Liquidia Technologies (LQDA) AI Stock Analysis

• Market Cap: $2.48B
• Dividend Yield: N/A
• Average Volume (3M): 2.94M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.76
• Revenue Growth: 30.20%
• EPS Growth: -7.22%
• Country: US
• Employees: 170
• Sector: Healthcare
• Sector Strength: 52
• Industry: Biotechnology
• EPS (TTM): -0.49
• Shares Outstanding: 86,091,450
• 10 Day Avg. Volume: 2,317,474
• 30 Day Avg. Volume: 2,944,567
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.42
• Enterprise Value/Revenue: 54.30
• Enterprise Value/Gross Profit: 77.18
• Enterprise Value/Ebitda: -8.48
• 1Y Price Target: $36.70
• Price Target Upside: 31.17% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10

• Rating: 52 Neutral
• Price Target: $28.00 ▲(0.07% Upside)

Liquidia Technologies' overall stock score reflects significant financial challenges, with persistent losses and high leverage. However, the successful launch of YUTREPIA and positive corporate events, such as securing funding and FDA approval, provide growth potential. Technical indicators suggest strong momentum, but valuation metrics highlight speculative risks. The earnings call underscores operational success but also notes market entry challenges.

Positive Factors

Financial Performance

Liquidia ended with $173.4M in cash and equivalents, which the company is guiding as sufficient to achieve profitability.

Market Adoption

Contracts have been signed with the three major PBMs, removing a significant hurdle to the launch and enabling the potential for accelerated growth.

Product Launch

Strong early Yutrepia launch metrics surpassed expectations.

Negative Factors

Competition

Liquidia Technologies faces two major overhangs: a 5-year patent battle with UTHR and competition from INSM’s once-daily inhaled treprostinil.

Legal Challenges

'327 patent litigation with United Therapeutics remains a concern as it covers the method of treating PH-ILD with inhaled prostacyclin.

Market Sentiment

Short interest is notably high at 30.5% of the float, which could indicate skepticism or bearish sentiment among some investors.

Liquidia Technologies Business Overview & Revenue Model

Company Description

Liquidia Technologies, Inc. (LQDA) is a biopharmaceutical company that focuses on the development and commercialization of innovative therapies for patients with serious diseases. The company specializes in utilizing its proprietary PRINT® (Particle Replication in Non-wetting Templates) technology to create precisely engineered drug formulations, particularly in the areas of pulmonary hypertension and other respiratory diseases. Liquidia's core products include Yutrepia, a drug designed to treat pulmonary arterial hypertension, and its pipeline includes several other candidates targeting unmet medical needs.

How the Company Makes Money

Liquidia Technologies generates revenue primarily through the commercialization of its products, including Yutrepia, which is sold directly to healthcare providers and pharmacies. The company also earns revenue through partnerships and collaborations with other pharmaceutical companies, which may include upfront payments, milestone payments, and royalties on sales of partnered products. Additionally, Liquidia may receive funding from grants or government contracts aimed at supporting the development of its technology and drug candidates.

Liquidia Technologies Financial Statement Overview

Summary

Liquidia Technologies faces significant financial challenges with persistent losses and negative cash flows. Despite a slight revenue increase, the company struggles with profitability and high leverage, though liquidity is supported by cash reserves.

Income Statement

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	19.32M	14.00M	17.49M	15.94M	12.85M	739.63K
Gross Profit	13.59M	8.12M	14.60M	13.08M	9.83M	501.92K
EBITDA	-123.78M	-115.71M	-70.05M	-34.72M	-27.91M	-55.79M
Net Income	-99.89M	-130.39M	-78.50M	-41.02M	-34.58M	-59.76M
Balance Sheet
Total Assets	257.41M	230.31M	118.33M	129.20M	93.73M	99.53M
Cash, Cash Equivalents and Short-Term Investments	173.42M	176.48M	83.68M	93.28M	57.49M	65.32M
Total Debt	50.91M	122.39M	49.54M	24.46M	16.08M	17.14M
Total Liabilities	242.22M	153.04M	71.04M	38.78M	28.46M	28.45M
Stockholders Equity	15.19M	77.28M	47.29M	90.42M	-309.58M	71.09M
Cash Flow
Free Cash Flow	-123.98M	-98.37M	-42.85M	-29.18M	-34.14M	-54.90M
Operating Cash Flow	-116.06M	-93.42M	-41.56M	-28.59M	-34.04M	-54.14M
Investing Cash Flow	-7.91M	-8.44M	-11.29M	-587.00K	-107.22K	247.91K
Financing Cash Flow	167.80M	194.66M	43.25M	64.96M	26.32M	63.42M

Liquidia Technologies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 27.98
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 27.98 is above the 20-day moving average (MA) of 26.97, above the 50-day MA of 20.45, and above the 200-day MA of 15.61, indicating a bullish trend. The MACD of 2.29 indicates Positive momentum. The RSI at 66.16 is Neutral, neither overbought nor oversold. The STOCH value of 63.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LQDA.

Liquidia Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AUPH	79 Outperform	$1.63B	28.77	17.33%	―	25.59%	―
ARDX	59 Neutral	$1.57B	―	-39.36%	―	83.88%	15.24%
OCUL	56 Neutral	$2.37B	―	-63.41%	―	-7.26%	-15.33%
NVAX	54 Neutral	$1.28B	3.42	30.06%	―	9.22%	―
LQDA	52 Neutral	$2.48B	―	-363.16%	―	30.20%	-7.22%
Sector *	51 Neutral	$7.95B	-0.38	-43.43%	2.22%	22.30%	-1.83%
CLDX	50 Neutral	$1.52B	―	-27.17%	―	-30.25%	-9.70%

Liquidia Technologies Corporate Events

Liquidia Technologies Appoints Dana Boyle as Chief Accounting Officer

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.

Liquidia Secures $50 Million Funding Boost

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.

Liquidia Technologies Signs Lease for New Facility

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.

Liquidia Technologies Holds Annual Stockholders Meeting

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.

Liquidia Advances with YUTREPIA After Court Ruling

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.

Liquidia Technologies Gains FDA Approval for YUTREPIA

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.