Liquidia Technologies Inc (LQDA)
NASDAQ:LQDA
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Liquidia Technologies
(NASDAQ:LQDA)
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Rating:49Neutral
Price Target:
$39.00
▲(6.53% 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.
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.
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Positive Factors
Negative 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.
Read all positive factors
Liquidia Technologies (LQDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.23B
Dividend YieldN/A
Average Volume (3M)1.72M
Price to Earnings (P/E)―
Beta (1Y)1.68
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. Volume1,228,316
30 Day Avg. Volume1,722,331
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 Cap1.01
Enterprise Value/Revenue20.51
Enterprise Value/Gross Profit21.10
Enterprise Value/Ebitda-72.34
Forecast
1Y Price Target
$50.14Price Target Upside36.96% 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 Description
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...
How the Company Makes Money
Liquidia’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) inh...
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.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).
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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).
Read all positive updates
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
Income Statement
46
Neutral
Balance Sheet
38
Negative
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
36.61
Price Trends
37.78
Negative
34.57
Positive
27.69
Positive
Market Momentum
-0.02
Negative
51.62
Neutral
28.48
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 36.61 is above the 20-day moving average (MA) of 35.36, below the 50-day MA of 37.78, and above the 200-day MA of 27.69, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 51.62 is Neutral, neither overbought nor oversold. The STOCH value of 28.48 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 | $2.82B | -228.91 | -10.26% | ― | 129.21% | 80.35% | |
52 Neutral | $1.67B | -2.84 | -63.98% | ― | -32.98% | -18.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $3.23B | -43.06 | -209.33% | ― | 343.41% | 11.91% | |
49 Neutral | $2.18B | -41.41 | -30.00% | ― | 42.57% | 60.03% | |
48 Neutral | $1.81B | -8.55 | -71.66% | ― | -9.21% | -8.84% | |
43 Neutral | $2.39B | -13.21 | -32.80% | ― | ― | -34.96% |
* Healthcare Sector Average
LQDA
Liquidia Technologies
36.77
21.53
141.27%
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4.13%
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13.96
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69.83%
ARQT
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22.38
6.29
39.09%
IRON
Disc Medicine
62.01
9.54
18.18%
RXRX
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3.15
-2.82
-47.24%
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 ...
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.