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Liquidia Corporation LQDA L606 — Program Expenses

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Other financials

Income statement

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Revenue$132.9M+4,158%
Gross profit$1.6M+6.5%
Operating income$61.5M+274%
Net income$52.9M+238%
EPS (diluted)$0.52+216%

Balance sheet

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Cash & equivalents$222.8M+31.2%
Total debt$7.0M+1.5%
Total equity$108.6M+118%
Total assets$401.5M+76.6%

Cash flow

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Operating cash flow$53.0M+273%
CapEx$2.8M+758%
Free cash flow$50.2M+262%

Valuation

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Market cap$7.93B+356%
Enterprise value$7.71B+391%
P/S27.5×-62.3×

Profitability

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Gross margin58.1%-18.7pp
Operating margin-155%-68.1pp
Net margin-176.2%-76.4pp
FCF margin-150.7%-64.4pp

Returns & leverage

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Return on equity-181%+57.4pp
Debt / equity0.1×-0.1×
Current ratio2.2×-0.7×

Where this comes from

Reported directly by Liquidia Corporation in its filing.

Tagged under the XBRL concept lqda:ProgramExpenses.

The source filing: Liquidia Corporation’s 10-Q, filed May 11, 2026.

Filed
May 11, 2026, 7:00 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001104659-26-058252
Line itemThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Cost of service revenue7731,517
Program expenses (1)
YUTREPIA15,8889,758
L6065,8223,268
Generic Treprostinil(49)151
Total program expenses21,66113,177
Non-program expenses (2)6,1973,770
Personnel, including stock-based compensation31,65120,081

Item 1. Condensed Financial Statements (unaudited)

FAQ

What is Liquidia Corporation's l606 — program expenses?
Liquidia Corporation (LQDA) reported l606 — program expenses of $5.82M in Q1 2026.
How has Liquidia Corporation's l606 — program expenses changed year-over-year?
Liquidia Corporation's l606 — program expenses increased by 78.2% year-over-year, from $3.27M to $5.82M.
What is the long-term trend for Liquidia Corporation's l606 — program expenses?
Over 2 years (2023 to 2025), Liquidia Corporation's l606 — program expenses has grown at a 25.2% compound annual growth rate (CAGR), from $12.55M to $19.68M.
What does l606 — program expenses mean?
This metric represents the direct research, development, and clinical trial costs specifically allocated to a single pharmaceutical product candidate or therapeutic program. It captures the capital intensity required to advance a specific drug through regulatory milestones and commercial readiness. Monitoring these expenses helps investors assess the company's investment commitment to its core pipeline assets.

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