Liquidia Technologies (LQDA)
NASDAQ:LQDA
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Liquidia Technologies
(NASDAQ:LQDA)
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Rating:69Neutral
Price Target:
$74.00
▲(87.48% Upside)
Action:Reiterated
Date:06/18/26
The score is driven primarily by improving financial performance (shift to profitability and positive free cash flow) and strong technical momentum. This is partially offset by very expensive valuation (P/E ~268) and continued fundamental risk from profitability durability and patent-litigation uncertainty highlighted on the earnings call.
Positive Factors
Profitability Inflection
Liquidia's shift to sustained product-driven profitability marks a structural change: recurring YUTREPIA sales produced positive operating profit and net income, turning multi-year losses into a profitable model. Durable product revenue reduces refinancing risk and supports reinvestment in commercialization and trials over the next 2-6 months.
Negative Factors
Patent Litigation Risk
Ongoing patent litigation introduces material structural uncertainty: adverse rulings or delays could enable generic entry, injunctions, or costly settlements that materially reduce YUTREPIA revenue and impair long-term cash generation. Legal outcomes are binary and timing-uncertain, posing sustained downside risk to the commercial franchise.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Inflection
Liquidia's shift to sustained product-driven profitability marks a structural change: recurring YUTREPIA sales produced positive operating profit and net income, turning multi-year losses into a profitable model. Durable product revenue reduces refinancing risk and supports reinvestment in commercialization and trials over the next 2-6 months.
Read all positive factors
Liquidia Technologies Key Performance Indicators (KPIs)
Any
Gross Profit by Type
Shows gross profit split across product sales, contract manufacturing/services, and licensing or milestone income. For Liquidia Technologies, it reveals which revenue streams generate real profit versus those that are low-margin or one-time, indicating how sustainable earnings are and how much scale or pricing power the company needs to become consistently profitable.
Shows gross profit split across product sales, contract manufacturing/services, and licensing or milestone income. For Liquidia Technologies, it reveals which revenue streams generate real profit versus those that are low-margin or one-time, indicating how sustainable earnings are and how much scale or pricing power the company needs to become consistently profitable.
Data provided by:
The Fly
The FlyLiquidia Technologies (LQDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.71B
Dividend YieldN/A
Average Volume (3M)2.44M
Price to Earnings (P/E)309.7
Beta (1Y)1.69
Revenue Growth1936.66%
EPS GrowthN/A
CountryUS
Employees170
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.24
Shares Outstanding88,928,100
10 Day Avg. Volume3,240,524
30 Day Avg. Volume2,435,842
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 Cap0.90
Enterprise Value/Revenue21.06
Enterprise Value/Gross Profit22.95
Enterprise Value/Ebitda112.78
Forecast
1Y Price Target
$74.50Price Target Upside88.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)3.35
Revenue Forecast (FY)$724.86M
Liquidia Technologies Business Overview & Revenue Model
Company Description
Liquidia Corporation operates as a biopharmaceutical enterprise, concentrating on the development, production, and market introduction of various treatments aimed at fulfilling critical patient requirements throughout the United States. A key asse...
How the Company Makes Money
Liquidia makes money primarily by selling its pharmaceutical products and, where applicable, through collaborations related to its technology and pipeline. The company’s main expected revenue stream is net product revenue from the commercializatio...
Liquidia Technologies Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum: rapid revenue and profitability growth, expanding market share, growing prescription breadth and depth, and a well-funded clinical pipeline. Primary risks cited were legal uncertainty, the need for continued market education (especially in PH-ILD and community settings), dosing convenience considerations (addressable by L606), and timing of broader indication studies. Overall, positives substantially outweigh the challenges described.Positive Updates
Strong Sequential Revenue Growth
Net product sales of YUTREPIA were $129.9M in Q1 2026, up from $90.1M in Q4 2025, representing 44% sequential growth and contributing to an annualized net revenue run rate exceeding $0.5B within one year of launch.
Negative Updates
Ongoing Patent Litigation and Legal Uncertainty
Active patent litigation (327 litigation vs. United Therapeutics) remains pending; potential legal read-throughs from unrelated cases (e.g., Hikma v. Amarin) were discussed but outcome and timing remain uncertain and could present downside risk.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Sequential Revenue Growth
Net product sales of YUTREPIA were $129.9M in Q1 2026, up from $90.1M in Q4 2025, representing 44% sequential growth and contributing to an annualized net revenue run rate exceeding $0.5B within one year of launch.
Read all positive updates
Company Guidance
The company reiterated clear near‑term financial and commercial guidance: YUTREPIA is in its third full quarter on the market, has achieved ~4,500 unique prescriptions and ~3,750 patient starts as of April 30 from ~980 prescribers (physicians prescribing to ≥5 patients grew 25% to ~270), and has exceeded a $0.5 billion annualized net revenue run rate in under one year with a stated “clear line of sight” to at least $1.0 billion in net revenue in 2027; Q1 2026 net product sales were $129.9M (up 44% sequentially from $90.1M in Q4 2025), net income was ~$52.9M (vs. $14.6M in Q4), adjusted EBITDA was ~$71.2M (vs. $27.3M), cash and equivalents were $222.8M (up $32.1M), and this marks the third consecutive quarter of profitability while the company funds clinical programs (ASCENT cohort B recruiting; pivotal RESPIRE/L606 recruiting) and manufacturing expansion from operating cash flow.Liquidia Technologies Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 288.06M | 158.32M | 14.00M | 17.49M | 15.94M | 12.85M |
| Gross Profit | 264.40M | 145.08M | 8.12M | 14.60M | 13.08M | 9.83M |
| EBITDA | 53.80M | -43.22M | -115.71M | -70.05M | -35.03M | -28.20M |
| Net Income | 22.30M | -68.92M | -130.39M | -78.50M | -41.02M | -34.58M |
Balance Sheet | ||||||
| Total Assets | 401.53M | 327.93M | 230.31M | 118.33M | 129.20M | 93.73M |
| Cash, Cash Equivalents and Short-Term Investments | 222.79M | 190.68M | 176.48M | 83.68M | 93.28M | 57.49M |
| Total Debt | 184.82M | 197.93M | 122.39M | 49.54M | 24.46M | 16.08M |
| Total Liabilities | 292.95M | 283.19M | 153.04M | 71.04M | 38.78M | 28.46M |
| Stockholders Equity | 108.58M | 44.75M | 77.28M | 47.29M | 90.42M | 65.27M |
Cash Flow | ||||||
| Free Cash Flow | 41.15M | -40.02M | -98.37M | -42.85M | -29.18M | -34.14M |
| Operating Cash Flow | 47.98M | -35.69M | -93.42M | -41.56M | -28.59M | -34.03M |
| Investing Cash Flow | -8.84M | -6.34M | -8.44M | -11.29M | -587.00K | -107.00K |
| Financing Cash Flow | 17.39M | 59.73M | 194.66M | 43.25M | 64.96M | 26.32M |
Liquidia Technologies Technical Analysis
Positive
39.47
Price Trends
53.41
Positive
45.29
Positive
37.36
Positive
Market Momentum
5.48
Negative
70.35
Negative
83.91
Negative
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 39.47 is below the 20-day moving average (MA) of 65.25, below the 50-day MA of 53.41, and above the 200-day MA of 37.36, indicating a bullish trend. The MACD of 5.48 indicates Negative momentum. The RSI at 70.35 is Negative, neither overbought nor oversold. The STOCH value of 83.91 is Negative, 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 72 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $6.71B | 309.66 | 46.82% | ― | 1936.66% | ― | |
68 Neutral | $3.33B | -1,368.23 | -1.41% | ― | 95.29% | 98.21% | |
59 Neutral | $2.78B | -52.63 | -24.26% | ― | 55.87% | 66.29% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.69B | -2.63 | -54.32% | ― | 11.07% | 32.35% | |
50 Neutral | $2.18B | -6.93 | -64.55% | ― | -12.76% | -26.75% | |
47 Neutral | $2.70B | -10.61 | -36.95% | ― | ― | -68.57% |
* Healthcare Sector Average
LQDA
Liquidia Technologies
74.04
60.26
437.30%
OCUL
Ocular Therapeutix
10.12
1.03
11.28%
ADPT
Adaptive Biotechnologies
17.23
6.58
61.78%
ARQT
Arcutis Biotherapeutics
26.27
11.94
83.32%
IRON
Disc Medicine
70.45
15.45
28.09%
RXRX
Recursion Pharmaceuticals
3.16
-2.06
-39.46%
Liquidia Technologies Corporate Events
Executive/Board ChangesShareholder Meetings
Liquidia Shareholders Back Directors, Auditor and Executive Pay
Positive
Jun 17, 2026
On June 16, 2026, Liquidia Corporation held its annual meeting of stockholders, at which shareholders voted on the election of three Class II directors, the ratification of its independent registered public accounting firm for 2026, and a non-bind...
Business Operations and StrategyDelistings and Listing Changes
Liquidia Added to S&P SmallCap 600 Index
Positive
Jun 8, 2026
On June 8, 2026, Liquidia Corporation announced that it will be added to the SP SmallCap 600 Index, with inclusion effective before the U.S. market opens on June 22, 2026. The index, a widely tracked benchmark for 600 U.S. small-cap companies, sel...
Business Operations and StrategyFinancial Disclosures
Liquidia Reports Strong Q1 Profitability Driven by YUTREPIA
Positive
May 11, 2026
Liquidia Corporation reported that in the first quarter of 2026, its inhaled PAH drug YUTREPIA generated about $130 million in net product sales, supporting net income of $52.9 million and adjusted EBITDA of $71.2 million, marking a third straight...
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.