SequelSEC

Liquidia Corp LQDA

Pharmaceutical Preparations · CIK 0001819576 · Fiscal year ends 1231

AnnualQuarterlyTTM
Revenue
$158.32M
Fiscal year ended 2025-12-31
Operating income
-$51.38M
Fiscal year ended 2025-12-31
Free cash flow
-$40.02M
Fiscal year ended 2025-12-31

Liquidia Corp (LQDA) reported revenue of $158.32M and net income of -$68.92M for the fiscal year ended 2025-12-31. This page shows 7 annual periods of income statement, balance sheet and cash flow figures normalized from Liquidia Corp’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Pharmaceutical Preparations.

Income

Liquidia Corp income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-31
Revenue$158.32M$14.00M$17.49M$15.94M$12.85M$739.63K$8.07M
Cost of revenueUnavailable$5.88M$2.89M$2.86M$3.02M$237.71KUnavailable
Gross profitUnavailableUnavailableUnavailable$13.08M$9.83M$501.92KUnavailable
Operating income-$51.38M-$121.29M-$73.38M-$38.77M-$33.80M-$59.09M-$46.82M
Net income-$68.92M-$128.29M-$78.50M-$41.02M-$34.58M-$59.76M-$47.58M
Research & development$39.28M$47.84M$43.24M$19.44M$20.52M$32.22M$40.49M
Weighted-average diluted sharesshares 86.06Mshares 78.71Mshares 64.99Mshares 60.96Mshares 49.68Mshares 33.89Mshares 18.48M
Pretax incomeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Income tax expense$0$0$0$0$0$0$0
Diluted EPS$-0.80$-1.63$-1.21$-0.67$-0.70$-1.76$-2.57
Selling, general & administrative$157.18M$81.57M$44.74MUnavailableUnavailableUnavailableUnavailable
General & administrativeUnavailable$81.57M$44.74M$32.41M$23.11M$27.37M$13.60M
Selling & marketingUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Balance

Liquidia Corp balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-31
Cash & equivalents$190.68M$176.48M$83.68M$93.28M$57.49M$65.32MUnavailable
Total assets$327.93M$230.31M$118.33M$129.20M$93.73M$99.53M$68.84M
Current assets$273.40M$185.10M$89.90M$99.81M$61.28M$66.07M$56.39M
Total liabilities$283.19M$150.94M$71.04M$38.78M$28.46M$28.45M$33.89M
Current liabilities$135.77M$41.78M$18.55M$8.80M$7.33M$11.74M$16.87M
Total equity incl. NCI$44.75M$79.38M$47.29M$90.42M$65.26M$71.09M$34.95M
Temporary (mezzanine) equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Inventory$23.80M$241.00KUnavailableUnavailableUnavailableUnavailableUnavailable
Accounts receivable$54.09M$2.72M$4.06M$5.02M$2.99M$0Unavailable
Goodwill$3.90M$3.90M$3.90M$3.90M$3.90M$3.90M$0
Long-term debtUnavailableUnavailableUnavailable$19.88M$10.41M$10.29M$10.29M
Accounts payable$3.68M$4.69M$1.40M$2.20M$1.07M$3.73M$3.50M

Cash flow

Liquidia Corp cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-31
Operating cash flow-$35.69M-$93.42M-$41.56M-$28.59M-$34.04M-$54.14M-$48.28M
Capital expenditures$4.34M$4.95M$1.29M$592.00K$107.00K$752.09K$1.85M
Investing cash flow-$6.34M-$8.44M-$11.29M-$587.00K-$107.00K$247.91K-$1.85M
Financing cash flow$59.73M$194.66M$43.25M$64.96M$26.32M$63.42M$66.39M
Net change in cash$17.70M$92.80M-$9.60M$35.79M-$7.82M$9.52M$16.26M
Stock-based compensation$29.47M$18.81M$10.09M$9.30M$6.75M$3.95M$3.38M
Common dividends paidUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Common share repurchasesUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Depreciation & amortization$1.53M$2.20M$2.18M$3.65M$5.61M$3.13M$2.57M

Derived

Liquidia Corp derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-31
Free cash flow-$40.02M-$98.37M-$42.85M-$29.18M-$34.14M-$54.90M-$50.13M
Gross marginUnavailableUnavailableUnavailable82.1%76.5%67.9%Unavailable
Operating margin-32.5%-866.6%-419.6%-243.3%-263.0%-7989.0%-580.1%
FCF margin-25.3%-702.9%-245.0%-183.1%-265.6%-7422.2%-621.1%
SBC / revenue18.6%134.4%57.7%58.3%52.5%534.6%41.8%
Current ratio2.01x4.43x4.85x11.34x8.36x5.63x3.34x
Revenue YoY growth1031.2%-20.0%9.7%24.0%1637.8%-90.8%Unavailable
Net margin-43.5%-916.6%-448.9%-257.4%-269.0%-8080.1%-589.5%
R&D / revenue24.8%341.8%247.3%122.0%159.6%4356.6%501.6%
CapEx / revenue2.7%35.4%7.4%3.7%0.8%101.7%22.9%
Long-term debt / equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rateUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open LQDA in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-08-12View SEC filing
10-Q · Filed 2026-05-11View SEC filing
10-K · Filed 2026-03-05View SEC filing
10-Q · Filed 2025-11-03View SEC filing
10-Q · Filed 2025-08-12View SEC filing
10-Q · Filed 2025-05-08View SEC filing

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Reconciliation checks needing review

2 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.

gross profit bridgeinconsistent2024-12-31

Withheld: gross profit could not be reconciled with the rest of this filer’s statement.

gross profit bridgeinconsistent2023-12-31

Withheld: gross profit could not be reconciled with the rest of this filer’s statement.