Liquidia Corporation (LQDA) Stock: Price, Forecast & Analyst Target
Liquidia Corporation (LQDA) — MoonshotScore 95/100 (Exceptional band), calculated Oct 26, 2026. Price $43.74 (+2.56%), as of the Oct 26, 2026 trading session; market cap $3.92B. Expected results Nov 2, 2026.
Educational signal · not a buy or sell recommendation · How to read this
Market value / cash and short-term investments: 13.79× (market value Oct 26, 2026; cash Jun 30, 2026) · expected results Nov 2, 2026
Liquidia Corporation · LQDA · NASDAQ · Healthcare · Medical - Pharmaceuticals
Research dated 2026-09-13: Liquidia is a biopharmaceutical company that sells pulmonary arterial hypertension therapies. The central question: can the company sustain the inflection from losses to profitability and continue expanding without exhausting its cash cushion? After years of setbacks, the company just posted profits in consecutive quarters, driven by uptake of YUTREPIA, an inhaled formulation of treprostinil. The rate of growth and the management's commitment to spending more on research while maintaining margin expansion will determine whether the current trajectory holds.
Price as of Oct 26, 2026
Key Statistics
MoonshotScore v2 · Liquidia (LQDA)
ExceptionalWhy this rating? Method, drivers & history
Bands for the MoonshotScore: Exceptional 80-100 · Strong 65-79 · Fair 45-64 · Weak below 45.
- Business Quality — Is this a genuinely good business?
- Financial Safety — Could this blow up on me?
- Valuation — Am I paying a fair price?
- Growth Durability — Is the growth real and likely to last?
- Momentum — Is the market already moving on this?
Elite quality and elite growth, though the balance sheet is only decent. Business Quality: Elite; Financial Safety: Sound; Valuation: Full; Growth Durability: Compounding; Momentum: Rising.
- quarterly revenue $172M (Q2 FY2026, quarter ended Jun 30, 2026)
- EPS beat 4 of 8
- Altman Z 8.22 · Piotroski F 6
Helping: business quality, durable growth
What has the MoonshotScore done over time?
| Recorded | Score | Band |
|---|---|---|
| 93 | Exceptional | |
| 94 | Exceptional | |
| 93 | Exceptional | |
| 93 | Exceptional | |
| 94 | Exceptional | |
| 95 | Exceptional |
The score moved from 94 in the stored Oct 24, 2026 snapshot to 95 in the current publication computed Oct 26, 2026 (+1); the largest pillar moves were Valuation +1 and Momentum -1.
Calculation uses the most recent completed US trading session. Live price changes do not update the score immediately.
Computed · Educational signal · not a buy or sell recommendation · How the MoonshotScore is computed →
Price & valuation
| Measure | Value | As of |
|---|---|---|
| Latest provided price | $43.74 | |
| Change on the day | +2.56% | |
| 52-week range | $22.05 – $93.61 | |
| Market capitalisation | $3.92B | |
| Price / earnings (trailing) | 27.18 | |
| Shares traded on the day | 4.11M | |
| Beta (volatility vs the S&P 500) | 0.54 |
Price & events
Triangles mark reported quarters on the line: pointing up is above the recorded estimate, down is below, a diamond means no estimate on file or a dated event that is not a results report. Numbers key to the dated list. Point at or tab to any week for its close.
Events behind the price
- · Earnings results · above the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings call · management outlook
- · Earnings results · above the recorded estimate
Results dates follow the earnings feed; call dates follow the transcript provider. Nearby dates do not establish that an event caused a price move.
Upcoming events
Management outlook
More specifically, we expect R&D expense in the second half of 2026 to be double the expense in the first half of the year and to increase again in 2027 as we build the best inhaled treprostinil products for future and current patients. In closing, we expect to continue to grow revenue, consistent with quarterly growth we've observed to date, increase our investment in our pipeline and even with that investment, continue to grow profitability at the same time.
Michael Kaseta · Statement from
Statement dates identify the earnings call, not a deadline. Management expectations and provider estimates can change.
Read management statementsCouncil Score · weighted blend of 2 available disciplines
Council score for Liquidia (LQDA): Bullish Lean
72/100 · ASome lenses disagree with the MoonshotScore. Compare their readings below; each uses a different method.
5-Factor Breakdown
Legends Council
6 lenses, 6 current
AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Read on: Oct 26, 2026
Munger's Mindset
Balance Sheet & Valuation · historical
Read on: Sep 9, 2026 · older than the 27 hours refresh window; not a current reading
How to read these bars and different assessments
Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.
Two of these lenses read this company less favourably than the MoonshotScore does: Griffin-style lens and Klarman-style lens. Each lens is a separate scoring function over its own inputs, so a disagreement is a difference of method rather than a correction — the page's answer stays the MoonshotScore above.
On Sep 9, 2026, the Munger lens read the price at that time as overvalued against its own estimate of value.
Readings on this page are from Oct 27, 2026, except a card that shows its own read date.
Watch the LQDA film — every key number, told as a short cinematic story
~2 min · open the film
What is Liquidia (LQDA), and what does it report?
Short answer · as of
Liquidia manufactures inhaled treprostinil (YUTREPIA) and distributes a generic injectable version of the same molecule.
Research dated 2026-09-13.
Liquidia manufactures inhaled treprostinil (YUTREPIA) and distributes a generic injectable version of the same molecule. The inhaled form is the innovation: it changes the route of administration from injection to inhalation, which alters dosing burden and patient tolerability in pulmonary arterial hypertension, a rare lung disease characterized by elevated pressure in pulmonary arteries. The company also earns revenue from services, but products dominate the mix.
Reported numbers measure net product and service revenue against operating costs and R&D spending. The critical reading is that this is not a pure-play development company anymore. Results show a commercial-stage enterprise whose inhaled treprostinil formulation is generating significant adoption, and management is deliberately scaling research to develop additional inhaled treprostinil products rather than expanding into unrelated molecules.
What do the latest results show for Liquidia (LQDA)?
Short answer · as of
The most recent reported quarter, Q2 FY2026, carried revenue of $172M.
Research dated 2026-09-13.
Revenue accelerated sharply over recent periods, with each period showing growth over the prior year. The magnitude of that acceleration widened. Profitability swung from significant losses through prior calendar periods to a series of positive net results in the current fiscal year. The swing reflects both the revenue uptick and the operating leverage embedded in the cost structure: gross margins are elevated, and SG&A has not grown in proportion to revenue gains. Management commentary signals intent to increase R&D spending in the second half of the current year relative to the first half, and again in the following calendar year. The stated expectation is that revenue will continue to expand while profitability grows in absolute terms—a claim that hinges on the continued adoption rate of the inhaled formulation and the company's ability to manage the new research investments without creating a cost structure that revenue cannot support.
Where is operating spending going?
Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.
- Latest quarter · revenue
- $171.68M Jun 30, 2026
- Latest quarter · R&D
- $17.18M Jun 30, 2026
- Latest quarter · SG&A
- $57.43M Jun 30, 2026
- Latest quarter · FMP standardized operating result
- $85.52M Jun 30, 2026
| Period end | Revenue | R&D | SG&A | FMP standardized operating result |
|---|---|---|---|---|
| Jun 30, 2026 | $171.68M | $17.18M | $57.43M | $85.52M |
| Mar 31, 2026 | $132.87M | $12.27M | $46.94M | $61.50M |
| Dec 31, 2025 | $92.02M | $16.94M | $48.24M | $19.79M |
| Sep 30, 2025 | $54.34M | $9.35M | $40.06M | $1.77M |
USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.
Did results meet expectations?
Reported earnings and revenue alongside the estimates recorded by the provider.
- Latest report · revenue
- $171.68M Aug 12, 2026
- Latest report · revenue estimate
- $168.48M Aug 12, 2026
- Latest report · revenue vs estimate
- Above estimate Aug 12, 2026
- Latest report · EPS vs estimate
- Above estimate Aug 12, 2026
| Report date | Revenue · reported | Revenue · estimate | EPS · reported | EPS · estimate |
|---|---|---|---|---|
| Aug 12, 2026 | $171.68M | $168.48M | $0.7400 | $0.7000 |
| May 11, 2026 | $132.87M | $119.44M | $0.5200 | $0.3400 |
| Mar 5, 2026 | $92.02M | $88.59M | $0.1500 | $0.0800 |
| Nov 3, 2025 | $54.34M | $80.72M | −$0.0400 | −$0.4500 |
Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined.
Quarterly income statement — 4 quarters
| Period | Revenue | Net income | EPS |
|---|---|---|---|
| Q2 FY2026 | $172M | $75M | $0.74 (diluted) |
| Q1 FY2026 | $133M | $53M | $0.52 (diluted) |
| Q4 FY2025 | $92M | $15M | $0.15 (diluted) |
| Q3 FY2025 | $54M | -$4M | -$0.04 (diluted) |
What are the financial strengths and risks for Liquidia (LQDA)?
Short answer
Cash and short-term investments were $284.18M at the Jun 30, 2026 balance-sheet date. Operating cash flow was $80.24M for the quarter ended Jun 30, 2026, meaning operations generated cash. These figures do not establish a cash runway.
Research dated 2026-09-13.
The balance sheet shows abundant cash relative to debt, and the gap widened in recent quarters. The company holds no long-term investments and minimal capital spending. Cash generation from operations turned sharply positive in the most recent quarter after declining in intermediate quarters, which suggests the shift to profitability is material and not a one-off timing effect.
Management commentary and the quality screening metrics indicate the company is not in financial distress. The runway calculation derived from current cash and annualized cash use spans multiple years, providing buffer for increased R&D and any disruption in revenue growth. The specific risk is not solvency but rather whether the inherent profit margin of treprostinil products—now that they have reached meaningful volume—can support both higher R&D and investor expectations for sustained growth.
How much cash does the business generate or use?
Quarterly operating cash flow shows cash generated or used by operations.
- Latest quarter · operating cash flow
- $80.24M Jun 30, 2026
- Previous quarter · operating cash flow
- −$35.69M Mar 31, 2026
| Period end | Operating cash flow | Capital expenditure (reported) |
|---|---|---|
| Jun 30, 2026 | $80.24M | −$11.23M |
| Mar 31, 2026 | −$35.69M | −$4.34M |
| Dec 31, 2025 | $44.24M | −$2.04M |
| Sep 30, 2025 | −$9.77M | −$910,000 |
Operating cash-flow bars share one scale and show magnitude; negative values mean cash used.
USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway.
What should you watch next at Liquidia (LQDA)?
Short answer · as of
The next earnings report is expected on Nov 2, 2026.
Research dated 2026-09-13.
Analyst revenue estimates for the next several years assume accelerating topline results, driven by continued adoption of the inhaled formulation. The estimates imply margin expansion, meaning revenue growth is expected to exceed cost growth. The next reported earnings will provide the first test of whether the company's guidance on R&D investment is consistent with those estimates.
Insider transactions over the recent period show selling concentrated among officers, with no recorded purchases. The pattern suggests either tax-motivated withholding on vesting compensation or a signal of confidence in the current valuation; Form filings do not distinguish between them. Monitor the earnings call and any announcements about clinical development in the near term, as those will signal whether management is executing on the R&D scaling it has announced.
What management is planning
Management expectations, not completed milestones or guarantees. Selected verbatim excerpts; dates follow the transcript provider.
More specifically, we expect R&D expense in the second half of 2026 to be double the expense in the first half of the year and to increase again in 2027 as we build the best inhaled treprostinil products for future and current patients. In closing, we expect to continue to grow revenue, consistent with quarterly growth we've observed to date, increase our investment in our pipeline and even with that investment, continue to grow profitability at the same time.
Michael Kaseta ·
How does Liquidia compare with its peers?
Short answer
Liquidia's score ranks 2nd of 13 in the bounded comparison shown, against 12 same-model peers. These are company scores, not expected investment returns. The set lists named competitors first, then companies in the same data-provider industry classification closest in market value; that classification is the provider's, not our judgment of business similarity.
Research dated 2026-09-13.
Pulmonary arterial hypertension therapies fall into several categories: intravenous, subcutaneous, inhaled, and oral formulations of various compounds. Liquidia's inhaled treprostinil occupies a distinct position because inhalation is a non-invasive delivery route for a molecule that has existing data in other forms. The commercial advantage is reduced treatment burden compared to injected routes.
Liquidia differs from other treprostinil producers and PAH therapy makers in that it owns both the advanced formulation (inhaled) and the commodity form (generic injectable). That vertical integration—owning both premium and generic lines—provides revenue diversification and supply chain control. The trade-off is that it exposes the company to margin compression if generic pricing becomes competitive pressure, though the injectable is not the growth driver in current results.
| Company | Price | Market value | Score |
|---|---|---|---|
| $370.87 Oct 26, 2026 | $39.6B | 96 5-pillar Oct 26, 2026 | |
| Liquidia (LQDA) — this page | $43.74 | $3.92B | 95 |
| $21.26 Oct 26, 2026 | $1.31B | 58 5-pillar Oct 26, 2026 | |
| $14.54 Oct 26, 2026 | $894M | 55 5-pillar Oct 26, 2026 | |
| $30.91 Oct 26, 2026 | $5.36B | 54 5-pillar Oct 26, 2026 | |
| $3.00 Oct 26, 2026 | $26.4M | 39 5-pillar Oct 26, 2026 | |
| $2.59 Oct 26, 2026 | $231M | 35 5-pillar Oct 26, 2026 | |
| $1.16 Oct 26, 2026 | $26.0M | 33 5-pillar Oct 26, 2026 | |
| $0.58 Oct 26, 2026 | $49.2M | 30 5-pillar Oct 26, 2026 | |
| $4.50 Oct 26, 2026 | $18.2M | 27 5-pillar Oct 26, 2026 | |
| $21.60 Oct 26, 2026 | $145M | 21 5-pillar Oct 26, 2026 | |
| $1.13 Oct 26, 2026 | $9.70M | 21 5-pillar Oct 26, 2026 | |
| $3.38 Oct 26, 2026 | $18.6M | 19 5-pillar Oct 26, 2026 |
Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.
The records behind this page
Analyst targets & estimates
What analysts have on file
- Price target, low to high
- $33.00 – $130.00
- Consensus target
- $72.36
- Median target
- $65.00
Consensus record · Captured .
Measured against a quoted price of $43.74 (as of Oct 26, 2026).
Insider activity
Form 4 records via FMP · Of the newest 100 records, those within the last 180 days, newest dated Oct 12, 2026
- Transactions
- 100
- Identified insiders
- 12
- Purchases
- 0
- Sales
- 37
- Other transactions
- 63
Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.
Who holds the shares?
Institutional ownership reported through 13F filings.
- Institutional ownership
- 83.2% Period end Jun 30, 2026
- Previous quarter · ownership
- 70.0% Prior to period end Jun 30, 2026
- Reporting holders
- 366 Period end Jun 30, 2026
- Previous quarter · holders
- 280 Prior to period end Jun 30, 2026
| Holders in provider snapshot | Shares |
|---|---|
| Blackrock, INC. | 10,788,586 |
| Farallon Capital Management, L.L.C. | 8,365,038 |
| Caligan Partners LP | 8,118,892 |
| Findell Capital Management LLC | 3,502,112 |
| Vanguard Capital Management LLC | 3,139,183 |
Quarterly filings lag the period end. Holder rows are names in the provider snapshot, not a verified ranking; individual filing dates are not supplied. Related managers may appear separately, so these positions are not summed. Holder snapshot as of Jun 30, 2026.
What has been published about Liquidia (LQDA)?
LQDA Healthcare Stock FAQ
Research dated 2026-09-13; the full attribution is under Sources. The last 2 questions are answered from this page's own dated data, not from the research.
What does YUTREPIA do that other treprostinil products do not?
YUTREPIA is an inhaled dry-powder formulation of treprostinil, which means it reaches the lungs directly without requiring intravenous or subcutaneous injection. This avoids the need for central lines or needle insertion and offers dosing flexibility for pulmonary arterial hypertension patients. The molecule itself—treprostinil—is an established prostacyclin analogue; the innovation is in the delivery mechanism.
Can the company fund the R&D increase it has announced without depleting cash?
Management expects R&D spending to double in the second half of the current year compared to the first half, and to increase again in the following calendar year. Current cash and the trajectory of operating cash flow—positive in the most recent quarter—suggest the company has sufficient liquidity to fund that investment while continuing to grow absolute profitability. The risk is not bankruptcy but rather whether the revenue growth assumption underlying analyst estimates holds.
Why are insiders selling if the business is performing this well?
Insider filings show net selling concentrated over a narrow window, with transactions classed as equity compensation withholding (M-Exempt category) dominant in the total. Withholding on vesting shares is tax-driven and does not necessarily signal a view on the company's prospects. However, the absence of any insider purchases over the recent period is notable and warrants attention to the earnings call commentary and any clinical or competitive announcements that might explain executive caution.
What is the breakeven point for cash generation, and when might the company reach it permanently?
The company currently burns cash through operating and capital spending at an annualized rate that is well below the operating profit it posted in the most recent quarter. This suggests operating profitability is now structural, not cyclical. The critical threshold is whether gross margin on inhaled treprostinil remains stable as volume increases, and whether SG&A growth remains proportional to revenue. If both hold, the company could approach cash-positive operations within quarters. Analyst guidance and the next earnings call will clarify the timing.
What is the LQDA stock price today?
The last price recorded on this page for Liquidia Corporation (LQDA) is $43.74, as of the Oct 26, 2026 trading session (source: Financial Modeling Prep (FMP) · quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.
What is the LQDA price target?
The analyst consensus price target for Liquidia Corporation (LQDA) is $72.36 (range $33.00 to $130.00, median $65.00), per FMP data captured Oct 26, 2026. Targets are analyst opinions and change often; they are not a Stock Expert AI forecast.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Research written by Claude (claude-haiku-4-5) on 2026-09-13. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.
Sources — records for every figure on this page (83 figures)
The 83 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.
"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.
OFFICIAL — 2 facts from SEC filings and earnings calls
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
prod.outlook | Management outlook — call excerpts | Michael Kaseta (Aug 12, 2026): More specifically, we expect R&D expense in the second half of 2026 to be double the expense in the first half of the year and to increase again in 2027 as we build the best inhaled treprostinil products for future and current patients. In closing, we expect to continue to grow revenue, consistent with quarterly growth we've observed to date, increase our investment in our pipeline and even with that investment, continue to grow profitability at the same time. | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) — Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | |
id.hq | SEC filing business address | 419 Davis Drive, Suite 100, Morrisville, NC, 27560 | OFFICIAL | SEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "419 Davis Drive, Morrisville, NC, 27560, US". |
FMP — 73 facts from Financial Modeling Prep endpoint families
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.next | Next earnings date | Nov 2, 2026 | FMP | Financial Modeling Prep (FMP) earnings calendar — The date is our provider's estimate until the company confirms it. | |
px.last | Latest provided price | $43.74 | FMP | Financial Modeling Prep (FMP) · quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. Retrieved 2026-10-26T21:04:37.284Z. | |
px.change | Change on the day | +2.56% | FMP | Financial Modeling Prep (FMP) · quote | |
px.mcap | Market capitalisation | $3.92B | FMP | Financial Modeling Prep (FMP) · quote — Date unknown Market cap record date: 2026-10-26. FMP quote timestamp: 2026-10-26T20:00:01.000Z. Captured from FMP at 2026-10-26T21:04:35.446Z. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares. | |
px.change_abs | Change on the day, in dollars | +$1.09 | FMP | Financial Modeling Prep (FMP) · quote | |
fin.q_revenue | Revenue, Q2 FY2026 | $172M | FMP | Financial Modeling Prep (FMP) · income statement (quarterly) | |
px.pe | Price / earnings (trailing) | 27.18 | FMP | Financial Modeling Prep (FMP) · quote | |
px.volume | Shares traded on the day | 4.11M | FMP | Financial Modeling Prep (FMP) · quote | |
px.beta | Beta | 0.54 | FMP | Financial Modeling Prep (FMP) company profile | |
id.ceo | Chief executive | Roger A. Jeffs | FMP | Financial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it. | |
id.employees | Employees | 216 | FMP | Financial Modeling Prep (FMP) employee count, from the company's filing | |
fin.annual | Revenue and net result by fiscal year | 5 fiscal years, FY2021 through FY2025: FY2021 revenue $12.85M, net result −$34.58M; FY2022 revenue $15.94M, net result −$41.01M; FY2023 revenue $17.49M, net result −$78.50M; FY2024 revenue $14.00M, net result −$130.39M; FY2025 revenue $158.32M, net result −$68.92M | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements | |
fin.rev_mix | Reported revenue segments | Product $148.29M · Service $10.03M | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K | |
fin.gross_margin | Gross margin (trailing twelve months) | 92.5% | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.q_table.depth.2026-06-30.revenue_k | Revenue — period end 2026-06-30 | $171.68M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.rd_k | R&D — period end 2026-06-30 | $17.18M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.sga_k | SG&A — period end 2026-06-30 | $57.43M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.operating_result_k | FMP standardized operating result — period end 2026-06-30 | $85.52M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.revenue_k | Revenue — period end 2026-03-31 | $132.87M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.rd_k | R&D — period end 2026-03-31 | $12.27M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.sga_k | SG&A — period end 2026-03-31 | $46.94M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.operating_result_k | FMP standardized operating result — period end 2026-03-31 | $61.50M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.revenue_k | Revenue — period end 2025-12-31 | $92.02M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.rd_k | R&D — period end 2025-12-31 | $16.94M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.sga_k | SG&A — period end 2025-12-31 | $48.24M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.operating_result_k | FMP standardized operating result — period end 2025-12-31 | $19.79M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.revenue_k | Revenue — period end 2025-09-30 | $54.34M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.rd_k | R&D — period end 2025-09-30 | $9.35M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.sga_k | SG&A — period end 2025-09-30 | $40.06M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.operating_result_k | FMP standardized operating result — period end 2025-09-30 | $1.77M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
earn.history.depth.2026-08-12.revenue_actual | Revenue · reported — report date 2026-08-12 | $171.68M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-12.revenue_estimated | Revenue · estimate — report date 2026-08-12 | $168.48M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-12.eps_actual | EPS · reported — report date 2026-08-12 | $0.7400 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-12.eps_estimated | EPS · estimate — report date 2026-08-12 | $0.7000 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-11.revenue_actual | Revenue · reported — report date 2026-05-11 | $132.87M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-11.revenue_estimated | Revenue · estimate — report date 2026-05-11 | $119.44M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-11.eps_actual | EPS · reported — report date 2026-05-11 | $0.5200 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-11.eps_estimated | EPS · estimate — report date 2026-05-11 | $0.3400 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-03-05.revenue_actual | Revenue · reported — report date 2026-03-05 | $92.02M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-03-05.revenue_estimated | Revenue · estimate — report date 2026-03-05 | $88.59M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-03-05.eps_actual | EPS · reported — report date 2026-03-05 | $0.1500 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-03-05.eps_estimated | EPS · estimate — report date 2026-03-05 | $0.0800 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-03.revenue_actual | Revenue · reported — report date 2025-11-03 | $54.34M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-03.revenue_estimated | Revenue · estimate — report date 2025-11-03 | $80.72M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-03.eps_actual | EPS · reported — report date 2025-11-03 | −$0.0400 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-03.eps_estimated | EPS · estimate — report date 2025-11-03 | −$0.4500 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
fin.q_table | Quarterly income statement | 4 quarters through Q2 FY2026 | FMP | Financial Modeling Prep (FMP) · income statement (quarterly), as filed | |
fin.cash_investments | Cash and short-term investments | $284.18M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. | |
fin.opcf_latest | Latest-quarter operating cash flow | $80.24M | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Period end: 2026-06-30. Negative operating cash flow means cash used. This figure is not a cash-runway estimate. | |
fin.long_term_investments | Long-term investments (classification unverified) | $0.00 | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.total_debt | Total debt | $128.94M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.price_to_book | Price to book value | 19.43× | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.opcf.depth.2026-06-30.operating_cash_flow_m | Operating cash flow — period end 2026-06-30 | $80.24M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.operating_cash_flow_m | Operating cash flow — period end 2026-03-31 | −$35.69M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-06-30.capex_m | Capital expenditure (reported) — period end 2026-06-30 | −$11.23M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.capex_m | Capital expenditure (reported) — period end 2026-03-31 | −$4.34M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.operating_cash_flow_m | Operating cash flow — period end 2025-12-31 | $44.24M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.capex_m | Capital expenditure (reported) — period end 2025-12-31 | −$2.04M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.operating_cash_flow_m | Operating cash flow — period end 2025-09-30 | −$9.77M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.capex_m | Capital expenditure (reported) — period end 2025-09-30 | −$910,000 | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
earn.pt_range | Analyst price target, low to high | $33.00 – $130.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 26, 2026 · Coverage not supplied | |
earn.pt_consensus | Consensus analyst price target | $72.36 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 26, 2026 · Coverage not supplied | |
earn.pt_median | Median analyst price target | $65.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 26, 2026 · Coverage not supplied | |
own.insiders | Insider transactions via FMP | 100 transactions · 0 purchases, 37 sales, 63 other transactions · 12 identified insiders · of the newest 100 records, those within the last 180 days, newest dated Oct 12, 2026 | FMP | Financial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent. | |
own.institutions.depth.ownership_pct | Institutional ownership | 83.2% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.ownership_pct_previous_quarter | Previous quarter · ownership | 70.0% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.institutions.depth.holders | Reporting holders | 366 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.holders_previous_quarter | Previous quarter · holders | 280 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.top_holders.depth.holder_0.shares | Blackrock, INC. — shares in provider snapshot | 10,788,586 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_1.shares | Farallon Capital Management, L.L.C. — shares in provider snapshot | 8,365,038 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_2.shares | Caligan Partners LP — shares in provider snapshot | 8,118,892 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_3.shares | Findell Capital Management LLC — shares in provider snapshot | 3,502,112 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_4.shares | Vanguard Capital Management LLC — shares in provider snapshot | 3,139,183 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. |
UNRECORDED — 3 facts from stored observations whose source was not recorded
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.history | Reported versus estimated, recent quarters | EPS beat 4 of 8 | UNRECORDED | Stored earnings-history observation — Captured 2026-10-17 · Expired observation | |
fin.scores | Distress and quality screens | Altman Z 8.22 · Piotroski F 6 | UNRECORDED | Stored financial-scores observation — Captured 2026-10-24 · Expired observation | |
px.range52 | 52-week range | $22.05 – $93.61 | UNRECORDED | Stored company-profile observation — Captured 2026-10-24 |
COMPUTED — 3 facts from our arithmetic, formula restated
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
fin.mcap_to_cash | Market value per dollar of cash and short-term investments | 13.79× | — | COMPUTED | Computed on this page from the figures above — The market capitalisation printed on this page divided by cash and short-term investments of $284.18M at Jun 30, 2026. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. Market cap record date: 2026-10-26. Balance-sheet reference date: 2026-06-30. The inputs do not establish a single common source date for this ratio. |
earn.history.depth.2026-08-12.revenue_actual.comparison | Latest report · revenue vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported revenue ($171.68M) with the recorded estimate ($168.48M) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
earn.history.depth.2026-08-12.eps_actual.comparison | Latest report · EPS vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported EPS ($0.7400) with the recorded estimate ($0.7000) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
OURS — 2 facts from Stock Expert AI's own score and rank
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
ours.moonshot | MoonshotScore v2 | 95 of 100 · Exceptional · pillars 98 / 64 / 40 / 98 / 60 | OURS | Stock Expert AI MoonshotScore v2 engine | |
ours.moonshot_change | MoonshotScore movement | 94 (stored snapshot Oct 24, 2026) → 95 (current publication computed Oct 26, 2026) (+1) | OURS | Stock Expert AI current score publication and immutable score snapshots |
Fact-family notes
- Quarterly statement note. Source series as of 2026-06-30. USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow. Applies to Fact IDs:
fin.q_table.depth.2026-06-30.revenue_k,fin.q_table.depth.2026-06-30.rd_k,fin.q_table.depth.2026-06-30.sga_k,fin.q_table.depth.2026-06-30.operating_result_k,fin.q_table.depth.2026-03-31.revenue_k,fin.q_table.depth.2026-03-31.rd_k,fin.q_table.depth.2026-03-31.sga_k,fin.q_table.depth.2026-03-31.operating_result_k,fin.q_table.depth.2025-12-31.revenue_k,fin.q_table.depth.2025-12-31.rd_k,fin.q_table.depth.2025-12-31.sga_k,fin.q_table.depth.2025-12-31.operating_result_k,fin.q_table.depth.2025-09-30.revenue_k,fin.q_table.depth.2025-09-30.rd_k,fin.q_table.depth.2025-09-30.sga_k,fin.q_table.depth.2025-09-30.operating_result_k. - Earnings-history note. Source series as of 2026-08-12. Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined. Applies to Fact IDs:
earn.history.depth.2026-08-12.revenue_actual,earn.history.depth.2026-08-12.revenue_estimated,earn.history.depth.2026-08-12.revenue_actual.comparison,earn.history.depth.2026-08-12.eps_actual.comparison,earn.history.depth.2026-08-12.eps_actual,earn.history.depth.2026-08-12.eps_estimated,earn.history.depth.2026-05-11.revenue_actual,earn.history.depth.2026-05-11.revenue_estimated,earn.history.depth.2026-05-11.eps_actual,earn.history.depth.2026-05-11.eps_estimated,earn.history.depth.2026-03-05.revenue_actual,earn.history.depth.2026-03-05.revenue_estimated,earn.history.depth.2026-03-05.eps_actual,earn.history.depth.2026-03-05.eps_estimated,earn.history.depth.2025-11-03.revenue_actual,earn.history.depth.2025-11-03.revenue_estimated,earn.history.depth.2025-11-03.eps_actual,earn.history.depth.2025-11-03.eps_estimated. - Cash-flow note. Source series as of 2026-06-30. USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway. Applies to Fact IDs:
fin.opcf.depth.2026-06-30.operating_cash_flow_m,fin.opcf.depth.2026-03-31.operating_cash_flow_m,fin.opcf.depth.2026-06-30.capex_m,fin.opcf.depth.2026-03-31.capex_m,fin.opcf.depth.2025-12-31.operating_cash_flow_m,fin.opcf.depth.2025-12-31.capex_m,fin.opcf.depth.2025-09-30.operating_cash_flow_m,fin.opcf.depth.2025-09-30.capex_m.
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Sources used for research written 2026-09-13
Historical evidence preserved with this analysis. Current figures are listed separately above.
| Evidence | Captured value | Source date | Source type | Source |
|---|---|---|---|---|
| Business description | Liquidia Corporation operates as a biopharmaceutical enterprise, concentrating on the development, production, and market introduction of various treatments aimed at fulfilling critical patient requirements throughout the United States. A key asset in its developmental portfolio is YUTREPIA, an innovative inhaled dry powder version of treprostinil, intended for managing pulmonary arterial hypertension. Beyond its pipeline, the company also distributes a generic treprostinil injection within the U.S. market. Founded in 2004, Liquidia Corporation's main office is located in Morrisville, North Carolina. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) company profile |
| Quarterly income statement (USD thousands) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements |
| Annual revenue and net result (USD millions) | Captured record · 5 entries
| 2025-12-31 | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements |
| Revenue by segment | Product: $148.29M; Service: $10.03M | 2025-12-31 | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K |
| Trailing twelve-month ratio set | Quick ratio: 2.12; Current ratio: 2.31; Debt to equity: 0.66; Net margin: 30.7%; Gross margin: 92.5%; Operating margin: 37.4%; Return on assets: 26.6%; Return on equity: 149.6% Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm |
| Cash, investments and debt | Total debt: $128.94M; Liquidity basis: cash and short-term investments; Total liabilities: $326.80M; Cash and short-term investments: $284.18M; Cash and investments: $284.20M; Long-term investments: $0; Long-term investments classification: unclassified Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's balance sheet |
| Cash and short-term investments over time (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's quarterly balance sheets |
| Operating cash flow by quarter (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements |
| Cash runway cross-check (ours) | Years: 9; Method: cash and short-term investments of $284.2M at 2026-06-30 divided by the annualized rate at which operations and capital spending used cash ($31.7M per year); Reaches: 2035-06; Cash basis: cash and short-term investments; Cash: $284.20M; Annualized cash use: $31.70M Rate taken from operating cash flow less capital expenditure over the 8 most recent reported quarters, annualized.; Measured from operations, not from the change in the cash balance — a company that raised money during the window would otherwise appear to be burning less than it is.; Assumes that rate continues unchanged: it ignores announced cost reductions, financing already arranged and any change in spending.; Assumes the reported cash and short-term investments are realizable for funding operations; restrictions and timing of access are not established by these provider fields. Long-term investments are excluded.; It is a cross-check, not a forecast, and the company's own statement about its runway outranks it. | 2026-06-30 | COMPUTED | Computed from reported cash flow; assumptions stated |
| Distress and quality screens | Altman Z-score: 12.11; Piotroski F-score: 6 Altman Z below 1.8 is the conventional distress zone. The screen is built for manufacturers and industrials; for banks, insurers and property companies it is not a meaningful reading. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) financial scores |
| Analyst revenue and earnings estimates (average) | Captured record · 4 entries
| 2026-09-13 | FMP | Financial Modeling Prep (FMP) analyst estimates |
| Insider transactions, last 180 days | Net shares: -558,189; Window days: 180; Price low: $2.51; Clustered days: 2026-07-10; 2026-07-13; Price high: $90.71; Buy transactions: 0; Distinct insiders: 9; Sell transactions: 27; Other transactions: 33; Total transactions: 60; Other transaction types: M-Exempt: 33; Unknown direction transactions: 0 Purchase and sale counts require explicit provider transaction types, without a conflicting acquisition/disposition direction. Other transactions retain their provider type; awards, exercises, gifts and in-kind transactions are not counted as purchases or sales. Net shares sums acquired minus disposed shares across direction-known records, including other transaction types; unknown directions are excluded. It is not net purchases or a verified change in beneficial ownership. Named-insider counts, same-day clusters and positive reported prices cover all retained records. Filing dates are used only when transaction dates are absent. Neither timing nor price establishes motive or whether a transaction was on the open market. | 2026-09-01 | FMP | Financial Modeling Prep (FMP) insider transactions, from Form 4 filings |
| Reported versus estimated, last 8 quarters | Captured record · 8 entries
| 2026-08-12 | FMP | Financial Modeling Prep (FMP) earnings |
| Management outlook — dated call excerpts | Captured record · 1 entry
Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | 2026-08-12 | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) |
Data provided for informational purposes only.