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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 us-gaap:ResearchAndDevelopmentExpense.

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
Costs and expenses:
Cost of product sales11,079
Cost of service revenue7731,517
Research and development12,5716,966
Selling, general and administrative46,93830,062
Total costs and expenses71,36138,545
Income (loss) from operations61,504(35,425)
Other income (expense):

Item 1. Condensed Financial Statements (unaudited)

FAQ

What is Liquidia Corporation's R&D?
Liquidia Corporation (LQDA) reported R&D of $12.57M in Q1 2026.
How has Liquidia Corporation's R&D changed year-over-year?
Liquidia Corporation's R&D increased by 80.5% year-over-year, from $6.97M to $12.57M.
What is the long-term trend for Liquidia Corporation's R&D?
Over 4 years (2021 to 2025), Liquidia Corporation's R&D has grown at a 17.6% compound annual growth rate (CAGR), from $20.52M to $39.28M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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