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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $158.32M | $14.00M | $17.49M | $15.94M | $12.85M | $739.6K |
| Cost of Revenue | - | $5.88M | $2.89M | $2.86M | $237.7K | - |
| Gross Profit | - | $8.12M | $14.60M | $13.08M | $12.62M | - |
| R&D | $39.28M | $47.84M | $43.24M | $19.43M | $20.52M | $32.22M |
| SG&A | $81.57M | $81.57M | $44.74M | $32.41M | $23.11M | $27.37M |
| Total Operating Expenses | $209.70M | $135.29M | $90.87M | $54.70M | $46.65M | $59.83M |
| D&A | $1.53M | $2.20M | $2.18M | $3.65M | $5.61M | $3.13M |
| Operating Income | ($51.38M) | ($121.29M) | ($73.38M) | ($38.77M) | ($33.80M) | ($59.09M) |
| Interest Expense | $24.17M | $12.49M | $6.27M | $2.34M | $815.0K | $858.0K |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | ($68.92M) | ($130.39M) | ($78.50M) | ($41.02M) | ($34.58M) | ($59.76M) |
| EPS - Basic | ($0.80) | ($1.66) | ($1.21) | ($0.67) | ($1.76) | - |
| EPS - Diluted | ($0.80) | ($1.66) | ($1.21) | ($0.67) | ($1.76) | ($2.57) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $190.68M | $176.48M | $83.68M | $93.28M | $57.49M | $55.80M |
| Accounts Receivable | $54.09M | $2.72M | $4.06M | $5.02M | $2.99M | - |
| Inventory | $23.80M | $241.0K | - | - | - | - |
| Accounts Payable | $3.68M | $4.69M | $1.40M | $2.20M | $1.07M | $3.50M |
| Current Assets | $273.40M | $185.10M | $89.90M | $99.81M | $61.28M | $56.39M |
| Total Assets | $327.93M | $230.31M | $118.33M | $129.20M | $93.73M | $68.84M |
| Current Liabilities | $135.77M | $41.78M | $18.55M | $8.80M | $7.33M | $16.87M |
| Long-term Debt | - | - | - | $19.88M | $10.41M | $10.29M |
| Total Liabilities | $283.19M | $153.04M | $71.04M | $38.78M | $28.46M | $28.45M |
| Stockholders' Equity | $44.75M | $77.28M | $47.29M | $90.42M | $65.27M | $18.69M |
| Retained Earnings | ($626.31M) | ($559.49M) | ($429.10M) | ($350.60M) | ($309.58M) | ($215.24M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($35.69M) | ($93.42M) | ($41.56M) | ($28.59M) | ($34.04M) | ($54.14M) |
| Investing Cash Flow | ($6.34M) | ($8.44M) | ($11.29M) | ($587.0K) | ($107.2K) | $247.9K |
| Financing Cash Flow | $59.73M | $194.66M | $43.25M | $64.96M | $26.32M | $63.42M |
| CapEx | $4.34M | $4.95M | $1.29M | $592.0K | $107.2K | $752.1K |
| Free Cash Flow | ($40.02M) | ($98.37M) | ($42.85M) | ($29.18M) | ($34.14M) | ($54.90M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | 58.0% | 83.5% | 82.1% | 98.2% | - |
| Operating margin | -32.5% | -866.6% | -419.6% | -243.3% | -262.9% | -7989.0% |
| EBITDA margin | -31.5% | -850.9% | -407.2% | -220.4% | -219.3% | -7565.9% |
| Net margin | -43.5% | -931.7% | -448.9% | -257.4% | -269.0% | -8080.1% |
| Free cash flow margin | -25.3% | -702.9% | -245.0% | -183.1% | -265.6% | -7422.2% |
| FCF / Net income | 0.58 | 0.75 | 0.55 | 0.71 | 0.99 | 0.92 |
| R&D / Revenue | 24.8% | 341.8% | 247.3% | 122.0% | 159.6% | 4356.6% |
| SG&A / Revenue | 51.5% | 582.8% | 255.8% | 203.4% | 179.8% | 3700.3% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -21.0% | -56.6% | -66.3% | -31.7% | -36.9% | -86.8% |
| Return on equity | -154.0% | -168.7% | -166.0% | -45.4% | -53.0% | -319.8% |
| Return on invested capital | - | - | - | -27.8% | -35.3% | -161.1% |
| Liquidity | ||||||
| Current ratio | 2.01 | 4.43 | 4.85 | 11.34 | 8.36 | 3.34 |
| Quick ratio | 1.84 | 4.42 | 4.85 | 11.34 | 8.36 | 3.34 |
| Cash ratio | 1.40 | 4.22 | 4.51 | 10.60 | 7.85 | 3.31 |
| Leverage | ||||||
| Debt / Equity | - | - | - | 0.22 | 0.16 | 0.55 |
| Debt / Assets | - | - | - | 0.15 | 0.11 | 0.15 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -2.1x | -9.7x | -11.7x | -16.6x | -41.5x | -68.9x |
| Equity multiplier | 7.33 | 2.98 | 2.50 | 1.43 | 1.44 | 3.68 |
| Liabilities / Assets | 0.86 | 0.66 | 0.60 | 0.30 | 0.30 | 0.41 |
| Efficiency | ||||||
| Asset turnover | 0.48 | 0.06 | 0.15 | 0.12 | 0.14 | 0.01 |
| Inventory turnover | - | 24.39 | - | - | - | - |
| Days sales outstanding | 125d | 71d | 85d | 115d | 85d | - |
| Days inventory outstanding | - | 15d | - | - | - | - |
| Days payable outstanding | - | 291d | 176d | 280d | 1643d | - |
| Cash conversion cycle | - | -205d | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 66.3x | 12.0x | 16.5x | 4.3x | 2.5x | 2.9x |
| P / S | 18.7x | 66.1x | 44.7x | 24.4x | 12.8x | 73.7x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 1031.2% | -20.0% | 9.7% | 24.0% | 1637.8% | - |
| Revenue CAGR (3y) | 115.0% | 2.9% | 187.0% | - | - | - |
| Revenue CAGR (5y) | 192.5% | - | - | - | - | - |
| Gross profit growth (YoY) | - | -44.4% | 11.7% | 3.6% | - | - |
| Operating income growth (YoY) | 57.6% | -65.3% | -89.3% | -14.7% | 42.8% | - |
| Net income growth (YoY) | 47.1% | -66.1% | -91.4% | -18.6% | 42.1% | - |
| EPS growth (YoY) | 51.8% | -37.2% | -80.6% | 61.9% | 31.5% | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 59.3% | -129.5% | -46.9% | 14.5% | 37.8% | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -42.1% | 63.4% | -47.7% | 38.5% | 249.2% | - |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-1.26
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Liquidia Corp against the 5 most active filers in the same SIC group.