LQDAHIGH SIGNALFINANCIAL10-K

LQDA achieved commercial revenue generation from YUTREPIA launch while dramatically improving operational cash burn and reducing losses.

The company has transitioned from a pure development-stage biopharmaceutical to a commercial entity with meaningful revenue from its approved PAH treatment YUTREPIA. The substantial improvement in operating losses and cash flow metrics suggests the commercial launch is gaining traction and moving the company toward potential profitability, though significant cash burn continues.

Comparing 2026-03-05 vs 2025-03-19View on EDGAR →
FINANCIAL ANALYSIS

LQDA's financial profile improved markedly with operating losses and cash burn both substantially reduced despite SG&A expenses roughly doubling, likely reflecting commercial infrastructure investment for the YUTREPIA launch. R&D expenses declined 18% as the company shifted focus from development to commercialization. The balance sheet shows mixed signals with total assets growing 42% and current assets up 48%, but stockholders' equity declining 42% and total liabilities increasing 85%, suggesting continued equity dilution and increased operational obligations tied to commercial activities.

FINANCIAL STATEMENT CHANGES
SG&A Expense
P&L
+92.7%
$81.6M→$157.2M

SG&A up 92.7% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Total Debt
Balance Sheet
+91%
$10.4M→$19.9M

Debt increased 91% — substantial leverage increase; assess whether deployed for growth or covering losses.

Total Liabilities
Balance Sheet
+85%
$153.0M→$283.2M

Liabilities grew 85% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Cash Flow
Cash Flow
+61.8%
-$93.4M→-$35.7M

Operating cash flow surged 61.8% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+57.6%
-$121.3M→-$51.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Assets
Balance Sheet
+47.7%
$185.1M→$273.4M

Current assets grew 47.7% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
+47.1%
-$130.4M→-$68.9M

Net income grew 47.1% — bottom-line growth signals improving overall business health.

Total Assets
Balance Sheet
+42.4%
$230.3M→$327.9M

Asset base grew 42.4% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
-42.1%
$77.3M→$44.7M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

R&D Expense
P&L
-17.9%
$47.8M→$39.3M

R&D spending cut 17.9% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-19
ADDED
As of February 17, 2026, there were 88,114,429 shares of the registrant s common stock outstanding.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events.
Overview We are a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases such as pulmonary arterial hypertension ( PAH ) and pulmonary hypertension associated with interstitial lung disease ( PH-ILD ).
We operate through our wholly owned operating subsidiaries, Liquidia Technologies, Inc.
We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder ( YUTREPIA ) and pursuant to a promotion agreement with Sandoz Inc.
( Sandoz ), dated as of August 1, 2018, as amended (the Promotion Agreement ), under which we share profit derived from the sale of Sandoz s generic treprostinil injection ( Treprostinil Injection ) in the United States.
We employ a targeted commercial field force calling on healthcare providers involved in the treatment of PAH and PH-ILD in the United States, as well as key stakeholders involved in the distribution and reimbursement of medicines to treat these patients.
YUTREPIA is an inhaled dry powder formulation of treprostinil designed with our proprietary PRINT technology, a particle engineering platform that enables precise production of uniform drug particles, to improve the therapeutic profile of treprostinil by enhancing deep lung delivery while using a convenient, low effort dry-powder inhaler ( DPI ) and by achieving higher dose levels than the labeled doses of other marketed inhaled treprostinil therapies.
Food and Drug Administration ( FDA ) in May 2025 for the treatment of both PAH and PH-ILD, and began commercialization in June 2025.
Treprostinil Injection is a fully-substitutable generic treprostinil for parenteral administration in the United States.
REMOVED
As of March 10, 2025, there were 85,298,537 shares of the registrant s common stock outstanding.
District Court for the District of Delaware, our litigation with United Therapeutics that was filed in the Superior Court for Durham County, North Carolina, the lawsuit we filed against the FDA in the U.S.
Overview We are a biopharmaceutical company focused on the development, manufacture, and commercialization of products that address unmet patient needs, with current focus directed towards rare cardiopulmonary diseases such as pulmonary arterial hypertension ( PAH ) and pulmonary hypertension associated with interstitial lung disease ( PH-ILD ).
We operate through our wholly owned operating subsidiaries, Liquidia Technologies and Liquidia PAH, formerly known as RareGen.
We currently generate revenue pursuant to a promotion agreement between Liquidia PAH and Sandoz Inc.
( Sandoz ), dated as of August 1, 2018, as amended (the Promotion Agreement ), sharing profit derived from the sale of Sandoz s substitutable generic treprostinil injection ( Treprostinil Injection ) in the United States.
Liquidia PAH has the exclusive rights to conduct commercial activities to encourage the appropriate use of Treprostinil Injection.
We employ a targeted sales force calling on physicians and hospital pharmacies involved in the treatment of PAH and PH-ILD in the United States, as well as key stakeholders involved in the distribution and reimbursement of medicines to treat these patients.
We established our commercial presence in the field to support Treprostinil Injection and have since expanded our presence to support the potential launch of YUTREPIA (treprostinil) inhalation powder ( YUTREPIA ), further validating our reputation as a company committed to supporting PAH and PH-ILD patients.
We conduct research, development and manufacturing of novel products by applying our subject matter expertise in cardiopulmonary diseases and our proprietary PRINT technology, a particle engineering platform, to enable precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies.
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