Liquidia Corp
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $158.3M | $14.0M | $17.5M | $15.9M | $12.9M |
| Cost of revenue | — | $5.9M | $2.9M | $2.9M | $3.0M |
| Selling, general & administrative | $157.2M | $81.6M | $44.7M | — | — |
| Research and development | $39.3M | $47.8M | $43.2M | $19.4M | $20.5M |
| Operating income | -$51.4M | -$121.3M | -$73.4M | -$38.8M | -$33.8M |
| Interest expense | $24.2M | $14.7M | $6.3M | $2.3M | $762,000 |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$68.9M | -$128.3M | -$78.5M | -$41.0M | -$34.6M |
| Balance Sheet | |||||
| Cash and equivalents | $190.7M | $176.5M | $83.7M | $93.3M | $57.5M |
| Current assets | $273.4M | $185.1M | $89.9M | $99.8M | $61.3M |
| Total assets | $327.9M | $230.3M | $118.3M | $129.2M | $93.7M |
| Current liabilities | $135.8M | $41.8M | $18.6M | $8.8M | $7.3M |
| Total liabilities | $283.2M | $150.9M | $71.0M | $38.8M | $28.5M |
| Stockholders' equity | $44.7M | $79.4M | $47.3M | $90.4M | $65.3M |
| Cash Flow Statement | |||||
| Cash from operations | -$35.7M | -$93.4M | -$41.6M | -$28.6M | -$34.0M |
| Depreciation and amortization | $1.5M | $2.2M | $2.2M | $3.6M | $5.6M |
| Stock-based compensation | $29.5M | $18.8M | $10.1M | $9.3M | $6.7M |
| Capital expenditure | $4.3M | $4.9M | $1.3M | $592,000 | $107,000 |
| Free cash flow | -$40.0M | -$98.4M | -$42.9M | -$29.2M | -$34.1M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 88.9M · Free float 77.4%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.