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Financials
52W LOW $21.9452W HIGH $93.61
Volume
3.62 M
Value Traded
149.52 M
Short % Float
15.98%
-0.94%Week
-59.65%1 Month
-61.55%3 Month
-29.52%6 Month
+2,093.53%5 Year
+389.8%All Time
Cash Data
- Monthly Burn
- Burn Trend
- Dilution Risk
- SEC Filing
Key Stats
Market Cap
2.45 B
EPS (TTM)
1.55
P/E Ratio
17.68
Ent. Value
2.17 B
Total Shares
89.55 M
Float Shares
77.45 M
Insiders
13.47%
Institutions
80.09%
Upcoming Catalysts
FDA decisions, readouts and PDUFA dates · scored by probability of approval
| Catalyst | Drug / Treatment | Stage | Prob. of Approval | Description | Drug Type | Therapeutic Area | Source |
|---|---|---|---|---|---|---|---|
PDUFA 2026 | Example Drug Treatment for example condition requiring FDA review | Phase 3 | Small Molecule | Oncology | - |
PoA blends historical approval base rates, trial design score and FDA review track record.
LQDA Catalyst Timeline
Dated clinical, regulatory and corporate events for Liquidia Corporation
Catalyst Timeline
Dated clinical, regulatory & corporate events for Liquidia Corporation
238Total events
2Upcoming
95Tier-1 (high impact)
2020 to 2026Coverage
Upcoming catalysts 2
TBD
T2Timing Guidance
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TBD
T2sNDA Submission
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Event history 50
▼IP Litigation RulingYUTREPIAApprovedIP / Competition
District Court ruled claims 1 and 14 of '327 patent valid and infringed by Liquidia; remaining asserted claims invalid
pulmonary hypertension with interstitial lung disease (PH-ILD)source ↗
▲Fast Track DesignationYUTREPIAApprovedDesignation
FDA Grants Fast Track Designation to YUTREPIA for SSc-RP
Raynaud's Phenomenon Associated with Systemic Sclerosissource ↗
◆Timing GuidanceYUTREPIAApprovedPresentation
Potential additional $25M funding if YUTREPIA net sales exceed $100M by June 30, 2026
◆Milestone PaymentYUTREPIAApprovedCorporate
Potential $25M tranche upon mutual agreement after aggregate net sales of YUTREPIA exceed $100M by June 30, 2026
▲Enrollment UpdateYUTREPIAApprovedTrial
More than 4,500 unique patient prescriptions
PAH and PH-ILDsource ↗
●Quarterly UpdateCorporate
Q4 and full year 2025 financial results and business update webcast
◆Quarterly UpdateCorporate
Full-year 2025 audited financial results expected in February 2026
◆Oral PresentationPresentation
Liquidia presentation at 44th Annual J.P. Morgan Healthcare Conference
▲Quarterly UpdateYUTREPIAApprovedCorporate
Preliminary Q4 2025 YUTREPIA net sales of $90.1 million
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲Enrollment UpdateYUTREPIAApprovedTrial
Over 2,000 unique prescriptions and 1,500 patients shipped as of October 30, 2025
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
◆Oral PresentationYUTREPIAApprovedPresentation
Detailed ASCENT clinical findings to be presented at medical conferences in September and October 2025
pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲Interim AnalysisYUTREPIAApprovedTrial
Interim analyses at Week 8 and Week 16 show sustained improvements in 6MWD and tolerability
pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲Product LaunchYUTREPIAApprovedPost-Market
First commercial sale of YUTREPIA
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲Milestone PaymentYUTREPIAApprovedCorporate
Received $50M from HCRx upon first commercial sale and court ruling
▲IP Litigation RulingYUTREPIAApprovedIP / Competition
U.S. District Court denied United Therapeutics' request for preliminary injunction and TRO
▲Product LaunchYUTREPIAApprovedPost-Market
First commercial shipment of YUTREPIA
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
◆IP Litigation RulingYUTREPIAApprovedIP / Competition
Trial in patent lawsuit scheduled
pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲IP Litigation RulingYUTREPIAApprovedIP / Competition
Court denied United Therapeutics' request for preliminary injunction and TRO against YUTREPIA commercialization
◆PDUFA DateYUTREPIAApprovedRegulatory Filing
PDUFA goal date for YUTREPIA NDA
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
◆FDA ApprovalYUTREPIAApprovedFDA Decision
Potential final FDA approval of YUTREPIA following gating regulatory exclusivity expiration
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲Exclusivity ExpiryYUTREPIAApprovedIP / Competition
Tyvaso DPI 3-year regulatory exclusivity expires, enabling final FDA approval of YUTREPIA
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▼Approval Delay AnnouncedYUTREPIAApprovedFDA Decision
Final approval of YUTREPIA delayed until after May 23, 2025 due to Tyvaso DPI exclusivity
PAH and PH-ILDsource ↗
◆Poster PresentationYUTREPIAApprovedPresentation
Poster sessions on Cohort A data at ATS 2025
PH-ILDsource ↗
◆IP Litigation RulingYUTREPIAApprovedIP / Competition
Motion for temporary restraining order and preliminary injunction filed by UTHR
PAH and PH-ILDsource ↗
▼IP Litigation RulingYUTREPIAApprovedIP / Competition
United Therapeutics files patent infringement lawsuit against Liquidia alleging infringement of 782 patent and seeking injunction to block YUTREPIA commercialization
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲IP Litigation RulingYUTREPIAApprovedIP / Competition
District Court dismisses United Therapeutics cross-claim challenging YUTREPIA PH-ILD label amendment
pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
◆FDA ApprovalYUTREPIAApprovedFDA Decision
Potential final FDA approval of YUTREPIA for PAH and PH-ILD after expiration of regulatory exclusivity in May 2025
PAH and PH-ILDsource ↗
▲Exclusivity ExpiryYUTREPIAApprovedIP / Competition
Expiration of regulatory exclusivity for YUTREPIA
▲FDA Filing AcceptedYUTREPIAApprovedRegulatory Filing
FDA accepts NDA resubmission for YUTREPIA
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲Enrollment MilestoneYUTREPIAApprovedTrial
ASCENT study nearing enrollment completion
pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
●Trial InitiationL606Trial
U.S. open-label safety study of L606 ongoing
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲Debt Royalty FinancingCorporate
Sixth Amendment to HCRx agreement for up to $100M additional financing
▲Debt Royalty FinancingCorporate
Amendment to HCR Agreement for up to $100M additional financing
▲Enrollment CompleteYUTREPIAApprovedTrial
Full enrollment of ASCENT study (n=54)
pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
▲Equity OfferingCorporate
Amendment to HCRx agreement for up to $100 million additional financing
◆FDA ApprovalYUTREPIAApprovedFDA Decision
Potential final FDA approval of YUTREPIA NDA
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
◆Product LaunchYUTREPIAApprovedPost-Market
Potential commercial launch of YUTREPIA in 2025
pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)source ↗
◆IP Litigation RulingYUTREPIAApprovedIP / Competition
Hearing on motions for summary judgment in lawsuit against FDA
●Oral PresentationPresentation
Webcast to discuss Q3 2024 financial results and corporate update
▲IP Litigation RulingIP / Competition
U.S. Supreme Court denies United Therapeutics' petition to appeal PTAB ruling invalidating '793 patent
Past FDA Catalysts and PDUFA Decisions
How LQDA actually traded into and out of each decision
| Date | Drug | Catalyst | Stage | Reaction | Event Move % | Best Trade % |
|---|---|---|---|---|---|---|
| 2026-09-08 | L606 (Treprostinil Liposome Inhalation Suspension) | Phase 3 data presentation | Phase 3 |
Reaction: 30 trading days around the event · Event Move: close to close on decision day · Best Trade: peak run-up from entry 10 days before the decision
Drug Pipeline Intelligence
C42 / 100
Pipeline Score
$257M
Pipeline Value
$2.0B
Commercial Value
Fair Value
Valuation Signal
2
Drugs Scored
0.4x
rNPV / MCap
Top 34%
Small Cap(rank 225 of 660)
Percentile Rank
Liquidia Corporation carries a moderate pipeline score (42/100), with $396M risk-adjusted pipeline value, led by LIQ861 Treprostinil in Primary Pulmonary Hypertension (Phase 3).
Commercial products (revenue basis: trailing 4 quarters of total revenue (10-K and 10-Q), to Jun 2026; product lines: last four quarters to Jun 2026 (10-K and 10-Q)) Revenue $450.9M x 4.4 = $2.0B
| Product | Revenue | Prior period | Change |
|---|---|---|---|
| YUTREPIA | $442M | - | - |
| Drug | Indication | Phase | PTRS | rNPV | Status | Enroll | Velocity | Design | Est. Completion | ML Signal | Last Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LIQ861 Treprostinil Small moleculeNCT03992755 | Primary Pulmonary Hypertension | Phase 3 | ACTIVE NOT_RECRUITING | 213 | May 31, 2025 |
Clinical Trial Results
Readouts, endpoints and source filings for every LQDA program
Inside Trades
| Insider | Side | Shares | Price | Value | Date |
|---|---|---|---|---|---|
| Bloch Stephen MDirector | Sell | -235,477 | $27.13 | 10/05/2026 |
Hedge Fund 13F Activity
Hedge Funds invested in LQDA
| Fund | % of Portfolio | Current MV | Shares Owned | Activity |
|---|---|---|---|---|
| Opaleye Management Inc. | 17.7 % (51.3 %) | 195.14 M | 2.45 M | -3.83% ( -97.50 K) |
LQDA Institutional Ownership Trends
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Option Volume
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Put-Call Ratio
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Option Volume
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| Expiry | Call Vol | Put Vol | Vol P/C | Call OI | Put OI | OI P/C | IV Call | IV Call OI-Wtd | IV Call Vol-Wtd | IV Put | IV Put OI-Wtd | IV Put Vol-Wtd |
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| 2026-10-23 | ||||||||||||
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|---|---|---|---|---|---|---|
| Last | Vol | OI | Last | Vol | OI | |
| No data available | ||||||
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Competitive positioning
How LQDA ranks across every disease it competes in
Competitive Position is a premium feature
See how LQDA ranks against every competitor across each disease it develops in: phase, best drug, trials and likelihood of approval.
Start free trialLQDA News
LQDA▼ -43.1%on this news
Liquidia Provides Update on Hatch-Waxman Litigation Tied to ‘327 Patent
Liquidia Corporation provided an update on the Hatch-Waxman litigation regarding its product YUTREPIA. The District Court ruled that two claims of the '327 patent are valid and infringed by Liquidia, while other claims were invalidated. Liquidia plans to appeal the decision and is preparing to submit a supplement to the FDA to remove PH-ILD from YUTREPIA's label. The outcome of the litigation remains uncertain.
Read more →LQDAFDA Grants Fast Track Designation to YUTREPIA® for the Treatment of Raynaud's Phenomenon Associated with Systemic Sclerosis
The FDA has granted Fast Track designation to YUTREPIA® for treating Raynaud's phenomenon associated with systemic sclerosis (SSc-RP). This designation highlights the urgent need for effective therapies, as no approved treatments currently exist in the U.S. for this debilitating condition affecting many systemic sclerosis patients.
Read more →LQDALiquidia to Present Posters at the European Respiratory Society (ERS) 2026 Congress
Liquidia Corporation will present two posters at the European Respiratory Society 2026 Congress in Barcelona, focusing on their inhaled treprostinil programs. The presentations aim to enhance the understanding of treatments for pulmonary hypertension associated with interstitial lung disease. Notably, L606, an investigational formulation, is under evaluation for its efficacy in this area.
Read more →LQDALiquidia Corporation to Participate in Wells Fargo Annual Healthcare Conference
Liquidia Corporation will participate in the Wells Fargo 21st Annual Healthcare Conference, where COO Michael Kaseta and CBO Jason Adair will discuss the company's business updates. The event is scheduled for September 8, 2026, at 8:45 a.m. ET and will be accessible via Liquidia's website. A replay will be available for 30 days post-event.
Read more →LQDA▼ -10.5%on this news
Liquidia Corporation Reports Second Quarter 2026 Financial Results
Liquidia Corporation reported strong financial results for the second quarter of 2026, with net product sales of YUTREPIA® (treprostinil) inhalation powder reaching approximately $170.4 million. This marks a 31% increase from the first quarter of 2026. The company noted that around 5,900 unique patient prescriptions were filled, with more than 5,000 patients treated since the product's launch in June 2025.
Read more →LQDALiquidia Corporation to Report Second Quarter 2026 Financial Results on August 12, 2026
Liquidia Corporation has announced that it will report its financial results for the second quarter of 2026 on August 12, 2026. The company, based in Morrisville, N.C., is dedicated to advancing care for patients with complex respiratory and vascular conditions. This announcement reflects the company's ongoing commitment to transparency in its financial performance.
Read more →LQDA▲ +9.8%on this news
Liquidia Announces Poster Presentations at the PHA 2026 International PH Conference and Scientific Sessions
Liquidia Corporation announced its participation in the PHA 2026 International PH Conference, where it will present four posters related to its ASCENT study of YUTREPIA (treprostinil) inhalation powder. The presentations will cover patient-reported outcomes, the role of pharmacists in care, and mental health challenges faced by caregivers. The event will take place from June 11-14 in Dallas, with all posters available on Liquidia's website post-presentation.
Read more →LQDALiquidia Corporation Announces Inclusion in the S&P SmallCap 600 Index MORRISVILLE, N.C. (
Liquidia Corporation announced its inclusion in the S&P SmallCap 600 Index, effective June 22, 2026. This milestone is seen as a testament to the company’s growth and operational excellence in developing innovative therapies for respiratory and vascular diseases. The CEO, Dr. Roger Jeffs, highlighted the significance of this achievement and the ongoing commitment to improving patient care. The inclusion in the index is expected to enhance the company's visibility in the investment sector.
Read more →LQDALiquidia Corporation to Present at 2026 Jefferies Global Healthcare Conference
Liquidia Corporation announced that its CEO, Dr. Roger Jeffs, and COO, Michael Kaseta, will participate in a fireside chat at the Jefferies Global Healthcare Conference on June 3, 2026. The event will provide updates on the company's business and innovative therapies for respiratory and vascular diseases. Access to the event will be available on Liquidia's website.
Read more →LQDA▲ +25.6%on this news· ran to +40% by day 3
Liquidia Corporation Reports First Quarter 2026 Financial Results
Liquidia Corporation reported strong financial results for Q1 2026, with YUTREPIA generating approximately $130 million in net sales and achieving its third consecutive quarter of profitability. The company has treated around 3,750 patients since the product's launch in June 2025. However, rising R&D and administrative costs, along with ongoing litigation, pose challenges ahead.
Read more →LQDA▲ +5%on this news· ran to +32% by day 3shared move
Liquidia Corporation to Participate in Upcoming Investor Conferences
Liquidia Corporation will participate in two upcoming investor conferences in May 2026. The events include the BofA Securities Health Care Conference and the H.C. Wainwright Bioconnect Investor Conference. Key executives will provide updates on the company's business and innovations in respiratory and vascular disease treatments.
Read more →LQDALiquidia Corporation Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update
Liquidia Corporation has reported strong financial results for the fourth quarter and full year 2025, notably achieving $148.3 million in net product sales from YUTREPIA. The company experienced its second consecutive quarter of profitability, which reflects increasing adoption of YUTREPIA in clinical practice. Plans for 2026 include expanding prescriber adoption, growing the sales force, and advancing L606 into pivotal trials. However, the company also faced significant increases in general and administrative expenses, which could indicate challenges ahead.
Read more →LQDA▲ +12.9%on this news· ran to +26% by day 3
Liquidia Corporation Announces Preliminary Full-Year 2025 YUTREPIA Net Sales and Corporate Update
Liquidia Corporation has announced preliminary estimates showing YUTREPIA net product sales of about $90.1 million for Q4 2025 and $148.3 million for the full year. The company credits its successful launch across multiple patient populations, indicating confidence from physicians and effective execution by its team. Looking forward, Liquidia plans to further develop its clinical pipeline, including advancements for YUTREPIA and its extended-release formulation, L606, addressing significant unmet needs in respiratory diseases.
Read more →LQDALiquidia Corporation Reports Third Quarter 2025 Financial Results and Provides Corporate Update
Liquidia Corporation reported its financial results for the third quarter of 2025, showcasing significant advancements and profitability achieved through the launch of YUTREPIA. The company recorded net product sales of $51.7 million, with over 2,000 prescriptions written. Liquidia's CEO highlighted the ongoing positive reception of YUTREPIA among prescribers and patients. Additionally, the company is focused on expanding the therapeutic profile of YUTREPIA and moving forward with its L606 program.
Read more →LQDA▲ +13.7%on this news
Liquidia Corporation Reports Second Quarter 2025 Financial Results and Provides Corporate Update
Liquidia Corporation reported its second quarter 2025 financial results, marking a significant milestone with the FDA approval of YUTREPIA. The inhalation powder has been rapidly adopted, with over 900 prescriptions written within 11 weeks post-approval. Financially, however, the company experienced a net loss that increased from the previous year, largely due to rising operational costs, including legal fees tied to ongoing litigation. Despite the financial losses, strong early demand and positive clinical evidence for YUTREPIA's efficiency indicate promising growth potential in the market for pulmonary arterial hypertension treatments.
Read more →LQDALiquidia Receives $50 Million from Healthcare Royalty (HCRx) Following First Commercial Sale of YUTREPIA
Liquidia Corporation announced it has received $50 million from Healthcare Royalty following its first commercial sale of YUTREPIA, an inhalation powder for pulmonary arterial hypertension. This funding comes after a court ruling denied a request for an injunction from United Therapeutics. The financing is set to support further commercial launch efforts and manufacturing expansion. Liquidia aims to achieve profitability without additional capital, bolstered by early sales momentum of YUTREPIA.
Read more →LQDALiquidia Schedules First Commercial YUTREPIA (treprostinil) Inhalation Powder for Patients with PAH and PH-ILD
Liquidia Corporation announced its first commercial shipment of YUTREPIA (treprostinil) inhalation powder, following FDA approval on May 23, 2025, for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The shipment, occurring just five days post-approval, signals the company's intention to quickly address patient needs. However, Liquidia faces ongoing litigation from United Therapeutics over patent infringement, intensifying uncertainty around the commercialization of YUTREPIA.
Read more →LQDAU.S. FDA Approves Liquidia's YUTREPIA (treprostinil) Inhalation Powder for Patients with Pulmonary Arterial Hypertension (PAH) and Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD) FDA's approval
Liquidia Corporation announced the FDA's approval of YUTREPIA, a novel inhalation powder for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). This innovative treatment offers improved deep-lung delivery through a low-effort inhalation device. Despite the positive news, Liquidia faces legal challenges from United Therapeutics regarding patent infringement, which could impede the commercial launch of YUTREPIA. The company's commercial team is preparing to launch the product and engage with healthcare providers and patients about its benefits.
Read more →LQDALiquidia Corporation Provides Update on Litigation Filed by United
Liquidia Corporation announced that United Therapeutics filed a complaint against it in the U.S. District Court for the Middle District of North Carolina, claiming infringement of U.S. Patent No. 11,357,782 regarding YUTREPIA, an inhalation therapy for pulmonary hypertension. While UTHR seeks to prevent Liquidia from commercializing YUTREPIA, the FDA's approval process remains unaffected with a goal date set for May 24, 2025. Liquidia's CEO expressed confidence in defending against the lawsuit, citing previous success in invalidating related patents.
Read more →About Liquidia Corporation
Headquarters419 DAVIS DRIVE, SUITE 100, MORRISVILLE, NC, 27560
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