At a glance
Liquidia Technologies Inc is worth $4.09B. Revenue grew 1031.2% to $158.3M in fiscal 2025, at a loss; over 5 years it has grown 192.5% a year. It pays no dividend. The stock returned +97.5% over the past year with dividends reinvested and +64.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.6% in the 2020 crash (S&P 500: 33.7%) and 55.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 3 months after the lows.
The business in plain English
Liquidia is a biopharmaceutical company focused on two serious conditions that raise blood pressure in the lungs. In pulmonary arterial hypertension (PAH), the lung arteries harden and narrow, straining the heart. In PH-ILD, the high pressure stems from interstitial lung disease. The main product, YUTREPIA, is an inhaled dry-powder form of the drug treprostinil. The FDA approved it for both conditions in May 2025, and sales began in June 2025. Liquidia's PRINT technology makes uniform particles meant to reach deep into the lungs from a low-effort inhaler.
Liquidia makes money in two ways: YUTREPIA sales, and a share of the profit on Sandoz's generic treprostinil injection in the US under a 2018 promotion agreement. Sandoz makes the injection and holds its approval, while Liquidia has exclusive rights to market it. A US sales force calls on doctors who treat these diseases and on the groups that pay for the drugs. The 10-K does not split revenue by product or region.
Revenue jumped to $158.3 million in 2025 from $14.0 million in 2024 as YUTREPIA launched. The pipeline includes L606, a twice-daily nebulized treprostinil licensed from Pharmosa. Its worldwide pivotal trial (the large study usually needed for approval) in PH-ILD has begun. Liquidia's closest rivals are United Therapeutics' inhaled Tyvaso and Tyvaso DPI.
Price history
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LQDA +97.5% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $171.7M, up 1842.7% from a year earlier, and net income was $74.7M.
- For fiscal 2025, revenue was $158.3M (+1031.2% year over year; +192.5% a year from FY2020 to FY2025) with a -43.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +192.5% good |
|---|---|
| Operating margin | -32.5% weak |
| Free cash flow margin | -25.3% weak |
| Return on equity (FY2025) | -154% weak |
| Return on assets (FY2025) | -21% weak |
| Cash and investments | $284.2M (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $740K | $-59.8M | $-54.9M |
| FY2021 | $12.9M | $-34.6M | $-34.1M |
| FY2022 | $15.9M | $-41.0M | $-29.2M |
| FY2023 | $17.5M | $-78.5M | $-42.9M |
| FY2024 | $14.0M | $-128.3M | $-98.4M |
| FY2025 | $158.3M | $-68.9M | $-40.0M |
Valuation snapshot
| Market value | $4.09B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Liquidia Technologies’s market value went from $253.1M at the end of 2021 to $4.09B on Oct 28, 2026, about 16.2 times as much; since the end of 2025 it is up 36%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.09B | +36.4% |
| 2025 | $3.00B | +201.5% |
| 2024 | $995.3M | +27.5% |
| 2023 | $780.8M | +90.1% |
| 2022 | $410.8M | +62.3% |
| 2021 | $253.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LQDA price data to Oct 28, 2026 | +32.6% | +97.5% | +94.6% | +64.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.6% |
| 2025 | +193.3% |
| 2024 | -2.2% |
| 2023 | +88.8% |
| 2022 | +30.8% |
| 2021 | +65.1% |
| 2020 | -31.0% |
| 2019 | -80.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 15.3% over that stretch · deepest drop along the way 36.6%, back to its old high 0.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4.5% over that stretch · deepest drop along the way 55.4%, back to its old high 2.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 39 sales ($54.7M), 26 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 23, 2026 | Stephen M Bloch Director | sell | $8.6M |
| Oct 5, 2026 | Stephen M Bloch Director | sell | $6.4M |
| Jul 21, 2026 | Stephen M Bloch Director | sell | $6.0M |
| Jul 22, 2026 | Stephen M Bloch Director | sell | $4.3M |
| Aug 19, 2026 | Rajeev Saggar Chief Medical Officer | sell | $3.7M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.9% | Jun 30, 2026 |
| Farallon Capital Partners, L.P. | 9.9% | Dec 31, 2025 |
| Farallon Capital Management, L.L.C. | 9.4% | Jun 30, 2026 |
| Paul B Manning | 6.5% | Jun 30, 2026 |
| Legend Aggregator, LP | 2.2% | Dec 31, 2024 |
ETFs with the most weight in LQDA
| BBC Virtus LifeSci Biotech Clinical Trials ETF | 1.57% |
| IWC iShares Micro-Cap ETF | 0.24% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.23% |
| KOMP SPDR S&P Kensho New Economies Composite ETF | 0.2% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.12% |
| IWO iShares Russell 2000 Growth ETF | 0.07% |
| VTWG Vanguard Russell 2000 Growth ETF | 0.07% |
| FAD First Trust Multi Cap Growth AlphaDEX Fund | 0.05% |
What could go wrong
- Rival's lawsuits could pull YUTREPIA off market. United Therapeutics' patent and trade-secret suits seek, in several cases, to force YUTREPIA off the market. A loss could also mean large damages or handing the rival a share of its intellectual property.
- One new drug carries the business. Liquidia depends mainly on YUTREPIA, approved in May 2025, and the experimental L606. Weak uptake by doctors, patients or insurers, or losing approval for either disease, would hit the business hard.
- Established rivals use the same drug. Liquidia faces large drug companies and others. United Therapeutics already markets the same drug as inhaled Tyvaso and Tyvaso DPI. A rival with a better product profile could take patients from YUTREPIA or L606.
- Supply limits and reliance on partners. Liquidia may not be able to make enough product to meet future demand. It also relies on medical devices it does not control, and on Sandoz to make and supply the generic injection.
- Trials for growth may fail or slip. Growth plans rest on trials, including a large late-stage study of L606 and planned tests of YUTREPIA in other diseases. Trials can fail or run late, raising costs, and early results may not hold up.
- Losses, and staying profitable is uncertain. Liquidia lost $68.9 million in 2025 and lost money every year from 2020. It earned a profit in the quarter ended June 30, 2026, but staying profitable is uncertain, and new funding could be needed.
Recent events
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- Other company announcement
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- Quarterly results released; Other company announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released; Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Liquidia paid no dividends and repurchased no shares from 2021 through 2025. It offers no income stream: any return comes from the share price, so any spending money must come from cashing in shares. The share count rose 72.2%, from about 52.0 million in August 2021 to about 89.5 million in July 2026, so each share represents a smaller slice of the company.
In the 2020 COVID crash the stock fell 36.6%, then recovered by April 6, 2020. In the 2022 market slump it dropped 55.4% between April and May 2022 and recovered by August 15, 2022. Across the market's full fall, from January to October 2022, the stock still gained 4.5%. In the year to October 28, 2026, its biggest drop from a high was 71.5%, and its worst over 8.3 years of price history was 93.9%. As a single stock that depends heavily on one drug, Liquidia carries more risk than a diversified fund.
Questions investors ask
Does Liquidia pay a dividend?
No. Liquidia paid no dividends and repurchased no shares from 2021 through 2025. The company lost money every year from 2020 to 2025, and its 10-K says it expects significant expenses as it markets YUTREPIA and runs more clinical trials. Any return depends on the share price, so the stock offers nothing for investors who rely on regular income.
How does Liquidia make money?
Liquidia makes money from YUTREPIA sales and a profit share on a generic injection. YUTREPIA is an inhaled dry-powder treprostinil for PAH and PH-ILD, two forms of high blood pressure in the lungs. The FDA approved it in May 2025, and sales began in June 2025. Under a promotion agreement, Liquidia also shares the profit on Sandoz's generic treprostinil injection in the US. Revenue jumped to $158.3 million in 2025 from $14.0 million in 2024. The 10-K does not break revenue down by product.
Is Liquidia profitable?
Not on a full-year basis as of its 10-K for 2025. Liquidia lost $68.9 million in 2025, or $0.80 per share, and lost money in each year from 2020 to 2025. Free cash flow, the cash left after running and investing in the business, was negative $40.0 million in 2025. In the quarter ended June 30, 2026, though, it reported net income of $74.7 million on revenue of $171.7 million. The 10-K calls lasting profitability uncertain.
Why is United Therapeutics suing Liquidia?
United Therapeutics claims YUTREPIA infringes its patents, according to Liquidia's 10-K filed March 5, 2026. In two other suits, it claims Liquidia and a former United Therapeutics employee who later joined Liquidia conspired to misuse its trade secrets, and that it is entitled to part of Liquidia's intellectual property. In several cases it seeks a court order that would force YUTREPIA off the market. Losing could also mean large damages. The status may have changed since that filing.
How has Liquidia stock performed?
Strongly over longer periods, with deep drops along the way. As of October 28, 2026, the share price was up 97.5% over one year and 1,113% in total over five years. It gained 193.3% in calendar 2025. But it fell 47.3% over the prior three months, and in the year to that date it dropped as much as 71.5% from a high. These figures are price changes only; Liquidia pays no dividend.