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Liquidia Technologies Inc (LQDA)
NASDAQ:LQDA
US Market

Liquidia Technologies (LQDA) AI Stock Analysis

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Liquidia Technologies

(NASDAQ:LQDA)

Rating:44Neutral
Price Target:
$11.50
▼(-4.64%Downside)
Liquidia's overall stock score is low due to significant financial challenges and bearish technical indicators. While strategic developments and FDA approval for YUTREPIA offer potential future growth, the current financial position and valuation concerns weigh heavily on the score.
Positive Factors
Market Potential
YUTREPIA is expected to 'take over' and be prescribed to more than 90% of PH-ILD patients if future data remain consistent with initial results.
Patent Trial Outcome
Favorable odds for Liquidia Technologies in prevailing past United Therapeutics' '327 patent.
Profitability Guidance
LQDA management has issued strong guidance to profitability within 3 to 4 quarters.
Negative Factors
Clinical Trial Challenges
Pivotal development of TPIP is expected to be difficult, both in PAH and PH-ILD.
Competing Product Pressure
LQDA shares are currently under pressure due to the recent positive results of a competing product, TPIP, in phase 2 trials.
Unresolved Risks
The probability of success for YUTREPIA in PH-ILD has been lowered to 85% from 99% to reflect unresolved risk.

Liquidia Technologies (LQDA) vs. SPDR S&P 500 ETF (SPY)

Liquidia Technologies Business Overview & Revenue Model

Company DescriptionLiquidia Technologies (LQDA) is a biopharmaceutical company that focuses on the development and commercialization of innovative therapies for the treatment of pulmonary arterial hypertension (PAH) and other related diseases. The company operates in the healthcare sector, specifically within the pharmaceuticals and biotechnology industries. Liquidia employs its proprietary PRINT technology to design and manufacture precision-engineered drug particles, which aim to enhance the safety, efficacy, and convenience of therapeutic treatments.
How the Company Makes MoneyLiquidia Technologies primarily generates revenue through the development and commercialization of its proprietary drug products. The company's revenue model is centered around the sale and licensing of its pharmaceutical products, particularly those related to the treatment of pulmonary arterial hypertension. Liquidia's key revenue streams include product sales, licensing fees, and potentially milestone payments related to collaboration agreements. Additionally, the company may engage in strategic partnerships with other pharmaceutical companies to further its research and development efforts and to expand the market reach of its therapies, thereby contributing to its earnings.

Liquidia Technologies Earnings Call Summary

Earnings Call Date:May 08, 2025
(Q1-2025)
|
% Change Since: -22.34%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive strategic developments and legal victories, particularly regarding the potential launch of YUTREPIA and favorable court rulings. However, this was balanced by financial challenges such as increased operational costs and a larger net loss compared to the previous year.
Q1-2025 Updates
Positive Updates
Court Decision Favoring Liquidia
The District Court dismissed United Therapeutics’ cross-claim against Liquidia, clearing legal barriers for YUTREPIA’s potential approval.
ASCENT Study Progress
Cohort A of the ASCENT study is fully enrolled with over 50 patients, showing promising interim data with positive trends in efficacy measures such as 6-minute walk distance.
Strategic Preparations for YUTREPIA Launch
Liquidia is preparing for the launch of YUTREPIA with a focus on product profile, sales force readiness, patient support services, product availability, and payer access.
Reduction in R&D Expenses
Research and development expenses decreased by $3.1 million (31%) compared to the previous year, reflecting a shift towards commercialization.
Negative Updates
Increase in General and Administrative Expenses
General and administrative expenses rose by $9.9 million (48%), driven by higher personnel expenses and legal fees related to YUTREPIA litigation.
Net Loss Increase
Liquidia reported a net loss of $38.4 million for the quarter, up from $30.1 million in the previous year, reflecting increased operational costs.
Stagnant Revenue Growth
Revenue was relatively flat at $3.1 million, only a slight increase from $3 million in the previous year.
Company Guidance
During the Liquidia Corporation First Quarter 2025 Financial Results and Corporate Update Conference Call, detailed guidance was provided on several key strategic areas in preparation for the potential launch of YUTREPIA, an investigational inhaled dry powder formulation of treprostinil. The company is focusing on developing a best-in-class product profile, emphasizing YUTREPIA's tolerability, titratability, and ease of use. Cohort A of the ASCENT study is fully enrolled with over 50 patients, showing promising interim results, including the ability of PH-ILD patients to titrate to doses 3 times higher than the labeled target dose of nebulized Tyvaso, with positive trends in 6-minute walk distance. The commercial team is ready with 50 sales reps and a companion medical affairs team, all with significant rare disease experience. Additionally, they have prepared a full suite of patient support services and ensured that product availability can commence within 2 to 3 weeks post-approval. The company has also cultivated strong relationships with payers to ensure broad access for patients. Financially, Liquidia reported a revenue of $3.1 million for the quarter ended March 31, 2025, with research and development expenses decreasing by 31% compared to the previous year, attributed to a shift towards commercialization activities. The net loss for the quarter was $38.4 million, or $0.45 per share, compared to a net loss of $30.1 million, or $0.40 per share, in the same period of 2024.

Liquidia Technologies Financial Statement Overview

Summary
Liquidia Technologies is facing significant financial challenges, characterized by persistent losses and negative cash flows. Despite a slight revenue increase, the company struggles with profitability and high leverage, though liquidity remains stable due to cash reserves.
Income Statement
35
Negative
Liquidia Technologies has shown a marginal increase in revenue over the recent period, but it remains unprofitable with significant negative EBIT and net income. The firm is struggling with negative profit margins, indicating challenges in achieving profitability. However, the slight revenue growth is a positive indicator of potential market demand.
Balance Sheet
20
Very Negative
The company's balance sheet reflects high leverage with a substantial debt-to-equity ratio due to negative equity. This indicates a risk in financial stability. Additionally, the negative equity ratio signifies a challenging financial position, though the liquidity position is supported by substantial cash and cash equivalents.
Cash Flow
40
Negative
Liquidia's cash flow situation shows substantial negative free cash flow, indicating challenges in covering operational expenditures. However, the company's ability to raise financing is a positive aspect, showing some confidence from investors despite operating losses.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue14.14M14.00M17.49M15.94M12.85M739.63K
Gross Profit8.21M8.12M14.60M13.08M9.83M501.92K
EBITDA-113.22M-115.71M-70.05M-34.72M-27.91M-55.79M
Net Income-127.83M-130.39M-78.50M-38.37M-29.78M-57.49M
Balance Sheet
Total Assets227.43M230.31M118.33M129.20M93.73M99.53M
Cash, Cash Equivalents and Short-Term Investments169.76M176.48M83.68M93.28M57.49M65.32M
Total Debt147.66M122.39M3.50M24.46M16.08M17.14M
Total Liabilities177.72M153.04M71.04M38.78M28.46M28.45M
Stockholders Equity49.71M77.28M47.29M-350.60M-309.58M-275.00M
Cash Flow
Free Cash Flow-107.39M-98.37M-42.85M-29.18M-34.14M-54.90M
Operating Cash Flow-99.23M-93.42M-41.56M-28.59M-34.04M-54.14M
Investing Cash Flow-8.15M-8.44M-11.29M-587.00K-107.22K247.91K
Financing Cash Flow119.28M194.66M43.25M64.96M26.32M63.42M

Liquidia Technologies Technical Analysis

Technical Analysis Sentiment
Negative
Last Price12.06
Price Trends
50DMA
15.10
Negative
100DMA
14.94
Negative
200DMA
13.18
Negative
Market Momentum
MACD
-0.91
Positive
RSI
33.97
Neutral
STOCH
8.55
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LQDA, the sentiment is Negative. The current price of 12.06 is below the 20-day moving average (MA) of 14.35, below the 50-day MA of 15.10, and below the 200-day MA of 13.18, indicating a bearish trend. The MACD of -0.91 indicates Positive momentum. The RSI at 33.97 is Neutral, neither overbought nor oversold. The STOCH value of 8.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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

Overall Rating
UnderperformOutperform
Sector (59)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
69
Neutral
$1.01B27.1211.23%29.20%
62
Neutral
$1.00B-36.26%127.33%21.31%
61
Neutral
$1.09B2.5530.06%25.92%
59
Neutral
£5.93B9.05-57.69%4.70%15.15%-8.16%
55
Neutral
$1.45B-57.19%-0.33%-3.59%
52
Neutral
$1.41B-23.20%24.49%5.14%
44
Neutral
$1.03B-188.03%-11.42%0.26%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
LQDA
Liquidia Technologies
12.06
-0.17
-1.39%
CLDX
Celldex
22.11
-13.39
-37.72%
NVAX
Novavax
6.76
-5.14
-43.19%
ARDX
Ardelyx
4.19
-1.10
-20.79%
OCUL
Ocular Therapeutix
9.46
2.79
41.83%
AUPH
Aurinia Pharmaceuticals
7.49
1.88
33.51%

Liquidia Technologies Corporate Events

Executive/Board Changes
Liquidia Technologies Appoints Dana Boyle as Chief Accounting Officer
Neutral
Jul 1, 2025

On July 1, 2025, Liquidia Corporation appointed Dana Boyle as the Chief Accounting Officer. Previously serving as the Senior Vice President, Finance and Controller since January 2021, Boyle brings extensive experience from her roles at Aerami Therapeutics and Aralez Pharmaceuticals. Her appointment includes a salary of $425,000, a discretionary bonus, and restricted stock units vesting over four years. Boyle’s severance benefits are outlined under the company’s executive severance plan, ensuring financial security in the event of termination.

The most recent analyst rating on (LQDA) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Liquidia Technologies stock, see the LQDA Stock Forecast page.

Private Placements and FinancingLegal ProceedingsBusiness Operations and Strategy
Liquidia Secures $50 Million Funding Boost
Positive
Jun 24, 2025

On June 23, 2025, Liquidia Corporation announced receiving an additional $50 million in funding under its agreement with Healthcare Royalty Partners IV, following the first commercial sale of YUTREPIA after the U.S. District Court denied an injunction request by United Therapeutics. This funding will support Liquidia’s launch execution, clinical pipeline advancement, and manufacturing expansion, reinforcing its financial position and ability to achieve profitability. The company has received $175 million of the potential $200 million funding, with an additional $25 million available upon achieving certain sales milestones.

The most recent analyst rating on (LQDA) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Liquidia Technologies stock, see the LQDA Stock Forecast page.

Business Operations and Strategy
Liquidia Technologies Signs Lease for New Facility
Positive
Jun 18, 2025

On June 16, 2025, Liquidia Technologies entered into a lease agreement for a new manufacturing facility in Morrisville, North Carolina, with King Combs LLC. The lease, which spans approximately 70,131 square feet, will commence on June 16, 2025, and expire on November 1, 2036, with options for extension. The agreement includes a monthly base rent starting at $260,069.13 from May 1, 2026, with a 3% annual increase, and a six-month rent abatement period. This move is expected to enhance Liquidia’s manufacturing capabilities and potentially expand its operational footprint.

The most recent analyst rating on (LQDA) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Liquidia Technologies stock, see the LQDA Stock Forecast page.

Executive/Board ChangesShareholder Meetings
Liquidia Technologies Holds Annual Stockholders Meeting
Neutral
Jun 18, 2025

On June 17, 2025, Liquidia Corporation held its annual meeting of stockholders where key decisions were made, including the election of three Class I directors, the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2025, and the approval of executive compensation. The meeting saw participation from holders of 67,560,757 shares, constituting a quorum, and all proposals were passed with significant support.

The most recent analyst rating on (LQDA) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Liquidia Technologies stock, see the LQDA Stock Forecast page.

Product-Related AnnouncementsLegal Proceedings
Liquidia Advances with YUTREPIA After Court Ruling
Positive
Jun 2, 2025

On June 2, 2025, Liquidia Corporation announced that the U.S. District Court for the Middle District of North Carolina denied United Therapeutics Corporation’s motion for a preliminary injunction and temporary restraining order against Liquidia. This decision, made on May 30, 2025, allows Liquidia to proceed with the commercialization of YUTREPIA™ (treprostinil) inhalation powder, which was approved by the FDA on May 23, 2025, for treating PAH and PH-ILD. The court’s ruling clears the way for Liquidia to make its first commercial shipment of YUTREPIA, marking a significant milestone in the company’s operations and positioning it to offer a new therapeutic alternative in the market.

The most recent analyst rating on (LQDA) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Liquidia Technologies stock, see the LQDA Stock Forecast page.

Product-Related AnnouncementsLegal Proceedings
Liquidia Technologies Gains FDA Approval for YUTREPIA
Positive
May 23, 2025

On May 23, 2025, Liquidia Corporation announced that its product YUTREPIA received final FDA approval for treating PAH and PH-ILD. The approval follows the expiration of exclusivity rights held by United Therapeutics, which had delayed YUTREPIA’s approval. Despite this milestone, ongoing and potential litigation could impact the product’s commercialization. Liquidia plans to begin marketing YUTREPIA immediately, emphasizing its ease of use and effectiveness demonstrated in clinical trials. The approval is expected to provide a new treatment option for patients, although legal challenges from United Therapeutics may pose obstacles.

The most recent analyst rating on (LQDA) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Liquidia Technologies stock, see the LQDA Stock Forecast page.

Legal Proceedings
Liquidia Faces Patent Infringement Lawsuit by United Therapeutics
Negative
May 12, 2025

On May 12, 2025, Liquidia Corporation announced that United Therapeutics Corporation filed a complaint against them on May 9, 2025, in the U.S. District Court for the Middle District of North Carolina. The complaint alleges infringement of U.S. Patent No. 11,357,782 and seeks to prevent Liquidia from commercializing YUTREPIA™ if it receives FDA approval. Despite the litigation, the FDA’s ability to take final action on the New Drug Application for YUTREPIA by the PDUFA goal date of May 24, 2025, remains unaffected. Liquidia’s CEO, Dr. Roger Jeffs, expressed determination to defend patient access to alternative therapies, highlighting past successes in invalidating similar patent claims.

Financial DisclosuresRegulatory Filings and Compliance
Liquidia Technologies Updates Audit Report for March 2025
Neutral
May 8, 2025

Liquidia Corporation has voluntarily corrected immaterial accounting errors related to amendments in its revenue interest financing agreement with HealthCare Royalty Partners. These errors, identified in March 2025, were deemed not material to previous financial statements but have been revised to reflect modifications rather than extinguishments. The revisions do not impact the company’s internal controls or management’s assessment of financial condition, and the company’s independent auditor, PricewaterhouseCoopers LLP, has updated its audit report accordingly.

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.Date of analysis: Jul 02, 2025