LIQUIDIA CORPORATION financials
Source: EDGAR filings · Built 2026-06-02T03:28:42Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -40.09M | -98.48M | -43.03M | -29.49M | -34.62M | -56.02M |
| EBITDA | -49.85M | -119.10M | -71.21M | -35.12M | -28.18M | -55.96M |
| Working Capital | 137.63M | 143.32M | 71.35M | 91.01M | 53.95M | 54.33M |
| Net Debt | — | -169.48M | -80.18M | -68.82M | -41.42M | -48.17M |
| Gross Margin | — | 58.00% | 83.49% | 82.06% | 76.48% | 67.86% |
| Operating Margin | -32.45% | -866.63% | -419.62% | -243.30% | -262.95% | -7989.03% |
| Net Margin | -43.53% | -916.63% | -448.89% | -257.39% | -269.03% | -8080.11% |
| Return on Equity (ROE) | -154.03% | -161.62% | -165.99% | -45.36% | -52.98% | -84.07% |
| Return on Assets (ROA) | -21.02% | -55.70% | -66.34% | -31.75% | -36.89% | -60.04% |
| Current Ratio | 2.01× | 4.43× | 4.85× | 11.34× | 8.36× | 5.63× |
| Debt-to-Equity | — | 0.09× | 0.07× | 0.27× | 0.25× | 0.24× |
| Cash Conversion Ratio | 0.52× | 0.73× | 0.53× | 0.70× | 0.98× | 0.91× |
| Accruals Ratio | -0.10× | -0.15× | -0.31× | -0.10× | -0.01× | -0.06× |
| SBC % of Revenue | 18.62% | 134.37% | 57.69% | 58.35% | 52.49% | 534.59% |
| CapEx Coverage | -8.11× | -18.48× | -28.26× | -31.66× | -58.28× | -28.89× |
| Free Cash Flow Per Share | $-0.47 | $-1.25 | $-0.66 | $-0.48 | $-0.70 | $-1.65 |
Valuation Metrics
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 158.32M | 14.00M | 17.49M | 15.94M | 12.85M | 739.63K |
| Cost of Goods and Services Sold | — | 5.88M | 2.89M | 2.86M | 3.02M | 237.71K |
| Research and Development Expense | 39.28M | 47.84M | 43.24M | 19.43M | 20.52M | 32.22M |
| Selling, General and Administrative Expense | 157.18M | 81.57M | 44.74M | — | — | — |
| Operating Income (Loss) | -51.38M | -121.29M | -73.38M | -38.77M | -33.80M | -59.09M |
| Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -68.92M | -128.29M | -78.50M | -41.02M | -34.58M | -59.76M |
| Earnings Per Share, Basic | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 |
| Weighted Average Number of Shares Outstanding, Basic | 86.06M | 78.71M | 64.99M | 60.96M | 49.68M | 33.89M |
| Earnings Per Share, Diluted | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 |
| Weighted Average Number of Shares Outstanding, Diluted | 86.06M | 78.71M | 64.99M | 60.96M | 49.68M | 33.89M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 190.68M | 176.48M | 83.68M | 93.28M | 57.49M | 65.32M |
| Assets, Current | 273.40M | 185.10M | 89.90M | 99.81M | 61.28M | 66.07M |
| Assets | 327.93M | 230.31M | 118.33M | 129.20M | 93.73M | 99.53M |
| Long-term Debt | — | — | — | 19.88M | 10.41M | 10.29M |
| Liabilities, Current | 135.77M | 41.78M | 18.55M | 8.80M | 7.33M | 11.74M |
| Long-term Debt, Excluding Current Maturities | — | — | — | 19.88M | 10.41M | 10.29M |
| Liabilities | 283.19M | 150.94M | 71.04M | 38.78M | 28.46M | 28.45M |
| Stockholders' Equity Attributable to Parent | 44.75M | 79.38M | 47.29M | 90.42M | 65.27M | 71.09M |
| Common Stock, Shares, Outstanding | 87.20M | 84.68M | 68.63M | 64.52M | 52.29M | 43.34M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -35.69M | -93.42M | -41.56M | -28.59M | -34.03M | -54.14M |
| Payments to Acquire Property, Plant, and Equipment | 4.34M | 4.95M | 1.29M | 592.00K | 107.00K | 752.09K |
| Net Cash Provided by (Used in) Investing Activities | -6.34M | -8.44M | -11.29M | -587.00K | -107.00K | 247.91K |
| Net Cash Provided by (Used in) Financing Activities | 59.73M | 194.66M | 43.25M | 64.96M | 26.32M | 63.42M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 50.16M | 42.21M | -82.29M | -71.61M | -31.07M | -22.13M |
| EBITDA | 62.00M | 20.11M | — | — | -34.97M | -35.59M |
| Working Capital | 183.31M | 137.63M | 123.78M | 117.17M | 116.69M | 143.32M |
| Net Debt | -215.83M | — | -150.81M | -166.65M | -162.90M | -169.48M |
| Gross Margin | — | — | — | — | 51.38% | 53.58% |
| Operating Margin | 46.29% | 21.50% | 3.25% | -424.41% | -1135.42% | -1237.81% |
| Net Margin | 39.79% | 15.82% | -6.50% | -470.51% | -1229.71% | -1320.19% |
| Return on Equity (ROE) | 48.69% | 32.53% | -16.02% | -273.74% | -77.18% | -48.51% |
| Return on Assets (ROA) | 13.16% | 4.44% | -1.28% | -16.15% | -16.87% | -16.72% |
| Current Ratio | 2.22× | 2.01× | 2.20× | 2.49× | 2.93× | 4.43× |
| Debt-to-Equity | 0.06× | — | 0.30× | 0.45× | 0.14× | 0.09× |
| Effective Tax Rate | 6.90% | — | — | — | 0.00% | — |
| Cash Conversion Ratio | 1.00× | 3.04× | 22.62× | 1.69× | 0.80× | 0.54× |
| Accruals Ratio | -0.00× | -0.09× | 0.28× | 0.11× | -0.03× | -0.08× |
| SBC % of Revenue | 6.94% | 7.83% | 40.97% | 162.59% | 238.40% | 172.40% |
| CapEx Coverage | 18.72× | 21.71× | -33.84× | -48.35× | -77.87× | -15.83× |
| Free Cash Flow Per Share | $0.50 | $0.49 | $-0.95 | $-0.84 | $-0.36 | $-0.28 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 235.88× | — | — | — | — | — |
| P/S | 11.57× | 19.00× | 28.52× | 55.37× | 88.95× | 71.15× |
| P/B | 30.69× | 67.21× | 89.53× | 70.43× | 25.31× | 12.55× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 132.87M | 92.02M | 54.34M | 8.84M | 3.12M | 2.92M |
| Cost of Goods and Services Sold | — | — | — | — | 1.52M | 1.35M |
| Research and Development Expense | 12.57M | 16.94M | 9.35M | 6.02M | 6.97M | 16.48M |
| Selling, General and Administrative Expense | 46.94M | 48.24M | 40.06M | 38.82M | 30.06M | 21.20M |
| Operating Income (Loss) | 61.50M | 19.79M | 1.77M | -37.51M | -35.42M | -36.11M |
| Income Tax Expense (Benefit) | 3.92M | — | — | — | 0 | — |
| Net Income (Loss) Attributable to Parent | 52.86M | 14.55M | -3.53M | -41.58M | -38.37M | -38.51M |
| Earnings Per Share, Basic | $0.60 | $0.17 | $-0.04 | $-0.49 | $-0.45 | $-0.46 |
| Weighted Average Number of Shares Outstanding, Basic | 88.01M | 86.06M | 86.33M | 85.59M | 85.17M | 78.71M |
| Earnings Per Share, Diluted | $0.52 | $0.17 | $-0.04 | $-0.49 | $-0.45 | $-0.46 |
| Weighted Average Number of Shares Outstanding, Diluted | 101.11M | 86.06M | 86.33M | 85.59M | 85.17M | 78.71M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 222.79M | 190.68M | 157.50M | 173.42M | 169.76M | 176.48M |
| Assets, Current | 333.06M | 273.40M | 226.72M | 195.58M | 177.21M | 185.10M |
| Assets | 401.53M | 327.93M | 275.98M | 257.41M | 227.43M | 230.31M |
| Liabilities, Current | 149.74M | 135.77M | 102.94M | 78.41M | 60.52M | 41.78M |
| Liabilities | 292.95M | 283.19M | 253.93M | 242.22M | 177.72M | 150.94M |
| Stockholders' Equity Attributable to Parent | 108.58M | 44.75M | 22.05M | 15.19M | 49.71M | 79.38M |
| Common Stock, Shares, Outstanding | 88.31M | 87.20M | 86.82M | 85.86M | 85.30M | 84.68M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 52.99M | 44.24M | -79.93M | -70.16M | -30.68M | -20.81M |
| Payments to Acquire Property, Plant, and Equipment | 2.83M | 2.04M | 2.30M | 1.39M | 330.00K | 1.29M |
| Net Cash Provided by (Used in) Investing Activities | -2.83M | -4.04M | -2.30M | -1.39M | -330.00K | -4.78M |
| Net Cash Provided by (Used in) Financing Activities | -18.05M | -7.02M | 66.75M | 71.99M | 24.29M | -2.30M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (LQDA CIK 0001819576),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.