LQDA at a glance
Liquidia Corp (LQDA, SEC CIK 1819576) filed its latest 10-K annual report on March 5, 2026, a 10-Q quarterly report on August 12, 2026, an 8-K current report on September 30, 2026 and Form 4 insider filings as recently as September 15, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Liquidia Corp (LQDA) reported revenue of $158.3 million (up 1031.2% from FY2024) and a net loss of $68.9 million. Diluted EPS was -$0.80.
- As of June 30, 2026, 30 institutional investment managers tracked by SignalX reported holding Liquidia Corp (LQDA) shares worth $2.4 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by SINGH RAMAN on September 14, 2026 of 8,468 shares at $66.16 per share.
- In the last 90 days, LQDA insiders reported 0 open-market purchases ($0) and 37 open-market sales ($48.9M) on Form 4, a net sale of $48.9M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $158.3M
- +1031.2% vs prior year
- Insiders · 90 days
- 0 buys · 37 sells
- Net −$48.9M
- 13F holders
- 30 funds
- $2.4B · +4 vs prior quarter
- Latest 8-K
- Sep 30, 2026
- Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Development and commercialization of inhaled treprostinil therapies for PAH and PH-ILD leveraging proprietary PRINT particle engineering technology
- New product launch: FDA approved and commercialized YUTREPIA inhalation powder in May-June 2025, designed for higher dosing and improved lung delivery
- Strategic emphasis: Positioning YUTREPIA as first-choice prostacyclin across PAH and PH-ILD, targeting dose titration beyond existing inhaled therapies like Tyvaso
- Quantitative metric: YUTREPIA studied at doses up to 424 mcg QID, significantly higher than 64 mcg max dose for Tyvaso DPI, enabling extended inhaled therapy use
- Noteworthy filing fact: YUTREPIA developed via 505(b)(2) pathway faces ongoing patent litigation by United Therapeutics seeking FDA approval withdrawal
Risk Factors
- Cybersecurity risk with potential material disruption of product development programs and financial losses due to IT system failures or data breaches
- Board Audit Committee oversight of cybersecurity risks with regular management reporting on security controls and incident response effectiveness
- Dependence on head of IT with 25+ years cybersecurity experience managing day-to-day information security and threat detection operations
- Incident response led by CEO, CFO, General Counsel, and supported by external legal and cybersecurity advisors to contain and mitigate breaches
- Potential reputational risk and unauthorized release of confidential information impacting business and financial condition
Management Discussion & Analysis
- Revenue $158.3M in 2025 vs $14.0M in 2024; product sales $148.3M from YUTREPIA launches, service revenue down 28% to $10.0M
- Operating loss improved to $(51.4)M in 2025 vs $(121.3)M in 2024; SG&A rose 93% to $157.2M, R&D decreased 18% to $39.3M
- Best segment: Product sales $148.3M in 2025; worst segment: Service revenue declined 28% to $10.0M
- Cash $190.7M end 2025; net cash from financing $59.7M; CapEx $4.3M; license payment $2.0M; no buybacks or dividends disclosed
- Outlook risks: FDA approval maintenance, YUTREPIA commercialization success, pump availability constraint on Treprostinil Injection, high R&D costs for L606 development
AI summary of the LQDA 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $171.7M, up 1,843% YoY from $8.8M, driven by YUTREPIA product sales
- Q2 net income $74.7M vs $41.6M loss YoY; operating margin 49.8% vs (424.5)%
- Best performer YUTREPIA sales $170.4M vs $6.5M YoY; service revenue fell to $1.3M from $2.3M
- Six-month operating cash flow $133.2M vs $(70.2)M YoY; cash and equivalents $284.2M at June 30
- Outlook: sufficient liquidity beyond one year; risks include FDA approval, litigation, YUTREPIA sustainability, and L606 spending
Risk Factors
- Newly cited tax risk: OBBBA changes domestic R&D deduction rules after December 31, 2024
- Most material legal risk: United Therapeutics seeks injunctions that could remove YUTREPIA from the market or its PAH and PH-ILD indications
- Regulatory risk: Sandoz controls FDA-approved Treprostinil Injection manufacturing and related healthcare compliance
- Near-term commercial risk: YUTREPIA remains the company’s only approved product, commercialized since June 2025
- Financial risk: HCR facility requires a $15.0 million minimum cash balance and permits collateral foreclosure after uncured default
AI summary of the LQDA 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- Item 8.01 references Liquidia’s September 30, 2026 press release as Exhibit 99.1
Item EX-99.1: Item EX-99.1
- Claims 1 and 14 of U.S. Patent 11,826,327 found valid and infringed by YUTREPIA
- Remaining four asserted claims found invalid, narrowing United Therapeutics’ litigation win
Item 8.01: Other Events
- Item 8.01 references Liquidia’s September 3, 2026 press release as Exhibit 99.1
- Investor-relevant event details are contained in the referenced press release
Item EX-99.1: Item EX-99.1
- FDA Fast Track designation for YUTREPIA in SSc-RP, potentially enabling closer FDA interaction and rolling NDA review
- Addressable U.S. population estimated at approximately 30,000 moderate-to-severe SSc-RP patients
Item 2.02: Results of Operations and Financial Condition
- Filing contains only signature certification, dated August 12, 2026
- No earnings figures, reporting-period results, or operating metrics included
Item 8.01: Other Events
- Updated corporate presentation for healthcare conferences, analysts, stockholders, and other audiences
- Exhibit 99.2 contains the investor-facing presentation and may outline current strategy, pipeline, or business priorities
Item EX-99.1: Item EX-99.1
- Q2 2026 product sales reached $170.4M, up 31% sequentially, confirming rapid YUTREPIA commercial adoption
- Net income $74.7M and adjusted EBITDA $96.3M marked the fourth consecutive quarter of improving profitability
AI summaries of LQDA 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for LQDA
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| SINGH RAMAN | M | Sep 14, 2026 | 8,468 | - |
| SINGH RAMAN | Sell | Sep 14, 2026 | 8,468 | $66.16 |
| SINGH RAMAN | M | Sep 14, 2026 | 8,468 | $9.31 |
| SINGH RAMAN | M | Sep 11, 2026 | 556 | - |
| SINGH RAMAN | Sell | Sep 11, 2026 | 9,024 | $68.62 |
| SINGH RAMAN | M | Sep 11, 2026 | 8,468 | - |
| SINGH RAMAN | M | Sep 11, 2026 | 556 | $8.63 |
| SINGH RAMAN | M | Sep 11, 2026 | 8,468 | $9.31 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $17.5M | $14.0M | $158.3M |
| Operating Income | - | -$121.3M | -$51.4M |
| Net Income | -$78.5M | -$130.4M | -$68.9M |
| Op. Margin | - | -866.6% | -32.5% |
| Net Margin | -448.9% | -931.7% | -43.5% |
| Balance Sheet | |||
| Total Assets | - | $230.3M | $327.9M |
| Equity | - | $77.3M | $44.7M |
| ROE | - | -168.7% | -154.0% |
| Per Share | |||
| EPS | $-1.21 | $-1.66 | $-0.80 |
| Cash Flow | |||
| Operating CF | - | -$93.4M | -$35.7M |
| CapEx | $1.3M | $4.9M | $4.3M |
Source: XBRL data in Liquidia Corp (LQDA)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate LQDA share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 30 | $2.35B |
| Q1 2026 | 26 | $731.7M |
| Q4 2025 | 25 | $729.2M |
| Q3 2025 | 25 | $516.4M |
| Q2 2025 | 22 | $211.6M |
| Q1 2025 | 20 | $172.3M |
| Q4 2024 | 15 | $97.9M |
| Q3 2024 | 9 | $37.0M |
- BlackRock+5.30M (+97%)
- State Street Corp+1.15M (+61%)
- T. Rowe Price Group+987.2K (+104%)
- Vanguard Portfolio Management LLC+899.5K (+142%)
- D.E. Shaw & Co+394.6K (+45%)
- Two Sigma Investments−296.4K (-53%)
- Bank of America Corp−296.2K (-13%)
- Invesco Ltd−76.4K (-16%)
- JPMorgan Chase & Co−49.5K (-25%)
- Principal Financial Group+343.4K
- Dimensional Fund Advisors+239.6K
- Ameriprise Financial+170.4K
- Franklin Resources+6.5K
- Mangrove Partners+3.5K
- Citadel Advisors LLC−151.0K
- Blackstone Group−25.2K
Source: 13F-HR filings on SEC EDGAR (aggregated from 172 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
LQDA filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Sep 30, 2026 | - | Analysis | - |
| 4 | Sep 15, 2026 | - | - | - |
| 8-K | Sep 3, 2026 | - | Analysis | - |
| 4 | Sep 3, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 21, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 8-K | Aug 12, 2026 | - | Analysis | - |
| 10-Q | Aug 12, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 29, 2026 | - | - | - |
| 4 | Jul 29, 2026 | - | - | - |
| 4 | Jul 24, 2026 | - | - | - |
| 4 | Jul 22, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jul 8, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jun 24, 2026 | - | - | - |
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LQDA SEC filings: frequently asked questions
Are LQDA insiders buying or selling?
In the last 90 days, Liquidia Corp (LQDA) officers, directors and 10% owners reported no open-market purchases and 37 open-market sales worth $48.9 million by 12 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold LQDA stock?
As of June 30, 2026, the largest Liquidia Corp (LQDA) holders among the 13F filers tracked by SignalX were BlackRock ($860.2 million), Vanguard Capital Management LLC ($250.3 million), State Street Corp ($241.6 million), Bank of America Corp ($158.8 million), T. Rowe Price Group ($154.7 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was LQDA's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Liquidia Corp (LQDA) reported revenue of $158.3 million (up 1031.2% from FY2024) and a net loss of $68.9 million. Diluted EPS was -$0.80. The figures come from the XBRL data in the 10-K.
What are the main risks in LQDA's latest 10-K?
In the 10-K filed March 5, 2026, Liquidia Corp (LQDA) flagged: Cybersecurity risk with potential material disruption of product development programs and financial losses due to IT system failures or data breaches. Board Audit Committee oversight of cybersecurity risks with regular management reporting on security controls and incident response effectiveness. (AI summary of the Risk Factors section.)
What did LQDA report in its latest 8-K?
Liquidia Corp (LQDA) filed an 8-K on September 30, 2026 reporting Item 8.01 (Other Events). Item 8.01 references Liquidia’s September 30, 2026 press release as Exhibit 99.1.
What are the latest LQDA SEC filings?
Liquidia Corp (LQDA) filed its latest 10-K annual report on March 5, 2026, a 10-Q quarterly report on August 12, 2026, an 8-K current report on September 30, 2026 and a Form 4 insider filing on September 15, 2026.
What is LQDA's SEC CIK number?
Liquidia Corp (LQDA)'s SEC Central Index Key (CIK) is 1819576. EDGAR lists every LQDA filing under that number.
Ask anything about LQDA
The research agent reads LQDA's filings, financials, insider trades and 13F holders, then answers with sources.