Liquidia Technologies (LQDA)
NASDAQ:LQDA
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Liquidia Technologies
(NASDAQ:LQDA)
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Rating:71Outperform
Price Target:
$64.00
▲(62.15% Upside)
Action:Upgraded
Date:05/14/26
The score is driven primarily by the financial inflection to profitability and positive cash generation, reinforced by a strong earnings call showing rapid YUTREPIA commercial momentum and reiterated 2027 revenue targets. Technicals are supportive but overbought signals add near-term risk, while valuation is reasonable but lacks dividend support and financial durability is still being proven.
Positive Factors
Commercial Adoption
Rapid, broad uptake of YUTREPIA — strong sequential sales growth and thousands of prescriptions and patient starts — indicates durable market traction. Expanding prescriber depth and repeat usage create a recurring revenue base and support scaling commercial infrastructure over the next several years.
Negative Factors
Patent Litigation Risk
Ongoing patent litigation creates a binary, durable downside risk: an adverse ruling could impair exclusivity, restrict market access or trigger generic entry. Legal uncertainty can materially alter long-term revenue trajectory and undermine the predictability of projected cash flows and strategic plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Adoption
Rapid, broad uptake of YUTREPIA — strong sequential sales growth and thousands of prescriptions and patient starts — indicates durable market traction. Expanding prescriber depth and repeat usage create a recurring revenue base and support scaling commercial infrastructure over the next several years.
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
$4.90B
Dividend YieldN/A
Average Volume (3M)1.46M
Price to Earnings (P/E)217.4
Beta (1Y)1.68
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. Volume1,306,964
30 Day Avg. Volume1,464,315
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 Cap1.11
Enterprise Value/Revenue18.96
Enterprise Value/Gross Profit20.66
Enterprise Value/Ebitda105.01
Forecast
1Y Price Target
$64.83Price Target Upside64.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)3.29
Revenue Forecast (FY)$714.04M
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 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 | 52.02M | -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
Neutral
39.47
Price Trends
44.89
Positive
41.30
Positive
34.56
Positive
Market Momentum
4.71
Positive
54.76
Neutral
40.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LQDA, the sentiment is Neutral. The current price of 39.47 is below the 20-day moving average (MA) of 55.60, below the 50-day MA of 44.89, and above the 200-day MA of 34.56, indicating a neutral trend. The MACD of 4.71 indicates Positive momentum. The RSI at 54.76 is Neutral, neither overbought nor oversold. The STOCH value of 40.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $4.90B | 217.44 | 46.82% | ― | 1936.66% | ― | |
64 Neutral | $2.60B | -1,131.94 | -1.41% | ― | 95.29% | 98.21% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.97B | ― | -64.55% | ― | -12.76% | -26.75% | |
50 Neutral | $1.92B | -3.41 | -54.32% | ― | 11.07% | 32.35% | |
49 Neutral | $2.42B | ― | -24.26% | ― | 55.87% | 66.29% | |
47 Neutral | $2.60B | -10.83 | -36.95% | ― | ― | -68.57% |
* Healthcare Sector Average
LQDA
Liquidia Technologies
55.11
38.58
233.39%
OCUL
Ocular Therapeutix
8.31
-0.02
-0.24%
ADPT
Adaptive Biotechnologies
15.14
5.20
52.31%
ARQT
Arcutis Biotherapeutics
20.79
7.52
56.67%
IRON
Disc Medicine
68.00
20.60
43.46%
RXRX
Recursion Pharmaceuticals
3.61
-0.78
-17.77%
Liquidia Technologies Corporate Events
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.