Liquidia Corp (LQDA) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Liquidia reported revenue of $158.3M, up 1031.2% from $14.0M the year before. Net income was -$68.9M (a -43.5% net margin), or -$0.80 per diluted share. Gross margin was -32.5% and operating margin was -32.5%. Operating activities generated -$35.7M of cash, leaving -$40.0M of free cash flow. At fiscal year end, Liquidia held $327.9M in total assets against $283.2M in total liabilities, including $190.7M of cash and equivalents.
Open the full interactive Liquidia financials → Quarterly statements, key ratios, valuation history and price charts.
Liquidia Key Stats
| Share Price | $26.81 |
|---|---|
| Market Cap | $2.72B |
| 52-Week Range | $22.02 – $91.03 |
| Shares Outstanding | 88.9 million (basic, 2026 Q2) |
Liquidia Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $739,628 | $12.9M | $15.9M | $17.5M | $14.0M | $158.3M |
| Cost of Goods Sold | $59.8M | $3.0M | $2.9M | $2.9M | $5.9M | $209.7M |
| Gross Profit | -$59.1M | $9.8M | $13.1M | $14.6M | $8.1M | -$51.4M |
| Operating Income | -$59.1M | -$33.8M | -$38.8M | -$73.4M | -$121.3M | -$51.4M |
| Pre-Tax Income | -$59.8M | -$34.6M | -$41.0M | -$78.5M | -$130.4M | -$68.9M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$59.8M | -$34.6M | -$41.0M | -$78.5M | -$130.4M | -$68.9M |
| Diluted EPS | -$1.76 | -$0.70 | -$0.67 | -$1.21 | -$1.66 | -$0.80 |
Liquidia Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $54.3M | $92.0M | $132.9M | $171.7M |
| Net Income | -$3.5M | $14.6M | $52.9M | $74.7M |
| Diluted EPS | -$0.04 | $0.17 | $0.52 | $0.74 |
Liquidia Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | — | $57.5M | $93.3M | $83.7M | $176.5M | $190.7M |
| Current Assets | $66.1M | $61.3M | $99.8M | $89.9M | $185.1M | $273.4M |
| Total Assets | $99.5M | $93.7M | $129.2M | $118.3M | $230.3M | $327.9M |
| Current Liabilities | $11.7M | $7.3M | $8.8M | $18.6M | $41.8M | $135.8M |
| Total Long-Term Debt | $10.3M | $10.4M | $19.9M | — | — | — |
| Total Liabilities | $28.4M | $28.5M | $38.8M | $71.0M | $153.0M | $283.2M |
| Shareholders' Equity | $71.1M | $65.3M | $90.4M | $47.3M | $77.3M | $44.7M |
Liquidia Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$54.1M | -$34.0M | -$28.6M | -$41.6M | -$93.4M | -$35.7M |
| Cash From Investing | $247,914 | -$107,220 | -$587,000 | -$11.3M | -$8.4M | -$6.3M |
| Cash From Financing | $63.4M | $26.3M | $65.0M | $43.2M | $194.7M | $59.7M |
| Free Cash Flow | -$54.9M | -$34.1M | -$29.2M | -$42.9M | -$98.4M | -$40.0M |
Figures from Liquidia's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Liquidia financials page for every line item.
Liquidia Company Profile
| Ticker | LQDA |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Morrisville, North Carolina |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer |
| SEC CIK | 0001819576 |
Frequently Asked Questions
What was Liquidia's revenue in fiscal 2025?
Liquidia (LQDA) reported revenue of $158.3M for fiscal 2025.
What is Liquidia's annual revenue history?
Liquidia's annual revenue by fiscal year: 2020: $739,628; 2021: $12.9M; 2022: $15.9M; 2023: $17.5M; 2024: $14.0M; 2025: $158.3M.
What was Liquidia's net income in fiscal 2025?
Liquidia reported net income of -$68.9M for fiscal 2025.
What was Liquidia's earnings per share (EPS) in fiscal 2025?
Liquidia's diluted EPS was -$0.80 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Liquidia generate in fiscal 2025?
Liquidia generated -$40.0M of free cash flow in fiscal 2025.
What was Liquidia's revenue last quarter?
In its most recent reported quarter (2026 Q2), Liquidia reported revenue of $171.7M.
How many shares of Liquidia are outstanding?
Liquidia reported a weighted average of 88.9 million basic shares outstanding in 2026 Q2.
What is Liquidia's market cap?
Based on its latest closing price, Liquidia (LQDA) has a market capitalization of about $2.72B.
When does Liquidia's fiscal year end?
Liquidia's fiscal year end, as registered with the SEC, is December 31.
Where is Liquidia headquartered?
Liquidia lists its business address in Morrisville, North Carolina in its SEC filings.