LQDA · Liquidia Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | FY 2024 | Q3 '24 | Q2 '24 | Q1 '24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $132.87M | - | $54.34M | $8.84M | $3.12M | - | $2.92M | $4.45M | $3.66M | $2.97M |
| Cost of Revenue | - | - | - | - | $1.52M | - | - | $1.56M | $1.49M | $1.47M |
| Gross Profit | - | - | - | - | $1.60M | - | - | $2.88M | $2.17M | $1.50M |
| R&D | $12.57M | - | $9.35M | $6.02M | $6.97M | - | - | $11.89M | $9.42M | $10.06M |
| SG&A | $46.94M | - | $20.18M | $38.82M | $30.06M | - | - | $20.18M | $19.94M | $20.25M |
| Total Operating Expenses | $71.36M | - | $52.58M | $46.34M | $38.55M | - | - | $33.64M | $30.86M | $31.77M |
| D&A | $497.0K | - | $300.0K | $200.0K | $451.0K | - | - | $300.0K | $200.0K | $489.0K |
| Operating Income | $61.50M | - | $1.77M | ($37.51M) | ($35.42M) | - | ($36.11M) | ($29.19M) | ($27.20M) | ($28.80M) |
| Interest Expense | $6.49M | - | $6.95M | $5.66M | $4.67M | - | $3.66M | $3.00M | $2.60M | $2.52M |
| Income Tax | $0 | - | - | - | - | - | - | - | - | - |
| Net Income | $52.86M | - | ($3.53M) | ($41.58M) | ($38.37M) | - | ($38.51M) | ($23.16M) | ($27.94M) | ($40.93M) |
| EPS - Basic | $0.60 | - | ($0.04) | ($0.49) | ($0.45) | - | ($0.45) | ($0.30) | ($0.37) | ($0.54) |
| EPS - Diluted | $0.52 | - | ($0.04) | ($0.49) | ($0.45) | - | ($0.45) | ($0.30) | ($0.37) | ($0.54) |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | FY 2024 | Q3 '24 | Q2 '24 | Q1 '24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $222.79M | $190.68M | $157.50M | $173.42M | $169.76M | $176.48M | - | $204.37M | $133.09M | $157.86M |
| Accounts Receivable | $74.16M | $54.09M | $35.96M | $9.97M | $1.25M | $2.72M | - | $4.20M | $3.25M | $2.57M |
| Inventory | $28.51M | $23.80M | $24.53M | $6.44M | $1.35M | $241.0K | - | $38.0K | $7.21M | $3.52M |
| Accounts Payable | $10.98M | $3.68M | $6.02M | $11.35M | $8.68M | $4.69M | - | $2.30M | $5.74M | $2.49M |
| Current Assets | $333.06M | $273.40M | $226.72M | $195.58M | $177.21M | $185.10M | - | $214.21M | $147.26M | $167.94M |
| Total Assets | $401.53M | $327.93M | $275.98M | $257.41M | $227.43M | $230.31M | - | $252.89M | $177.36M | $197.12M |
| Current Liabilities | $149.74M | $135.77M | $102.94M | $78.41M | $60.52M | $41.78M | - | $33.84M | $24.22M | $21.93M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $292.95M | $283.19M | $253.93M | $242.22M | $177.72M | $153.04M | - | $142.37M | $114.64M | $110.86M |
| Stockholders' Equity | $108.58M | $44.75M | $22.05M | $15.19M | $49.71M | $77.28M | - | $110.52M | $62.72M | $86.26M |
| Retained Earnings | ($573.45M) | ($626.31M) | ($640.87M) | ($637.34M) | ($595.76M) | ($559.49M) | - | ($521.12M) | ($497.97M) | ($470.03M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | FY 2024 | Q3 '24 | Q2 '24 | Q1 '24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $52.99M | - | - | - | ($30.68M) | - | - | - | - | ($24.87M) |
| Investing Cash Flow | ($2.83M) | - | - | - | ($330.0K) | - | - | - | - | ($624.0K) |
| Financing Cash Flow | ($18.05M) | - | - | - | $24.29M | - | - | - | - | $99.67M |
| CapEx | $2.83M | - | - | - | $330.0K | - | - | - | - | $624.0K |
| Free Cash Flow | $50.16M | - | - | - | ($31.01M) | - | - | - | - | ($25.49M) |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | FY 2024 | Q3 '24 | Q2 '24 | Q1 '24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | 51.4% | - | - | 64.8% | 59.2% | 50.6% |
| Operating margin | 46.3% | - | 3.3% | -424.4% | -1135.4% | - | -1237.8% | -656.2% | -743.3% | -969.1% |
| EBITDA margin | 46.7% | - | 3.8% | -422.1% | -1121.0% | - | - | -649.5% | -737.8% | -952.6% |
| Net margin | 39.8% | - | -6.5% | -470.5% | -1229.7% | - | -1320.2% | -520.6% | -763.7% | -1377.1% |
| Free cash flow margin | 37.8% | - | - | - | -993.9% | - | - | - | - | -857.7% |
| FCF / Net income | 0.95 | - | - | - | 0.81 | - | - | - | - | 0.62 |
| R&D / Revenue | 9.5% | - | 17.2% | 68.1% | 223.3% | - | - | 267.3% | 257.4% | 338.4% |
| SG&A / Revenue | 35.3% | - | 37.1% | 439.3% | 963.5% | - | - | 453.7% | 545.0% | 681.3% |
| Effective tax rate | 0.0% | - | - | - | - | - | - | - | - | - |
| Return on assets | 13.2% | - | -1.3% | -16.2% | -16.9% | - | - | -9.2% | -15.8% | -20.8% |
| Return on equity | 48.7% | - | -16.0% | -273.7% | -77.2% | - | - | -21.0% | -44.5% | -47.4% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.22 | 2.01 | 2.20 | 2.49 | 2.93 | 4.43 | - | 6.33 | 6.08 | 7.66 |
| Quick ratio | 2.03 | 1.84 | 1.96 | 2.41 | 2.91 | 4.42 | - | 6.33 | 5.78 | 7.50 |
| Cash ratio | 1.49 | 1.40 | 1.53 | 2.21 | 2.81 | 4.22 | - | 6.04 | 5.50 | 7.20 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 9.5x | - | 0.3x | -6.6x | -7.6x | - | -9.9x | -9.7x | -10.5x | -11.4x |
| Equity multiplier | 3.70 | 7.33 | 12.52 | 16.95 | 4.57 | 2.98 | - | 2.29 | 2.83 | 2.29 |
| Liabilities / Assets | 0.73 | 0.86 | 0.92 | 0.94 | 0.78 | 0.66 | - | 0.56 | 0.65 | 0.56 |
| Efficiency | ||||||||||
| Asset turnover | 0.33 | - | 0.20 | 0.03 | 0.01 | - | - | 0.02 | 0.02 | 0.02 |
| Inventory turnover | - | - | - | - | 1.12 | - | - | 41.18 | 0.21 | 0.42 |
| Days sales outstanding | 204d | - | 242d | 412d | 146d | - | - | 345d | 324d | 316d |
| Days inventory outstanding | - | - | - | - | 325d | - | - | 9d | 1763d | 875d |
| Days payable outstanding | - | - | - | - | 2087d | - | - | 536d | 1404d | 620d |
| Cash conversion cycle | - | - | - | - | -1617d | - | - | -182d | 684d | 571d |
| Valuation | ||||||||||
| P / E | 72.6x | - | - | - | - | - | - | - | - | - |
| P / B | 35.1x | - | 89.0x | 70.2x | 25.3x | - | - | 7.1x | 14.6x | 12.9x |
| P / S | 28.7x | - | 36.1x | 120.7x | 402.7x | - | - | 176.1x | 250.7x | 374.2x |
| EV / EBITDA | 58.0x | - | 873.6x | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 4158.5% | - | 1121.7% | 141.5% | 5.0% | - | -35.6% | 20.9% | -23.5% | -33.9% |
| Revenue CAGR (3y) | 209.2% | - | 158.0% | 31.1% | -3.7% | - | - | 11.9% | 2.7% | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | 6.5% | - | - | -7.2% | -47.4% | -60.8% |
| Operating income growth (YoY) | - | - | - | -37.9% | -23.0% | - | -36.6% | -96.0% | -19.2% | -212.0% |
| Net income growth (YoY) | - | - | 84.7% | -48.8% | 6.3% | - | -40.3% | -46.6% | -18.8% | -248.5% |
| EPS growth (YoY) | - | - | 86.7% | -32.4% | 16.7% | - | -4.7% | -25.0% | -2.8% | -200.0% |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | -21.7% | - | - | - | - | -188.9% |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 118.4% | -42.1% | -80.0% | -75.8% | -42.4% | 63.4% | - | 130.2% | 3.4% | 5.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$158.32M totalSingle Reportable Segment$158.32M · 100.0%
Product / service
$158.32M totalProduct$148.29M · 93.7%
Service$10.03M · 6.3%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Liquidia Corp against the 5 most active filers in the same SIC group.