# Liquidia Corp: overview

LQDA · Nasdaq · CIK 1819576 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/lqda.md) · [Financials](/companies/lqda/financials.md) · [Filings](/companies/lqda/filings.md) · [Insiders](/companies/lqda/insiders.md)

Latest reported revenue: [$171.7m](/filings/0001104659-26-094410.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 12, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001104659-26-094410).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [4.4](/filings/0001104659-25-105215.md) | [2.9 d](/filings/0001104659-26-023804.md) | [3.1](/filings/0001104659-26-058252.md) | [8.8](/filings/0001104659-26-094410.md) | [54.3](/filings/0001104659-25-105215.md) | [92.0 d](/filings/0001104659-26-023804.md) | [133](/filings/0001104659-26-058252.md) | [172](/filings/0001104659-26-094410.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(656.2%)](/filings/0001104659-25-105215.md) | [(1237.8%) d](/filings/0001104659-26-023804.md) | [(1135.4%)](/filings/0001104659-26-058252.md) | [(424.4%)](/filings/0001104659-26-094410.md) | [3.3%](/filings/0001104659-25-105215.md) | [21.5% d](/filings/0001104659-26-023804.md) | [46.3%](/filings/0001104659-26-058252.md) | [49.8%](/filings/0001104659-26-094410.md) |
| Net margin | % | [(697.6%)](/filings/0001104659-25-105215.md) | [(1320.2%) d](/filings/0001104659-26-023804.md) | [(1229.7%)](/filings/0001104659-26-094410.md) | [(470.5%)](/filings/0001104659-26-094410.md) | [(6.5%)](/filings/0001104659-25-105215.md) | [15.8% d](/filings/0001104659-26-023804.md) | [39.8%](/filings/0001104659-26-094410.md) | [43.5%](/filings/0001104659-26-094410.md) |
| Diluted EPS | $ per share | [(0.40)](/filings/0001104659-25-105215.md) | not reported | [(0.45)](/filings/0001104659-26-058252.md) | [(0.49)](/filings/0001104659-26-094410.md) | [(0.04)](/filings/0001104659-25-105215.md) | not reported | [0.52](/filings/0001104659-26-058252.md) | [0.74](/filings/0001104659-26-094410.md) |
| Free cash flow | $m | [(26.8) d](/filings/0001104659-25-105215.md) | [(22.1) d](/filings/0001104659-26-023804.md) | [(31.0)](/filings/0001104659-26-058252.md) | [(40.5) d](/filings/0001104659-26-094410.md) | [(10.7) d](/filings/0001104659-25-105215.md) | [42.2 d](/filings/0001104659-26-023804.md) | [50.2](/filings/0001104659-26-058252.md) | [69.0 d](/filings/0001104659-26-094410.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [12.9](/filings/0001558370-23-004191.md) | [15.9](/filings/0001558370-24-003051.md) | [17.5](/filings/0001104659-26-023804.md) | [14.0](/filings/0001104659-26-023804.md) | [158](/filings/0001104659-26-023804.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(263.0%)](/filings/0001558370-23-004191.md) | [(243.3%)](/filings/0001558370-24-003051.md) | [(419.6%)](/filings/0001104659-26-023804.md) | [(866.6%)](/filings/0001104659-26-023804.md) | [(32.5%)](/filings/0001104659-26-023804.md) |
| Net margin | % | [(269.0%)](/filings/0001558370-23-004191.md) | [(257.4%)](/filings/0001558370-24-003051.md) | [(448.9%)](/filings/0001104659-26-023804.md) | [(916.6%)](/filings/0001104659-26-023804.md) | [(43.5%)](/filings/0001104659-26-023804.md) |
| Diluted EPS | $ per share | [(0.70)](/filings/0001558370-23-004191.md) | [(0.67)](/filings/0001558370-24-003051.md) | [(1.21)](/filings/0001104659-26-023804.md) | [(1.63)](/filings/0001104659-26-023804.md) | [(0.80)](/filings/0001104659-26-023804.md) |
| Free cash flow | $m | [(34.1)](/filings/0001558370-23-004191.md) | [(29.2)](/filings/0001558370-24-003051.md) | [(42.9)](/filings/0001104659-26-023804.md) | [(98.4)](/filings/0001104659-26-023804.md) | [(40.0)](/filings/0001104659-26-023804.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/lqda/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $860.2m | 10,788,586 |  | Added +5,299,442 |
| [FARALLON CAPITAL MANAGEMENT, L.L.C.](/funds/909661.md) | 2026-06-30 | $666.9m | 8,365,038 |  | Reduced −291,000 |
| [Caligan Partners LP](/funds/1727492.md) | 2026-06-30 | $647.3m | 8,118,892 |  | Unchanged |
| [FINDELL CAPITAL MANAGEMENT LLC](/funds/1814465.md) | 2026-06-30 | $279.2m | 3,502,112 |  | Unchanged |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $250.3m | 3,139,183 |  | Added +212,238 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $241.6m | 3,030,395 |  | Added +1,148,796 |
| [Opaleye Management Inc.](/funds/1595855.md) | 2026-06-30 | $195.1m | 2,447,500 |  | Reduced −97,500 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $169.2m | 2,121,290 |  | Added +192,321 |
| [BANK OF AMERICA CORP /DE/](/funds/70858.md) | 2026-06-30 | $158.8m | 1,991,566 |  | Reduced −296,226 |
| [CITADEL ADVISORS LLC](/funds/1423053.md) | 2026-06-30 | $124.3m | 1,558,400 | Call | Added +65,100 |

## Recent filings

[All 697 filings](/companies/lqda/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-14 | 01:49 ET | [8-K](/filings/0001104659-26-115672.md) | 1.01 Entry into a material agreement; 1.02 Termination of a material agreement; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-115672 |
| 2026-09-30 | 21:27 ET | [8-K](/filings/0001104659-26-112420.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-112420 |
| 2026-09-03 | 12:00 ET | [8-K](/filings/0001104659-26-104929.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-104929 |
| 2026-08-12 | 10:45 ET | [10-Q](/filings/0001104659-26-094410.md) | Quarterly report, period 2026-06-30 | 0001104659-26-094410 |
| 2026-08-12 | 10:45 ET | [8-K](/filings/0001104659-26-094411.md) | 2.02 Results of operations; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-094411 |
| 2026-06-17 | 20:31 ET | [8-K](/filings/0001104659-26-075177.md) | 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001104659-26-075177 |
| 2026-06-08 | 20:30 ET | [8-K](/filings/0001104659-26-071407.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-071407 |
| 2026-05-11 | 11:00 ET | [10-Q](/filings/0001104659-26-058252.md) | Quarterly report, period 2026-03-31 | 0001104659-26-058252 |
| 2026-05-11 | 10:45 ET | [8-K](/filings/0001104659-26-058234.md) | 2.02 Results of operations; 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-058234 |
| 2026-04-24 | 20:15 ET | [DEF 14A](/filings/0001104659-26-048597.md) | Proxy statement, period 2026-06-16 | 0001104659-26-048597 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001104659-26-023804.md), filed Mar 5, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/3b9635da-7389-465a-9c4d-7e1adefd0265)

## About the filer

- CIK: 1819576
- Tickers: LQDA
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: DE
- Filer category: Non-accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:48 ET. No prices; not investment advice.