Liquidia Technologies Inc (LQDA)
NASDAQ:LQDA
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Liquidia Technologies
(NASDAQ:LQDA)
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Rating:49Neutral
Price Target:
$40.00
▲(1.34% 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
Revenue & Gross Margin Improvement
Sharp TTM revenue growth and a materially higher gross margin indicate the product is scaling with favorable unit economics. That combination supports sustainable operating leverage, demonstrates market acceptance of YUTREPIA, and improves the firm's ability to fund growth from product cash flows over coming quarters.
Negative Factors
Elevated Leverage
A markedly higher debt-to-equity ratio constrains financial flexibility and raises fixed obligations. If revenue or margins underperform, high leverage amplifies downside risk, limits capacity for R&D or commercialization spending, and increases the chance of needing dilutive or costly external financing within the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Gross Margin Improvement
Sharp TTM revenue growth and a materially higher gross margin indicate the product is scaling with favorable unit economics. That combination supports sustainable operating leverage, demonstrates market acceptance of YUTREPIA, and improves the firm's ability to fund growth from product cash flows over coming quarters.
Read all positive factors
Liquidia Technologies (LQDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.71B
Dividend YieldN/A
Average Volume (3M)1.13M
Price to Earnings (P/E)51.6
Beta (1Y)1.64
Revenue Growth1031.18%
EPS Growth51.12%
CountryUS
Employees170
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.81
Shares Outstanding88,114,426
10 Day Avg. Volume1,173,301
30 Day Avg. Volume1,131,844
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 Cap1.00
Enterprise Value/Revenue23.50
Enterprise Value/Gross Profit24.17
Enterprise Value/Ebitda-82.88
Forecast
1Y Price Target
$49.33Price Target Upside24.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.41
Revenue Forecast (FY)$588.05M
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 11, 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
39.47
Price Trends
36.73
Positive
36.34
Positive
29.64
Positive
Market Momentum
0.99
Negative
55.99
Neutral
75.70
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 39.47 is above the 20-day moving average (MA) of 37.71, above the 50-day MA of 36.73, and above the 200-day MA of 29.64, indicating a bullish trend. The MACD of 0.99 indicates Negative momentum. The RSI at 55.99 is Neutral, neither overbought nor oversold. The STOCH value of 75.70 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 | $3.02B | -67.46 | -10.26% | ― | 91.34% | 88.80% | |
54 Neutral | $1.81B | -3.46 | -63.98% | ― | 26.92% | 10.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $2.31B | -26.94 | -30.00% | ― | 55.87% | 66.29% | |
49 Neutral | $3.71B | 51.60 | -209.33% | ― | 1031.18% | 51.12% | |
48 Neutral | $2.13B | -5.36 | -64.55% | ― | -12.76% | -26.75% | |
43 Neutral | $2.62B | -9.69 | -32.80% | ― | ― | -68.57% |
* Healthcare Sector Average
LQDA
Liquidia Technologies
42.14
26.79
174.53%
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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.