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Liquidia Technologies
(NASDAQ:LQDA)
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Rating:63Neutral
Price Target:
$41.00
▼(-41.84% Downside)
Action:Reiterated
Date:10/15/26
The score is supported primarily by the TTM financial inflection to strong profitability and the earnings call’s evidence of rapid YUTREPIA commercial traction and reiterated long-term targets. Offsetting this, technicals are very weak with the stock far below major moving averages and depressed momentum readings, and cash-flow quality remains less consistent than earnings.
Positive Factors
Commercial Traction
Rapid sales growth and broadening patient and prescriber adoption indicate that YUTREPIA is gaining meaningful commercial traction. Continued uptake can support operating leverage, reinforce Liquidia’s position in inhaled prostacyclin therapies, and provide a durable base for future expansion.
Negative Factors
Settlement Cash Outflows
The settlement creates substantial near- and medium-term cash outflows that will reduce financial flexibility even though management expects to fund them from sales and reserves. Payments may constrain the pace of reinvestment in commercialization, research, and pipeline development.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Traction
Rapid sales growth and broadening patient and prescriber adoption indicate that YUTREPIA is gaining meaningful commercial traction. Continued uptake can support operating leverage, reinforce Liquidia’s position in inhaled prostacyclin therapies, and provide a durable base for future expansion.
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
$3.25B
Dividend YieldN/A
Average Volume (3M)5.10M
Price to Earnings (P/E)24.8
Beta (1Y)1.48
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. Volume6,787,056
30 Day Avg. Volume5,098,073
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 Cap2.45
Enterprise Value/Revenue17.70
Enterprise Value/Gross Profit19.15
Enterprise Value/Ebitda44.89
Forecast
1Y Price Target
$53.13Price Target Upside-24.63% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)2.09
Revenue Forecast (FY)$716.99M
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...
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
56.54
Negative
66.99
Negative
54.03
Negative
Market Momentum
-6.46
Negative
44.61
Neutral
92.10
Negative
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 37.09, above the 50-day MA of 56.54, and above the 200-day MA of 54.03, indicating a neutral trend. The MACD of -6.46 indicates Negative momentum. The RSI at 44.61 is Neutral, neither overbought nor oversold. The STOCH value of 92.10 is Negative, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $6.22B | 74.49 | 13.65% | ― | 58.85% | 1646.61% | |
78 Outperform | $12.59B | 223.62 | 8.37% | ― | 16.02% | -59.24% | |
63 Neutral | $3.25B | 24.77 | 149.64% | ― | 2233.65% | ― | |
52 Neutral | $37.66M | -2.06 | -21.10% | ― | 489.78% | 45.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $35.84M | -2.98 | -158.83% | ― | ― | ― |
* Healthcare Sector Average
LQDA
Liquidia Technologies
39.69
17.67
80.25%
CORT
Corcept Therapeutics
107.50
34.52
47.30%
SCYX
SCYNEXIS
3.81
-2.35
-38.15%
KNSA
Kiniksa Pharmaceuticals
80.79
42.02
108.38%
NSRX
Nasus Pharma Ltd.
3.23
-4.37
-57.50%
CUVL
Clinuvel Pharmaceuticals Limited Sponsored ADR
5.03
-2.27
-31.14%
Liquidia Technologies Corporate Events
Business Operations and StrategyFinancial DisclosuresLegal ProceedingsPrivate Placements and Financing
Liquidia Reaches Global Patent Settlement, Refines Financing
Negative
Oct 14, 2026
On Oct. 13, 2026, Liquidia Technologies and United Therapeutics entered a global settlement that resolves all ongoing patent, trade secret, contract and antitrust litigation between the companies, following a September court ruling that YUTREPIA i...
Business Operations and StrategyLegal Proceedings
Liquidia Faces Adverse Patent Ruling on YUTREPIA
Negative
Sep 30, 2026
On September 30, 2026, Liquidia reported that the U.S. District Court for the District of Delaware found two of six asserted claims of United Therapeutics’ U.S. Patent No. 11,826,327 valid and infringed by YUTREPIA, specifically those coveri...
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...
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.