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Liquidia Technologies Inc (LQDA)
NASDAQ:LQDA
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Liquidia Technologies
(NASDAQ:LQDA)
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Rating:49Neutral
Price Target:
$39.00
▲(6.47% Upside)
Action:ReiteratedDate:03/05/26
Overall score reflects high financial risk (losses, elevated leverage, and weak cash-flow visibility in the financial statements) despite strong and improving commercial execution highlighted on the earnings call. Technicals are neutral-to-soft and valuation support is limited due to a negative P/E and no dividend yield provided.
Positive Factors
Launch-driven Revenue Growth
Rapid, broad adoption of YUTREPIA produced large, durable top-line expansion across PAH and PH‑ILD, establishing commercial scale. Sustained prescription and prescriber growth supports ongoing revenue visibility, distributor relationships, and reinvestment capacity for marketing and trials over the next 2–6 months.
Improved Gross Margins / Unit Economics
A near-90% gross margin signals strong product-level economics for the inhaled therapy, implying favorable pricing and low incremental manufacturing cost. This margin profile can sustainably support SG&A and R&D investment as volumes scale, helping the company move toward durable operating profitability.
Early Profitability and Cash Generation
Consecutive profitable quarter and positive operating cash flow with a sizable year-end cash balance provide a meaningful short-term cushion. This reduces near-term refinancing risk and supports funding of expanded sales and planned clinical programs from operations, improving structural financial flexibility.
Negative Factors
Elevated Leverage
A sharply higher debt-to-equity ratio materially reduces balance-sheet flexibility and increases fixed obligations. Elevated leverage can limit strategic optionality, raise interest and covenant risks, and amplify downside if commercial momentum slows, making capital allocation and trial funding more constrained.
Weak and Volatile Cash Flow History
Historical cash-flow volatility and prior large cash burn mean the recent positive quarter may not indicate persistent cash conversion. Uncertain, lumpy cash generation raises the likelihood of future financing needs if growth or reimbursement trends shift, increasing execution risk for longer-term programs.
Unresolved Litigation Risk
Ongoing intellectual-property litigation threatens exclusivity, potential injunctions, or damages that could materially affect market access. Legal uncertainty can constrain prescribing behavior, partnership discussions, and long-term revenue predictability until final resolution, a structural risk to the commercial thesis.
Liquidia Technologies (LQDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.29B
Dividend YieldN/A
Average Volume (3M)1.78M
Price to Earnings (P/E)―
Beta (1Y)1.69
Revenue Growth343.41%
EPS Growth11.91%
CountryUS
Employees170
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.15
Shares Outstanding88,114,426
10 Day Avg. Volume1,667,462
30 Day Avg. Volume1,782,297
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)66.33
Price to Sales (P/S)18.75
P/FCF Ratio-74.16
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue20.84
Enterprise Value/Gross Profit21.44
Enterprise Value/Ebitda-73.50
Forecast
1Y Price Target
$49.14Price Target Upside34.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.41
Revenue Forecast (FY)$611.77M
Liquidia Technologies Business Overview & Revenue Model
Company DescriptionLiquidia 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.
How the Company Makes MoneyLiquidia’s business model is centered on generating revenue from the development and commercialization of inhaled therapeutics, with the primary intended driver being product sales of its lead commercial-stage candidate YUTREPIA (treprostinil) inhalation powder, if and when it is launched and marketed. Revenue, when generated, would generally come from (1) net product sales to specialty pharmacies, distributors, or other healthcare-channel customers (recognized net of rebates, chargebacks, returns, and other gross-to-net adjustments customary for U.S. pharmaceuticals), and (2) potential collaboration, licensing, or partnering arrangements related to its PRINT particle-engineering platform or product candidates, which could include upfront payments, milestone payments, and royalties; specific active partnerships and their financial terms are null. As a development-stage biopharma, Liquidia has also historically depended on capital markets financing to fund operations, but this is not operating revenue. Key factors influencing earnings include regulatory approvals, commercial launch timing and execution, competitive dynamics in treprostinil and pulmonary hypertension markets, intellectual-property and legal outcomes affecting market access, payer coverage and reimbursement, and manufacturing scale-up and supply reliability.
Liquidia Technologies Key Performance Indicators (KPIs)
Liquidia Technologies Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and clear evidence of rapid, profitable scale: robust Q4 sales growth, consecutive profitable quarters, meaningful cash generation, accelerating patient starts and prescriber adoption, and a pipeline of label- and market-expanding studies including a next-generation product. Risks highlighted include unresolved litigation, modest expected gross-to-net pressure as access expands, distributor inventory timing variability, and ongoing competitive entrants (oral agents and alternate inhaler formats). Management presented confident mitigation plans (expanded sales force, clinical transition studies, L606 development) and indicated operational cash funding for trials.Q4-2025 Updates
Positive Updates
Strong Revenue and Rapid Quarter-over-Quarter Growth
Full-year 2025 YUTREPIA net product sales of $148.3M; Q4 2025 sales of $90.1M. Management reported Q4 growth versus Q3 of 2025 at ~74% (also referenced as ~80% QoQ increase in commentary).
Profitability and Cash Generation
Q4 2025 non-GAAP adjusted EBITDA of $27.3M and net income of $14.6M. Company generated $33M positive operating cash flow in Q4 and ended the year with ~$190.7M in cash and cash equivalents.
Rapid Commercial Launch and Patient Momentum
Since launch (9 months) >3,600 unique patient referrals and therapy shipped for >2,900 patients (through Feb 28, 2026). Patient starts composition: ~75% prostacyclin-naive and ~25% transitions.
Market Share Gains in Inhaled Treprostinil
Company estimates inhaled treprostinil quarter revenue was ~ $550M in Q4 and reports its revenue share grew from ~10% in Q3 2025 to ~17% in Q4 2025, indicating meaningful QoQ share gains and capturing disproportionate new patient starts.
High Prescriber Engagement and Pull-Through
Total prescribers increased to ~860; ~25% of clinicians have referred 5+ patients. Prescription-to-patient start conversion (pull-through) reported above 85%.
Clinical Differentiation and Evidence Generation
Management emphasized YUTREPIA's differentiated profile (deep-lung delivery, low-effort device, wide dose range), SENSE/ASCENT data showing tolerability and ability to dose 2–4x prior standards without cough exacerbation, and plans to initiate multiple new studies (transition studies, sotatercept adjunctive studies, PH-COPD, systemic sclerosis–associated Raynaud's phenomenon).
Strategic Growth Plans and Next-Generation Program
Company plans to expand commercial team by ~1/3, pursue label- and market-expanding studies, initiate a pivotal study for next-generation L606 (liposomal, twice-daily formulation) with enrollment expected in upcoming quarters, and targets a path to a $1B franchise by 2027.
Negative Updates
Ongoing Litigation and Timing Uncertainty
Oral litigation (post-trial briefing completed) remains unresolved; management expects an opinion but timing is uncertain (approximately 9 months post-trial), representing legal uncertainty that could materially affect outcomes depending on result.
Potential Gross-to-Net and Rebate Pressure as Access Expands
Company noted removal of some access blocks will increase patient access but also expects incremental increases in rebates/gross-to-net in 2026 as additional payers come online, which could modestly affect net realized revenue/margins.
Inventory/Distribution Timing Risks
Management acknowledged that specialty distributor stocking decisions can create quarter-to-quarter variability beyond the company's control, introducing potential short-term revenue timing risk.
Competitive Landscape and Alternative Formulations
New oral prostacyclin receptor agonists and a soft-mist inhaler (SMI) entrant were discussed; while management downplayed their immediate impact, these entrants introduce competitive complexity (oral agents with notable GI side effects; SMI offering portability) that could influence future prescribing dynamics.
Four-Times-Daily Dosing for YUTREPIA
YUTREPIA is currently a four-times-daily therapy, which management acknowledged as a potential negative for convenience; company is advancing L606 to address dosing frequency and peak-trough concerns but benefits are expected in the future, not immediately.
Dependence on Continued Launch Momentum to Hit 2027 Target
The $1B 2027 target assumes sustained patient adds, continued share gains (including capturing share from oral and inhaled competitors) and successful payer expansion; failure in any of these areas or larger-than-anticipated gross-to-net deterioration could impair the trajectory.
Company Guidance
Liquidia framed 2026 guidance around the strong 2025 launch metrics and clear near‑term milestones: YUTREPIA delivered $148.3M in FY2025 net product sales (Q4 $90.1M, a 74% increase vs Q3), Q4 non‑GAAP adjusted EBITDA was $27.3M with net income of $14.6M, the company ended 2025 with ~$190.7M cash after generating +$33M cash flow in Q4 and reached profitability within 120 days of launch. Commercial momentum supporting the guidance includes >3,600 unique patient referrals and >2,900 patient starts in nine months (75% prostacyclin‑naïve / 25% switches), ~860 prescribers (≈25% have referred ≥5 patients), an ~85% prescription‑to‑start pull‑through, and a revenue share increase from ~10% in Q3 to ~17% in Q4 versus an inhaled‑treprostinil market of ~ $550M in Q4 (~$2B annualized); the company plans to expand the sales force by ~1/3. On the clinical/product front Liquidia expects to initiate multiple studies in 2026 (switch studies, sotatercept adjuncts, PH‑COPD, systemic sclerosis–RP Phase IIa late year) and begin L606 pivotal enrollment in coming quarters, targeting at least a $1B franchise in 2027 and funding expansion from cash flow from operations.Liquidia Technologies Financial Statement Overview
Summary
Mixed fundamentals: strong TTM revenue growth and sharply higher gross margin, but still large losses, very high leverage (debt-to-equity ~9), and weak/unclear cash-flow sustainability in the financial statement data.Income Statement
TTM (Trailing-Twelve-Months) revenue surged to about $158.3M (up 128.7%), and gross margin improved sharply to ~89% versus ~58% in 2024, signaling a stronger revenue mix. However, profitability remains weak with sizable operating losses (EBIT about -$51.4M) and a net loss of about -$68.9M, and margins are still deeply negative despite the improvement versus 2024. Overall: strong top-line momentum and gross profitability, but the business is not yet near sustained bottom-line profitability.46
Neutral
Balance Sheet
Leverage is a key concern: debt-to-equity rose to ~9.0 in TTM (Trailing-Twelve-Months) from ~1.6 in 2024, driven by lower equity and a still meaningful debt load. Returns on shareholders’ capital remain strongly negative (return on equity about -3.0 in TTM), consistent with ongoing losses. While total assets increased to ~$327.9M, the elevated leverage and negative returns reduce balance sheet flexibility.38
Negative
Cash Flow
Cash generation is weak and volatile: operating cash flow and free cash flow are reported at 0 in TTM (Trailing-Twelve-Months) with free cash flow growth at -100%, versus sizable cash burn in prior years (e.g., 2024 operating cash flow about -$93.4M and free cash flow about -$98.4M). The reported operating cash flow relative to net income is negative in TTM, which is unfavorable and suggests cash conversion remains challenged. Overall: continued concern around cash sustainability and visibility, given the lack of positive, consistently reported operating/free cash flow.34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 158.32M | 14.00M | 17.49M | 15.94M | 12.85M |
| Gross Profit | 153.90M | 8.12M | 14.60M | 13.08M | 9.83M |
| EBITDA | -49.85M | -115.71M | -70.05M | -35.03M | -28.20M |
| Net Income | -68.92M | -130.39M | -78.50M | -41.02M | -34.58M |
Balance Sheet | |||||
| Total Assets | 327.93M | 230.31M | 118.33M | 129.20M | 93.73M |
| Cash, Cash Equivalents and Short-Term Investments | 190.68M | 176.48M | 83.68M | 93.28M | 57.49M |
| Total Debt | 197.93M | 122.39M | 49.54M | 24.46M | 16.08M |
| Total Liabilities | 283.19M | 153.04M | 71.04M | 38.78M | 28.46M |
| Stockholders Equity | 44.75M | 77.28M | 47.29M | 90.42M | 65.27M |
Cash Flow | |||||
| Free Cash Flow | -40.02M | -98.37M | -42.85M | -29.18M | -34.14M |
| Operating Cash Flow | -35.69M | -93.42M | -41.56M | -28.59M | -34.03M |
| Investing Cash Flow | -6.34M | -8.44M | -11.29M | -587.00K | -107.00K |
| Financing Cash Flow | 59.73M | 194.66M | 43.25M | 64.96M | 26.32M |
Liquidia Technologies Technical Analysis
Positive
36.63
Price Trends
37.48
Negative
33.89
Positive
27.22
Positive
Market Momentum
<0.01
Negative
51.58
Neutral
53.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LQDA, the sentiment is Positive. The current price of 36.63 is above the 20-day moving average (MA) of 34.55, below the 50-day MA of 37.48, and above the 200-day MA of 27.22, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 51.58 is Neutral, neither overbought nor oversold. The STOCH value of 53.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LQDA.
Liquidia Technologies Risk Analysis
Liquidia Technologies disclosed 61 risk factors in its most recent earnings report. Liquidia Technologies reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Liquidia Technologies Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $2.84B | -228.91 | -10.26% | ― | 129.21% | 80.35% | |
53 Neutral | $1.78B | -2.84 | -63.98% | ― | -32.98% | -18.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $3.29B | -43.06 | -209.33% | ― | 343.41% | 11.91% | |
49 Neutral | $2.08B | -41.41 | -30.00% | ― | 42.57% | 60.03% | |
48 Neutral | $1.80B | -8.55 | -71.66% | ― | -9.21% | -8.84% | |
43 Neutral | $2.26B | -13.21 | -32.80% | ― | ― | -34.96% |
* Healthcare Sector Average
LQDA
Liquidia Technologies
37.36
21.92
141.97%
OCUL
Ocular Therapeutix
8.27
0.83
11.16%
ADPT
Adaptive Biotechnologies
13.50
5.75
74.19%
ARQT
Arcutis Biotherapeutics
22.91
6.14
36.61%
IRON
Disc Medicine
59.17
5.94
11.16%
RXRX
Recursion Pharmaceuticals
3.37
-3.11
-47.99%
Liquidia Technologies Corporate Events
Business Operations and StrategyFinancial Disclosures
Liquidia highlights strong YUTREPIA launch and growth plans
Positive
Jan 9, 2026
On January 9, 2026, Liquidia Corporation reported preliminary, unaudited 2025 financial and operating results showing a strong commercial debut for YUTREPIA, with estimated net product sales of about $90.1 million in the fourth quarter and $148.3 million for the full year, fueled by 74% quarter-over-quarter sales growth, more than $30 million in positive fourth-quarter cash flow, and cash and equivalents of roughly $190.7 million at year-end. Since regulatory approval on May 23, 2025, the company has received over 2,800 unique prescriptions, initiated treatment for more than 2,200 patients with an 85% conversion rate and roughly 750 prescribers by December 31, 2025, and now plans to expand its field sales team and invest in an extensive 2026 clinical program to further differentiate YUTREPIA and L606 across PAH, PH-ILD, fibrotic lung diseases and related indications, reinforcing its competitive positioning in the inhaled prostacyclin market and signaling continued growth ambitions in pulmonary hypertension and associated conditions.
The most recent analyst rating on (LQDA) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Liquidia Technologies stock, see the LQDA Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.