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Liquidia Corporation
NASDAQ: LQDA Healthcare Pharma 🔎 Screen
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$5.8B
Market Cap
P/E
PEG
-136.7%
ROCE
N/M
ROE
4.42
D/E
-32.5%
OPM
-25.5%
% from 52W High
93
α RS
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About

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for rare cardiopulmonary diseases in the United States. The company’s lead product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). It also provides Remodulin, a treprostinil injection administered through continuous intravenous and subcutaneous infusion; and develops L606, an investigational liposomal formulation of treprostinil which is in phase III clinical trial for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). In addition, the company offers PRINT technology which allows to engineer and manufacture uniform drug particles with precise control over the size, three-dimensional geometric shape, and chemical composition of the particles. It has a license agreement with Pharmosa Biopharm Inc to develop and commercialize L606, an inhaled sustained-release formulation of Treprostinil for the treatment of PAH and PH-ILD; Vectura; The University of North Carolina at Chapel Hill; GlaxoSmithKline; Alcon Inc; and promotion Agreement with Sandoz. Liquidia Corporation was founded in 2004 and is based in Morrisville, North Carolina.

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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 8.1K $306K 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Liquidia Q1 2026: YUTREPIA sales $129.9M, net income $52.9M, 44% sequential growth
Revenue & Profitability
Net product sales of YUTREPIA were $129.9 million in Q1 2026, up 44% sequentially from $90.1 million in Q4 2025. Net income was $52.9 million (Q1) compared to $14.6 million in Q4 2025. Non-GAAP adjusted EBITDA was $71.2 million, up from $27.3 million in the prior quarter. The company ended the quarter with $222.8 million in cash and cash equivalents, an increase of $32.1 million from year-end. Liquidia also recorded income tax expense for the first time as a profitable company.
Outlook
Management views the inhaled prostacyclin market as growing, with YUTREPIA leading that growth. The inhaled treprostinil market is estimated at about $2 billion, with PH-ILD significantly underpenetrated and capable of exceeding $2-3 billion alone. The total addressable opportunity across PAH and PH-ILD is seen as at least $6 billion. Macro tailwinds include increasing awareness of PH in ILD and a rising tide effect from competitor education efforts.
Growth Drivers
Key growth levers include the expanding breadth and depth of YUTREPIA prescribers—the number of physicians prescribing to five or more patients grew 25% since February 2026. Expanding into the community pulmonologist segment via a larger sales force is a near-term driver. Pipeline catalysts include the ASCENT cohort B study (transitioning inadequate responders from Tyvaso DPI to YUTREPIA), the pivotal phase III INSPIRE study of L606, and planned studies switching from oral selexipag and parenteral treprostinil. Additional indications such as IPF, PPF, PH-COPD, and scleroderma-associated Raynaud's phenomenon are being explored.
Balance Sheet & CapEx
Liquidia is reinvesting operating profits into expanding manufacturing capacity and footprint in North Carolina, as well as funding clinical development programs for YUTREPIA and L606. The company is also expanding its commercial sales force. Specific CapEx guidance or amounts were not disclosed, but the investments are fully funded from operating cash flow.
Margins
Liquidia achieved its third consecutive quarter of profitability, with net income margin on net product sales of approximately 41% ($52.9M net income on $129.9M revenue). Non-GAAP adjusted EBITDA margin was about 55% ($71.2M on revenue). The company expects increasing profitability going forward while reinvesting in the business, but no specific margin guidance was provided.
Key Risks
Key risks highlighted include ongoing patent litigation with United Therapeutics (the '327 litigation'), which could impact YUTREPIA's market exclusivity. The outcome of a related Supreme Court case (Hikma vs. Amarin) may have read-across implications. Additionally, reliance on sustained prescription growth and market penetration in PH-ILD and other indications, as well as the timing and success of pipeline studies, represent operational risks.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-12
YUTREPIA's rapid adoption drove 31% QoQ sales growth and nearly 30% market share in the inhaled prostacyclin segment, with strong profitability and cash flow supporting expanded R&D and commercial investments. The company remains confident in surpassing $1 billion in net revenue by 2027.
Q1 2026 Q1 2026 2026-05-11
YUTREPIA drove 44% sequential sales growth and tripled EBITDA in Q1 2026, achieving over $500M annualized run rate. Market share in inhaled prostacyclins neared 23%, with robust expansion in both PAH and PH-ILD segments. Management maintains confidence in reaching $1B revenue by 2027.
Q4 2025 Q4 2025 2026-03-05
YUTREPIA achieved rapid commercial success, driving $148.3M in 2025 sales and expanding market share to 17% in Q4. With robust patient growth, high prescriber adoption, and new clinical programs, the company targets $1B revenue by 2027, funded by strong cash flow.
Q3 2025 Q3 2025 2025-11-03
YUTREPIA's launch drove $51.7M in Q3 sales, rapid patient uptake, and positive adjusted EBITDA, with 85% referral-to-start conversion and broad payer access. Litigation risk remains, but market momentum and clinical expansion support strong future growth.
Q2 2025 Q2 2025 2025-08-12
YUTREPIA's launch exceeded expectations with rapid adoption, strong financial results, and broad prescriber engagement. Expanded payer contracts, robust clinical data, and a solid cash position set the stage for continued growth and manufacturing expansion.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
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