A Business at a Glance
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Item 1. Business. We are a biopharmaceutical company focused on the development, manufacture, and commercialization of products that address unmet patient needs, with current focus directed towards rare cardiopulmonary diseases such as pulmonary arterial hypertension (“PAH”) and pulmonary hypertension associated with interstitial lung disease (“PH-ILD”). We operate through our wholly owned operating subsidiaries, Liquidia Technologies and Liquidia PAH, formerly known as RareGen. We currently generate revenue pursuant to a promotion agreement between Liquidia PAH and Sandoz Inc. (“Sandoz”), dated as of August 1, 2018, as amended (the “Promotion Agreement”), sharing profit derived from the sale of Sandoz’s substitutable generic treprostinil injection (“Treprostinil Injection”) in the United States. Liquidia PAH has the exclusive rights to conduct commercial activities to encourage the appropriate use of Treprostinil Injection.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 69M | - | - | - | - | - |
| Net Income | -122M | -130M | -79M | -41M | -35M | -60M |
| EPS | $-1.43 | $-1.66 | $-1.21 | $-0.67 | $-0.70 | $-1.76 |
| Free Cash Flow | -104M | -98M | -43M | -29M | -34M | -55M |
| ROIC | -30.7% | -124.0% | -122.6% | -37.2% | -45.7% | -73.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 1.98 | 1.50 | 0.22 | 0.16 | 0.14 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -107M | -121M | -73M | -39M | -34M | -59M |
| Operating Margin | -155.0% | - | - | - | - | - |
| ROE | -552.5% | -209.4% | -166.0% | -45.4% | -53.0% | -84.1% |
| Shares Outstanding | 87M | 79M | 65M | 61M | 49M | 34M |
| Metric | 2019 | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | 69M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -47M | -59M | -34M | -39M | -73M | -121M | -107M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | -155.0% |
| Net Income | -48M | -60M | -35M | -41M | -79M | -130M | -122M |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | -176.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | -72.8% | -73.4% | -45.7% | -37.2% | -122.6% | -124.0% | -30.7% |
| ROE | -136.2% | -84.1% | -53.0% | -45.4% | -166.0% | -209.4% | -552.5% |
| ROA | -69.1% | -60.0% | -36.9% | -31.7% | -66.3% | -74.8% | -44.2% |
| Cash Flow | |||||||
| Op. Cash Flow | -48M | -54M | -34M | -29M | -42M | -93M | -101M |
| Free Cash Flow | -50M | -55M | -34M | -29M | -43M | -98M | -104M |
| Owner Earnings | -54M | -61M | -46M | -42M | -54M | -114M | -122M |
| CapEx | 1.9M | 752K | 107K | 592K | 1.3M | 4.9M | 3.6M |
| Maint. CapEx | 2.6M | 3.1M | 5.6M | 3.6M | 2.2M | 2.2M | 2.2M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 2.8M | 1.4M |
| D&A | 2.6M | 3.1M | 5.6M | 3.6M | 2.2M | 2.2M | 2.2M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 3.4M | 4.0M | 6.7M | 9.3M | 10M | 19M | 19M |
| Debt Repayment | 0 | 5.6M | 10M | 11M | 22M | 4.9M | 4.9M |
| Balance Sheet | |||||||
| Net Debt | 16M | -55M | -47M | -73M | N/A | N/A | -157M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | 157M |
| Long-Term Debt | 10M | 10M | 10M | 20M | N/A | N/A | N/A |
| Debt/Equity | 0.45 | 0.14 | 0.16 | 0.22 | 1.50 | 1.98 | 0.00 |
| Interest Coverage | -34.1 | -68.9 | -44.4 | -16.6 | -11.7 | -9.7 | -9.7 |
| Equity | 35M | 71M | 65M | 90M | 47M | 77M | 22M |
| Total Assets | 69M | 100M | 94M | 129M | 118M | 230M | 276M |
| Total Liabilities | 34M | 28M | 28M | 39M | 71M | 153M | 254M |
| Intangibles | 0 | 9.4M | 8.3M | 7.6M | 7.3M | 7.1M | 7.1M |
| Retained Earnings | -215M | -275M | -310M | -351M | -429M | -559M | -559M |
| Working Capital | 40M | 54M | 54M | 91M | 71M | 143M | 143M |
| Current Assets | 56M | 66M | 61M | 100M | 90M | 185M | 185M |
| Current Liabilities | 17M | 12M | 7.3M | 8.8M | 19M | 42M | 42M |
| Per Share Data | |||||||
| EPS | -2.57 | -1.76 | -0.70 | -0.67 | -1.21 | -1.66 | -1.43 |
| Owner EPS | -2.93 | -1.80 | -0.94 | -0.68 | -0.83 | -1.46 | -1.40 |
| Book Value | 1.89 | 2.09 | 1.32 | 1.48 | 0.73 | 0.98 | 0.25 |
| Cash Flow/Share | -2.61 | -1.59 | -0.69 | -0.47 | -0.64 | -1.19 | -1.38 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 18.5M | 34.0M | 49.4M | 61.2M | 64.9M | 78.6M | 87.0M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | -27.2 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 2.6 | 1.2 | 3.4 | 4.2 | 16.6 | 11.8 | 153.3 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | 48.8 |
| FCF Yield | -54.8% | -62.2% | -15.3% | -7.7% | -5.5% | -10.8% | -3.1% |
| Market Cap | 91M | 88M | 223M | 378M | 783M | 909M | 3.4B |
| Avg. Price | 8.89 | 5.52 | 3.05 | 5.59 | 7.22 | 12.24 | 38.85 |
| Year-End Price | 4.94 | 2.60 | 4.52 | 6.18 | 12.07 | 11.57 | 38.85 |
Liquidia Corp passes 0 of 9 quality checks, indicating weak fundamentals.
Liquidia Corp (LQDA) has a 5-year average return on invested capital (ROIC) of -80.6%. This is below average and may indicate limited pricing power.
Liquidia Corp (LQDA) has a market capitalization of $3.4B. It is classified as a mid-cap stock.
Liquidia Corp (LQDA) does not currently pay a regular dividend.
Liquidia Corp (LQDA) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
Liquidia Corp (LQDA) generated $-98 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Liquidia Corp (LQDA) has a debt-to-equity ratio of 1.98. This indicates higher leverage, which may increase financial risk.
Liquidia Corp (LQDA) reported earnings per share (EPS) of $-1.66 in its most recent fiscal year.
Liquidia Corp (LQDA) has a return on equity (ROE) of -209.4%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 6 years of financial data for Liquidia Corp (LQDA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Liquidia Corp (LQDA) has a book value per share of $0.98, based on its most recent annual SEC filing.
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