Liquidia Technologies (LQDA) financial statements
Liquidia Technologies reported revenue of $158M in fiscal 2025, up 64.2% a year over 6 years.
Net income was -$69M and the operating margin -32.5%, against -580.1% in 2019.
Free cash flow was -$40M.
The diluted share count rose 366% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Liquidia Technologies's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $8M | $739,628 | $13M | $16M | $17M | $14M | $158M |
| Cost of revenue | — | $237,712 | $3M | $3M | $3M | $6M | — |
| Gross profit | — | $501,916 | $10M | $13M | $15M | $8M | — |
| Research and development | $40M | $32M | $21M | $19M | $43M | $48M | $39M |
| Selling, general and admin | $14M | $27M | $23M | $32M | $45M | $82M | $157M |
| Operating income | -$47M | -$59M | -$34M | -$39M | -$73M | -$121M | -$51M |
| Interest expense | $1M | $857,998 | $762,000 | $2M | $6M | $15M | $24M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$48M | -$60M | -$35M | -$41M | -$79M | -$128M | -$69M |
| EPS (diluted) | -$2.57 | -$1.76 | -$0.70 | -$0.67 | -$1.21 | -$1.63 | -$0.80 |
| Diluted shares | 18M | 34M | 50M | 61M | 65M | 79M | 86M |
| Gross margin | — | 67.9% | 76.5% | 82.1% | 83.5% | 58.0% | — |
| Operating margin | -580.1% | -7989.0% | -263.0% | -243.3% | -419.6% | -866.6% | -32.5% |
| Net margin | -589.5% | -8080.1% | -269.0% | -257.4% | -448.9% | -916.6% | -43.5% |
Balance sheet
Fiscal years, from Liquidia Technologies's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $56M | $65M | $57M | $93M | $84M | $176M | $191M |
| Receivables | — | $0 | $3M | $5M | $4M | $3M | $54M |
| Inventory | — | — | — | — | — | $241,000 | $24M |
| Total current assets | $56M | $66M | $61M | $100M | $90M | $185M | $273M |
| Property, plant and equipment | $9M | $7M | $5M | $4M | $4M | $8M | $12M |
| Goodwill | $0 | $4M | $4M | $4M | $4M | $4M | $4M |
| Total assets | $69M | $100M | $94M | $129M | $118M | $230M | $328M |
| Total current liabilities | $17M | $12M | $7M | $9M | $19M | $42M | $136M |
| Long-term debt | $10M | $10M | $10M | $20M | — | — | — |
| Total liabilities | $34M | $28M | $28M | $39M | $71M | $151M | $283M |
| Shareholders' equity | $35M | $71M | $65M | $90M | $47M | $79M | $45M |
| Net debt | -$40M | -$55M | -$47M | -$73M | -$84M | -$176M | -$191M |
Cash flow
Fiscal years, from Liquidia Technologies's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$48M | -$54M | -$34M | -$29M | -$42M | -$93M | -$36M |
| Capital spending | $2M | $752,086 | $107,000 | $592,000 | $1M | $5M | $4M |
| Free cash flow | -$50M | -$55M | -$34M | -$29M | -$43M | -$98M | -$40M |
| Stock-based compensation | $3M | $4M | $7M | $9M | $10M | $19M | $29M |
| Net borrowing | $5M | -$6M | $57,000 | $9M | $20M | $53M | $54M |
| Free cash flow margin | -621.1% | -7422.2% | -265.6% | -183.1% | -245.0% | -702.9% | -25.3% |
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Open LQDA in InvestinglyQuestions
What was Liquidia Technologies's revenue in 2025?
$158M in fiscal 2025, from its 10-K filing.
How much free cash flow does Liquidia Technologies generate?
-$40M in fiscal 2025 (operating cash flow minus capital spending).
From Liquidia Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.