Liquidia Corp
LQDABuild a strategy around LQDA
Liquidia Corp AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 9.0x with 199M total debt vs 22M equity - capital structure severely strained despite 157M cash[Debt to Equity]
- Gross margin 89% TTM vs industry median 55% - exceptional unit economics offset by 169M operating expenses[Gross Margin TTM]
- FCF burn of -108M TTM with only 157M cash provides ~18 months runway at current rate[Free Cash Flow TTM]
Watch Triggers
- Cash and Equivalents: Falls below 100M — Would signal <12 months runway, forcing dilutive raise or debt restructuring
- Total Revenue TTM: Exceeds 100M quarterly run-rate — Breakeven threshold - validates path to profitability thesis
- Operating Expense TTM: Rises above 180M — Operating leverage thesis fails if costs scale with revenue
Bull Case
89% gross margin with 11% revenue growth - only needs ~2x revenue to reach operating breakeven given fixed cost base
157M cash with normalized EBITDA turning positive (3.9M) suggests operating model approaching sustainability
Bear Case
P/S of 42x vs industry median 4x requires 10x+ revenue growth to justify; 108M annual cash burn threatens dilution
9x debt/equity with 56M current debt due - refinancing risk if capital markets tighten or trials disappoint
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Revenue inflection to profitability hinges on scaling 69M revenue base while holding opex flat
- Revenue grew 11% YoY with 89% gross margins
- R&D of 39M (56% of revenue) indicates pipeline investment
- Operating leverage potential if revenue doubles
Valuation Context
Caveats
Public Strategies Rankings
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LQDA Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.29B | — | ||
$3.3B | — | ||
0.00 | — | ||
$158.32M | +1031.2% | — | |
$-0.80 | — | ||
-32.5% | +834.2% | — | |
-43.5% | +888.1% | — | |
$-42.02M | — | ||
-111% | +98.3% | — | |
Beta 5Y (Monthly) | unknown | — |
LQDA Dividend History
LQDA Stock Splits
LQDA SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/05/26 | 12/31/25 | 10-K | |
11/03/25 | 09/30/25 | 10-Q | |
08/12/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
03/19/25 | 12/31/24 | 10-K | |
11/13/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/13/24 | 03/31/24 | 10-Q | |
03/13/24 | 12/31/23 | 10-K | |
11/07/23 | 09/30/23 | 10-Q | |
08/10/23 | 06/30/23 | 10-Q | |
05/08/23 | 03/31/23 | 10-Q | |
03/20/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/11/22 | 06/30/22 | 10-Q | |
05/12/22 | 03/31/22 | 10-Q | |
03/17/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/10/21 | 06/30/21 | 10-Q | |
05/13/21 | 03/31/21 | 10-Q | |
03/25/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
03/16/20 | 12/31/19 | 10-K | |
11/13/19 | 09/30/19 | 10-Q | |
08/14/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
08/14/18 | 06/30/18 | 10-Q | |
07/26/18 | 03/31/18 | 424B4 | |
07/26/18 | 12/31/17 | 424B4 | |
10/31/18 | 09/30/17 | 10-Q | |
08/14/18 | 06/30/17 | 10-Q | |
07/26/18 | 03/31/17 | 424B4 |