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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:SellingGeneralAndAdministrativeExpense.

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 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):
Interest income1,7721,728

Item 1. Condensed Financial Statements (unaudited)

FAQ

What is Liquidia Corporation's SG&A?
Liquidia Corporation (LQDA) reported SG&A of $46.94M in Q1 2026.
How has Liquidia Corporation's SG&A changed year-over-year?
Liquidia Corporation's SG&A increased by 56.1% year-over-year, from $30.06M to $46.94M.
What is the long-term trend for Liquidia Corporation's SG&A?
Over 2 years (2023 to 2025), Liquidia Corporation's SG&A has grown at a 87.4% compound annual growth rate (CAGR), from $44.74M to $157.18M.
What does SG&A mean?
Combined selling expenses (sales force, marketing, distribution) and general & administrative costs (management, legal, accounting, facilities) — the broadest opex category.

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