Liquidia Corp (LQDA) FY2025 10-K Annual Report
Liquidia Corp (LQDA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 5, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Liquidia Corp FY2025 10-K Analysis
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
Liquidia Corp FY2025 Key Financial MetricsXBRL
Revenue
$158M
▲ +1031.2% YoY
Net Income
-$69M
▲ +47.1% YoY
Operating Margin
-32.5%
▲ +83418bp YoY
Net Margin
-43.5%
▲ +88812bp YoY
ROE
-154.0%
▲ +1471bp YoY
Total Assets
$328M
▲ +42.4% YoY
EPS (Diluted)
$-0.80
▲ +51.8% YoY
Operating Cash Flow
-$36M
▲ +61.8% YoY
Source: XBRL data from Liquidia Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Liquidia Corp
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.