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1. Company Snapshot

1.a. Company Description

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States.Its product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension.It also distributes generic treprostinil injection in the United States.


Liquidia Corporation was founded in 2004 and is headquartered in Morrisville, North Carolina.

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1.b. Last Insights on LQDA

Liquidia Corporation's recent performance was driven by several positive factors. The company's upcoming first quarter 2025 financial results, scheduled for release on May 8, 2025, are expected to provide insight into its current financial health. Additionally, the District Court's dismissal of United Therapeutics' cross-claim against Liquidia on May 2, 2025, has removed a potential obstacle to the company's New Drug Application (NDA) for YUTREPIA™ (treprostinil) inhalation powder. This development is expected to facilitate the approval process for YUTREPIA, which is a key product in Liquidia's pipeline.

1.c. Company Highlights

2. Liquidia's YUTREPIA Rocket Launch: $148M in 2025

Liquidia Corporation’s 2025 full‑year results paint a picture of a company that not only launched an inhaled treprostinil product, YUTREPIA, but also turned it profitable within 120 days. Net product sales hit $148.3 million, with Q4 sales of $90.1 million—an impressive 74 % jump from Q3—while non‑GAAP adjusted EBITDA rose to $27.3 million and net income to $14.6 million. The company’s diluted EPS came in at $0.15 versus a consensus estimate of $0.08, underscoring a surprise margin improvement. Cash and cash equivalents topped $190.7 million at year‑end. (Liquidia’s staff highlighted the rapid profitability and strong cash position.) With a P/S ratio of 21.97 and a negative EV/EBITDA of –77.64, the market remains heavily discounted relative to the company’s revenue trajectory.

Publication Date: Apr -19

📋 Highlights
  • Full-Year Profitability & Sales Growth: Achieved $148.3M net product sales, $27.3M non-GAAP EBITDA, and $14.6M net income in 2025, hitting profitability within 120 days of YUTREPIA’s launch.
  • Q4 Revenue Surge: Generated $90.1M in Q4, a 74% increase from Q3, with 17% market share in Q4 (vs. 10% in Q3) and a $190.7M cash balance as of year-end.
  • Patient & Physician Adoption: Secured 3,600+ patient referrals and 2,900+ therapies shipped, with 860 prescribers, 25% of whom refer ≥5 patients, and a 75% naive patient start rate.
  • 2027 Revenue Target: Aims for $1B in revenue by 2027, driven by sustained patient growth and market share gains in the $2B inhaled treprostinil market.

Launch Success and Patient Adoption

Since its launch, YUTREPIA has shipped therapy to over 2,900 patients and garnered more than 3,600 unique referrals by February 28. Patient starts are split 75 % naive and 25 % transitioned from other prostacyclins, indicating a robust market entry strategy. The prescriber base has expanded to roughly 860 clinicians, with a quarter of them referring five or more patients, a clear sign of early adoption and clinician confidence.

Market Share and Competitive Landscape

Revenue‑based market share estimates show Liquidia captured about 10 % in Q3 and 17 % in Q4 of the inhaled treprostinil segment, a $2 billion market. Management dismisses the recent oral prostacyclin receptor agonist approval and a competitor’s soft‑mist inhaler as non‑threatening, citing differences in efficacy and formulation. The company’s focus on a superior benefit‑to‑risk profile keeps it ahead of the competition.

Growth Strategy and New Indications

Liquidia is poised to broaden its footprint with multiple studies, including transition trials from oral and inhaled prostacyclins and combination therapies with sotatercept. The Phase 2a systemic sclerosis program and the development of a twice‑daily L606 formulation aim to tap the larger PHILD white space. These initiatives are expected to drive patient adds and reinforce a billion‑dollar franchise by 2027.

Financial Health and Cash Position

The company’s cash cushion of $190.7 million provides a runway for aggressive expansion. Net debt/EBITDA sits at –0.16, reflecting a debt‑free stance, while free cash flow yield remains negative at –1.15 % due to heavy R&D outlays. Despite these negatives, the company’s disciplined execution and strong payer access—85 % conversion—buffer short‑term liquidity concerns.

Future Outlook and 2026 Targets

Liquidia projects a 65.2 % revenue growth for 2026, driven by sustained patient growth, retention, and disciplined execution. Management’s confidence in a durable franchise and a clear path to a billion‑dollar revenue by 2027 is supported by the company’s patient preference, strong launch dynamics, and a growing portfolio of evidence. The company remains poised to capitalize on the shift toward inhaled therapies in PAH and PHILD.

3. NewsRoom

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Liquidia Corporation to Report First Quarter 2026 Financial Results on May 11, 2026

May -04

Source: globenewswire.com

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This Drug Stock Nears A Buy Point, With Profit Set To Explode

Apr -27

Source: investors.com

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Liquidia's (LQDA) CEO Sells 53,000 Shares for $2.1 Million

Apr -19

Source: fool.com

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Insider Selling: Liquidia (NASDAQ:LQDA) CEO Sells $1,003,500.00 in Stock

Apr -19

Source: defenseworld.net

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Insider Selling: Liquidia (NASDAQ:LQDA) CFO Sells $5,595,114.60 in Stock

Apr -19

Source: defenseworld.net

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Liquidia (NASDAQ:LQDA) Shares Down 7.9% After Insider Selling

Apr -18

Source: defenseworld.net

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Roger Jeffs Sells 32,744 Shares of Liquidia (NASDAQ:LQDA) Stock

Apr -16

Source: defenseworld.net

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Liquidia (NASDAQ:LQDA) CFO Michael Kaseta Sells 133,789 Shares

Apr -14

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Biopharmaceutical Products

Expected Growth: 9.27%

Liquidia Corporation's biopharmaceutical products exhibit 9.27% growth driven by increasing demand for precision medicine, advancements in nanotechnology, and strategic partnerships. Additionally, the company's proprietary PRINT technology enables targeted drug delivery, expanding its product pipeline and addressing unmet medical needs.

7. Detailed Products

Yutrepia

Yutrepia is a treatment for pulmonary arterial hypertension (PAH). It is a novel, inhaled dry powder formulation of treprostinil, a vasodilator that helps to relax the blood vessels in the lungs and improve exercise ability.

LIQ865

LIQ865 is a novel, inhaled dry powder formulation of treprostinil, being developed for the treatment of pulmonary hypertension associated with interstitial lung disease (PH-ILD).

LIQ861

LIQ861 is a novel, inhaled dry powder formulation of treprostinil, being developed for the treatment of pulmonary hypertension associated with sarcoidosis.

8. Liquidia Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Liquidia Corporation's products are moderately susceptible to substitutes, as patients may opt for alternative treatments or medications for their conditions.

Bargaining Power Of Customers

Liquidia Corporation's customers, primarily patients and healthcare providers, have limited bargaining power due to the company's specialized products and limited competition.

Bargaining Power Of Suppliers

Liquidia Corporation's suppliers, including contract manufacturers and raw material providers, have moderate bargaining power due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants in the pharmaceutical industry is low due to high barriers to entry, including significant research and development costs and regulatory hurdles.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players and a high level of rivalry among companies, including Liquidia Corporation.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.90%
Debt Cost 5.15%
Equity Weight 93.10%
Equity Cost 5.15%
WACC 5.15%
Leverage 7.41%

11. Quality Control: Liquidia Corporation passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Harmony Biosciences

A-Score: 5.7/10

Value: 6.4

Growth: 9.4

Quality: 9.0

Yield: 0.0

Momentum: 5.0

Volatility: 4.3

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UroGen Pharma

A-Score: 5.1/10

Value: 8.0

Growth: 5.6

Quality: 6.1

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

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CytomX Therapeutics

A-Score: 4.9/10

Value: 3.2

Growth: 6.2

Quality: 9.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

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MiMedx

A-Score: 4.3/10

Value: 3.4

Growth: 7.3

Quality: 8.5

Yield: 0.0

Momentum: 2.5

Volatility: 4.3

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Liquidia

A-Score: 4.1/10

Value: 6.0

Growth: 2.4

Quality: 3.6

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

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Akebia Therapeutics

A-Score: 2.8/10

Value: 4.4

Growth: 5.7

Quality: 3.9

Yield: 0.0

Momentum: 1.5

Volatility: 1.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

40.13$

Current Price

40.13$

Potential

-0.00%

Expected Cash-Flows