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Liquidia Technologies Inc (LQDA)
NASDAQ:LQDA
Top Page
Liquidia Technologies
(NASDAQ:LQDA)
53Neutral
Positive Factors
Clinical Data
Emerging data from ASCENT support the conviction that Yutrepia holds meaningful clinical differentiation over Tyvaso DPI, particularly in PH-ILD.
Legal Developments
The US District Court ruled in favor of Liquidia and the FDA, dismissing the ongoing suit and ruling against United's cross-claims.
Market Entry
Liquidia now stands on the cusp of dual market entry into pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, with full approval possible immediately following the expiration of Tyvaso DPI's regulatory exclusivity.
Negative Factors
Legal Challenges
UTHR filed a new suit against LQDA alleging that Yutrepia infringes on UTHR's '782 patent, and seeking to prevent LQDA from commercializing Yutrepia.
Short Interest
There remains a significant short interest in the stock, with 18.7% of the float being shorted.
Liquidia Technologies (LQDA) vs. S&P 500 (SPY)
Market Cap
$1.35B
Dividend YieldN/A
Average Volume (3M)1.31M
Price to Earnings (P/E)―
Beta (1Y)1.20
Revenue Growth-19.97%
EPS Growth-37.22%
CountryUS
Employees170
SectorHealthcare
Sector Strength48
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.45
Shares Outstanding85,484,530
10 Day Avg. Volume1,675,660
30 Day Avg. Volume1,313,774
Financial Highlights & Ratios
PEG Ratio2.31
Price to Book (P/B)16.72
Price to Sales (P/S)0.00
P/FCF Ratio-12.80
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue20.69
Enterprise Value/Gross Profit159.67
Enterprise Value/Ebitda-2.97
Forecast
1Y Price Target
$28.13Price Target Upside78.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
Liquidia Technologies Business Overview & Revenue Model
Company DescriptionLiquidia 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.
How the Company Makes MoneyLiquidia Technologies generates revenue through the commercialization of its pharmaceutical products, primarily focusing on the sales of YUTREPIA, which is intended for the treatment of pulmonary arterial hypertension. The company aims to capture market share in the PAH treatment space by offering a differentiated product that leverages its PRINT technology to enhance drug delivery efficiency. Additionally, Liquidia may engage in strategic partnerships, collaborations, or licensing agreements with other pharmaceutical companies to expand its market reach and product offerings, thereby potentially creating additional revenue streams.
Liquidia Technologies Financial Statement Overview
Summary
Liquidia Technologies faces challenges with declining revenues and consistent losses impacting profitability and equity. The company's liquidity position is strong due to cash reserves, but high leverage poses financial risks. Efforts to raise funds through financing are helping maintain liquidity.Income Statement
Liquidia Technologies shows a declining revenue trend with Total Revenue decreasing by 20% from 2023 to 2024. Gross Profit Margin stands at 58%, indicating good cost management relative to revenue. However, the company has been consistently unprofitable with a negative Net Profit Margin due to high operating expenses, as seen in the negative EBIT and EBITDA margins.45
Neutral
Balance Sheet
The company has a high debt-to-equity ratio due to negative equity, indicating high leverage and potential financial risk. On a positive note, the company has significant cash reserves compared to its total liabilities, suggesting liquidity strength. However, negative stockholders' equity reflects accumulated losses.40
Negative
Cash Flow
Operating cash flow is negative, indicating the company is not generating cash from operations. The free cash flow has further deteriorated due to higher capital expenditures. Despite negative cash flows, the company raised significant funds through financing activities, which is a positive aspect for liquidity.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 14.00M | 17.49M | 15.94M | 12.85M | 739.63K | Gross Profit |
| 8.12M | 14.60M | 13.08M | 9.83M | 501.92K | EBIT |
| -121.29M | -73.38M | -38.77M | -33.80M | -59.09M | EBITDA |
| -115.71M | -70.05M | -34.72M | -27.91M | -55.79M | Net Income Common Stockholders |
| -130.39M | -78.50M | -38.37M | -29.78M | -57.49M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 176.48M | 83.68M | 93.28M | 57.49M | 65.32M | Total Assets |
| 230.31M | 118.33M | 129.20M | 93.73M | 99.53M | Total Debt |
| 122.39M | 3.50M | 24.46M | 16.08M | 17.14M | Net Debt |
| -54.09M | -80.18M | -68.82M | -41.42M | -48.17M | Total Liabilities |
| 153.04M | 71.04M | 38.78M | 28.46M | 28.45M | Stockholders Equity |
| 77.28M | 47.29M | -350.60M | -309.58M | -275.00M |
| Cash Flow | Free Cash Flow | |||
| -98.37M | -42.85M | -29.18M | -34.14M | -54.90M | Operating Cash Flow |
| -93.42M | -41.56M | -28.59M | -34.04M | -54.14M | Investing Cash Flow |
| -8.44M | -11.29M | -587.00K | -107.22K | 247.91K | Financing Cash Flow |
| 194.66M | 43.25M | 64.96M | 26.32M | 63.42M |
Liquidia Technologies Technical Analysis
Positive
15.75
Price Trends
14.39
Positive
14.07
Positive
12.39
Positive
Market Momentum
0.42
Negative
61.60
Neutral
70.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LQDA, the sentiment is Positive. The current price of 15.75 is above the 20-day moving average (MA) of 14.42, above the 50-day MA of 14.39, and above the 200-day MA of 12.39, indicating a bullish trend. The MACD of 0.42 indicates Negative momentum. The RSI at 61.60 is Neutral, neither overbought nor oversold. The STOCH value of 70.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LQDA.
Liquidia Technologies Risk Analysis
Liquidia Technologies disclosed 61 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
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $1.11B | 29.40 | 11.23% | ― | 29.20% | ― | |
56 Neutral | $866.10M | ― | -36.26% | ― | 127.33% | 21.31% | |
53 Neutral | $1.35B | ― | -209.35% | ― | -19.97% | -37.22% | |
52 Neutral | $5.21B | 3.49 | -43.30% | 2.83% | 14.70% | -0.24% | |
52 Neutral | $1.34B | ― | -23.20% | ― | 24.49% | 5.14% | |
50 Neutral | $1.18B | ― | -57.19% | ― | -0.33% | -3.59% | |
46 Neutral | $967.77M | 2.25 | 30.06% | ― | 25.92% | ― |
* Healthcare Sector Average
Performance Comparison
LQDA
Liquidia Technologies
15.75
3.79
31.69%
CLDX
Celldex
20.18
-19.29
-48.87%
NVAX
Novavax
6.34
-7.14
-52.97%
ARDX
Ardelyx
3.53
-4.26
-54.69%
OCUL
Ocular Therapeutix
7.39
1.34
22.15%
AUPH
Aurinia Pharmaceuticals
8.12
2.92
56.15%
Liquidia Technologies Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: 1.42%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive strategic developments and legal victories, particularly regarding the potential launch of YUTREPIA and favorable court rulings. However, this was balanced by financial challenges such as increased operational costs and a larger net loss compared to the previous year.Q1-2025 Updates
Positive Updates
Court Decision Favoring Liquidia
The District Court dismissed United Therapeutics’ cross-claim against Liquidia, clearing legal barriers for YUTREPIA’s potential approval.
ASCENT Study Progress
Cohort A of the ASCENT study is fully enrolled with over 50 patients, showing promising interim data with positive trends in efficacy measures such as 6-minute walk distance.
Strategic Preparations for YUTREPIA Launch
Liquidia is preparing for the launch of YUTREPIA with a focus on product profile, sales force readiness, patient support services, product availability, and payer access.
Reduction in R&D Expenses
Research and development expenses decreased by $3.1 million (31%) compared to the previous year, reflecting a shift towards commercialization.
Negative Updates
Increase in General and Administrative Expenses
General and administrative expenses rose by $9.9 million (48%), driven by higher personnel expenses and legal fees related to YUTREPIA litigation.
Net Loss Increase
Liquidia reported a net loss of $38.4 million for the quarter, up from $30.1 million in the previous year, reflecting increased operational costs.
Stagnant Revenue Growth
Revenue was relatively flat at $3.1 million, only a slight increase from $3 million in the previous year.
Company Guidance
During the Liquidia Corporation First Quarter 2025 Financial Results and Corporate Update Conference Call, detailed guidance was provided on several key strategic areas in preparation for the potential launch of YUTREPIA, an investigational inhaled dry powder formulation of treprostinil. The company is focusing on developing a best-in-class product profile, emphasizing YUTREPIA's tolerability, titratability, and ease of use. Cohort A of the ASCENT study is fully enrolled with over 50 patients, showing promising interim results, including the ability of PH-ILD patients to titrate to doses 3 times higher than the labeled target dose of nebulized Tyvaso, with positive trends in 6-minute walk distance. The commercial team is ready with 50 sales reps and a companion medical affairs team, all with significant rare disease experience. Additionally, they have prepared a full suite of patient support services and ensured that product availability can commence within 2 to 3 weeks post-approval. The company has also cultivated strong relationships with payers to ensure broad access for patients. Financially, Liquidia reported a revenue of $3.1 million for the quarter ended March 31, 2025, with research and development expenses decreasing by 31% compared to the previous year, attributed to a shift towards commercialization activities. The net loss for the quarter was $38.4 million, or $0.45 per share, compared to a net loss of $30.1 million, or $0.40 per share, in the same period of 2024.Liquidia Technologies Corporate Events
Legal Proceedings
Liquidia Faces Patent Infringement Lawsuit by United Therapeutics
Negative
May 12, 2025
On May 12, 2025, Liquidia Corporation announced that United Therapeutics Corporation filed a complaint against them on May 9, 2025, in the U.S. District Court for the Middle District of North Carolina. The complaint alleges infringement of U.S. Patent No. 11,357,782 and seeks to prevent Liquidia from commercializing YUTREPIA™ if it receives FDA approval. Despite the litigation, the FDA’s ability to take final action on the New Drug Application for YUTREPIA by the PDUFA goal date of May 24, 2025, remains unaffected. Liquidia’s CEO, Dr. Roger Jeffs, expressed determination to defend patient access to alternative therapies, highlighting past successes in invalidating similar patent claims.
Spark’s Take on LQDA Stock
According to Spark, TipRanks’ AI Analyst, LQDA is a Neutral.
Liquidia Technologies is currently facing significant financial challenges, with declining revenues and high leverage posing risks. However, the company’s strong liquidity position and strategic initiatives, including the potential launch of YUTREPIA, offer some positive outlook. Technical analysis indicates upward stock momentum, but unprofitability and lack of dividend yield affect its valuation negatively. Mixed earnings call sentiment reflects both strategic advancements and financial difficulties.
To see Spark’s full report on LQDA stock, click here.
Financial DisclosuresRegulatory Filings and Compliance
Liquidia Technologies Updates Audit Report for March 2025
Neutral
May 8, 2025
Liquidia Corporation has voluntarily corrected immaterial accounting errors related to amendments in its revenue interest financing agreement with HealthCare Royalty Partners. These errors, identified in March 2025, were deemed not material to previous financial statements but have been revised to reflect modifications rather than extinguishments. The revisions do not impact the company’s internal controls or management’s assessment of financial condition, and the company’s independent auditor, PricewaterhouseCoopers LLP, has updated its audit report accordingly.
Spark’s Take on LQDA Stock
According to Spark, TipRanks’ AI Analyst, LQDA is a Neutral.
Liquidia Technologies is currently facing significant financial challenges, with declining revenues and high leverage posing risks. However, the company’s strong liquidity position and strategic initiatives, including the potential launch of YUTREPIA, offer some positive outlook. Technical analysis indicates upward stock momentum, but unprofitability and lack of dividend yield affect its valuation negatively. Mixed earnings call sentiment reflects both strategic advancements and financial difficulties.
To see Spark’s full report on LQDA stock, click here.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.