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Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for rare cardiopulmonary diseases in the United States. The company's lead product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). It also provides Remodulin, a treprostinil injection administered through continuous intravenous and subcutaneous infusion; and develops L606, an investigational liposomal formulation of treprostinil which is in phase III clinical trial for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). In addition, the company offers PRINT technology which allows to engineer and manufacture uniform drug particles with precise control over the size, three-dimensional geometric shape, and chemical composition of the particles. It has a license agreement with Pharmosa Biopharm Inc to develop and commercialize L606, an inhaled sustained-release formulation of Treprostinil for the treatment of PAH and PH-ILD; Vectura; The University of North Carolina at Chapel Hill; GlaxoSmithKline; Alcon Inc; and promotion Agreement with Sandoz. Liquidia Corporation was founded in 2004 and is based in Morrisville, North Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $158M | $-43M | $-69M | $-42M | -154.0% | 1031.2% | - |
| 2024 | $14M | $-111M | $-128M | $-102M | -161.6% | -20.0% | - |
| 2023 | $17M | $-70M | $-79M | $-53M | -166.0% | 9.7% | - |
| 2022 | $16M | $-35M | $-41M | $-29M | -45.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 15.94 | 17.49 | 14 | 158.32 |
| Cost Of Revenue | 2.86 | 2.89 | 5.88 | 13.24 |
| Gross Profit | 13.08 | 14.60 | 8.12 | 145.08 |
| Operating Expense | 51.85 | 87.98 | 129.41 | 196.45 |
| Operating Income | -38.77 | -73.38 | -121.29 | -51.38 |
| EBITDA | -35.03 | -70.05 | -111.44 | -43.22 |
| EBIT | -38.68 | -72.23 | -113.64 | -44.75 |
| Pretax Income | -41.02 | -78.50 | -128.29 | -68.92 |
| Net Income | -41.02 | -78.50 | -128.29 | -68.92 |
| Net Income Common Stockholders | -41.02 | -78.50 | -128.29 | -68.92 |
| Total Expenses | 54.70 | 90.87 | 135.29 | 209.70 |
| Interest Expense | 2.34 | 6.27 | 14.65 | 24.17 |
| Interest Income | 1.09 | 3.47 | 7.65 | 6.62 |
| Research And Development | 19.43 | 43.24 | 47.84 | 39.28 |
| Selling General And Administration | 32.41 | 44.74 | 81.57 | 157.18 |
| Normalized EBITDA | -34.03 | -67.74 | -111.44 | -43.22 |
| Normalized Income | -40.02 | -76.19 | -128.29 | -68.92 |
| Basic EPS | -0.67 | -1.21 | -1.66 | 0 |
| Diluted EPS | -0.67 | -1.21 | -1.66 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | -1 | -2.31 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | -1 | -2.31 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -41.02 | -78.50 | -128.29 | -68.92 |
| Reconciled Depreciation | 3.65 | 2.18 | 2.20 | 1.53 |
| Reconciled Cost Of Revenue | 2.86 | 2.89 | 5.88 | 13.24 |
| Net Interest Income | -1.25 | -2.81 | -7 | -17.55 |
| Net Income From Continuing And Discontinued Operation | -41.02 | -78.50 | -128.29 | -68.92 |
| Total Operating Income As Reported | -38.77 | -73.38 | -121.29 | -51.38 |
| Diluted Average Shares | 60.96 | 64.99 | 78.71 | 0 |
| Basic Average Shares | 60.96 | 64.99 | 78.71 | 0 |
| Diluted NI Availto Com Stockholders | -41.02 | -78.50 | -128.29 | -68.92 |
| Net Income Including Noncontrolling Interests | -41.02 | -78.50 | -128.29 | -68.92 |
| Net Income Continuous Operations | -41.02 | -78.50 | -128.29 | -68.92 |
| Other Income Expense | -1 | -2.31 | -4.27 | 0 |
| Special Income Charges | -1 | -2.31 | 0 | 0 |
| Other Special Charges | 1 | 2.31 | 4.27 | 0 |
| Net Non Operating Interest Income Expense | -1.25 | -2.81 | -7 | -17.55 |
| Interest Expense Non Operating | 2.34 | 6.27 | 14.65 | 24.17 |
| Interest Income Non Operating | 1.09 | 3.47 | 7.65 | 6.62 |
| General And Administrative Expense | 32.41 | 44.74 | 81.57 | 157.18 |
| Other Gand A | 32.41 | 44.74 | 81.57 | 157.18 |
| Operating Revenue | 15.94 | 17.49 | 14 | 158.32 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Liquidia Corporationthis co. | LQDA | $3.4B | - | 74.37 | -154.0% | -66.91 |
| Travere Therapeutics, Inc. | TVTX | $3.7B | - | 31.75 | -22.2% | -1780.31 |
| Twist Bioscience Corporation | TWST | $3.5B | - | 7.62 | -16.4% | -30.08 |
| Oruka Therapeutics, Inc. | ORKA | $3.4B | - | 7.07 | -22.5% | -24.94 |
| Brookdale Senior Living Inc. | BKD | $3.4B |
| - |
| -74.95 |
| 605.6% |
| 18.66 |
| Edgewise Therapeutics, Inc. | EWTX | $3.3B | - | 6.20 | -32.1% | -14.47 |
| LivaNova PLC | LIVN | $3.2B | - | 2.68 | -20.2% | 11.72 |
| Tango Therapeutics, Inc. | TNGX | $3.2B | - | 8.66 | -29.3% | -26.04 |
| Beam Therapeutics Inc. | BEAM | $3.0B | - | 2.35 | -6.5% | -5.05 |
| Peer Median | - | - | 6.63 | -21.2% | -19.71 | |