Liquidia Corporation Financials

LQDA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 28/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Liquidia Corporation has an operating margin of -866.6%, meaning the company retains $-867 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -419.6% the prior year.

Growth

Liquidia Corporation's revenue declined 20% year-over-year, from $17.5M to $14.0M. This contraction results in a growth score of 0/100.

Leverage

Liquidia Corporation has a moderate D/E ratio of 1.90. This balance of debt and equity financing earns a leverage score of 41/100.

Liquidity

100

With a current ratio of 4.43, Liquidia Corporation holds $4.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Liquidia Corporation generated -$93.4M in operating cash flow, capex of $4.9M consumed most of it, leaving -$98.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Liquidia Corporation passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.73x

For every $1 of reported earnings, Liquidia Corporation generates $0.73 in operating cash flow (-$93.4M OCF vs -$128.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-8.3x

Liquidia Corporation earns $-8.3 in operating income for every $1 of interest expense (-$121.3M vs $14.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Liquidia Corporation (LQDA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$14.0M

YoY-20.0%

5Y CAGR+11.6%

Liquidia Corporation generated $14.0M in revenue in fiscal year 2024. This represents a decrease of 20.0% from the prior year.

EBITDA

-$119.1M

YoY-67.3%

Liquidia Corporation's EBITDA was -$119.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 67.3% from the prior year.

Free Cash Flow

-$98.4M

YoY-129.5%

Liquidia Corporation generated -$98.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 129.5% from the prior year.

Net Income

-$128.3M

YoY-63.4%

Liquidia Corporation reported -$128.3M in net income in fiscal year 2024. This represents a decrease of 63.4% from the prior year.

EPS (Diluted)

$-1.63

YoY-34.7%

Liquidia Corporation earned $-1.63 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 34.7% from the prior year.

Cash & Debt

$176.5M

YoY+110.9%

5Y CAGR+25.9%

Liquidia Corporation held $176.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

85M

YoY+23.4%

5Y CAGR+24.6%

Liquidia Corporation had 85M shares outstanding in fiscal year 2024. This represents an increase of 23.4% from the prior year.

Gross Margin

58.0%

YoY-25.5pp

Liquidia Corporation's gross margin was 58.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 25.5 percentage points from the prior year.

Operating Margin

-866.6%

YoY-447.0pp

5Y CAGR-286.6pp

Liquidia Corporation's operating margin was -866.6% in fiscal year 2024, reflecting core business profitability. This is down 447.0 percentage points from the prior year.

Net Margin

-916.6%

YoY-467.7pp

5Y CAGR-327.1pp

Liquidia Corporation's net profit margin was -916.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 467.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$47.8M

YoY+10.6%

5Y CAGR+3.4%

Liquidia Corporation invested $47.8M in research and development in fiscal year 2024. This represents an increase of 10.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$4.9M

YoY+283.6%

5Y CAGR+21.7%

Liquidia Corporation invested $4.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 283.6% from the prior year.

LQDA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$14.0M-20.0%	$17.5M+9.7%	$15.9M+24.0%	$12.9M+1637.8%	$740K-90.8%	$8.1M
Cost of Revenue	$5.9M+103.6%	$2.9M+1.0%	$2.9M-5.4%	$3.0M+1171.7%	$238K	N/A
Gross Profit	$8.1M-44.4%	$14.6M+11.7%	$13.1M+33.0%	$9.8M+1858.5%	$502K	N/A
R&D Expenses	$47.8M+10.6%	$43.2M+122.5%	$19.4M-5.3%	$20.5M-36.3%	$32.2M-20.4%	$40.5M
SG&A Expenses	$81.6M+82.3%	$44.7M+38.0%	$32.4M+40.2%	$23.1M-15.6%	$27.4M+101.3%	$13.6M
Operating Income	-$121.3M-65.3%	-$73.4M-89.3%	-$38.8M-14.7%	-$33.8M+42.8%	-$59.1M-26.2%	-$46.8M
Interest Expense	$14.7M+133.6%	$6.3M+168.3%	$2.3M+206.8%	$762K-11.2%	$858K-37.5%	$1.4M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$128.3M-63.4%	-$78.5M-91.4%	-$41.0M-18.6%	-$34.6M+42.1%	-$59.8M-25.6%	-$47.6M
EPS (Diluted)	$-1.63-34.7%	$-1.21-80.6%	$-0.67+4.3%	$-0.70+60.2%	$-1.76+31.5%	$-2.57

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$54.3M+514.9%	$8.8M+183.2%	$3.1M+7.0%	$2.9M-34.4%	$4.4M+21.6%	$3.7M+23.1%	$3.0M-34.4%	$4.5M
Cost of Revenue	N/A	N/A	$1.5M+12.0%	$1.4M-13.5%	$1.6M+4.8%	$1.5M+1.8%	$1.5M+47.7%	$993K
Gross Profit	N/A	N/A	$1.6M+2.6%	$1.6M-45.8%	$2.9M+33.1%	$2.2M+43.9%	$1.5M-57.5%	$3.5M
R&D Expenses	$9.3M+55.2%	$6.0M-13.6%	$7.0M-57.7%	$16.5M+38.6%	$11.9M+26.2%	$9.4M-6.3%	$10.1M-21.6%	$12.8M
SG&A Expenses	$40.1M+3.2%	$38.8M+29.1%	$30.1M+41.8%	$21.2M+5.0%	$20.2M+1.2%	$19.9M-1.5%	$20.2M+18.1%	$17.1M
Operating Income	$1.8M+104.7%	-$37.5M-5.9%	-$35.4M+1.9%	-$36.1M-23.7%	-$29.2M-7.3%	-$27.2M+5.6%	-$28.8M-8.9%	-$26.4M
Interest Expense	$6.9M+22.7%	$5.7M+21.2%	$4.7M-28.5%	$6.5M+118.0%	$3.0M+15.2%	$2.6M+3.0%	$2.5M+28.6%	$2.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.5M+91.5%	-$41.6M-8.4%	-$38.4M+0.4%	-$38.5M-24.1%	-$31.0M-8.2%	-$28.7M+4.7%	-$30.1M-9.6%	-$27.4M
EPS (Diluted)	$-0.04+91.8%	$-0.49-8.9%	$-0.450.0%	$-0.45-12.5%	$-0.40-5.3%	$-0.38+5.0%	$-0.40+7.0%	$-0.43

LQDA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$230.3M+94.6%	$118.3M-8.4%	$129.2M+37.8%	$93.7M-5.8%	$99.5M+44.6%	$68.8M
Current Assets	$185.1M+105.9%	$89.9M-9.9%	$99.8M+62.9%	$61.3M-7.3%	$66.1M+17.2%	$56.4M
Cash & Equivalents	$176.5M+110.9%	$83.7M-10.3%	$93.3M+62.2%	$57.5M-12.0%	$65.3M+17.1%	$55.8M
Inventory	$241K	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.7M-33.0%	$4.1M-19.1%	$5.0M+67.8%	$3.0M	$0	N/A
Goodwill	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M	$0
Total Liabilities	$150.9M+112.5%	$71.0M+83.2%	$38.8M+36.2%	$28.5M+0.1%	$28.4M-16.1%	$33.9M
Current Liabilities	$41.8M+125.2%	$18.6M+110.8%	$8.8M+20.1%	$7.3M-37.6%	$11.7M-30.4%	$16.9M
Long-Term Debt	N/A	N/A	$19.9M+91.0%	$10.4M+1.1%	$10.3M0.0%	$10.3M
Total Equity	$79.4M+67.8%	$47.3M-47.7%	$90.4M+38.5%	$65.3M-8.2%	$71.1M+103.4%	$34.9M
Retained Earnings	-$557.4M-29.9%	-$429.1M-22.4%	-$350.6M-13.2%	-$309.6M-12.6%	-$275.0M-27.8%	-$215.2M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$276.0M+7.2%	$257.4M+13.2%	$227.4M-1.3%	$230.3M-8.9%	$252.9M+42.6%	$177.4M-10.0%	$197.1M+66.6%	$118.3M
Current Assets	$226.7M+15.9%	$195.6M+10.4%	$177.2M-4.3%	$185.1M-13.6%	$214.2M+45.5%	$147.3M-12.3%	$167.9M+86.8%	$89.9M
Cash & Equivalents	$157.5M-9.2%	$173.4M+2.2%	$169.8M-3.8%	$176.5M-13.6%	$204.4M+53.6%	$133.1M-15.7%	$157.9M+88.6%	$83.7M
Inventory	$24.5M+280.7%	$6.4M+377.7%	$1.3M+459.8%	$241K+534.2%	$38K	N/A	N/A	N/A
Accounts Receivable	$36.0M+260.7%	$10.0M+699.4%	$1.2M-54.1%	$2.7M-35.3%	$4.2M+29.3%	$3.2M+26.4%	$2.6M-36.7%	$4.1M
Goodwill	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M0.0%	$3.9M
Total Liabilities	$253.9M+4.8%	$242.2M+36.3%	$177.7M+17.7%	$150.9M+7.7%	$140.1M+34.1%	$104.5M+4.5%	$100.0M+40.8%	$71.0M
Current Liabilities	$102.9M+31.3%	$78.4M+29.6%	$60.5M+44.8%	$41.8M+23.5%	$33.8M+39.7%	$24.2M+10.5%	$21.9M+18.2%	$18.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$22.1M+45.2%	$15.2M-69.4%	$49.7M-37.4%	$79.4M-29.6%	$112.8M+54.8%	$72.8M-25.0%	$97.1M+105.3%	$47.3M
Retained Earnings	-$640.9M-0.6%	-$637.3M-7.0%	-$595.8M-6.9%	-$557.4M-7.4%	-$518.9M-6.4%	-$487.8M-6.2%	-$459.2M-7.0%	-$429.1M

LQDA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$93.4M-124.8%	-$41.6M-45.4%	-$28.6M+16.0%	-$34.0M+37.1%	-$54.1M-12.1%	-$48.3M
Capital Expenditures	$4.9M+283.6%	$1.3M+117.9%	$592K+453.3%	$107K-85.8%	$752K-59.3%	$1.9M
Free Cash Flow	-$98.4M-129.5%	-$42.9M-46.9%	-$29.2M+14.5%	-$34.1M+37.8%	-$54.9M-9.5%	-$50.1M
Investing Cash Flow	-$8.4M+25.2%	-$11.3M-1823.0%	-$587K-448.6%	-$107K-143.2%	$248K+113.4%	-$1.9M
Financing Cash Flow	$194.7M+350.1%	$43.2M-33.4%	$65.0M+146.8%	$26.3M-58.5%	$63.4M-4.5%	$66.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$9.8M+75.3%	-$39.5M-28.7%	-$30.7M-47.4%	-$20.8M+17.0%	-$25.1M-10.7%	-$22.7M+8.9%	-$24.9M-55.6%	-$16.0M
Capital Expenditures	$911K-13.8%	$1.1M+220.3%	$330K-74.4%	$1.3M-26.3%	$1.7M+35.4%	$1.3M+106.7%	$624K+202.9%	$206K
Free Cash Flow	-$10.7M+73.7%	-$40.5M-30.7%	-$31.0M-40.3%	-$22.1M+17.6%	-$26.8M-12.0%	-$24.0M+6.0%	-$25.5M-57.5%	-$16.2M
Investing Cash Flow	-$911K+13.8%	-$1.1M-220.3%	-$330K+93.1%	-$4.8M-173.6%	-$1.7M-35.4%	-$1.3M-106.7%	-$624K-202.9%	-$206K
Financing Cash Flow	-$5.2M-111.0%	$47.7M+96.4%	$24.3M+1157.8%	-$2.3M-102.3%	$98.1M+12152.1%	-$814K-100.8%	$99.7M+321.6%	$23.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LQDA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	58.0%-25.5pp	83.5%+1.4pp	82.1%+5.6pp	76.5%+8.6pp	67.9%	N/A
Operating Margin	-866.6%-447.0pp	-419.6%-176.3pp	-243.3%+19.7pp	-263.0%+7726.1pp	-7989.0%-7409.0pp	-580.1%
Net Margin	-916.6%-467.7pp	-448.9%-191.5pp	-257.4%+11.6pp	-269.0%+7811.1pp	-8080.1%-7490.6pp	-589.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-55.7%+10.6pp	-66.3%-34.6pp	-31.8%+5.1pp	-36.9%+23.2pp	-60.0%+9.1pp	-69.1%
Current Ratio	4.43-0.4	4.85-6.5	11.34+3.0	8.36+2.7	5.63+2.3	3.34
Debt-to-Equity	1.90+0.4	1.50+1.3	0.22+0.1	0.16+0.0	0.14-0.1	0.29
FCF Margin	-702.9%-457.8pp	-245.0%-61.9pp	-183.1%+82.5pp	-265.6%+7156.6pp	-7422.2%-6801.1pp	-621.1%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	51.4%-2.2pp	53.6%-11.2pp	64.8%+5.6pp	59.2%+8.6pp	50.6%-27.4pp	78.1%
Operating Margin	3.3%+427.7pp	-424.4%+711.0pp	-1135.4%+102.4pp	-1237.8%-581.6pp	-656.2%+87.1pp	-743.3%+225.8pp	-969.1%-385.6pp	-583.5%
Net Margin	-6.5%+464.0pp	-470.5%+759.2pp	-1229.7%+90.5pp	-1320.2%-622.6pp	-697.6%+85.9pp	-783.5%+228.7pp	-1012.2%-406.4pp	-605.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.3%+14.9pp	-16.2%+0.7pp	-16.9%-0.2pp	-16.7%-4.4pp	-12.3%+3.9pp	-16.2%-0.9pp	-15.3%+7.9pp	-23.2%
Current Ratio	2.20-0.3	2.49-0.4	2.93-1.5	4.43-1.9	6.33+0.3	6.08-1.6	7.66+2.8	4.85
Debt-to-Equity	11.52-4.4	15.95+12.4	3.57+1.7	1.90+0.7	1.24-0.2	1.43+0.4	1.03-0.5	1.50
FCF Margin	-19.7%+439.1pp	-458.7%+535.2pp	-993.9%-236.2pp	-757.7%-154.5pp	-603.2%+51.4pp	-654.6%+203.1pp	-857.7%-500.4pp	-357.3%

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Frequently Asked Questions

What is Liquidia Corporation's annual revenue?

Liquidia Corporation (LQDA) reported $14.0M in total revenue for fiscal year 2024. This represents a -20.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Liquidia Corporation's revenue growing?

Liquidia Corporation (LQDA) revenue declined by 20% year-over-year, from $17.5M to $14.0M in fiscal year 2024.

Is Liquidia Corporation profitable?

No, Liquidia Corporation (LQDA) reported a net income of -$128.3M in fiscal year 2024, with a net profit margin of -916.6%.

What is Liquidia Corporation's earnings per share (EPS)?

Liquidia Corporation (LQDA) reported diluted earnings per share of $-1.63 for fiscal year 2024. This represents a -34.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Liquidia Corporation's EBITDA?

Liquidia Corporation (LQDA) had EBITDA of -$119.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Liquidia Corporation's gross margin?

Liquidia Corporation (LQDA) had a gross margin of 58.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Liquidia Corporation's operating margin?

Liquidia Corporation (LQDA) had an operating margin of -866.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Liquidia Corporation's net profit margin?

Liquidia Corporation (LQDA) had a net profit margin of -916.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Liquidia Corporation's free cash flow?

Liquidia Corporation (LQDA) generated -$98.4M in free cash flow during fiscal year 2024. This represents a -129.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Liquidia Corporation's operating cash flow?

Liquidia Corporation (LQDA) generated -$93.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Liquidia Corporation's total assets?

Liquidia Corporation (LQDA) had $230.3M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Liquidia Corporation's capital expenditures?

Liquidia Corporation (LQDA) invested $4.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Liquidia Corporation spend on research and development?

Liquidia Corporation (LQDA) invested $47.8M in research and development during fiscal year 2024.

How many shares does Liquidia Corporation have outstanding?

Liquidia Corporation (LQDA) had 85M shares outstanding as of fiscal year 2024.

What is Liquidia Corporation's current ratio?

Liquidia Corporation (LQDA) had a current ratio of 4.43 as of fiscal year 2024, which is generally considered healthy.

What is Liquidia Corporation's debt-to-equity ratio?

Liquidia Corporation (LQDA) had a debt-to-equity ratio of 1.90 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Liquidia Corporation's return on assets (ROA)?

Liquidia Corporation (LQDA) had a return on assets of -55.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Liquidia Corporation's cash runway?

Based on fiscal year 2024 data, Liquidia Corporation (LQDA) had $176.5M in cash against an annual operating cash burn of $93.4M. This gives an estimated cash runway of approximately 23 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Liquidia Corporation's Piotroski F-Score?

Liquidia Corporation (LQDA) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Liquidia Corporation's earnings high quality?

Liquidia Corporation (LQDA) has an earnings quality ratio of 0.73x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Liquidia Corporation cover its interest payments?

Liquidia Corporation (LQDA) has an interest coverage ratio of -8.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Liquidia Corporation?

Liquidia Corporation (LQDA) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.