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1. Company Snapshot

1.a. Company Description

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States.Its product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension.It also distributes generic treprostinil injection in the United States.


Liquidia Corporation was founded in 2004 and is headquartered in Morrisville, North Carolina.

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1.b. Last Insights on LQDA

Liquidia Corporation's recent performance was driven by several positive factors. The company's upcoming first quarter 2025 financial results, scheduled for release on May 8, 2025, are expected to provide insight into its current financial health. Additionally, the District Court's dismissal of United Therapeutics' cross-claim against Liquidia on May 2, 2025, has removed a potential obstacle to the company's New Drug Application (NDA) for YUTREPIA™ (treprostinil) inhalation powder. This development is expected to facilitate the approval process for YUTREPIA, which is a key product in Liquidia's pipeline.

1.c. Company Highlights

2. Liquidia Corporation's Q3 2025 Earnings: A Strong Start to Profitability

Liquidia Corporation reported a robust third-quarter 2025 financial performance, with net product sales of YUTREPIA reaching $51.7 million, exceeding expectations. The company achieved profitability in its first full quarter following the launch, with a net loss of $3.6 million and positive adjusted EBITDA of $10.1 million. The actual EPS came out at '-0.04', significantly better than the estimated '-0.45'. The revenue growth is expected to continue, with analysts estimating a 200.0% growth in revenues for the next year.

Publication Date: Nov -29

📋 Highlights
  • Strong Financial Performance:: Achieved profitability with $51.7M net product sales, $10.1M positive adjusted EBITDA, and a $3.6M net loss in Q3 2025.
  • Rapid Market Adoption:: Over 2,000 unique YUTREPIA prescriptions, 1,500 patients initiated therapy, and 600 healthcare practitioners prescribing across the US.
  • Product Usage Trends:: 75% of patients are new to treprostinil, while 25% transition from other therapies, with PAH dominating prescriptions and PH-ILD growing steadily.
  • Market Access Expansion:: Contracts secured with top three commercial payers, 50% of new patients utilizing a free 28-day trial via a voucher program.
  • Clinical Pipeline Potential:: $3.5B PAH market opportunity, with YUTREPIA targeting leadership across oral, inhaled, and parenteral segments via the RESPIRE study for L606.

Commercial Progress and Market Access

As of October 30, YUTREPIA had received over 2,000 unique prescriptions, initiated therapy for over 1,500 patients, and had over 600 healthcare practitioners prescribing the medication across the US. The company has signed contracts with the three major commercial payers, and new-to-market blocks have been removed or will be removed in the coming weeks. The voucher program has been utilized by over 50% of new patients, allowing them to try YUTREPIA with a free 28-day first shipment. This strong commercial foundation is expected to drive continued growth.

Clinical Strategy and Pipeline

Liquidia's clinical strategy aims to broaden YUTREPIA's clinical utility, with plans to initiate a global pivotal study called RESPIRE for L606, a sustained-release formulation of inhaled treprostinil. The company believes L606 may be the most tolerable inhaled treprostinil developed, with clear signals of efficacy in PAH and PH-ILD patients. The TETON-2 study highlights that inhaled treprostinil slows the progression of forced vital capacity in patients with IPF over 52 weeks, and dose matters.

Litigation and Market Opportunity

Regarding the litigation with United Therapeutics, the company does not think it has impacted the uptake of YUTREPIA. The PAH market opportunity is around $3.5 billion, with orals at $2 billion, inhaled at $1 billion, and parenterals at $500 million. YUTREPIA has the potential to lead across all three segments. The company's strong product profile and high pull-through rate of 85% position it well for continued growth.

Valuation and Growth Prospects

The current valuation metrics indicate a high growth expectation, with a P/S Ratio of 40.28 and an EV/EBITDA of -28.74. The company's ability to drive profitability while reinvesting in R&D to support sustained long-term growth is a positive sign. With a strong foundation in place, Liquidia is expected to continue its growth trajectory, driven by the success of YUTREPIA and the potential of its pipeline assets.

3. NewsRoom

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Wall Street Analysts See a 51.15% Upside in Liquidia Corporation (LQDA): Can the Stock Really Move This High?

Nov -24

Source: zacks.com

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Liquidia Corporation (LQDA) Presents at Jefferies London Healthcare Conference 2025 Transcript

Nov -19

Source: seekingalpha.com

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This Biotech Fund Made a New $40 Million Bet on Liquidia Amid Blockbuster Commercial Drug Launch

Nov -17

Source: fool.com

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Wall Street Analysts Think Liquidia Corporation (LQDA) Could Surge 62.34%: Read This Before Placing a Bet

Nov -06

Source: zacks.com

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Y Intercept Hong Kong Ltd Buys New Shares in Liquidia Corporation $LQDA

Nov -06

Source: defenseworld.net

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Liquidia Corporation: Heading In The Right Direction

Nov -05

Source: seekingalpha.com

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Liquidia Corporation (LQDA) Q3 2025 Earnings Call Transcript

Nov -03

Source: seekingalpha.com

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Liquidia Corporation to Present at Upcoming Healthcare Investment Conferences

Nov -03

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Biopharmaceutical Products

Expected Growth: 9.27%

Liquidia Corporation's biopharmaceutical products exhibit 9.27% growth driven by increasing demand for precision medicine, advancements in nanotechnology, and strategic partnerships. Additionally, the company's proprietary PRINT technology enables targeted drug delivery, expanding its product pipeline and addressing unmet medical needs.

7. Detailed Products

Yutrepia

Yutrepia is a treatment for pulmonary arterial hypertension (PAH). It is a novel, inhaled dry powder formulation of treprostinil, a vasodilator that helps to relax the blood vessels in the lungs and improve exercise ability.

LIQ865

LIQ865 is a novel, inhaled dry powder formulation of treprostinil, being developed for the treatment of pulmonary hypertension associated with interstitial lung disease (PH-ILD).

LIQ861

LIQ861 is a novel, inhaled dry powder formulation of treprostinil, being developed for the treatment of pulmonary hypertension associated with sarcoidosis.

8. Liquidia Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Liquidia Corporation's products are moderately susceptible to substitutes, as patients may opt for alternative treatments or medications for their conditions.

Bargaining Power Of Customers

Liquidia Corporation's customers, primarily patients and healthcare providers, have limited bargaining power due to the company's specialized products and limited competition.

Bargaining Power Of Suppliers

Liquidia Corporation's suppliers, including contract manufacturers and raw material providers, have moderate bargaining power due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants in the pharmaceutical industry is low due to high barriers to entry, including significant research and development costs and regulatory hurdles.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players and a high level of rivalry among companies, including Liquidia Corporation.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.90%
Debt Cost 5.15%
Equity Weight 93.10%
Equity Cost 5.15%
WACC 5.15%
Leverage 7.41%

11. Quality Control: Liquidia Corporation passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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CytomX Therapeutics

A-Score: 5.3/10

Value: 5.7

Growth: 6.2

Quality: 9.8

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

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Harmony Biosciences

A-Score: 5.2/10

Value: 7.0

Growth: 9.4

Quality: 9.0

Yield: 0.0

Momentum: 1.5

Volatility: 4.3

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MiMedx

A-Score: 5.0/10

Value: 3.1

Growth: 7.2

Quality: 8.5

Yield: 0.0

Momentum: 7.0

Volatility: 4.3

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UroGen Pharma

A-Score: 4.9/10

Value: 8.2

Growth: 5.6

Quality: 6.1

Yield: 0.0

Momentum: 9.0

Volatility: 0.7

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Akebia Therapeutics

A-Score: 4.6/10

Value: 4.8

Growth: 5.8

Quality: 5.8

Yield: 0.0

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

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Liquidia

A-Score: 4.0/10

Value: 6.0

Growth: 2.4

Quality: 3.2

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

34.45$

Current Price

34.45$

Potential

-0.00%

Expected Cash-Flows