Start here if you're new
what it is
Liquidia develops inhaled drugs and a delivery platform for lung disease and pain.
how it gets paid
Last year Liquidia made $158M in revenue.
why it's growing
Revenue grew 1031.2% last year. The $66M revenue print matters because it is actual demand.
what just happened
$66M in quarterly sales came with a -$0.97 EPS, so the growth is real and the profit is not.
At a glance
B+ balance sheet — decent shape, but not bulletproof
50/100 earnings predictability — expect surprises
-$1.66 fy2024 eps est
$14M fy2024 rev est
32.5% operating margin
xvary composite: 51/100 — below average
What they do
Liquidia develops inhaled drugs and a delivery platform for lung disease and pain.
Liquidia has 2 lead programs and one platform. That is a tight story, not a crowded shelf. PRINT technology means particle engineering → how the drug is built → so what: the delivery trick is part of the product, not just the packaging. If you own it, you are betting on one good late-stage readout to carry the whole stock.
How they make money
$158M
annual revenue · their business grew +1031.2% last year
total revenue
$158M
+1031.2%
The products that matter
commercial inhaled therapy
Yutrepia
$158M revenue base
Yutrepia is doing the heavy lifting. The current snapshot ties 100% of the $158M revenue line to this franchise, so any change here changes the whole story.
current engine
delayed follow-on asset
LIQ861
approval path blocked
This is the upside lever the market still cares about. It also sits behind FDA review and patent litigation, which matters more when the company is still expected to lose $1.66 per share.
next catalyst
drug delivery platform
particle-engineering technology
$3B market cap question
The platform is the reason investors pay up for optionality. At a ~$3B market cap on $158M in revenue, you are not paying only for what is already commercial.
optionality
Key numbers
$158M
TTM sales
The business pulled in $158M over 12 months. That is real sales, not just a lab notebook.
32.5%
operating margin
Every $100 of sales turns into a $32.50 operating loss. You are buying growth that still burns cash.
$143M
debt load
Debt sits at $143M. That matters when a loss-making company has to keep funding trials and launches.
$3B
market value
The market is paying about 19x sales. That is a high price for a company still trying to prove the story.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $143M (4% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LQDA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
$66M in quarterly sales came with a -$0.97 EPS, so the growth is real and the profit is not.
Revenue rose 22% vs. prior year. The company is still in loss mode, which is standard for a late-stage biotech and annoying for a $3B stock.
$66M
revenue
-$0.97
eps
n/a
n/a
the number that mattered
The $66M revenue print matters because it is actual demand, not just a trial slide deck.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is FDA review and patent litigation around the follow-on franchise. This company already trades like future approvals matter, so delays do not stay contained to a headline.
med
FDA review and patent litigation
Regulatory and legal friction around LIQ861 keeps the next leg of the story from becoming clean, commercial math.
Impact: it delays expansion beyond the current Yutrepia-led revenue base and keeps the stock tied to one franchise longer than bulls want.
med
Commercial concentration
The current snapshot ties 100% of the $158M revenue line to Yutrepia.
Impact: if adoption stalls, pricing weakens, or reimbursement slips, you are not losing a side segment — you are hitting the whole commercial engine.
med
Estimate volatility
A $14M FY2024 revenue estimate sitting next to a $158M annual revenue figure tells you visibility is still thin and the model is still moving.
Impact: when the inputs are this unstable, valuation arguments get fragile fast. A 50/100 earnings predictability score backs that up.
med
Crowded skepticism
Short interest at 19.36% means a meaningful chunk of the market is betting the story breaks before it broadens.
Impact: that can create squeezes on good news and sharp air pockets on bad news. Either way, volatility is part of the package.
A setback here does not shave around the edges. It hits a business with $158M in current revenue, expected losses of -$1.66 per share, 1.3 beta, and a stock that has already traded between $11 and $47 in the last 52 weeks.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Yutrepia revenue durability
The whole page runs through this number. If the $158M revenue base holds and expands, the stock keeps its narrative. If it slips, everything gets repriced.
risk
FDA review and patent litigation
Do not watch the chart before you watch this. The next commercial leg stays theory until the legal and regulatory overhang starts clearing.
calendar
next earnings update
You want clarity on why the snapshot shows $158M annual revenue but only $14M for FY2024 revenue estimates. The next report should reduce that fog, not add to it.
trend
volatility staying elevated
A 1.3 beta, 5 / 100 price stability, and 19.36% short interest say the same thing three different ways. This stock will not give you boring feedback.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak, there is no clean crowd view to lean on.
risk profile
volatile
a 1.3 beta and 5 / 100 price stability put the stock firmly in catalyst territory, not sleep-well-at-night territory.
chart momentum
stock-specific
this name trades on trial, review, and litigation outcomes more than on a smooth technical trend.
earnings predictability
50/100
halfway predictable is another way of saying the model is still changing shape underneath you.
source: institutional data
Institutional activity
institutional ownership data for LQDA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$38
current price
n/a
target midpoint · n/a from current
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