Liquidia Corporation (LQDA) Stock

Liquidia Corporation (LQDA) is a Healthcare stock trading at $86.18 (as of 2026-07-24), with a market capitalization of $7.66B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States. Its product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension. It also distributes generic treprostinil injection in the United States. Liquidia Corporation was founded in 2004 and is headquartered in Morrisville, North Carolina.

Understand Liquidia Corporation: how it makes money

Liquidia develops, manufactures, and commercializes inhaled treprostinil therapy for pulmonary arterial hypertension, and also distributes generic treprostinil injection in the United States, earning money primarily from YUTREPIA related net sales (including incremental healthcare royalty availability tied to aggregate net sales milestones) and from related agreement revenue such as the Santos promotion agreement.

The profit engine appears to be YUTREPIA commercialization translating into aggregate net sales milestone outcomes, with adoption progress tracked through prescriptions, conversion to patient starts, and pull-through performance.

Revenue by segment (latest quarter)
YUTREPIA Net Sales Milestone	$0.1B

Business quality (Strong): Investor tracking is focused on patient-level adoption metrics (patients started, conversion, pull-through) and the company’s latest-quarter revenue is shown as tied to a YUTREPIA aggregate net sales milestone, but the provided revenue breakdown is limited and the Santos promotion service revenue is shown as 0.0.

Valuation: At 418× earnings, LQDA trades 2383% above the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

Strong measured conversion from prescriptions to patient starts: Prescription-to-Patient Start Conversion Rate (Through November 2025) is 85.0 percent, and Prescription-to-Start Conversion (YUTREPIA) is 85.0 percent.
Adoption funnel is being monitored down to therapy starts and pull-through: Patients Started on Therapy (YUTREPIA) is 3750.0, and Pull-through (PH-ILD) is 85.0 percent.

Bear case

Limited contribution from the Santos promotion agreement in the latest quarter: Service Revenue, Net (Santos Promotion Agreement) is 0.0 in the provided data.
Clinical and real-world persistence risk shows up in discontinuations: ASCENT Discontinuations by Week 16 (All-Cause) is 18.5 percent.
Revenue visibility may be concentrated in milestone-driven outcomes: The provided segment-like revenue item is an incremental YUTREPIA net sales milestone (Incremental Healthcare Royalty Availability).

Valuation — source: SEC EDGAR (first-party)
Price	$86.18
Market Cap	$7.66B
Price / Book	70.58
Price / Sales	38.48
FCF Yield	-1.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$158.32M
Net Margin	-43.5%
Revenue Growth (YoY)	1031.2%
EPS Growth (YoY)	-51.8%
FCF Growth (YoY)	-59.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	13.88 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.2
Industry P/E (Pharmaceutical Products)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	FARALLON CAPITAL MANAGEMENT LLC ($326.68M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Roger A. Jeffs
Employees	170
Country	US
IPO Date	2018-07-26

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Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.