Recent News
On January 9, 2026 the company announced preliminary, unaudited YUTREPIA net product sales of about $90.1 million for Q4 and $148.3 million for full-year 2025, reported more than 2,800 unique patient prescriptions and over 2,200 patient starts through December, and stated roughly $190.7 million in cash and cash equivalents as of December 31, 2025. On January 7, 2026 Liquidia scheduled a presentation at the 44th Annual J.P. Morgan Healthcare Conference for January 14, 2026. On January 27, 2026 Liquidia announced three poster presentations at the Pulmonary Vascular Research Institute 2026 Annual Congress highlighting interim ASCENT and 48‑week L606 data.
Technical Analysis
ADX shows a strong trend at 35.25, indicating above-average trend strength that amplifies directional signals and near-term volatility potential.
Directional indicators: DI+ sits at 26.67 with a dip‑and‑reversal (a bullish reversal in DI+), while DI‑ reads 12.00 with a dip‑and‑reversal (a bearish reversal in DI‑). Concurrent reversals on both directional lines point to heightened directional contest; the ADX magnitude suggests that this contest will carry influence over near-term price action relative to valuation.
MACD measures 2.65 with the signal at 2.25 and an increasing MACD trend; MACD has crossed above its signal line, signaling bullish momentum in the short term.
MRO stands at 37.07 and is increasing; the MRO positive value indicates the price sits above the model target and therefore implies corrective downward pressure over time even as momentum indicators run positive.
RSI at 62.68 shows a peak‑and‑reversal pattern, which carries a bearish implication for momentum despite MACD strength; this divergence increases the chance of a short-term pullback from recent highs.
Price vs averages and bands: the close at $44.43 trades above the 20‑day average ($41.79), 50‑day average ($35.95) and 200‑day average ($24.23); 12‑day EMA ( $42.37) trends higher. Price sits near the Bollinger upper band (1x std dev $44.46), with the upper 2x band at $47.13 and the 52‑week high at $46.67, suggesting resistance clustered in the mid‑$46s. The SuperTrend lower support sits at $39.83, offering a nearer structural support reference.
Volume context: current volume (~1.91M) aligns with the 10‑day average (~1.86M) and remains below the 200‑day average (~2.32M), indicating launch interest but not yet broad market participation.
Fundamental Analysis
Revenue and profitability: total revenue equals $54,342,000 and YoY revenue growth measures 22.88% with QoQ growth of 1.81%, reflecting launch-driven top‑line expansion. Gross profit reached $51,169,000 and gross margin registers 94.16%, indicating a high product margin profile for reported sales.
Operating performance: EBIT equals $3,412,000 with an EBIT margin of 6.28%. That EBIT margin stands above the industry peer mean and above the industry peer median for comparable biotechnology peers. EBITDA equals $3,888,000 and operating income equals $1,767,000, supporting the company’s reported move toward operating profitability in launch quarters.
Earnings per share: GAAP EPS actual equals -$0.04 versus an estimate of -$0.35, producing an EPS surprise of $0.31 (about 88.6% relative surprise), and an EPS surprise ratio of 0.8857; that beat reflects lower-than-expected headline loss in the reported period.
Cash, liquidity and leverage: cash on the books equals $157,496,000 as of the September 30, 2025 period-end in the provided dataset, while the company reported approximately $190.7 million in cash and equivalents as of December 31, 2025 in its January update. Current ratio measures 2.20, quick ratio 1.96 and cash ratio 1.53, indicating ample near‑term liquidity versus current liabilities. Gross leverage, however, remains elevated: total debt $199,182,000, debt‑to‑assets 72.17% and debt‑to‑equity ~9.03; debt‑to‑EBITDA sits near 51.2x. Those leverage metrics coexist with substantial cash and launch receipts but imply material long‑term funding risk if product momentum slows.
Cash flow and efficiency: operating cash flow reads negative $9,770,000 with free cash flow negative $10,681,000 in the provided period, though the company reported more than $30 million of positive cash flow in Q4 per the January update. Asset turnover equals 0.2038, and the cash conversion cycle measures ~453 days, which sits above the industry peer mean and median and reflects slow working capital conversion.
Valuation metrics: price‑to‑book equals 89.72, substantially above the industry peer mean and median; enterprise multiple and price multiples appear elevated relative to peer averages. The dataset’s stated valuation from WMDST classifies the stock as under‑valued; that WMDST determination sits alongside market multiples that reflect a premium on launch expectations and future growth potential.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 176.9 M |
| Operating Cash Flow | $ -9.77 M | |
| Capital Expenditures | $ -911.00 K | |
| Change In Working Capital | $ -21.62 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -15.93 M | |
| End Period Cash Flow | $ 161.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 54.3 M | |
| Forward Revenue | $ -224.85 M | |
| COSTS | ||
| Cost Of Revenue | $ 3.2 M | |
| Depreciation | $ 476.0 K | |
| Depreciation and Amortization | $ 476.0 K | |
| Research and Development | $ 9.3 M | |
| Total Operating Expenses | $ 52.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 51.2 M | |
| EBITDA | $ 3.9 M | |
| EBIT | $ 3.4 M | |
| Operating Income | $ 1.8 M | |
| Interest Income | $ 1.6 M | |
| Interest Expense | $ 6.9 M | |
| Net Interest Income | $ -5.30 M | |
| Income Before Tax | $ -3.53 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -3.53 M | |
| Net Income From Continuing Operations | $ -3.53 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.35 | |
| EPS Actual | $ -0.04 | |
| EPS Difference | $ 0.31 | |
| EPS Surprise | 88.571 % | |
| Forward EPS | $ 0.67 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 276.0 M | |
| Intangible Assets | $ 6.9 M | |
| Net Tangible Assets | $ 15.2 M | |
| Total Current Assets | $ 226.7 M | |
| Cash and Short-Term Investments | $ 157.5 M | |
| Cash | $ 157.5 M | |
| Net Receivables | $ 36.0 M | |
| Inventory | $ 24.5 M | |
| Long-Term Investments | $ 20.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 6.0 M | |
| Short-Term Debt | $ 56.1 M | |
| Total Current Liabilities | $ 102.9 M | |
| Net Debt | $ 35.0 M | |
| Total Debt | $ 199.2 M | |
| Total Liabilities | $ 253.9 M | |
| EQUITY | ||
| Total Equity | $ 22.1 M | |
| Retained Earnings | $ -640.87 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.25 | |
| Shares Outstanding | 86.819 M | |
| Revenue Per-Share | $ 0.63 | |
| VALUATION | Market Capitalization | $ 2.0 B |
| Enterprise Value | $ 2.0 B | |
| Enterprise Multiple | 519.627 | |
| Enterprise Multiple QoQ | -1144.689 % | |
| Enterprise Multiple YoY | -1522.098 % | |
| Enterprise Multiple IPRWA | LQDA: 519.627 high: 52.77 median: 28.451 mean: 8.472 low: -82.433 |
|
| EV/R | 37.178 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 12.515 | |
| Asset To Liability | 1.087 | |
| Debt To Capital | 0.9 | |
| Debt To Assets | 0.722 | |
| Debt To Assets QoQ | -7.289 % | |
| Debt To Assets YoY | 14509.717 % | |
| Debt To Assets IPRWA | high: 1.045 LQDA: 0.722 mean: 0.239 median: 0.17 low: 0.0 |
|
| Debt To Equity | 9.032 | |
| Debt To Equity QoQ | -31.539 % | |
| Debt To Equity YoY | 79832.566 % | |
| Debt To Equity IPRWA | LQDA: 9.032 high: 1.395 mean: 0.34 median: 0.106 low: -0.869 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 89.725 | |
| Price To Book QoQ | -21.94 % | |
| Price To Book YoY | 980.869 % | |
| Price To Book IPRWA | LQDA: 89.725 high: 16.86 mean: 6.892 median: 6.057 low: -8.555 |
|
| Price To Earnings (P/E) | -569.754 | |
| Price To Earnings QoQ | 1617.178 % | |
| Price To Earnings YoY | 1475.165 % | |
| Price To Earnings IPRWA | high: 56.753 median: 30.96 mean: 4.616 low: -93.179 LQDA: -569.754 |
|
| PE/G Ratio | 6.204 | |
| Price To Sales (P/S) | 36.411 | |
| Price To Sales QoQ | -81.569 % | |
| Price To Sales YoY | -82.347 % | |
| Price To Sales IPRWA | high: 1040.421 mean: 64.738 LQDA: 36.411 median: 18.442 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -57.592 | |
| Forward PE/G | 0.627 | |
| Forward P/S | 15.197 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.213 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.204 | |
| Asset Turnover Ratio QoQ | 459.012 % | |
| Asset Turnover Ratio YoY | 885.3 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 LQDA: 0.204 mean: 0.119 median: 0.107 low: -0.004 |
|
| Receivables Turnover | 2.366 | |
| Receivables Turnover Ratio QoQ | 50.162 % | |
| Receivables Turnover Ratio YoY | 98.207 % | |
| Receivables Turnover Ratio IPRWA | high: 5.5 LQDA: 2.366 median: 1.573 mean: 1.469 low: -0.057 |
|
| Inventory Turnover | 0.205 | |
| Inventory Turnover Ratio QoQ | -46.677 % | |
| Inventory Turnover Ratio YoY | -52.548 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.642 median: 0.477 LQDA: 0.205 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 38.56 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 453.452 | |
| Cash Conversion Cycle Days QoQ | -246.339 % | |
| Cash Conversion Cycle Days YoY | 766.743 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 LQDA: 453.452 median: 189.366 mean: 174.842 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.439 | |
| CapEx To Revenue | -0.017 | |
| CapEx To Depreciation | -1.914 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 158.5 M | |
| Net Invested Capital | $ 214.5 M | |
| Invested Capital | $ 214.5 M | |
| Net Tangible Assets | $ 15.2 M | |
| Net Working Capital | $ 123.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.53 | |
| Current Ratio | 2.202 | |
| Current Ratio QoQ | -11.705 % | |
| Current Ratio YoY | -65.21 % | |
| Current Ratio IPRWA | high: 25.502 mean: 4.049 median: 2.865 LQDA: 2.202 low: 0.02 |
|
| Quick Ratio | 1.964 | |
| Quick Ratio QoQ | -18.577 % | |
| Quick Ratio YoY | -68.969 % | |
| Quick Ratio IPRWA | high: 13.391 mean: 2.554 median: 1.998 LQDA: 1.964 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 51.23 | |
| Cost Of Debt | 3.476 % | |
| Interest Coverage Ratio | 0.491 | |
| Interest Coverage Ratio QoQ | -107.738 % | |
| Interest Coverage Ratio YoY | -107.301 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 37.736 median: 6.583 LQDA: 0.491 low: -1337.523 |
|
| Operating Cash Flow Ratio | -0.51 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 529.244 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.215 % | |
| Revenue Growth | 514.937 % | |
| Revenue Growth QoQ | 181.022 % | |
| Revenue Growth YoY | 2288.058 % | |
| Revenue Growth IPRWA | LQDA: 514.937 % high: 301.849 % mean: 8.063 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | -91.837 % | |
| Earnings Growth QoQ | -1133.153 % | |
| Earnings Growth YoY | 385.422 % | |
| Earnings Growth IPRWA | high: 162.5 % median: -6.312 % mean: -8.375 % LQDA: -91.837 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 94.161 % | |
| Gross Margin QoQ | 13.365 % | |
| Gross Margin YoY | 45.274 % | |
| Gross Margin IPRWA | high: 105.39 % LQDA: 94.161 % median: 81.951 % mean: 79.719 % low: -35.147 % |
|
| EBIT Margin | 6.279 % | |
| EBIT Margin QoQ | -101.545 % | |
| EBIT Margin YoY | -101.385 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 42.305 % LQDA: 6.279 % mean: -84.099 % low: -7772.481 % |
|
| Return On Sales (ROS) | 3.252 % | |
| Return On Sales QoQ | -100.766 % | |
| Return On Sales YoY | -100.718 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.431 % LQDA: 3.252 % mean: -89.878 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -10.68 M | |
| Free Cash Flow Yield | -0.54 % | |
| Free Cash Flow Yield QoQ | -76.744 % | |
| Free Cash Flow Yield YoY | -81.532 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 1.086 % mean: 0.601 % LQDA: -0.54 % low: -57.887 % |
|
| Free Cash Growth | -73.652 % | |
| Free Cash Growth QoQ | -339.675 % | |
| Free Cash Growth YoY | -712.949 % | |
| Free Cash Growth IPRWA | high: 201.164 % mean: 25.484 % median: 22.832 % LQDA: -73.652 % low: -200.947 % |
|
| Free Cash To Net Income | 3.023 | |
| Cash Flow Margin | -96.546 % | |
| Cash Flow To Earnings | 14.85 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -1.325 % | |
| Return On Assets QoQ | -92.275 % | |
| Return On Assets YoY | -87.69 % | |
| Return On Assets IPRWA | high: 30.5 % median: 2.42 % LQDA: -1.325 % mean: -1.375 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 1.972 % | |
| Return On Equity (ROE) | -0.16 | |
| Return On Equity QoQ | -94.148 % | |
| Return On Equity YoY | -23.531 % | |
| Return On Equity IPRWA | high: 0.948 median: 0.047 mean: 0.013 LQDA: -0.16 low: -1.385 |
|
| DuPont ROE | -18.973 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |