Short answer
Liquidia Corp (LQDA) filed its fiscal 2025 10-K annual report with the SEC on Mar 5, 2026. It reported revenue of $158M (+1031.2% year over year) and net income of −$69M.
- Top risk flagged: Cybersecurity risk with potential material disruption of product development programs and financial losses due to IT system failures or data breaches
FY2025 key financial metrics · XBRL
- Revenue
- $158M
- +1031.2% YoY
- Net income
- −$69M
- +47.1% YoY
- Operating margin
- -32.5%
- +834.2 pp YoY
- EPS (diluted)
- −$0.80
- +51.8% YoY
- ROE
- -154.0%
- +14.7 pp YoY
- Operating cash flow
- −$36M
- +61.8% YoY
Source: XBRL data from the Liquidia Corp (LQDA) FY2025 10-K on SEC EDGAR. USD.
Liquidia Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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
Generated from the filing text; verify against the original. How to read a 10-K
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