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Liquidia Technologies Inc (LQDA)
NASDAQ:LQDA
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Liquidia Technologies
(NASDAQ:LQDA)
Rating:50Neutral
Price Target:
$15.50
▲( 0.98% Upside)
Positive Factors
Market Differentiation
Yutrepia offers greater dosing regimen flexibility compared to its competitor, Tyvaso.
Regulatory Approval
Liquidia received full FDA approval for Yutrepia, marking the end of a years-long effort to bring it to market and removing regulatory hurdles.
Team and Strategy
LQDA has assembled a strong team with experience in the PAH and PH-ILD space to deliver on the commercialization of an attractive treatment.
Negative Factors
Legal Challenges
On May 9, 2025, UTHR filed a lawsuit accusing Liquidia of infringing U.S. Patent No. 11,357,782.
Patent Disputes
UTHR filed a new suit against LQDA alleging that Yutrepia infringes on UTHR's '782 patent, and seeking to prevent LQDA from commercializing Yutrepia.
Liquidia Technologies (LQDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.31B
Dividend YieldN/A
Average Volume (3M)1.45M
Price to Earnings (P/E)―
Beta (1Y)1.44
Revenue Growth-11.42%
EPS Growth0.26%
CountryUS
Employees170
SectorHealthcare
Sector Strength42
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.45
Shares Outstanding85,484,530
10 Day Avg. Volume1,815,090
30 Day Avg. Volume1,454,519
Financial Highlights & Ratios
PEG Ratio2.31
Price to Book (P/B)16.72
Price to Sales (P/S)0.00
P/FCF Ratio-12.80
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue20.69
Enterprise Value/Gross Profit159.67
Enterprise Value/Ebitda-2.97
Forecast
1Y Price Target
$26.50Price Target Upside72.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
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 Technologies generates revenue through the commercialization of its pharmaceutical products, primarily focusing on the sales of YUTREPIA, which is intended for the treatment of pulmonary arterial hypertension. The company aims to capture market share in the PAH treatment space by offering a differentiated product that leverages its PRINT technology to enhance drug delivery efficiency. Additionally, Liquidia may engage in strategic partnerships, collaborations, or licensing agreements with other pharmaceutical companies to expand its market reach and product offerings, thereby potentially creating additional revenue streams.
Liquidia Technologies Financial Statement Overview
Summary
Liquidia Technologies faces challenges with declining revenues and consistent losses impacting profitability and equity. The company's liquidity position is strong due to cash reserves, but high leverage poses financial risks. Efforts to raise funds through financing are helping maintain liquidity.Income Statement
Liquidia Technologies shows a declining revenue trend with Total Revenue decreasing by 20% from 2023 to 2024. Gross Profit Margin stands at 58%, indicating good cost management relative to revenue. However, the company has been consistently unprofitable with a negative Net Profit Margin due to high operating expenses, as seen in the negative EBIT and EBITDA margins.45
Neutral
Balance Sheet
The company has a high debt-to-equity ratio due to negative equity, indicating high leverage and potential financial risk. On a positive note, the company has significant cash reserves compared to its total liabilities, suggesting liquidity strength. However, negative stockholders' equity reflects accumulated losses.40
Negative
Cash Flow
Operating cash flow is negative, indicating the company is not generating cash from operations. The free cash flow has further deteriorated due to higher capital expenditures. Despite negative cash flows, the company raised significant funds through financing activities, which is a positive aspect for liquidity.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 14.00M | 17.49M | 15.94M | 12.85M | 739.63K | Gross Profit |
| 8.12M | 14.60M | 13.08M | 9.83M | 501.92K | EBIT |
| -121.29M | -73.38M | -38.77M | -33.80M | -59.09M | EBITDA |
| -115.71M | -70.05M | -34.72M | -27.91M | -55.79M | Net Income Common Stockholders |
| -130.39M | -78.50M | -38.37M | -29.78M | -57.49M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 176.48M | 83.68M | 93.28M | 57.49M | 65.32M | Total Assets |
| 230.31M | 118.33M | 129.20M | 93.73M | 99.53M | Total Debt |
| 122.39M | 3.50M | 24.46M | 16.08M | 17.14M | Net Debt |
| -54.09M | -80.18M | -68.82M | -41.42M | -48.17M | Total Liabilities |
| 153.04M | 71.04M | 38.78M | 28.46M | 28.45M | Stockholders Equity |
| 77.28M | 47.29M | -350.60M | -309.58M | -275.00M |
| Cash Flow | Free Cash Flow | |||
| -98.37M | -42.85M | -29.18M | -34.14M | -54.90M | Operating Cash Flow |
| -93.42M | -41.56M | -28.59M | -34.04M | -54.14M | Investing Cash Flow |
| -8.44M | -11.29M | -587.00K | -107.22K | 247.91K | Financing Cash Flow |
| 194.66M | 43.25M | 64.96M | 26.32M | 63.42M |
Liquidia Technologies Technical Analysis
Positive
15.35
Price Trends
14.85
Positive
14.60
Positive
12.64
Positive
Market Momentum
0.58
Positive
47.26
Neutral
15.91
Positive
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 15.35 is below the 20-day moving average (MA) of 15.98, above the 50-day MA of 14.85, and above the 200-day MA of 12.64, indicating a neutral trend. The MACD of 0.58 indicates Positive momentum. The RSI at 47.26 is Neutral, neither overbought nor oversold. The STOCH value of 15.91 is Positive, 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 3 New Risks
1.
We are subject to risks related to information technology systems, including cyber-security risks; successful cyber-attacks or technological malfunctions can result in, among other things, financial losses, the inability to process transactions, the unauthorized release of confidential information and reputational risk, all of which would negatively impact our business, financial condition or results of operations. Q4, 2023
2.
Recently enacted and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our products and product candidates and affect the prices we may obtain. Q4, 2023
3.
Climate change or legal, regulatory or market measures to address climate change may negatively affect our business, results of operations, cash flows and prospects. Q4, 2023
Liquidia Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (53)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.09B | 29.25 | 11.23% | ― | 29.20% | ― | |
64 Neutral | $1.18B | 2.75 | 30.06% | ― | 25.92% | ― | |
57 Neutral | $947.45M | ― | -36.26% | ― | 127.33% | 21.31% | |
54 Neutral | $1.35B | ― | -23.20% | ― | 24.49% | 5.14% | |
53 Neutral | $5.14B | 3.03 | -43.89% | 2.83% | 16.75% | -0.06% | |
50 Neutral | $1.31B | ― | -188.03% | ― | -11.42% | 0.26% | |
47 Neutral | $1.16B | ― | -57.19% | ― | -0.33% | -3.59% |
* Healthcare Sector Average
Performance Comparison
LQDA
Liquidia Technologies
15.35
3.06
24.90%
CLDX
Celldex
20.35
-15.03
-42.48%
NVAX
Novavax
7.25
-8.27
-53.29%
ARDX
Ardelyx
3.97
-2.93
-42.46%
OCUL
Ocular Therapeutix
7.30
1.37
23.10%
AUPH
Aurinia Pharmaceuticals
8.08
2.79
52.74%
Liquidia Technologies Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: -1.16%|
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 Corporate Events
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
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.