Liquidia Corp
LQDA evidence brief
What we can confirm
- BioSniper Score:
- 5.3 / 10
- Market Cap:
- $6.06B
- Lead Asset:
- L606 (Phase 3)
What it means
What to watch
Prepared research question
What matters most for LQDA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · LQDA
Liquidia Corp (LQDA) is a biopharmaceutical company focused on respiratory and vascular diseases, with an approved product YUTREPIA (treprostinil) inhalation powder for pulmonary arterial hypertension and a Phase 3 pipeline candidate L606 for pulmonary hypertension associated with interstitial lung disease.
Key risk: Intensifying PAH competition
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 4 clinical trials · 2 catalysts · 1 FDA decision for Liquidia Corp.
Liquidia Corp (LQDA) is a biopharmaceutical company focused on respiratory and vascular diseases, with an approved product YUTREPIA (treprostinil) inhalation powder for pulmonary arterial hypertension and a Phase 3 pipeline candidate L606 for pulmonary hypertension associated with interstitial lung disease.
- Cash & equivalents of $284.2M as of 2026-06-30 [sec]
- Total revenue of $171.7M and net income of $74.7M as of 2026-06-30 [sec]
- YUTREPIA (treprostinil) inhalation powder is approved for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [pipeline]
- Phase 3 study of L606 (treprostinil liposome inhalation suspension) for PH-ILD started in April 2026 [catalyst]
- FDA granted Fast Track designation to YUTREPIA for Raynaud's phenomenon associated with systemic sclerosis in September 2026 [news]
What works
- YUTREPIA sales are driving strong revenue growth, with $300.3M in first-half sales and nearly 30% of inhaled-market revenues in Q2 [news]
- The company has a substantial cash position of $284.2M as of 2026-06-30, providing a solid operating foundation [sec]
- FDA Fast Track designation for YUTREPIA in Raynaud's phenomenon opens a potential new market with no approved U.S. treatments [news]
What to weigh
- YUTREPIA faces intensifying competition from established PAH therapies and emerging drugs [news]
- The company's pipeline candidate L606 is in a competitive landscape with 162 competitors, including Phase 3 programs from United Therapeutics and GlaxoSmithKline [pipeline]
- YUTREPIA's long-term market position is subject to patent expiry for treprostinil sodium (NDA213005) on 2037-05-05 [catalyst]
From the filings
Quoted directly from source documents.
YUTREPIA is approved for PAH and PH-ILD
“Indication: Pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) Phase: Approved”
FDA Fast Track designation for YUTREPIA in Raynaud's phenomenon
“the U.S. Food and Drug Administration granted Fast Track designation to YUTREPIA (treprostinil) inhalation powder for treating Raynaud's phenomenon associated with systemic sclerosis”
News · September 5, 2026
YUTREPIA first-half sales of $300.3M
“Yutrepia is gaining traction, with $300.3M in first-half sales”
News · August 19, 2026
Catalyst timeline
- 2026-10-26 · Phase2_Start: A Phase 2a Randomized, Open-Label, Dose-Finding Study to Evaluate the Safety, Tolerability, and Pharmacodynamics of LIQ861 in Participants With Systemic Sclerosis Experiencing Symptomatic Raynaud's Phenomenon Attacks / RE-WARM — This study will evaluate YUTREPIA in a new indication with no approved U.S. treatments.
- 2037-05-05 · Patent_Expiry: NDA213005 — Patent expiry for treprostinil sodium could allow generic competition.
Risks & what to watch (3)›
Key risks
- Intensifying PAH competition — YUTREPIA faces fierce competition from established therapies and emerging drugs, which could challenge its growth momentum [news]
- L606 competitive landscape — L606 has 162 competitors, including Phase 3 programs from United Therapeutics and GlaxoSmithKline [pipeline]
- Patent expiry tail risk — Patent expiry for treprostinil sodium (NDA213005) on 2037-05-05 could open the market to generics [catalyst]
What to watch
- Phase 2a RE-WARM study of YUTREPIA for Raynaud's phenomenon starting in October 2026 [catalyst]
- Phase 3 study of L606 for PH-ILD, which started in April 2026 [catalyst]
- YUTREPIA sales growth trajectory and ability to sustain market share amid PAH competition [news]
Sources: Catalysts · News · Pipeline · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
D/E 1.67 · 14% dilution
Lead: Approved
2 candidates
2 upcoming, next in ~12d
1 buy · 103 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
243
Total value held
$2.27B
| Holder | Shares | Value |
|---|---|---|
| farallon capital management llc | 8,656,038 | $326.7M |
| caligan partners lp | 8,118,892 | $306.4M |
| blackrock, inc. | 5,489,144 | $207.2M |
| findell capital management llc | 3,502,112 | $132.2M |
| vanguard capital management llc | 2,926,945 | $110.5M |
| opaleye management inc. | 2,545,000 | $88.8M |
| bank of america corp /de/ | 2,287,792 | $86.3M |
| geode capital management, llc | 1,928,969 | $72.8M |
| state street corp | 1,881,599 | $71.0M |
| mpm bioimpact llc | 1,405,158 | $53.0M |
Showing top 10 of 243 institutional holders of Liquidia Corp. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 16.0%
- Days to cover
- 11.1
- Shares short
- 11,415,093
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
LQDA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Liquidia Corp?
Liquidia Corp (LQDA) is a biopharmaceutical company focused on respiratory and vascular diseases, with an approved product YUTREPIA (treprostinil) inhalation powder for pulmonary arterial hypertension and a Phase 3 pipeline candidate L606 for pulmonary hypertension associated with interstitial lung disease.
What is Liquidia Corp's lead drug candidate?
Liquidia Corp's most advanced tracked candidate is L606 (Phase 3) for Pulmonary Hypertension Due to Lung Disease (Disorder).
What is Liquidia Corp's next catalyst?
Liquidia Corp's next tracked catalyst is a Phase2_Start event — "Phase2_Start: A Phase 2a Randomized, Open-Label, Dose-Finding Study to Evaluate the Safety, Tolerability, and Pharmacodynamics of LIQ861 in Participants With Systemic Sclerosis Experiencing Symptomatic Raynaud's Phenomenon Attacks / RE-WARM" — expected October 26, 2026.
Who is the CEO of Liquidia Corp?
Dr. Roger A. Jeffs Ph.D. is the chief executive officer of Liquidia Corp (LQDA).
Where is Liquidia Corp headquartered?
Liquidia Corp (LQDA) is headquartered in Morrisville, NC, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.