Liquidia Technologies Inc
NASDAQ: LQDA · HEALTHCARE · DRUG MANUFACTURERS - SPECIALTY & GENERIC
Updated 2026-06-05
Liquidia Technologies Inc (LQDA) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2016 | $13.22M | $-15.93M | 93.05% | -120.02% | -120.56% |
| 2017 | $7.26M | $-29.15M | 95.59% | -386.16% | -401.68% |
| 2018 | $2.71M | $-53.14M | 95.52% | -1,288.08% | -1,962.92% |
| 2019 | $8.07M | $-47.58M | 90.00% | -580.07% | -589.48% |
| 2020 | $739628.00 | $-59.76M | 67.86% | -7,989.03% | -8,080.11% |
| 2021 | $12.85M | $-34.58M | 76.48% | -262.95% | -269.03% |
| 2022 | $15.94M | $-41.02M | 82.06% | -243.30% | -257.39% |
| 2023 | $17.49M | $-78.50M | 83.49% | -419.62% | -448.89% |
| 2024 | $14.00M | $-130.39M | 58.00% | -866.63% | -931.65% |
| 2025 | $158.32M | $-68.92M | 91.64% | -32.45% | -43.53% |
Frequently asked questions
What is Liquidia Technologies Inc's revenue?
Liquidia Technologies Inc's trailing twelve-month revenue is $288.06M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is LQDA?
In its most recent fiscal year, LQDA ran a gross margin of 91.64%, an operating margin of -32.45%, and a net margin of -43.53%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does LQDA generate?
LQDA produced $-40.02M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is LQDA's balance sheet healthy?
LQDA holds $190.68M in cash and equivalents against $132.94M in long-term debt, on $44.75M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.