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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% | -46.3% |
| 2024 | $14M | $-111M | $-128M | $-102M | -161.6% | -20.0% | 63.4% |
| 2023 | $17M | $-70M | $-79M | $-53M | -166.0% | 9.7% | 91.4% |
| 2022 | $16M | $-35M | $-41M | $-29M | -45.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 15.94 | 17.49 | 14 | 158.32 |
| Operating 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 |
| Research And Development | - | 19.43 | 43.24 | 47.84 | 39.28 |
| Selling General And Administration | - | 32.41 | 44.74 | 81.57 | 157.18 |
| Total Expenses | - | 54.70 | 90.87 | 135.29 | 209.70 |
| Operating Income | - | -38.77 | -73.38 | -121.29 | -51.38 |
| Total Operating Income As Reported | - | -38.77 | -73.38 | -121.29 | -51.38 |
| EBITDA | - | -35.03 | -70.05 | -111.44 | -43.22 |
| Normalized EBITDA | - | -34.03 | -67.74 | -111.44 | -43.22 |
| EBIT | - | -38.68 | -72.23 | -113.64 | -44.75 |
| Interest Income | - | 1.09 | 3.47 | 7.65 | 6.62 |
| Interest Expense | - | 2.34 | 6.27 | 14.65 | 24.17 |
| Net Interest Income | - | -1.25 | -2.81 | -7 | -17.55 |
| Other Income Expense | -0.05 | -1 | -2.31 | -4.27 | - |
| Interest Income Non Operating | - | 1.09 | 3.47 | 7.65 | 6.62 |
| Interest Expense Non Operating | - | 2.34 | 6.27 | 14.65 | 24.17 |
| Net Non Operating Interest Income Expense | - | -1.25 | -2.81 | -7 | -17.55 |
| Pretax Income | - | -41.02 | -78.50 | -128.29 | -68.92 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -41.02 | -78.50 | -128.29 | -68.92 |
| Net Income From Continuing And Discontinued Operation | - | -41.02 | -78.50 | -128.29 | -68.92 |
| Net Income From Continuing Operation Net Minority Interest | - | -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 |
| Net Income Including Noncontrolling Interests | - | -41.02 | -78.50 | -128.29 | -68.92 |
| Normalized Income | - | -40.02 | -76.19 | -128.29 | -68.92 |
| Diluted NI Availto Com Stockholders | - | -41.02 | -78.50 | -128.29 | -68.92 |
| Basic Average Shares | 49.68 | 60.96 | 64.99 | 78.71 | - |
| Diluted Average Shares | 49.68 | 60.96 | 64.99 | 78.71 | - |
| Reconciled Depreciation | - | 3.65 | 2.18 | 2.20 | 1.53 |
| Reconciled Cost Of Revenue | - | 2.86 | 2.89 | 5.88 | 13.24 |
| Total Unusual Items | - | -1 | -2.31 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | - | -1 | -2.31 | 0 | 0 |
| Special Income Charges | - | -1 | -2.31 | 0 | 0 |
| Other Special Charges | 0.05 | 1 | 2.31 | 4.27 | - |
| General And Administrative Expense | - | 32.41 | 44.74 | 81.57 | 157.18 |
| Other Gand A | - | 32.41 | 44.74 | 81.57 | 157.18 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Liquidia Corporationthis co. | LQDA | $5.6B | -80.69 | 124.29 | -154.0% | -128.84 |
| Terns Pharmaceuticals, Inc. | TERN | $6.1B | -63.58 | 6.08 | -9.6% | -51.02 |
| Rhythm Pharmaceuticals, Inc. | RYTM | $6.0B | - | 22.25 | -74.8% | - |
| PACS Group, Inc. | PACS | $5.9B | 30.96 | 6.26 | 20.2% | 24.98 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.6B |
| - |
| - |
| - |
| - |
| - |
| -241.41 |
| 17.92 |
| -7.4% |
| 329.12 |
| Cogent Biosciences, Inc. | COGT | $5.6B | -17.03 | 10.24 | -60.1% | -17.21 |
| CRISPR Therapeutics AG | CRSP | $5.5B | - | 2.86 | -30.3% | - |
| Scholar Rock Holding Corporation | SRRK | $5.4B | - | 22.13 | -154.0% | - |
| Xenon Pharmaceuticals Inc. | XENE | $5.1B | -14.81 | 8.80 | -59.5% | -13.31 |
| Peer Median | - | -17.03 | 9.52 | -44.9% | -13.31 | |