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Liquidia Technologies
(NASDAQ:LQDA)
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Rating:66Neutral
Price Target:
$74.00
▲(4.98% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by the sharp TTM financial turnaround (profitability and improved leverage) and a strongly positive earnings call highlighting rapid YUTREPIA sales traction and cash build. Offsetting these are weak near-term technical signals (below key moving averages with negative MACD) and a demanding valuation (P/E ~43.8), with execution risks from planned expense increases and ongoing litigation.
Positive Factors
Rapid YUTREPIA commercial adoption
Rapid sales growth, patient starts, and prescriber adoption indicate that YUTREPIA is gaining meaningful traction in its target market. Continued penetration can support recurring product revenue, strengthen Liquidia’s commercial platform, and provide a foundation for expanding the franchise.
Negative Factors
Current product requires four-times-daily dosing
A four-times-daily regimen may reduce convenience and persistence for some patients, creating a lasting commercial hurdle even with strong initial uptake. Liquidia’s response depends partly on L606 development and execution, so the current product’s dosing burden may limit broader adoption before a lower-frequency option is available.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid YUTREPIA commercial adoption
Rapid sales growth, patient starts, and prescriber adoption indicate that YUTREPIA is gaining meaningful traction in its target market. Continued penetration can support recurring product revenue, strengthen Liquidia’s commercial platform, and provide a foundation for expanding the franchise.
Read all positive factors
Liquidia Technologies Key Performance Indicators (KPIs)
Any
Gross Profit by Type
Shows gross profit split across product sales, contract manufacturing/services, and licensing or milestone income. For Liquidia Technologies, it reveals which revenue streams generate real profit versus those that are low-margin or one-time, indicating how sustainable earnings are and how much scale or pricing power the company needs to become consistently profitable.
Shows gross profit split across product sales, contract manufacturing/services, and licensing or milestone income. For Liquidia Technologies, it reveals which revenue streams generate real profit versus those that are low-margin or one-time, indicating how sustainable earnings are and how much scale or pricing power the company needs to become consistently profitable.
Data provided by:
The Fly
The FlyLiquidia Technologies (LQDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.13B
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)43.6
Beta (1Y)1.56
Revenue Growth2233.65%
EPS GrowthN/A
CountryUS
Employees216
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)1.57
Shares Outstanding89,508,890
10 Day Avg. Volume1,344,288
30 Day Avg. Volume1,225,874
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)66.33
Price to Sales (P/S)18.75
P/FCF Ratio-74.16
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$106.71Price Target Upside51.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)3.07
Revenue Forecast (FY)$738.94M
Liquidia Technologies Business Overview & Revenue Model
Company 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 asse...
How the Company Makes Money
Liquidia makes money primarily by selling its pharmaceutical products and, where applicable, through collaborations related to its technology and pipeline. The company’s main expected revenue stream is net product revenue from the commercializatio...
Liquidia Technologies Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum—robust quarter-over-quarter sales (+31%), substantial patient adoption (~5,000+ patients started) and improving profitability (net income ~$74.7M, adjusted EBITDA ~$96.3M) alongside a healthy cash build (~$284M). Clinical data and a progressing pipeline (10 studies, L606 Phase III enrollment) underpin future growth potential. Offsetting factors include a 4x daily dosing requirement for the current product, planned increases in R&D and SG&A (R&D expected to double in H2 2026), pending patent litigation that could create legal/royalty risk, and the need for further community penetration. On balance, the positive operational, financial, and clinical developments materially outweigh the manageable near-term risks.Positive Updates
Robust Commercial Traction and Adoption
As of July 31, ~5,900 unique patient prescriptions, >5,000 patients started on YUTREPIA, and >1,100 prescribing physicians (30% have prescribed to 5+ patients), indicating strong physician uptake and patient starts within ~1 year of launch.
Negative Updates
Four-Times Daily Dosing Requirement for YUTREPIA
YUTREPIA requires a 4x daily dosing regimen, noted as a caveat to convenience; company is developing L606 (BID) to address dosing frequency but current approved product has higher dosing frequency which could affect adherence for some patients.
Read all updates
Q2-2026 Updates
Positive
Negative
Robust Commercial Traction and Adoption
As of July 31, ~5,900 unique patient prescriptions, >5,000 patients started on YUTREPIA, and >1,100 prescribing physicians (30% have prescribed to 5+ patients), indicating strong physician uptake and patient starts within ~1 year of launch.
Read all positive updates
Company Guidance
The company reiterated strong commercial and financial guidance: Q2 2026 net product sales for YUTREPIA were $170.4M (up >$40M or +31% QoQ), quarterly sales have more than tripled over the last three quarters, net income was ~$74.7M and non‑GAAP adjusted EBITDA ~$96.3M, and cash and cash equivalents ended at ~$284.2M (up $61.4M vs Q1 and ~$93.5M YTD). Commercial traction metrics included ~5,900 unique patient prescriptions and >5,000 patients started as of July 31, with >1,100 prescribers (30% writing for ≥5 patients); the inhaled prostacyclin market grew from $573M in Q1 to $607M in Q2 (~6%) and YUTREPIA is approaching ~30% of the inhaled market by net revenue. Operational and pipeline guidance: 10 clinical studies planned/underway for YUTREPIA/L606 over the next 12 months, Re‑Spire Phase III is enrolling on track, R&D spend is expected to double in H2 2026 vs H1 and rise again in 2027, and the company targets more than $1 billion in net revenue in 2027 while continuing to grow profitability.Liquidia Technologies Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 450.91M | 158.32M | 14.00M | 17.49M | 15.94M | 12.85M |
| Gross Profit | 416.98M | 145.08M | 8.12M | 14.60M | 13.08M | 9.83M |
| EBITDA | 177.83M | -43.22M | -115.71M | -70.05M | -35.03M | -28.20M |
| Net Income | 138.61M | -68.92M | -130.39M | -78.50M | -41.02M | -34.58M |
Balance Sheet | ||||||
| Total Assets | 521.92M | 327.93M | 230.31M | 118.33M | 129.20M | 93.73M |
| Cash, Cash Equivalents and Short-Term Investments | 284.18M | 190.68M | 176.48M | 83.68M | 93.28M | 57.49M |
| Total Debt | 128.94M | 197.93M | 122.39M | 49.54M | 24.46M | 16.08M |
| Total Liabilities | 326.80M | 283.19M | 153.04M | 71.04M | 38.78M | 28.46M |
| Stockholders Equity | 195.11M | 44.75M | 77.28M | 47.29M | 90.42M | 65.27M |
Cash Flow | ||||||
| Free Cash Flow | 60.51M | -40.02M | -98.37M | -42.85M | -29.18M | -34.14M |
| Operating Cash Flow | 79.03M | -35.69M | -93.42M | -41.56M | -28.59M | -34.03M |
| Investing Cash Flow | -23.52M | -6.34M | -8.44M | -11.29M | -587.00K | -107.00K |
| Financing Cash Flow | 40.85M | 59.73M | 194.66M | 43.25M | 64.96M | 26.32M |
Liquidia Technologies Technical Analysis
Neutral
70.49
Price Trends
75.63
Negative
70.82
Negative
53.88
Positive
Market Momentum
-1.53
Negative
46.59
Neutral
71.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LQDA, the sentiment is Neutral. The current price of 70.49 is above the 20-day moving average (MA) of 67.89, below the 50-day MA of 75.63, and above the 200-day MA of 53.88, indicating a neutral trend. The MACD of -1.53 indicates Negative momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 71.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LQDA.
Liquidia Technologies Risk Analysis
Liquidia Technologies disclosed 70 risk factors in its most recent earnings report. Liquidia Technologies reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Liquidia Technologies Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $6.13B | 43.61 | 149.64% | ― | 2233.65% | ― | |
66 Neutral | $3.38B | 121.92 | 15.05% | ― | 76.11% | ― | |
56 Neutral | $4.70B | -72.24 | -32.64% | ― | 50.13% | 50.40% | |
56 Neutral | $2.01B | -3.60 | -50.41% | ― | -15.08% | 41.98% | |
55 Neutral | $2.12B | -6.80 | -59.87% | ― | -8.14% | -10.60% | |
54 Neutral | $2.50B | -9.88 | -37.17% | ― | ― | -47.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
LQDA
Liquidia Technologies
68.43
45.63
200.13%
OCUL
Ocular Therapeutix
9.65
-2.88
-22.98%
ADPT
Adaptive Biotechnologies
29.43
15.97
118.65%
ARQT
Arcutis Biotherapeutics
26.92
8.30
44.58%
IRON
Disc Medicine
65.24
0.18
0.28%
RXRX
Recursion Pharmaceuticals
3.74
-1.17
-23.83%
Liquidia Technologies Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Liquidia Gains FDA Fast Track for YUTREPIA in Raynaud’s
Positive
Sep 3, 2026
On September 3, 2026, Liquidia Corporation announced that the U.S. Food and Drug Administration granted Fast Track designation to its inhaled treprostinil powder YUTREPIA for the treatment of Raynaud’s phenomenon associated with systemic scl...
Business Operations and StrategyFinancial Disclosures
Liquidia Technologies reports strong Q2 growth and profitability
Positive
Aug 12, 2026
On August 12, 2026, Liquidia Corporation reported strong second quarter 2026 results driven by rapid uptake of YUTREPIA, its inhaled treprostinil powder. Net product sales reached $170.4 million, up 31% from the prior quarter, with about 5,900 uni...
Executive/Board ChangesShareholder Meetings
Liquidia Shareholders Back Directors, Auditor and Executive Pay
Positive
Jun 17, 2026
On June 16, 2026, Liquidia Corporation held its annual meeting of stockholders, at which shareholders voted on the election of three Class II directors, the ratification of its independent registered public accounting firm for 2026, and a non-bind...
Business Operations and StrategyDelistings and Listing Changes
Liquidia Added to S&P SmallCap 600 Index
Positive
Jun 8, 2026
On June 8, 2026, Liquidia Corporation announced that it will be added to the SP SmallCap 600 Index, with inclusion effective before the U.S. market opens on June 22, 2026. The index, a widely tracked benchmark for 600 U.S. small-cap companies, sel...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.