LQDA on Nasdaq

Liquidia Corporation

Biopharmaceutical company.¹

Price unavailable

Last updated Oct 18, 2026.

Overview

Compare with HERON THERAPEUTICS, INC. /DE/, MACROGENICS INC or ELITE PHARMACEUTICALS INC /NV/, or pick any stock.

TickerLQDA on Nasdaq¹
IndustryPharmaceutical Preparations¹
HeadquartersDE¹
Websitewww.liquidia.com
Incorporated inDE³
Business address419 Davis Drive, Suite 100, Morrisville, Nc 27560³
Filer categoryNon-accelerated filer³

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-32.5%Operating margin⁴

-43.5%Net margin⁴

1031.2%Revenue growth, 2025⁴

-154.0%Return on equity⁴

-$40.0MFree cash flow⁴

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 94% of the revenue Liquidia Corporation broke down this way in fiscal 2025.

Product$148.3M⁴94%
Service$10.0M⁴6%down 28% from 2024

Products and services by year

Products and services	2023	2024	2025
Product			$148.3M
Service	$17.5M	$14.0M	$10.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Research and developmentSelling, general and admin

Research and development20¢$39.3M
Selling, general and admin80¢$157.2M

Out of $158.3M in revenue.⁴ The company lost money this year.

Financial statements

Revenue⁵⁶⁷⁸⁴$158.3M in 2025+1861% since 2019

Operating income⁵⁶⁷⁸⁴-$51.4M in 2025+10% since 2019

Net income⁵⁶⁷⁸⁴-$68.9M in 2025+45% since 2019

Every line of the income statement as filed: the last 3 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenues:	$158.3M	$14.0M	$17.5M
Research and development	$39.3M	$47.8M	$43.2M
Selling, general and administrative	$157.2M	$81.6M	$44.7M
Total costs and expenses	$209.7M	$135.3M	$90.9M
Income (loss) from operations	-$51.4M	-$121.3M	-$73.4M
Interest income	$6.6M	$7.7M	$3.5M
Interest expense	-$24.2M	-$14.7M	-$6.3M
Loss on extinguishment of debt			-$2.3M
Total other expense, net	-$17.5M	-$7.0M	-$5.1M
Net loss and comprehensive loss	-$68.9M	-$128.3M	-$78.5M
Net loss per common share, basic (in dollars per share)	-$0.80	-$1.63	-$1.21
Net loss per common share, diluted (in dollars per share)	-$0.80	-$1.63	-$1.21
Weighted average common shares outstanding, basic (in shares)	86.1M shares	78.7M shares	65.0M shares
Weighted average common shares outstanding, diluted (in shares)	86.1M shares	78.7M shares	65.0M shares

Total assets⁵⁶⁷⁸¹¹⁴$327.9M in 2025+376% since 2019

Total liabilities⁵⁶⁷⁸¹¹⁴$283.2M in 2025+735% since 2019

Shareholders’ equity⁶⁷⁸⁴$44.7M in 2025+28% since 2019

Cash⁶⁷⁸¹¹⁴$190.7M in 2025+192% since 2020

Long-term debt⁵⁶⁷⁸$19.9M in 2022+93% since 2019

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$190.7M	$176.5M
Accounts receivable, net	$54.1M	$2.7M
Inventory	$23.8M	$241.0K
Prepaid expenses and other current assets	$4.8M	$5.7M
Total current assets	$273.4M	$185.1M
Property, plant and equipment, net	$11.8M	$8.3M
Operating lease right-of-use assets, net	$3.9M	$4.2M
Indemnification asset, related party	$8.4M	$7.5M
Contract acquisition costs, net	$6.8M	$7.3M
Intangible asset, net	$3.0M	$3.2M
Goodwill	$3.9M	$3.9M
Restricted cash	$3.5M
Other assets	$13.2M	$10.9M
Total assets	$327.9M	$230.3M
Accounts payable	$3.7M	$4.7M
Accrued expenses and other current liabilities	$73.2M	$18.7M
Long-term debt, current	$58.4M	$18.0M
Operating and finance lease liabilities, current	$487.0K	$417.0K
Total current liabilities	$135.8M	$41.8M
Litigation finance payable	$8.4M	$7.3M
Long-term debt, noncurrent	$132.9M	$95.3M
Operating and finance lease liabilities, noncurrent	$6.1M	$6.6M
Total liabilities	$283.2M	$150.9M
Common stock - $0.001 par value, 115,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively, 87,204,137 and 84,683,063 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	$87.0K	$85.0K
Additional paid-in capital	$671.0M	$636.7M
Accumulated deficit	-$626.3M	-$557.4M
Total stockholders' equity	$44.7M	$79.4M	$47.3M	$90.4M
Total liabilities and stockholders' equity	$327.9M	$230.3M
Preferred stock, shares authorized (in shares)	10.0M shares	10.0M shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	115.0M shares	115.0M shares
Common stock, shares issued (in shares)	87.2M shares	84.7M shares
Common stock, shares outstanding (in shares)	87.2M shares	84.7M shares

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$190.7M	$176.5M
Accounts receivable, net	$54.1M	$2.7M
Inventory	$23.8M	$241.0K
Prepaid expenses and other current assets	$4.8M	$5.7M
Total current assets	$273.4M	$185.1M
Property, plant and equipment, net	$11.8M	$8.3M
Operating lease right-of-use assets, net	$3.9M	$4.2M
Indemnification asset, related party	$8.4M	$7.5M
Contract acquisition costs, net	$6.8M	$7.3M
Intangible asset, net	$3.0M	$3.2M
Goodwill	$3.9M	$3.9M
Restricted cash	$3.5M
Other assets	$13.2M	$10.9M
Total assets	$327.9M	$230.3M
Accounts payable	$3.7M	$4.7M
Accrued expenses and other current liabilities	$73.2M	$18.7M
Long-term debt, current	$58.4M	$18.0M
Operating and finance lease liabilities, current	$487.0K	$417.0K
Total current liabilities	$135.8M	$41.8M
Litigation finance payable	$8.4M	$7.3M
Long-term debt, noncurrent	$132.9M	$95.3M
Operating and finance lease liabilities, noncurrent	$6.1M	$6.6M
Total liabilities	$283.2M	$150.9M
Common stock - $0.001 par value, 115,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively, 87,204,137 and 84,683,063 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	$87.0K	$85.0K
Additional paid-in capital	$671.0M	$636.7M
Accumulated deficit	-$626.3M	-$557.4M
Total stockholders' equity	$44.7M	$79.4M	$47.3M	$90.4M
Total liabilities and stockholders' equity	$327.9M	$230.3M
Preferred stock, shares authorized (in shares)	10.0M shares	10.0M shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	115.0M shares	115.0M shares
Common stock, shares issued (in shares)	87.2M shares	84.7M shares
Common stock, shares outstanding (in shares)	87.2M shares	84.7M shares

Cash from operations⁵⁶⁷⁸⁴-$35.7M in 2025−26% since 2019

Capital spending⁵⁶⁷⁸⁴$4.3M in 2025+134% since 2019

Free cash flow⁵⁶⁷⁸⁴-$40.0M in 2025−20% since 2019

Every line of the cash flow as filed: the last 3 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31	2023-12-31
Net loss	-$68.9M	-$128.3M	-$78.5M
Acquired in-process research and development	$2.0M	$3.5M	$10.0M
Stock-based compensation	$29.5M	$18.8M	$10.1M
Depreciation and amortization	$1.5M	$2.2M	$2.2M
Non-cash lease expense	$238.0K	$468.0K	$397.0K
Loss (gain) on disposal of property and equipment	$11.0K	$46.0K	-$2.0K
Loss on extinguishment of debt			$2.3M
Accretion and non-cash interest expense	$24.2M	$14.6M	$6.1M
Accounts receivable, net	-$51.4M	$1.3M	$956.0K
Inventory	-$23.0M	-$241.0K
Prepaid expenses and other current assets	$840.0K	-$1.9M	-$798.0K
Other noncurrent assets	-$2.3M	-$10.6M	$20.0K
Accounts payable	-$2.6M	$2.3M	-$1.2M
Accrued expenses and other current liabilities	$54.5M	$5.3M	$7.7M
Operating lease liabilities	-$353.0K	-$970.0K	-$900.0K
Net cash used in operating activities	-$35.7M	-$93.4M	-$41.6M
Purchase of in-process research and development	-$2.0M	-$3.5M	-$10.0M
Proceeds from the sale of property, plant and equipment		$8.0K	$2.0K
Purchases of property, plant and equipment	-$4.3M	-$4.9M	-$1.3M
Net cash used in investing activities	-$6.3M	-$8.4M	-$11.3M
Proceeds from long-term debt, net of fees	$75.0M	$57.5M	$41.7M
Payments on long-term debt	-$21.1M	-$4.9M	-$21.7M
Payments for debt prepayment and extinguishment costs			-$2.2M
Principal payments on finance leases	-$64.0K	-$107.0K	-$181.0K
Receipts from litigation financing	$1.1M	$593.0K	$113.0K
Proceeds from sale of common stock, net of issuance costs		$138.6M	$24.2M
Proceeds from issuance of common stock under stock incentive plans	$4.8M	$3.0M	$1.2M
Net cash provided by financing activities	$59.7M	$194.7M	$43.2M
Net increase in cash, cash equivalents, and restricted cash	$17.7M	$92.8M	-$9.6M
Cash paid for interest			$360.0K
Cash paid for operating lease liabilities	$1.4M	$1.3M	$1.3M
Offering costs incurred, but not paid included in accrued expenses			$132.0K
Non-cash increase in right-of-use assets due to remeasurement of lease liabilities		$4.6M
Non-cash increase in property, plant and equipment through accounts payable	$650.0K	$210.0K	$239.0K
Non-cash increase in indemnification asset through accounts payable	$932.0K	$753.0K	$112.0K

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Leadership

Who has led Liquidia Corporation, and when. Pick a name to see everywhere that person has worked.

Chief executive

Chief financial officer

Michael Kaseta2020–now

Chief operating officer

Michael Kaseta2024–now

2025

Chief executive officerRoger Jeffs Jan 4, 2022 to now¹²
Chief executive officerNeal Franklin Fowler Nov 20, 2020 to Nov 20, 2020¹³
Chief executive officerDamian Degoa Dec 15, 2020 to Jul 23, 2021¹⁴
Chief financial officerMichael Kaseta Dec 1, 2020 to now¹⁵
Chief operating officerMichael Kaseta Jan 16, 2024 to now¹⁶

Board members and other officers (19)

Chief Development OfficerSanjeev Khindri Jan 13, 2026 to now¹⁷
Chief Human Resource OfficerSarah Krepp Jul 3, 2025 to now¹⁸
Chief Medical OfficerRajeev Saggar Jul 20, 2022 to now¹⁹
SVP, Human ResourcesFlorina Krawchick Jan 20, 2021 to Jan 20, 2021²⁰
Chief Operations OfficerRobert A. Lippe Jan 20, 2021 to Dec 5, 2023²¹
CMO and Head of R&DTushar Shah Jan 20, 2021 to Jan 19, 2022²²
V.P. Crp Dvlpmnt and StrtgyJason Adair Jul 23, 2021 to now²³
SVP, CommercialScott Moomaw Nov 19, 2020 to now²⁴
Board memberArthur S. Kirsch Mar 26, 2021 to now²⁵
Board memberJoanna Horobin Mar 26, 2021 to now²⁶
Board memberKatherine Rielly-Gauvin Mar 26, 2021 to now²⁷
Board memberRaman Singh Mar 26, 2021 to now²⁸
Board memberStephen M. Bloch Mar 26, 2021 to now²⁹
Board memberRussell Schundler Mar 31, 2021 to Mar 31, 2021³⁰
Board memberPaul B. Manning Nov 19, 2020 to now³¹
Board memberRoger Jeffs Nov 19, 2020 to now³²
Board memberNeal Franklin Fowler Nov 20, 2020 to Nov 20, 2020¹³
Board memberDamian Degoa Dec 15, 2020 to now¹⁴
General counselRussell Schundler Mar 31, 2021 to now³⁰

Timeline

Jan 4, 2022New chief executive Roger Jeffs becomes CEO¹²
Dec 15, 2020New chief executive Damian Degoa becomes CEO¹⁴
Nov 20, 2020New chief executive Neal Franklin Fowler becomes CEO¹³

Filings

581 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 96 major events, 350 insider forms, 24 large holders, 91 other. The latest 20:

The 581 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 24 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
BlackRock, Inc.	10,788,586	$860.2M	0.0%	+5,299,442
Farallon Capital Management, L.l.c.	8,365,038	$666.9M	3.9%	−291,000
Caligan Partners LP	8,118,892	$647.3M	31.2%	No change
Findell Capital Management LLC	3,502,112	$279.2M	46.0%	No change
Vanguard Capital Management LLC	3,139,183	$250.3M	0.0%	+212,238
State Street Corp	3,030,395	$241.6M	0.0%	+1,148,796
Opaleye Management Inc.	2,447,500	$195.1M	17.7%	−97,500
Geode Capital Management, LLC	2,121,290	$169.2M	0.0%	+192,321
Bank Of America Corp /de/	1,991,566	$158.8M	0.0%	−296,226
Vanguard Portfolio Management LLC	1,532,151	$122.2M	0.0%	+899,526
Caprock Group, LLC	1,409,759	$112.4M	2.2%	+42,524
Mpm Bioimpact LLC	1,386,174	$110.5M	6.7%	−18,984
D. E. Shaw & Co., Inc.	1,267,706	$101.1M	0.1%	+394,641
Fuller & Thaler Asset Management, Inc.	1,209,604	$96.4M	0.3%	New
Goldman Sachs Group Inc	958,892	$76.5M	0.0%	+146,902
Federated Hermes, Inc.	816,187	$65.1M	0.1%	+377,420
Northern Trust Corp	709,063	$56.5M	0.0%	+129,188
Charles Schwab Investment Management Inc	674,033	$53.7M	0.0%	+116,833
Morgan Stanley	658,441	$52.5M	0.0%	+313,770
Boothbay Fund Management, LLC	622,716	$49.6M	0.9%	−2,332
UBS Group AG	606,558	$48.4M	0.0%	+399,321
Fmr LLC	595,629	$47.5M	0.0%	+13,429
American Century Companies Inc	542,131	$43.2M	0.0%	New
Vanguard Fiduciary Trust Co	503,774	$40.2M	0.0%	+31,501
Susquehanna International Group, Llp	471,067	$37.6M	0.0%	−530,014

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataLiquidia Corporation on Wikidata
2
SEC EDGARLiquidia Corporation filings on SEC EDGAR
3
SEC EDGARLiquidia Corporation filings on SEC EDGAR
4
SEC EDGARLiquidia Corporation 10-K for fiscal 2025
5
SEC EDGARLiquidia Corporation 10-K for fiscal 2019
6
SEC EDGARLiquidia Corporation 10-K for fiscal 2020
7
SEC EDGARLiquidia Corporation 10-K for fiscal 2021
8
SEC EDGARLiquidia Corporation 10-K for fiscal 2022
9
SEC EDGARLiquidia Corporation 10-Q for fiscal 2026
10
SEC EDGARLiquidia Corporation 10-Q for fiscal 2026
11
SEC EDGARLiquidia Corporation 10-K for fiscal 2023
12
SEC EDGARRoger Jeffs, Chief executive officer
13
SEC EDGARNeal Franklin Fowler, Chief executive officer
14
SEC EDGARDamian Degoa, Chief executive officer
15
SEC EDGARMichael Kaseta, Chief financial officer
16
SEC EDGARMichael Kaseta, Chief operating officer
17
SEC EDGARSanjeev Khindri, Chief Development Officer
18
SEC EDGARSarah Krepp, Chief Human Resource Officer
19
SEC EDGARRajeev Saggar, Chief Medical Officer
20
SEC EDGARFlorina Krawchick, SVP, Human Resources
21
SEC EDGARRobert A. Lippe, Chief Operations Officer
22
SEC EDGARTushar Shah, CMO and Head of R&D
23
SEC EDGARJason Adair, V.P. Crp Dvlpmnt and Strtgy
24
SEC EDGARScott Moomaw, SVP, Commercial
25
SEC EDGARArthur S. Kirsch, Board member
26
SEC EDGARJoanna Horobin, Board member
27
SEC EDGARKatherine Rielly-Gauvin, Board member
28
SEC EDGARRaman Singh, Board member
29
SEC EDGARStephen M. Bloch, Board member
30
SEC EDGARRussell Schundler, Board member
31
SEC EDGARPaul B. Manning, Board member
32
SEC EDGARRoger Jeffs, Board member