
RLAY	Relay Therapeutics	1.8	12.0%	21.3%
BCRX	BioCryst Pharmaceuticals	1.8	10.8%	12.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RNA	Atrium Therapeutics	2.0	-79.7%	-79.6%
FLGT	Fulgent Genetics	0.5	-38.1%	-41.6%
RUN	Sunrun	3.1	-35.1%	-28.0%
PAR	PAR Technology	0.7	-27.0%	-54.8%
FIGR	Figure Technology Solutions	2.6	-25.7%	-38.1%
WLDN	Willdan	1.3	-25.5%	-14.0%
AIV	Apartment Investment & Management	0.6	-24.0%	-25.8%
AMPH	Amphastar Pharmaceuticals	0.9	-23.6%	-24.5%
PCT	PureCycle Technologies	1.1	-22.3%	-26.5%
PGNY	Progyny	1.5	-20.5%	-31.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ACLX	Arcellx	6.4	77.5%	74.5%
AAOI	Applied Optoelectronics	5.3	63.0%	141.6%
PVLA	Palvella Therapeutics	1.5	57.6%	29.0%
YOU	Clear Secure	4.7	41.9%	38.7%
PRME	Prime Medicine	0.7	41.3%	33.1%
BWIN	Baldwin Insurance	1.6	40.5%	-3.3%
ACHC	Acadia Healthcare	2.1	39.6%	65.2%
NEWP	New Pacific Metals	1.0	37.8%	62.1%
FIGS	FIGS	2.5	37.5%	36.0%
ARLO	Arlo Technologies	1.7	35.1%	12.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
GOSS	Gossamer Bio	0.1	-80.1%	-86.3%
RNA	Atrium Therapeutics	2.0	-79.8%	-79.6%
EOSE	Eos Energy Enterprises	1.5	-46.8%	-50.3%
SHLS	Shoals Technologies	1.0	-44.1%	-30.2%
MNKD	MannKind	1.0	-40.8%	-42.2%
ERII	Energy Recovery	0.6	-35.8%	-22.7%
DRVN	Driven Brands	1.8	-35.6%	-25.8%
RUN	Sunrun	3.1	-34.7%	-28.0%
FLGT	Fulgent Genetics	0.5	-33.9%	-41.6%
QURE	uniQure	0.9	-33.3%	-34.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
AXTI	AXT	1.7	125.2%	131.8%
FSLY	Fastly	2.8	92.7%	87.8%
NKTR	Nektar Therapeutics	1.3	92.1%	63.2%
AAOI	Applied Optoelectronics	5.3	86.2%	141.6%
LITE	Lumentum	49.3	82.1%	90.2%
ACHC	Acadia Healthcare	2.1	74.4%	65.2%
PVLA	Palvella Therapeutics	1.5	71.5%	29.0%
VAL	Valaris	6.8	68.5%	90.2%
ACLX	Arcellx	6.4	67.0%	74.5%
INNV	InnovAge	1.2	62.9%	72.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
GOSS	Gossamer Bio	0.1	-83.3%	-86.3%
RNA	Atrium Therapeutics	2.0	-79.6%	-79.6%
UPB	Upstream Bio	0.4	-74.8%	-71.7%
EOSE	Eos Energy Enterprises	1.5	-65.9%	-50.3%
FIGR	Figure Technology Solutions	2.6	-62.8%	-38.1%
U	Unity Software	7.7	-54.6%	-58.7%
RR	Richtech Robotics	0.4	-51.0%	-22.9%
RPD	Rapid7	0.4	-50.4%	-59.1%
FLNC	Fluence Energy	2.0	-49.9%	-21.4%
FUBO	FuboTV	0.4	-49.8%	-53.6%

Peer Comparisons

Peers to compare with:

Financials

	LQDA	VRTX	AKTS	ALPS	DCOY	DFTX	Median
Name	Liquidia	Vertex P.	Aktis On.	ALPS	Decoy Th.	Definium.
Mkt Price	31.02	496.83	20.13	0.96	0.68	17.45	18.79
Mkt Cap	2.7	126.0	-	-	-	-	64.3
Rev LTM	69	12,001	-	-	0	0	35
Op Inc LTM	-107	4,554	-	-	-6	-104	-55
FCF LTM	-108	3,194	-	-	-5	-79	-42
FCF 3Y Avg	-81	1,832	-	-	-12	-65	-38
CFO LTM	-101	3,631	-	-	-5	-79	-42
CFO 3Y Avg	-73	2,225	-	-	-12	-65	-38

Growth & Margins

	LQDA	VRTX	AKTS	ALPS	DCOY	DFTX	Median
Name	Liquidia	Vertex P.	Aktis On.	ALPS	Decoy Th.	Definium.
Rev Chg LTM	343.4%	8.9%	-	-	-	-	176.2%
Rev Chg 3Y Avg	120.5%	10.4%	-	-	-	-	65.4%
Rev Chg Q	1,121.7%	9.5%	-	-	-	-	565.6%
QoQ Delta Rev Chg LTM	258.2%	2.4%	-	-	-	-	130.3%
Op Mgn LTM	-155.0%	37.9%	-	-	-	-	-58.5%
Op Mgn 3Y Avg	-387.3%	24.7%	-	-	-	-	-181.3%
QoQ Delta Op Mgn LTM	560.4%	38.7%	-	-	-	-	299.6%
CFO/Rev LTM	-145.5%	30.3%	-	-	-	-	-57.6%
CFO/Rev 3Y Avg	-292.6%	20.5%	-	-	-	-	-136.0%
FCF/Rev LTM	-155.8%	26.6%	-	-	-	-	-64.6%
FCF/Rev 3Y Avg	-325.4%	17.0%	-	-	-	-	-154.2%

Valuation

	LQDA	VRTX	AKTS	ALPS	DCOY	DFTX	Median
Name	Liquidia	Vertex P.	Aktis On.	ALPS	Decoy Th.	Definium.
Mkt Cap	2.7	126.0	-	-	-	-	64.3
P/S	38.7	10.5	-	-	-	-	24.6
P/EBIT	-25.6	27.1	-	-	-	-	0.7
P/E	-21.6	31.9	-	-	-	-	5.1
P/CFO	-26.6	34.7	-	-	-	-	4.1
Total Yield	-4.6%	3.1%	-	-	-	-	-0.7%
Dividend Yield	0.0%	0.0%	-	-	-	-	0.0%
FCF Yield 3Y Avg	-6.3%	1.7%	-	-	-	-	-2.3%
D/E	0.1	0.0	-	-	-	-	0.0
Net D/E	0.0	-0.0	-	-	-	-	-0.0

Returns

	LQDA	VRTX	AKTS	ALPS	DCOY	DFTX	Median
Name	Liquidia	Vertex P.	Aktis On.	ALPS	Decoy Th.	Definium.
1M Rtn	-28.0%	4.4%	2.5%	3.2%	-17.9%	1.2%	1.9%
3M Rtn	-4.9%	14.6%	∞%	-37.7%	-16.9%	15.9%	-4.9%
6M Rtn	12.1%	27.1%	∞%	1.1%	-16.9%	15.9%	12.1%
12M Rtn	100.3%	3.6%	167,650.0%	1.1%	-16.9%	15.9%	9.7%
3Y Rtn	317.5%	70.6%	468.6%	1.1%	-16.9%	15.9%	43.3%
1M Excs Rtn	-24.6%	5.4%	-0.4%	1.4%	-19.7%	5.0%	0.5%
3M Excs Rtn	-5.5%	13.9%	∞%	-26.1%	-18.6%	14.3%	-5.5%
6M Excs Rtn	4.7%	21.6%	∞%	-5.0%	-23.1%	9.8%	4.7%
12M Excs Rtn	84.9%	-11.8%	129,755.5%	-14.4%	-32.4%	0.5%	-5.7%
3Y Excs Rtn	242.3%	-3.6%	383.7%	-71.3%	-89.3%	-56.4%	-30.0%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for More

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
NDA213005	YUTREPIA	treprostinil sodium	powder	5232025	74.9%	89.6%	102.1%	102.1%	102.1%

	Post-Approval Fwd Returns
NDA213005	YUTREPIA	treprostinil sodium	powder	5232025	74.9%	89.6%	102.1%	102.1%	102.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	3/19/2025	3/13/2024	3/20/2023	3/17/2022	3/25/2021	3/16/2020
Key Financials
Total Revenue	69	14	17	16	13	1	8
EBITDA	-103	-116	-70	-35	-28	-56	-44
Operating Income	-107	-121	-73	-39	-34	-59	-47
Net Income	-124	-130	-79	-41	-35	-60	-48
EPS	-1.47	-1.66	-1.21	-0.67	-0.70	-1.76	-2.57
Growth Rates
Total Revenue Growth	343.4%	-20.0%	9.7%	24.0%	1637.8%	-90.8%	198.2%
EBITDA Growth	0.2%	-65.2%	-100.0%	-24.2%	49.4%	-27.8%	-33.9%
Operating Income Growth	3.9%	-65.3%	-89.3%	-14.7%	42.8%	-26.2%	-34.3%
Net Income Growth	-5.9%	-66.1%	-91.4%	-18.6%	42.1%	-25.6%	10.4%
Margins
EBITDA Margin	-148.4%	-826.7%	-400.6%	-219.8%	-219.4%	-7541.0%	-540.7%
Operating Income Margin	-155.0%	-866.6%	-419.6%	-243.3%	-263.0%	-7989.0%	-580.1%
Net Income Margin	-179.3%	-931.7%	-448.9%	-257.4%	-269.0%	-8080.1%	-589.5%
Cash & Debt
Total Cash	157	176	84	93	57	65	56
Total Debt	199	122	50	24	16	17	24
Net Debt / (Cash)	42	-54	-34	-69	-41	-48	-31
Cash Flows
Net Cash from Operations	-101	-93	-42	-29	-34	-54	-48
Free Cash from Operations	-108	-102	-53	-29	-34	-55	-50
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/3/2025	8/12/2025	5/8/2025	3/19/2025	11/13/2024	8/7/2024	5/13/2024	3/13/2024	11/7/2023	8/10/2023	5/8/2023	3/20/2023
Key Financials Quarterly
Total Revenue	54	9	3	3	4	4	3	5	4	5	4	5
Ebitda	4	-36	-33	-38	-27	-25	-26	-25	-14	-22	-10	-5
Operating Income	2	-38	-35	-36	-29	-27	-29	-26	-15	-23	-9	-6
Net Income	-4	-42	-38	-41	-31	-29	-30	-27	-16	-24	-12	-7
EPS	-0.04	-0.49	-0.45	-0.49	-0.40	-0.38	-0.40	-0.42	-0.24	-0.36	-0.18	-0.09
Key Financials TTM
Total Revenue TTM	69	19	14	14	16	15	16	17	18	18	17	16
Ebitda TTM	-103	-133	-123	-116	-103	-90	-86	-70	-50	-44	-31	-35
Operating Income TTM	-107	-138	-128	-121	-112	-97	-93	-73	-53	-47	-34	-39
Net Income TTM	-124	-152	-139	-130	-117	-102	-97	-79	-58	-51	-37	-41
Growth Rates Quarterly
Total Revenue Growth	1121.7%	141.5%	5.0%	-35.6%	20.9%	-23.5%	-33.9%	-15.5%	16.2%	22.2%	28.7%	66.7%
EBITDA Growth	114.5%	-43.9%	-25.8%	-51.1%	-98.0%	-15.2%	-163.0%	-374.1%	-84.0%	-172.2%	30.8%	49.8%
Operating Income Growth	106.1%	-37.9%	-23.0%	-36.6%	-96.0%	-19.2%	-212.0%	-306.9%	-68.6%	-154.5%	36.2%	42.8%
Net Income Growth	88.6%	-45.0%	-27.5%	-48.0%	-96.5%	-21.9%	-156.1%	-320.2%	-73.7%	-148.9%	26.3%	43.5%
Margins Quarterly
EBITDA Margin	7.2%	-403.3%	-1065.6%	-1294.2%	-601.7%	-676.7%	-889.4%	-551.4%	-367.5%	-449.3%	-223.7%	-98.3%
Operating Income Margin	3.3%	-424.4%	-1135.4%	-1237.8%	-656.2%	-743.3%	-969.1%	-583.4%	-404.9%	-476.9%	-205.5%	-121.2%
Net Income Margin	-6.5%	-470.5%	-1229.7%	-1392.3%	-697.6%	-783.5%	-1012.2%	-605.8%	-429.3%	-491.4%	-261.4%	-121.9%
Cash & Debt
Total Cash	157	173	170	176	204	133	158	84	76	88	94	93
Total Debt	199	200	148	122	3	3	3	50	4	4	4	24
Net Debt / (Cash)	42	27	-22	-54	-202	-130	-155	-34	-72	-84	-90	-69
Cash Flows Quarterly
FCF from Operations	-10	-39	-31	-21	-25	-23	-25	-16	-12	-6	-8	-5
Cash Flows TTM
FCF from Operations TTM	-101	-116	-99	-93	-89	-75	-58	-42	-30	-24	-27	-29
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	1.0%	-22.1%	-22.7%	-24.8%	-27.2%	-25.3%	-28.7%	-23.9%	-15.8%	-25.2%	-10.4%	-7.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-15.2%	-20.3%	-20.5%	-20.8%	-26.0%	-22.6%	-23.1%	-16.6%	-14.2%	-13.1%	-9.5%	-10.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Development, manufacture, and commercialization of products that address unmet patient needs	17	16	13	1
GSK(GlaxoSmithKline plc) Inhaled revenue					8
Other research and development services					0
Total	17	16	13	1	8

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Development, manufacture, and commercialization of products that address unmet patient needs	-73
Total	-73

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Development, manufacture, and commercialization of products that address unmet patient needs	-79
Total	-79

Price Behavior

Price Behavior

Market Price	$31.02
Market Cap ($ Bil)	2.7
First Trading Date	07/26/2018
Distance from 52W High	-33.5%
	50 Days	200 Days
DMA Price	$37.11	$25.99
DMA Trend	up	up
Distance from DMA	-16.4%	19.4%
	3M	1YR
Volatility	67.2%	68.7%
Downside Capture	14.61	98.89
Upside Capture	-18.36	154.91
Correlation (SPY)	8.6%	30.7%

LQDA Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.62	0.44	0.48	0.75	1.08	0.91
Up Beta	3.65	3.68	2.69	2.83	0.92	1.02
Down Beta	2.06	0.17	0.09	0.26	1.10	1.06
Up Capture	-269%	-87%	-17%	48%	199%	86%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	9	22	33	66	134	389
Down Capture	165%	7%	16%	30%	96%	79%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	12	19	28	58	116	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with LQDA
LQDA	94.6%	68.5%	1.26	-
Sector ETF (XLV)	9.9%	17.4%	0.38	20.9%
Equity (SPY)	16.5%	19.4%	0.66	30.9%
Gold (GLD)	81.3%	25.7%	2.29	11.2%
Commodities (DBC)	13.4%	16.9%	0.58	14.3%
Real Estate (VNQ)	7.3%	16.6%	0.25	19.7%
Bitcoin (BTCUSD)	-22.0%	44.9%	-0.42	13.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with LQDA
LQDA	54.3%	73.0%	0.91	-
Sector ETF (XLV)	8.7%	14.5%	0.41	16.3%
Equity (SPY)	13.6%	17.0%	0.63	24.2%
Gold (GLD)	23.5%	17.1%	1.12	6.6%
Commodities (DBC)	10.6%	19.0%	0.44	7.8%
Real Estate (VNQ)	5.1%	18.8%	0.18	16.7%
Bitcoin (BTCUSD)	4.0%	57.0%	0.29	14.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with LQDA
LQDA	10.5%	86.2%	0.55	-
Sector ETF (XLV)	11.1%	16.5%	0.56	17.8%
Equity (SPY)	15.4%	17.9%	0.74	22.5%
Gold (GLD)	15.3%	15.6%	0.82	6.0%
Commodities (DBC)	8.7%	17.6%	0.41	10.4%
Real Estate (VNQ)	6.6%	20.7%	0.28	15.9%
Bitcoin (BTCUSD)	65.8%	66.8%	1.05	9.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	2132026
Short Interest: Shares Quantity	11.8 Mil
Short Interest: % Change Since 1312026	-7.4%
Average Daily Volume	1.4 Mil
Days-to-Cover Short Interest	8.7 days
Basic Shares Quantity	86.3 Mil
Short % of Basic Shares	13.7%

Returns Analyses

	Title
0	Is Liquidia Stock Built to Withstand a Pullback?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/3/2025	3.5%	7.1%	38.5%
8/12/2025	13.7%	30.8%	28.7%
3/19/2025	1.2%	5.8%	-7.2%
11/13/2024	-3.4%	-4.4%	3.6%
8/7/2024	-3.4%	20.2%	-18.2%
3/13/2024	5.4%	14.6%	9.7%
11/7/2023	3.7%	-3.6%	9.5%
8/10/2023	3.1%	-9.5%	-7.5%
...
SUMMARY STATS
# Positive	8	6	8
# Negative	4	6	4
Median Positive	3.6%	11.2%	9.6%
Median Negative	-3.4%	-4.0%	-12.8%
Max Positive	15.3%	30.8%	38.5%
Max Negative	-5.9%	-10.7%	-23.7%

	Forward Returns
11/3/2025	3.5%	7.1%	38.5%
8/12/2025	13.7%	30.8%	28.7%
3/19/2025	1.2%	5.8%	-7.2%
11/13/2024	-3.4%	-4.4%	3.6%
8/7/2024	-3.4%	20.2%	-18.2%
3/13/2024	5.4%	14.6%	9.7%
11/7/2023	3.7%	-3.6%	9.5%
8/10/2023	3.1%	-9.5%	-7.5%
3/16/2023	15.3%	7.9%	6.3%
11/8/2022	0.4%	-0.4%	12.1%
3/18/2022	-2.8%	-1.5%	-23.7%
3/23/2021	-5.9%	-10.7%	6.6%
SUMMARY STATS
# Positive	8	6	8
# Negative	4	6	4
Median Positive	3.6%	11.2%	9.6%
Median Negative	-3.4%	-4.0%	-12.8%
Max Positive	15.3%	30.8%	38.5%
Max Negative	-5.9%	-10.7%	-23.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
09/30/2025	11/03/2025	10-Q
06/30/2025	08/12/2025	10-Q
03/31/2025	05/08/2025	10-Q
12/31/2024	03/19/2025	10-K
09/30/2024	11/13/2024	10-Q
06/30/2024	08/07/2024	10-Q
03/31/2024	05/13/2024	10-Q
12/31/2023	03/13/2024	10-K
09/30/2023	11/07/2023	10-Q
06/30/2023	08/10/2023	10-Q
03/31/2023	05/08/2023	10-Q
12/31/2022	03/20/2023	10-K
09/30/2022	11/08/2022	10-Q
06/30/2022	08/11/2022	10-Q
03/31/2022	05/12/2022	10-Q
12/31/2021	03/17/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Schundler, Russell	General Counsel	Direct	Sell	12022025	32.19	1,072	34,508	18,582,901	Form
2	Krepp, Sarah	Chief Human Resource Officer	Direct	Sell	12022025	32.19	221	7,114	4,545,807	Form
3	Kaseta, Michael	CFO and COO	Direct	Sell	12022025	32.19	1,166	37,534	11,389,562	Form
4	Boyle, Dana	Chief Accounting Officer	Direct	Sell	12022025	32.19	303	9,754	4,990,448	Form
5	Adair, Jason	Chief Business Officer	Direct	Sell	12022025	32.19	693	22,308	5,661,191	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Schundler, Russell	General Counsel	Direct	Sell	12022025	32.19	1,072	34,508	18,582,901	Form
2	Krepp, Sarah	Chief Human Resource Officer	Direct	Sell	12022025	32.19	221	7,114	4,545,807	Form
3	Kaseta, Michael	CFO and COO	Direct	Sell	12022025	32.19	1,166	37,534	11,389,562	Form
4	Boyle, Dana	Chief Accounting Officer	Direct	Sell	12022025	32.19	303	9,754	4,990,448	Form
5	Adair, Jason	Chief Business Officer	Direct	Sell	12022025	32.19	693	22,308	5,661,191	Form
6	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	12022025	32.19	831	26,750	4,973,548	Form
7	Adair, Jason	Chief Business Officer	Direct	Sell	11202025	30.03	35,656	1,070,710	5,254,997	Form
8	Boyle, Dana	Chief Accounting Officer	Direct	Sell	11122025	25.09	29,004	727,674	3,897,138	Form
9	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	11072025	27.00	71,381	1,927,287	4,766,823	Form
10	Adair, Jason	Chief Business Officer	Direct	Sell	10292025	22.93	692	15,868	4,012,704	Form
11	Boyle, Dana	Chief Accounting Officer	Direct	Sell	10292025	22.93	1,073	24,604	4,226,870	Form
12	Schundler, Russell	General Counsel	Direct	Sell	10152025	23.41	7,839	183,511	13,484,558	Form
13	Kaseta, Michael	CFO and COO	Direct	Sell	10152025	23.41	11,630	272,258	8,255,443	Form
14	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	10152025	23.41	4,900	114,709	3,592,545	Form
15	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	10152025	23.41	5,327	124,705	5,804,041	Form
16	Boyle, Dana	Chief Accounting Officer	Direct	Sell	10152025	23.41	1,238	28,982	4,340,472	Form
17	Jeffs, Roger	Chief Executive Officer	Direct	Sell	10152025	23.41	20,261	474,310	24,181,898	Form
18	Adair, Jason	Chief Business Officer	Direct	Sell	10152025	23.41	3,670	85,915	4,112,903	Form
19	Krepp, Sarah	Chief Human Resource Officer	Direct	Sell	10152025	23.41	1,691	39,586	3,311,087	Form
20	Singh, Raman		Direct	Sell	9172025	25.81	45,524	1,174,974	806,692	Form
21	Singh, Raman		Direct	Sell	9052025	29.42	7,500	220,650	919,522	Form
22	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	9032025	28.63	70,692	2,023,671	4,444,392	Form
23	Schundler, Russell	General Counsel	Direct	Sell	9032025	29.05	1,063	30,880	16,851,847	Form
24	Krepp, Sarah	Chief Human Resource Officer	Direct	Sell	9032025	29.05	209	6,071	4,157,926	Form
25	Kaseta, Michael	CFO and COO	Direct	Sell	9032025	29.05	1,148	33,349	10,412,914	Form
26	Boyle, Dana	Chief Accounting Officer	Direct	Sell	9032025	29.05	296	8,599	5,422,153	Form
27	Manning, Paul B		See footnote	Sell	9022025	27.94	154,337	4,312,176	26,468,344	Form
28	Manning, Paul B		See footnote	Sell	9022025	27.62	188,232	5,198,968	20,966,232	Form
29	Manning, Paul B		See footnote	Sell	9022025	28.78	328,268	9,446,332	12,397,627	Form
30	Adair, Jason	Chief Business Officer	Direct	Sell	9022025	27.86	26,057	725,854	4,764,252	Form
31	Adair, Jason	Chief Business Officer	Direct	Sell	9022025	29.05	451	13,102	5,025,069	Form
32	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	9022025	27.85	20,000	557,072	6,955,796	Form
33	Horobin, Joanna		Direct	Sell	8212025	27.17	5,000	135,850	917,123	Form
34	Kaseta, Michael	CFO and COO	Direct	Sell	8192025	26.18	20,000	523,674	9,332,185	Form
35	Kaseta, Michael	CFO and COO	Direct	Sell	8072025	20.00	30,000	600,132	7,529,896	Form
36	Adair, Jason	Chief Business Officer	Direct	Sell	7302025	19.54	454	8,871	3,774,737	Form
37	Boyle, Dana	Chief Accounting Officer	Direct	Sell	7302025	19.54	1,063	20,771	3,636,492	Form
38	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	7232025	14.54	2,526	36,728	3,909,617	Form
39	Schundler, Russell	General Counsel	Direct	Sell	7152025	14.28	7,836	111,898	8,253,512	Form
40	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	7152025	14.28	5,327	76,070	3,875,778	Form
41	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	7152025	14.28	4,797	68,501	3,187,739	Form
42	Krepp, Sarah	Chief Human Resource Officer	Direct	Sell	7152025	14.28	2,673	38,170	2,034,886	Form
43	Kaseta, Michael	CFO and COO	Direct	Sell	7152025	14.28	11,580	165,362	5,803,563	Form
44	Jeffs, Roger	Chief Executive Officer	Direct	Sell	7152025	14.28	20,252	289,199	14,830,637	Form
45	Jeffs, Roger	Chief Executive Officer	Direct	Sell	7152025	14.28	20,252	289,199	14,830,637	Form
46	Boyle, Dana	Chief Accounting Officer	Direct	Sell	7152025	14.28	1,193	17,036	2,672,759	Form
47	Adair, Jason	Chief Business Officer	Direct	Sell	7152025	14.28	2,576	36,785	2,765,094	Form
48	Schundler, Russell	General Counsel	Direct	Sell	6052025	16.97	8,460	143,566	9,877,456	Form
49	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	6052025	16.97	6,656	112,952	3,816,909	Form
50	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	6052025	16.97	7,597	128,921	4,636,357	Form
51	Jeffs, Roger	Chief Executive Officer	Direct	Sell	6052025	16.97	30,610	519,452	17,733,294	Form
52	Kaseta, Michael	CFO and COO	Direct	Sell	6052025	16.97	14,777	250,766	6,994,423	Form
53	Adair, Jason	Chief Business Officer	Direct	Sell	6052025	16.97	3,597	61,041	3,287,683	Form
54	Schundler, Russell	General Counsel	Direct	Sell	6032025	16.74	923	15,451	9,570,626	Form
55	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	6032025	16.74	581	9,726	3,616,476	Form
56	Kaseta, Michael	CFO and COO	Direct	Sell	6032025	16.74	859	14,380	6,659,172	Form
57	Adair, Jason	Chief Business Officer	Direct	Sell	6032025	16.74	451	7,550	3,096,247	Form
58	Adair, Jason	Chief Business Officer	Direct	Sell	4302025	14.24	455	6,479	2,618,010	Form
59	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	4232025	13.67	2,450	33,492	3,597,288	Form
60	Schundler, Russell	General Counsel	Direct	Sell	4162025	13.57	5,964	80,931	7,738,985	Form
61	Jeffs, Roger	Chief Executive Officer	Direct	Sell	4162025	13.57	14,130	191,744	13,657,119	Form
62	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	4162025	13.57	3,406	46,219	2,914,076	Form
63	Kaseta, Michael	CFO and COO	Direct	Sell	4162025	13.57	8,283	112,400	5,377,995	Form
64	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	4162025	13.57	3,714	50,399	3,604,219	Form
65	Adair, Jason	Chief Business Officer	Direct	Sell	4152025	13.57	1,856	25,186	2,501,005	Form
66	Schundler, Russell	General Counsel	Direct	Sell	3042025	15.45	930	14,368	8,903,294	Form
67	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	3042025	15.45	592	9,146	3,370,418	Form
68	Kaseta, Michael	CFO and COO	Direct	Sell	3042025	15.45	874	13,503	6,251,039	Form
69	Adair, Jason	Chief Business Officer	Direct	Sell	3042025	15.45	451	6,968	2,815,824	Form
70	Krepp, Sarah	Chief Human Resource Officer	Direct	Sell	1132026	37.43	13,165	492,766	5,268,984	Form
71	Moomaw, Scott	Chief Commercial Officer	Direct	Sell	1132026	37.43	20,533	768,550	5,783,459	Form
72	Kaseta, Michael	CFO and COO	Direct	Sell	1132026	37.43	36,932	1,382,365	13,134,898	Form
73	Adair, Jason	Chief Business Officer	Direct	Sell	1132026	37.43	13,548	507,102	6,893,633	Form
74	Schundler, Russell	General Counsel	Direct	Sell	1132026	37.43	27,289	1,021,427	21,686,717	Form
75	Jeffs, Roger	Chief Executive Officer	Direct	Sell	1132026	37.43	66,610	2,493,212	38,834,673	Form
76	Boyle, Dana	Chief Accounting Officer	Direct	Sell	1132026	37.43	11,047	413,489	5,865,281	Form
77	Saggar, Rajeev	Chief Medical Officer	Direct	Sell	1132026	37.43	21,142	791,345	6,620,731	Form
78	Boyle, Dana	Chief Accounting Officer	Direct	Sell	1282026	41.65	1,580	65,807	7,449,019	Form
79	Adair, Jason	Chief Business Officer	Direct	Sell	1282026	41.65	688	28,655	8,795,189	Form

LQDA Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing LQDA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What LQDA Makes & Who Pays

TTM figures based on

LQDA Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Liquidia (LQDA)

Market Price (3/1/2026): $31.0 | Market Cap: $2.7 BilSector: Health Care | Industry: Biotechnology

Liquidia (LQDA)

Market Price (3/1/2026): $31.0Market Cap: $2.7 BilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Liquidia (LQDA)

Litigation Risk

Financial Risk (High Leverage and Negative Cash Flow)

Dependency on YUTREPIA

Interactive Breakdown

Better Bets vs. Liquidia (LQDA)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for LQDA: 120.5% | 38.7x)

Higher Rev Chg LTM (Value for LQDA: 343.4%)

Higher Rev Chg 3Y Avg (Value for LQDA: 120.5%)

Higher Op Mgn LTM (Value for LQDA: -155.0%)

Higher CFO/Rev LTM (Value for LQDA: -145.5%)

Higher FCF/Rev LTM (Value for LQDA: -155.8%)

Higher Total Yield (Value for LQDA: -4.6%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for LQDA: 120.5% | 38.7x)

Higher Rev Chg LTM (Value for LQDA: 343.4%)

Higher Rev Chg 3Y Avg (Value for LQDA: 120.5%)

Higher Op Mgn LTM (Value for LQDA: -155.0%)

Higher CFO/Rev LTM (Value for LQDA: -145.5%)

Higher FCF/Rev LTM (Value for LQDA: -155.8%)

Higher Total Yield (Value for LQDA: -4.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LQDA: 120.5% | 38.7x)

Higher Rev Chg LTM (Value for LQDA: 343.4%)

Higher Rev Chg 3Y Avg (Value for LQDA: 120.5%)

Higher Op Mgn LTM (Value for LQDA: -155.0%)

Higher CFO/Rev LTM (Value for LQDA: -145.5%)

Higher FCF/Rev LTM (Value for LQDA: -155.8%)

Higher Total Yield (Value for LQDA: -4.6%)

Best Bets in Health Care

P/EBIT (Value for LQDA: -25.6x)

P/E (Value for LQDA: -21.6x)

Rev Chg 3Y Avg (Value for LQDA: 120.5%)

Rev Chg LTM (Value for LQDA: 343.4%)

Rev Chg Q (Value for LQDA: 1121.7%)

FCF/Rev 3Y Avg (Value for LQDA: -325.4%)

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Market Price (3/1/2026): $31.0 | Market Cap: $2.7 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (3/1/2026): $31.0
Market Cap: $2.7 Bil
Sector: Health Care
Industry: Biotechnology