Liquidia Corp
LQDA evidence brief
What we can confirm
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 the development and commercialization of products for respiratory and vascular diseases, with an approved product YUTREPIA for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), and a pipeline including L606, a liposomal treprostinil formulation.
Key risk: Dependence on YUTREPIA revenue
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 5 clinical trials · 4 catalysts · 1 FDA decision for Liquidia Corp.
Liquidia Corp (LQDA) is a biopharmaceutical company focused on the development and commercialization of products for respiratory and vascular diseases, with an approved product YUTREPIA for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), and a pipeline including L606, a liposomal treprostinil formulation.
- Liquidia reported cash & equivalents of $284.2M, total revenue of $171.7M, net income of $74.7M, and shareholders' equity of $44.7M as of 2026-06-30 [sec].
- The company has an accumulated deficit of $498.7M as of June 30, 2026 [sec_mda · as of 2026-08-12].
- YUTREPIA is approved for PAH and PH-ILD, and the company is focused on its commercialization [sec_mda · as of 2026-08-12].
- L606, an investigational liposomal treprostinil, is being evaluated in an open-label study for PAH and PH-ILD with a planned pivotal study for PH-ILD [sec_mda · as of 2025-11-03].
- The company expects to incur significant expenses as it continues commercialization and advances its pipeline [sec_mda · as of 2026-08-12].
What works
- Liquidia has a commercially approved product, YUTREPIA, for two indications (PAH and PH-ILD), providing a revenue base [sec_mda · as of 2026-08-12].
- The company has a strong cash position of $284.2M as of 2026-06-30, which supports ongoing operations and pipeline development [sec].
- L606, a next-generation liposomal treprostinil, is in clinical development with a planned pivotal study, potentially expanding the pipeline [sec_mda · as of 2025-11-03].
What to weigh
- Liquidia has an accumulated deficit of $498.7M as of June 30, 2026, reflecting historical losses [sec_mda · as of 2026-08-12].
- The company expects to need further financing or may be forced to delay or reduce clinical activities if it cannot generate sustained revenue [sec_mda · as of 2026-08-12].
- Future funding requirements depend on factors including the ability to maintain FDA approval for YUTREPIA and avoid injunctive relief that could limit sales [sec_mda · as of 2026-08-12].
From the filings
Quoted directly from source documents.
Accumulated deficit as of June 30, 2026
“As of June 30, 2026, we had an accumulated deficit of $498.7 million.”
SEC MD&A · August 12, 2026
L606 development status
“L606 is currently being evaluated in an open-label study in the United States for treatment of PAH and PH-ILD with a planned pivotal study for the treatment of PH-ILD.”
SEC MD&A · November 3, 2025
Dependence on YUTREPIA commercialization
“our ability to successfully commercialize YUTREPIA;”
SEC MD&A · August 12, 2026
Catalyst timeline
- 2026-10-26 · Phase 2 Start: A Phase 2a Randomized, Open-Label, Dose-Finding Study to Evaluate the Safety, Tolerability, and Phar — Initiation of a Phase 2a study for a pipeline candidate, likely L606 or another treprostinil formulation.
- 2031-03-31 · Phase 3 Topline: A Phase 3, 2-Part, Open-Label Study to Evaluate the Safety and Tolerability of Liposomal Treprostini — Topline data from a Phase 3 open-label study of liposomal treprostinil (L606).
- 2031-12-01 · Phase 3 Topline: A Phase 3, Multicenter, Randomized, Double-Blinded, Placebo-Controlled Study to Evaluate the Safety — Topline data from a Phase 3 randomized, double-blind, placebo-controlled study of liposomal treprostinil.
- 2037-05-05 · Patent/Exclusivity Expiry: YUTREPIA — Expiry of patent or exclusivity for YUTREPIA, potentially opening to generic competition.
Risks & what to watch (4)›
Key risks
- Dependence on YUTREPIA revenue — Future funding depends on successful commercialization of YUTREPIA; failure could require additional financing or delay programs [sec_mda · as of 2026-08-12].
- Regulatory and legal risks — Ability to maintain FDA approval for YUTREPIA and avoid injunctive relief that could limit sales [sec_mda · as of 2026-08-12].
- Clinical development risks — L606 and other pipeline candidates may not succeed in clinical trials, impacting future revenue [sec_mda · as of 2025-11-03].
- Accumulated losses — Accumulated deficit of $498.7M as of June 30, 2026, indicating historical losses and ongoing need for capital [sec_mda · as of 2026-08-12].
What to watch
- Commercialization progress of YUTREPIA for PAH and PH-ILD [sec_mda · as of 2026-08-12].
- Initiation and results of the planned pivotal study for L606 in PH-ILD [sec_mda · as of 2025-11-03].
- Ability to maintain FDA approval and avoid legal challenges to YUTREPIA [sec_mda · as of 2026-08-12].
- Financial performance and cash runway, given accumulated deficit and expected expenses [sec_mda · as of 2026-08-12].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 1.67 · 14% dilution
Lead: Approved
2 candidates
4 upcoming, next in ~57d
1 buy · 127 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
249
Total value held
$2.53B
| Holder | Shares | Value |
|---|---|---|
| farallon capital management llc | 8,656,038 | $326.7M |
| caligan partners lp | 8,118,892 | $306.4M |
| vanguard capital management llc | 5,853,890 | $220.9M |
| blackrock, inc. | 5,489,144 | $207.2M |
| findell capital management llc | 3,552,112 | $134.1M |
| bank of america corp /de/ | 2,287,792 | $86.3M |
| geode capital management, llc | 1,928,969 | $72.8M |
| citadel advisors llc | 1,915,014 | $72.3M |
| state street corp | 1,881,599 | $71.0M |
| susquehanna international group, llp | 1,657,581 | $62.6M |
Showing top 10 of 249 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 the development and commercialization of products for respiratory and vascular diseases, with an approved product YUTREPIA for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), and a pipeline including L606, a liposomal treprostinil formulation.
What is Liquidia Corp's lead drug candidate?
Liquidia Corp's most advanced tracked candidate is L606 (Phase 4) 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 — "Phase 2 Start: A Phase 2a Randomized, Open-Label, Dose-Finding Study to Evaluate the Safety, Tolerability, and Phar" — 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.