Credit and interest ratespositive · 5 filings
“The increase of $1.5 million was primarily attributable to higher borrowings under the HCR Agreement offset by higher money market balances.”10-Q · Aug 12, 2026 ↗
Liquidia Corporation
LQDA
Market read
Liquidia Corporation's current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Company-1.6% todayVolume comparison unavailable
Market group0 of 1 activePulmonary Hypertension Drugs · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- YUTREPIA revenue increased with higher sales volume, making commercial demand the clearest current operating driver.
- Operating cash flow improved sharply, but management identified $12.8 million of unfavorable working-capital changes.
Invalidation: The isolated read changes if LQDA's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- YUTREPIA revenue increased with higher sales volume, making commercial demand the clearest current operating driver.
- Operating cash flow improved sharply, but management identified $12.8 million of unfavorable working-capital changes.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods7
Price observations328
Usable filing statements55
Verified relationships5
Evidence supporting the case
- Latest annual revenue changed +1031.2% year over year.
- Operating margin changed +834.2 percentage points in the latest annual period.
- Net margin changed +873.1 percentage points in the latest annual period.
- Credit and interest rates has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Diluted shares increased 9.3% in the latest annual period.
- Product pipeline and R&D has repeated adverse evidence across 4 filings.
Questions before a position
- EV/sales is 402% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
66.756m+77.6%12m+144.6%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$12.9M+1637.8%$-0.70+46.6%
2022-12-31$15.9M+24.0%$-0.67+22.7%
2023-12-31$17.5M+9.7%$-1.21+6.6%
2024-12-31$14.0M-20.0%$-1.63+21.1%
2025-12-31$158.3M+1031.2%$-0.80+9.3%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dmixed · 4 filings
“The increase of $16.8 million or 129% was primarily due to a $9.6 million increase in clinical expenses for our L606 program, a $3.8 million increase in expenses related to our YUTREPIA research and development activities, a $2.0 million increase in personnel…”10-Q · Aug 12, 2026 ↗
Legal and regulatory exposurenegative · 3 filings
“These increases were partially offset by a $9.1 million decrease in legal fees related to our ongoing YUTREPIA-related litigation.”10-Q · Aug 12, 2026 ↗
Supply chain and availabilitymixed · 1 filings
“These payments are reflected as a component of research and development expense as well as an investing activity outflow on our consolidated statements of cash flows due to the nature of the underlying acquisition of an asset.”10-K · Mar 5, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 36.3× · EV/sales 35.1×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
66.75-1.6% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for LQDA. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for LQDA. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind LQDA
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
ICUIICU Medical, Inc.supplierMay 11, 2026 ▾
“To administer Treprostinil Injection through subcutaneous injection, patients currently must use the CADD-MS 3 infusion pump manufactured by ICU Medical.”
UTHRUnited Therapeutics CorporationcompetitorMay 11, 2026 ▾
“Our Treprostinil Injection product to treat PAH faces competition primarily from the continued use of the branded Remodulin sold by United Therapeutics as well as additional generic treprostinil products offered by Teva, Par Pharmaceutical, Dr.”
Depended on by
UTHRUnited Therapeutics CorporationcompetitorJul 30, 2025 ▾
“In addition, in May 2025 Liquidia received FDA approval of Yutrepia for PAH and PH-ILD, which now competes with our treprostinil-based products.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
LQDA is currently a Leader in the organic co-movement group Pulmonary Hypertension Drugs. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for LQDA; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.