LQDA Liquidia Corporation - Common Stock
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ 10-K/10-Q Aug 12, 2026
$44.66
· of 52w range
· above low
· to high
$22.0552w low
$93.6152w high
Market Cap (MRQ)
$3.98B
P/E (TTM)
31.9
EPS (TTM)
$1.40
Revenue (TTM)
$451M
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52W Range
$22–$94
Analyst Rating
BUY
Price Target
$54
P/E
31.9
ROE
131.8%
Net Profit Margin
30.7%
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LQDA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$44.66
Market Cap (MRQ)
$3.98B
P/E (TTM)
31.9
EPS (TTM)
$1.40
Revenue (TTM)
$451M
ROE (TTM)
131.8%
52W Range
$22–$94
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$158M2019-12-31 → 2025-12-31
EPS$-0.802019-12-31 → 2025-12-31
Free Cash Flow$-40M2020-12-31 → 2025-12-31
Net margin30.7%2020-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | LQDA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 31.95Y avg ≈-15.3 | ≈-15.3 | 36.1 | Overvalued | |
| P/S (TTM) | 8.85Y avg ≈36.6 | ≈36.6 | 3.9 | Overvalued | |
| P/B (MRQ) | 20.45Y avg ≈21.2 | ≈21.2 | 6.5 | Overvalued | |
| Price / FCF (TTM) | 26.45Y avg ≈-25.2 | ≈-25.2 | · | · | |
| Price / Cash Flow (TTM) | 23.75Y avg ≈-27.3 | ≈-27.3 | · | · | |
| Price / Tangible Book (MRQ) | 20.75Y avg ≈24.6 | ≈24.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | LQDA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 37.4%5Y avg ≈-365.0% | ≈-365.0% | 16.3% | Top tier | |
| EBITDA Margin (TTM) | 37.8%5Y avg ≈-345.9% | ≈-345.9% | 9.4% | Top tier | |
| Net Profit Margin (TTM) | 30.7%5Y avg ≈-390.1% | ≈-390.1% | 7.2% | Top tier | |
| ROA (TTM) | 35.6%5Y avg ≈-47.1% | ≈-47.1% | -8.4% | Weak | |
| ROE (TTM) | 131.8%5Y avg ≈-125.2% | ≈-125.2% | -25.7% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | LQDA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 2.35Y avg ≈6.2 | ≈6.2 | 2.3 | In line | |
| Quick Ratio | 1.85Y avg ≈6.0 | ≈6.0 | 1.6 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | LQDA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 1031.2%5Y avg ≈536.5% | ≈536.5% | · | · | |
| Revenue CAGR 3Y | 115.0%5Y avg ≈101.6% | ≈101.6% | · | · | |
| Revenue CAGR 5Y | 192.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | LQDA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.65Y avg ≈0.2 | ≈0.2 | 0.7 | Weak | |
| Receivables Turnover | 5.65Y avg ≈5.2 | ≈5.2 | 4.8 | Top tier | |
| Revenue / Employee | ≈$733.0K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
13.7%
Next Report
Nov 10, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $0.74 | $0.76 | -2.3% |
| March 31, 2026 | May 7, 2026 | $0.52 | $0.42 | 24.3% |
| Dec. 31, 2025 | $0.17 | $0.18 | -7.6% | |
| Sept. 30, 2025 | $-0.04 | $-0.41 | 90.2% | |
| June 30, 2025 | $-0.49 | $-0.44 | -11.4% | |
| March 31, 2025 | $-0.45 | $-0.41 | -11.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $158M | $14M | $17M | $16M | $13M | $739.6K | $8M | |
| Cost of Revenue | · | $6M | $3M | $3M | $3M | $237.7K | · | |
| R&D Expense | $39M | $48M | $43M | $19M | $21M | $32M | $40M | |
| SG&A Expense | $157M | $82M | $45M | $32M | $23M | $27M | $14M | |
| Operating Expenses | $210M | $135M | $91M | $55M | $47M | $60M | $55M | |
| Operating Income | $-51M | $-121M | $-73M | $-39M | $-34M | $-59M | $-47M | |
| Interest Expense | · | · | $6M | $2M | $762.0K | $858.0K | $1M | |
| Interest Income | $7M | $8M | $3M | $1M | $33.0K | $184.4K | $613.7K | |
| Other Non-op | $-18M | $-7M | $-5M | $-2M | $-782.0K | $-673.6K | $-759.9K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-69M | $-128M | $-79M | $-41M | $-35M | $-60M | $-48M | |
| EPS (Basic) | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 | · | |
| EPS (Diluted) | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 | $-2.57 | |
| Shares (Basic) | 86,059,101 | 78,707,503 | 64,993,476 | 60,958,862 | 49,677,737 | 33,888,434 | · | |
| Shares (Diluted) | 86,059,101 | 78,707,503 | 64,993,476 | 60,958,862 | 49,677,737 | 33,888,434 | 18,482,455 | |
| EBITDA | $-50M | $-119M | $-71M | $-35M | $-28M | $-56M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $191M | $176M | $84M | $93M | $57M | $65M | $56M | |
| Receivables | $54M | $3M | $4M | $5M | $3M | $0 | · | |
| Inventory | $24M | $241.0K | · | · | · | · | · | |
| Prepaid Expense | $5M | $6M | $2M | $2M | $792.0K | $752.4K | $590.3K | |
| Current Assets | $273M | $185M | $90M | $100M | $61M | $66M | $56M | |
| PP&E (Net) | $12M | $8M | $4M | $4M | $5M | $7M | $9M | |
| PP&E (Gross) | $26M | $24M | $20M | $18M | $19M | $20M | $21M | |
| Accum. Depreciation | $14M | $16M | $15M | $14M | $14M | $13M | $11M | |
| Goodwill | $4M | $4M | $4M | $4M | $4M | $4M | $0 | |
| Intangibles | $3M | $3M | $3M | $4M | $4M | $6M | $0 | |
| Other Non-current Assets | $13M | $11M | $287.0K | · | · | · | · | |
| Total Assets | $328M | $230M | $118M | $129M | $94M | $100M | $69M | |
| Accounts Payable | $4M | $5M | $1M | $2M | $1M | $4M | $3M | |
| Current Liabilities | $136M | $42M | $19M | $9M | $7M | $12M | $17M | |
| Capital Leases | · | · | $2M | $3M | $4M | $5M | $6M | |
| Total Liabilities | $283M | $151M | $71M | $39M | $28M | $28M | $34M | |
| Long-term Debt | · | · | · | $20M | $10M | $10M | $16M | |
| Total Debt | · | · | · | $20M | $10M | $10M | · | |
| Common Stock | $87.0K | $85.0K | $69.0K | $64.0K | $52.0K | $43.3K | $28.2K | |
| Paid-in Capital | $671M | $637M | $476M | $441M | $375M | $346M | $250M | |
| Retained Earnings | $-626M | $-557M | $-429M | $-351M | $-310M | $-275M | $-215M | |
| Stockholders' Equity | $45M | $79M | $47M | $90M | $65M | $71M | $35M | |
| Liabilities + Equity | $328M | $230M | $118M | $129M | $94M | $100M | $69M | |
| Shares Outstanding | 87,204,137 | 84,683,063 | 68,629,575 | 64,517,912 | 52,287,737 | 43,336,277 | 28,231,267 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $4M | $6M | $3M | $3M | |
| Stock-based Comp | $29M | $19M | $10M | $9M | $7M | $4M | $3M | |
| Amort. of Intangibles | $200.0K | $300.0K | $300.0K | $700.0K | $1M | · | · | |
| Other Non-cash | $2M | $16M | $25M | $-518.0K | $-12M | $-1M | · | |
| Operating Cash Flow | $-36M | $-93M | $-42M | $-29M | $-34M | $-54M | $-48M | |
| CapEx | $4M | $5M | $1M | $592.0K | $107.0K | $752.1K | $2M | |
| Investing Cash Flow | $-6M | $-8M | $-11M | $-587.0K | $-107.0K | $247.9K | $-2M | |
| Debt Issued | $75M | $57M | $42M | $20M | $10M | $0 | $5M | |
| Net Debt Issued | $54M | $-5M | $-20M | $9M | $57.3K | $-6M | · | |
| Financing Cash Flow | $60M | $195M | $43M | $65M | $26M | $63M | $66M | |
| Net Change in Cash | $18M | $93M | $-10M | $36M | $-8M | $10M | $16M | |
| Free Cash Flow | $-40M | $-98M | $-43M | $-29M | $-34M | $-55M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -32.5% | -866.6% | -419.6% | -243.3% | -262.9% | -7989.0% | · | |
| Net Margin | -43.5% | -931.6% | -448.9% | -257.4% | -269.0% | -8080.1% | · | |
| EBITDA Margin | -31.5% | -850.9% | -407.2% | -220.4% | -219.3% | -7565.9% | · | |
| ROA | -24.7% | -74.8% | -63.4% | -36.8% | -35.8% | -71.0% | · | |
| ROE | -230.0% | -137.2% | -164.8% | -44.2% | -50.0% | -87.6% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.0 | 4.4 | 4.8 | 11.3 | 8.4 | 5.6 | · | |
| Quick Ratio | 1.8 | 4.3 | 4.7 | 11.2 | 8.3 | 5.6 | · | |
| Debt / Equity | · | · | · | 0.2 | 0.2 | 0.1 | · | |
| LT Debt / Equity | · | · | · | 0.2 | 0.2 | 0.1 | · | |
| Interest Coverage | · | · | -11.7 | -16.6 | -41.5 | -68.9 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | · | |
| Inventory Turnover | · | 48.8 | · | · | · | · | · | |
| Receivables Turnover | 5.6 | 4.1 | 3.9 | 4.0 | 8.6 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.51 | $0.91 | $0.69 | $1.40 | $1.25 | $1.64 | · | |
| Revenue / Share | $1.84 | $0.18 | $0.27 | $0.26 | $0.26 | · | · | |
| Cash Flow / Share | $-0.41 | $-1.19 | $-0.64 | $-0.47 | $-0.69 | · | · | |
| Cash / Share | $2.19 | $2.08 | $1.22 | $1.45 | $1.10 | $1.51 | · | |
| EPS (TTM) | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1031.2% | -20.0% | 9.8% | 24.0% | 1637.8% | · | · | |
| Revenue CAGR 3Y | 115.0% | 2.9% | 187.0% | · | · | · | · | |
| Revenue CAGR 5Y | 192.5% | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $158M | $14M | $17M | $16M | $13M | $739.6K | · | |
| Net Income TTM | $-69M | $-128M | $-79M | $-41M | $-35M | $-60M | · | |
| Market Cap | $3.01B | $996M | $826M | $411M | $255M | $128M | · | |
| Enterprise Value | · | · | · | $338M | $208M | $73M | · | |
| P/E | -43.1 | -7.2 | -9.9 | -9.5 | -7.0 | -1.7 | · | |
| P/S | 19.0 | 71.2 | 47.2 | 25.8 | 19.8 | 172.8 | · | |
| P/B | 67.2 | 12.9 | 17.5 | 4.5 | 3.9 | 1.8 | · | |
| P / Tangible Book | 79.4 | 13.8 | 20.7 | 5.0 | 4.5 | 2.1 | · | |
| P / Cash Flow | -84.3 | -10.7 | -19.9 | -14.4 | -7.5 | -2.4 | · | |
| P / FCF | -75.2 | -10.1 | -19.3 | -14.1 | -7.5 | -2.3 | · | |
| EV / EBITDA | · | · | · | -9.6 | -7.4 | -1.3 | · | |
| EV / FCF | · | · | · | -11.6 | -6.1 | -1.3 | · | |
| EV / Revenue | · | · | · | 21.2 | 16.1 | 98.5 | · | |
| Earnings Yield | -2.3% | -13.9% | -10.1% | -10.5% | -14.4% | -59.7% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $172M | $133M | $92M | $54M | $9M | $3M | $3M | $4M | $4M | $3M | $5M | $4M | $5M | $4M | $5M | $3M | |
| Cost of Revenue | · | · | · | · | · | $2M | · | $2M | $1M | $1M | · | $570.0K | $671.0K | $654.0K | $694.0K | $740.0K | |
| R&D Expense | $17M | $13M | $17M | $9M | $6M | $7M | $16M | $12M | $9M | $10M | $13M | $7M | $18M | $5M | $5M | $5M | |
| SG&A Expense | $57M | $47M | $48M | $40M | $39M | $30M | $21M | $20M | $20M | $20M | $17M | $11M | $9M | $8M | $6M | $7M | |
| Operating Expenses | $86M | $71M | $72M | $53M | $46M | $39M | $39M | $34M | $31M | $32M | $31M | $19M | $28M | $14M | $12M | $12M | |
| Operating Income | $86M | $62M | $20M | $2M | $-38M | $-35M | $-36M | $-29M | $-27M | $-29M | $-26M | $-15M | $-23M | $-9M | $-6M | $-9M | |
| Interest Expense | · | · | · | · | · | · | · | $3M | $3M | $3M | · | $2M | $1M | $1M | $698.0K | $620.0K | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $948.0K | $862.0K | $734.0K | $922.0K | $662.0K | $359.0K | |
| Other Non-op | $-4M | $-5M | $-5M | $-5M | $-4M | $-3M | $-2M | $-2M | $-1M | $-1M | $-1M | $-899.0K | $-692.0K | $-3M | $-36.0K | $-261.0K | |
| Pretax Income | $82M | $57M | · | · | $-42M | $-38M | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $7M | $4M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $75M | $53M | $15M | $-4M | $-42M | $-38M | $-39M | $-31M | $-29M | $-30M | $-27M | $-16M | $-24M | $-12M | $-7M | $-9M | |
| EPS (Basic) | $0.84 | $0.60 | $0.18 | $-0.04 | $-0.49 | $-0.45 | $-0.45 | $-0.40 | $-0.38 | $-0.40 | $-0.43 | $-0.24 | $-0.36 | $-0.18 | $-0.08 | $-0.14 | |
| EPS (Diluted) | $0.74 | $0.52 | $0.18 | $-0.04 | $-0.49 | $-0.45 | $-0.45 | $-0.40 | $-0.38 | $-0.40 | $-0.43 | $-0.24 | $-0.36 | $-0.18 | $-0.08 | $-0.14 | |
| Shares (Basic) | 88,887,744 | 88,006,244 | · | 86,333,772 | 85,588,108 | 85,172,696 | · | 78,316,820 | 76,435,831 | 75,393,907 | · | 64,857,508 | 64,788,482 | 64,656,424 | · | 64,458,741 | |
| Shares (Diluted) | 101,397,028 | 101,112,095 | · | 86,333,772 | 85,588,108 | 85,172,696 | · | 78,316,820 | 76,435,831 | 75,393,907 | · | 64,857,508 | 64,788,482 | 64,656,424 | · | 64,458,741 | |
| EBITDA | $86M | $62M | · | $2M | $-38M | $-35M | · | $-29M | $-27M | $-28M | · | $-15M | $-23M | $-9M | · | $-9M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $284M | $223M | $191M | $157M | $173M | $170M | $176M | $204M | $133M | $158M | · | $76M | $88M | $94M | $93M | $98M | |
| Receivables | $109M | $74M | $54M | $36M | $10M | $1M | $3M | $4M | $3M | $3M | · | $3M | $4M | $4M | $5M | $3M | |
| Inventory | $36M | $29M | $24M | $25M | $6M | $1M | $241.0K | $38.0K | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $9M | $8M | $5M | $9M | $6M | $5M | $6M | $6M | $4M | $4M | · | $3M | $601.0K | $1M | $2M | $2M | |
| Current Assets | $438M | $333M | $273M | $227M | $196M | $177M | $185M | $214M | $147M | $168M | · | $83M | $93M | $100M | $100M | $103M | |
| PP&E (Net) | $35M | $21M | $12M | $11M | $10M | $8M | $8M | $8M | $6M | $6M | · | $4M | $4M | $4M | $4M | $4M | |
| PP&E (Gross) | $53M | $38M | $26M | $28M | $26M | $25M | $24M | $24M | $22M | $21M | · | $19M | $19M | $19M | $18M | $19M | |
| Accum. Depreciation | $18M | $18M | $14M | $17M | $16M | $16M | $16M | $16M | $16M | $15M | · | $15M | $15M | $14M | $14M | $15M | |
| Goodwill | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | · | $4M | $4M | $4M | $4M | $4M | |
| Intangibles | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $4M | $4M | $4M | $4M | |
| Other Non-current Assets | $19M | $17M | $13M | $9M | $22M | $16M | $11M | $8M | · | · | · | · | · | · | · | · | |
| Total Assets | $522M | $402M | $328M | $276M | $257M | $227M | $230M | $253M | $177M | $197M | · | $112M | $122M | $129M | $129M | $133M | |
| Accounts Payable | $13M | $11M | $4M | $6M | $11M | $9M | $5M | $2M | $6M | $2M | · | $2M | $2M | $841.0K | $2M | $1M | |
| Current Liabilities | $189M | $150M | $136M | $103M | $78M | $61M | $42M | $34M | $24M | $22M | · | $12M | $19M | $7M | $9M | $7M | |
| Capital Leases | · | · | · | · | · | · | · | · | · | · | · | $3M | $3M | $3M | $3M | $4M | |
| Deferred Tax | $914.0K | $873.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $327M | $293M | $283M | $254M | $242M | $178M | $151M | $142M | $115M | $111M | · | $64M | $61M | $47M | $39M | $38M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $20M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $20M | |
| Common Stock | $89.0K | $88.0K | $87.0K | $87.0K | $86.0K | $85.0K | $85.0K | $85.0K | $76.0K | $76.0K | · | $65.0K | $65.0K | $65.0K | $64.0K | $64.0K | |
| Paid-in Capital | $694M | $682M | $671M | $663M | $652M | $645M | $637M | $632M | $561M | $556M | · | $450M | $446M | $444M | $441M | $439M | |
| Retained Earnings | $-499M | $-573M | $-626M | $-641M | $-637M | $-596M | $-557M | $-521M | $-498M | $-470M | · | $-402M | $-386M | $-362M | $-351M | $-344M | |
| Stockholders' Equity | $195M | $109M | $45M | $22M | $15M | $50M | $79M | $111M | $63M | $86M | $47M | $48M | $61M | $82M | $90M | $95M | |
| Liabilities + Equity | $522M | $402M | $328M | $276M | $257M | $227M | $230M | $253M | $177M | $197M | · | $112M | $122M | $129M | $129M | $133M | |
| Shares Outstanding | 89,099,459 | 88,308,411 | 87,204,137 | 86,819,212 | 85,860,949 | 85,298,941 | 84,683,063 | 84,545,409 | 76,414,548 | 76,287,415 | · | 64,899,295 | 64,740,382 | 64,710,444 | 64,517,912 | 64,460,394 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $400.0K | $497.0K | $320.0K | $476.0K | $281.0K | $451.0K | $518.0K | $610.0K | $580.0K | $489.0K | $506.0K | $514.0K | $589.0K | $569.0K | $566.0K | $1M | |
| Stock-based Comp | $10M | $9M | $7M | $8M | $7M | $7M | $5M | $5M | $4M | $5M | $3M | $2M | $2M | $3M | $2M | $2M | |
| Amort. of Intangibles | $0 | $100.0K | $0 | $100.0K | $100.0K | · | $0 | $100.0K | $100.0K | $100.0K | $0 | $100.0K | $100.0K | $100.0K | $100.0K | $200.0K | |
| Other Non-cash | · | $-10M | · | · | · | $-201.0K | · | · | · | $11M | · | · | · | $167.0K | · | · | |
| Operating Cash Flow | $80M | $53M | $44M | $-10M | $-39M | $-31M | $-21M | $-25M | $-23M | $-25M | $-16M | $-12M | $-6M | $-8M | $-5M | $-6M | |
| CapEx | $11M | $3M | $2M | $911.0K | $1M | $330.0K | $1M | $2M | $1M | $624.0K | $206.0K | $475.0K | $243.0K | $366.0K | $491.0K | $94.0K | |
| Investing Cash Flow | $-12M | $-3M | $-4M | $-911.0K | $-1M | $-330.0K | $-5M | $-2M | $-1M | $-624.0K | $-206.0K | $-10M | $-243.0K | $-364.0K | $-491.0K | $-94.0K | |
| Debt Issued | $0 | $0 | $0 | $0 | $50M | $25M | $0 | $32M | $0 | $25M | $42M | $0 | $0 | $0 | $0 | $0 | |
| Net Debt Issued | · | $-20M | · | · | · | $23M | · | · | · | · | · | · | · | $-20M | · | · | |
| Financing Cash Flow | $-7M | $-18M | $-7M | $-5M | $48M | $24M | $-2M | $98M | $-814.0K | $100M | $24M | $10M | $-409.0K | $10M | $57.0K | $348.0K | |
| Net Change in Cash | $61M | $32M | $33M | $-16M | $7M | $-7M | $-28M | $71M | $-25M | $74M | $7M | $-12M | $-6M | $1M | $-5M | $-6M | |
| Free Cash Flow | · | $50M | · | · | · | $-31M | · | · | · | $-25M | · | · | · | $-9M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 49.8% | 46.3% | · | 3.2% | -424.4% | -1135.4% | · | -656.2% | -743.3% | -969.1% | · | -404.9% | -476.9% | -205.5% | · | -279.0% | |
| Net Margin | 43.5% | 39.8% | · | -6.5% | -470.5% | -1229.7% | · | -520.6% | -763.6% | -1377.1% | · | -429.3% | -491.4% | -261.4% | · | -287.3% | |
| Pretax Margin | 47.6% | 42.7% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 49.8% | 46.7% | · | 3.2% | -424.4% | -1121.0% | · | -656.2% | -743.3% | -952.6% | · | -404.9% | -476.9% | -192.8% | · | -279.0% | |
| ROA | 19.2% | 16.8% | · | -1.3% | -19.1% | -18.1% | · | -12.7% | -18.7% | -25.1% | · | -12.9% | -18.0% | -10.6% | · | -7.8% | |
| ROE | 71.1% | 66.8% | · | -5.3% | -106.7% | -56.4% | · | -29.2% | -45.3% | -48.8% | · | -22.1% | -28.9% | -17.1% | · | -10.8% | |
| ROIC | 40.1% | 52.7% | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 2.2 | · | 2.2 | 2.5 | 2.9 | · | 6.3 | 6.1 | 7.7 | · | 6.8 | 4.8 | 14.6 | · | 13.8 | |
| Quick Ratio | 2.1 | 2.0 | · | 1.9 | 2.3 | 2.8 | · | 6.2 | 5.6 | 7.3 | · | 6.5 | 4.7 | 14.4 | · | 13.6 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.2 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | -9.7 | -10.5 | -11.4 | · | -8.5 | -16.0 | -8.2 | · | -14.2 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | · | 0.2 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | · | · | · | · | · | 2.2 | · | 82.4 | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 2.9 | 3.5 | · | 2.7 | 1.3 | 1.6 | · | 1.2 | 1.0 | 0.9 | · | 1.1 | 1.2 | 1.2 | · | 1.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $2.19 | $1.23 | · | $0.25 | $0.18 | $0.58 | · | $1.31 | $0.82 | $1.13 | · | $0.74 | $0.94 | $1.26 | · | $1.47 | |
| Revenue / Share | $1.69 | $1.31 | · | $0.63 | $0.10 | $0.04 | · | $0.06 | $0.05 | $0.04 | · | $0.06 | $0.07 | $0.07 | · | $0.05 | |
| Cash Flow / Share | · | $0.52 | · | · | · | $-0.36 | · | · | · | $-0.33 | · | · | · | $-0.13 | · | · | |
| Cash / Share | $3.19 | $2.52 | · | $1.81 | $2.02 | $1.99 | · | $2.42 | $1.74 | $2.07 | · | $1.17 | $1.36 | $1.46 | · | $1.53 | |
| EPS (TTM) | $1.40 | $0.17 | · | $-1.43 | $-1.79 | $-1.68 | · | $-1.61 | $-1.45 | $-1.43 | · | $-0.86 | $-0.76 | $-0.55 | · | $-0.81 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $451M | $288M | · | $69M | $19M | $14M | · | $16M | $15M | $16M | · | $18M | $18M | $17M | · | $14M | |
| Net Income TTM | $139M | $22M | · | $-122M | $-149M | $-137M | · | $-117M | $-102M | $-97M | · | $-58M | $-51M | $-37M | · | $-46M | |
| Market Cap | $7.10B | $3.33B | · | $1.97B | $1.07B | $1.26B | · | $845M | $917M | $1.13B | · | $411M | $508M | $447M | · | $351M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $272M | |
| P/E | 57.0 | 222.0 | · | -15.9 | -7.0 | -8.8 | · | -6.2 | -8.3 | -10.3 | · | -7.4 | -10.3 | -12.6 | · | -6.7 | |
| P/S | 15.8 | 11.6 | · | 28.5 | 55.4 | 89.0 | · | 54.2 | 61.8 | 70.5 | · | 22.5 | 28.5 | 26.4 | · | 25.4 | |
| P/B | 36.4 | 30.7 | · | 89.5 | 70.4 | 25.3 | · | 7.6 | 14.6 | 13.0 | · | 8.6 | 8.4 | 5.5 | · | 3.7 | |
| P / Tangible Book | 37.7 | 32.7 | · | 130.2 | 129.9 | 29.5 | · | 8.2 | 16.5 | 14.2 | · | 10.1 | 9.6 | 6.0 | · | 4.0 | |
| P / Cash Flow | · | 62.9 | · | · | · | -41.0 | · | · | · | -45.3 | · | · | · | -52.9 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 19.7 | |
| Earnings Yield | 1.8% | 0.45% | · | -6.3% | -14.4% | -11.4% | · | -16.1% | -12.1% | -9.7% | · | -13.6% | -9.7% | -8.0% | · | -14.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $158M | $14M | $17M | $16M | $13M |
| Operating Margin % | -32.5% | -866.6% | -419.6% | -243.3% | -262.9% |
| Net Income | $-69M | $-128M | $-79M | $-41M | $-35M |
| Diluted EPS | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | · | · | · | 0.2 | 0.2 |
| Current Ratio | 2.0 | 4.4 | 4.8 | 11.3 | 8.4 |
| Quick Ratio | 1.8 | 4.3 | 4.7 | 11.2 | 8.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-40M | $-98M | $-43M | $-29M | $-34M |
Institutional owners (13F) 363 filers · $6.2B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
363
Value held
$6.2B
New positions
130
Exited positions
32
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 130 (+60 vs prior Q) | 32 (0 vs prior Q) | 107 (+24 vs prior Q) | 89 (+1 vs prior Q) | +20.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $860,173,961 | 10,788,586 | 13.85% | Shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $666,944,480 | 8,365,038 | 10.74% | Shares |
| Caligan Partners LP | $647,319,259 | 8,118,892 | 10.43% | Shares |
| FINDELL CAPITAL MANAGEMENT LLC | $279,223,390 | 3,502,112 | 4.50% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $250,287,061 | 3,139,183 | 4.03% | Shares |
| STATE STREET CORP | $241,613,393 | 3,030,395 | 3.89% | Shares |
| Opaleye Management Inc. | $195,139,175 | 2,447,500 | 3.14% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $169,159,204 | 2,121,290 | 2.72% | Shares |
| BANK OF AMERICA CORP /DE/ | $158,787,557 | 1,991,566 | 2.56% | Shares |
| VANGUARD GROUP INC | $138,438,996 | 4,013,888 | 2.23% | Shares |
| CITADEL ADVISORS LLC | $124,251,232 | 1,558,400 | 2.00% | Call option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $122,158,399 | 1,532,151 | 1.97% | Shares |
| Caprock Group, LLC | $112,400,085 | 1,409,759 | 1.81% | Shares |
| MPM BIOIMPACT LLC | $110,519,653 | 1,386,174 | 1.78% | Shares |
| FINDELL CAPITAL MANAGEMENT LLC | $103,656,973 | 1,300,100 | 1.67% | Put option |
| D. E. Shaw & Co., Inc. | $101,074,200 | 1,267,706 | 1.63% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $96,441,691 | 1,209,604 | 1.55% | Shares |
| GOLDMAN SACHS GROUP INC | $76,452,458 | 958,892 | 1.23% | Shares |
| FEDERATED HERMES, INC. | $65,074,589 | 816,187 | 1.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $61,113,045 | 766,500 | 0.98% | Call option |
| JANE STREET GROUP, LLC | $59,988,852 | 752,400 | 0.97% | Call option |
| NORTHERN TRUST CORP | $56,533,594 | 709,063 | 0.91% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $53,740,651 | 674,033 | 0.87% | Shares |
| MORGAN STANLEY | $52,497,596 | 658,441 | 0.85% | Shares |
| Caption Management, LLC | $49,910,980 | 626,000 | 0.80% | Call option |
| BOOTHBAY FUND MANAGEMENT, LLC | $49,649,147 | 622,716 | 0.80% | Shares |
| UBS Group AG | $48,360,870 | 606,558 | 0.78% | Shares |
| FMR LLC | $47,489,516 | 595,629 | 0.76% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $46,992,862 | 589,400 | 0.76% | Put option |
| AMERICAN CENTURY COMPANIES INC | $43,224,211 | 542,131 | 0.70% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $40,165,901 | 503,774 | 0.65% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $37,558,172 | 471,067 | 0.60% | Shares |
| Eversept Partners, LP | $34,176,424 | 428,652 | 0.55% | Shares |
| Buckley Capital Advisors, LLC | $32,692,808 | 410,044 | 0.53% | Shares |
| OBERWEIS ASSET MANAGEMENT INC/ | $32,402,272 | 406,400 | 0.52% | Shares |
| Invesco Ltd. | $32,297,826 | 405,090 | 0.52% | Shares |
| CITADEL ADVISORS LLC | $30,879,429 | 387,300 | 0.50% | Put option |
| Bank of New York Mellon Corp | $29,694,165 | 372,434 | 0.48% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $27,382,790 | 343,444 | 0.44% | Shares |
| Nuveen, LLC | $25,234,386 | 316,498 | 0.41% | Shares |
| FIRST TRUST ADVISORS LP | $24,033,173 | 301,432 | 0.39% | Shares |
| TWO SIGMA INVESTMENTS, LP | $21,274,276 | 266,829 | 0.34% | Shares |
| Seven Fleet Capital Management LP | $20,458,957 | 256,603 | 0.33% | Shares |
| Public Sector Pension Investment Board | $19,244,908 | 241,376 | 0.31% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $19,195,157 | 240,752 | 0.31% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $19,099,880 | 239,557 | 0.31% | Shares |
| BARCLAYS PLC | $19,055,470 | 239,000 | 0.31% | Put option |
| RENAISSANCE TECHNOLOGIES LLC | $18,525,505 | 232,353 | 0.30% | Shares |
| RAYMOND JAMES FINANCIAL INC | $18,008,455 | 225,868 | 0.29% | Shares |
| Empowered Funds, LLC | $16,772,401 | 210,365 | 0.27% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Caligan Partners LP, David Johnson ×5 filings | Sept. 12, 2024 | · | Initial filing | · | SEC |
| Jan. 5, 2022 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 21 insiders · 13 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Roger Jeffs | Chief Executive Officer | Oct. 9, 2026 M | 1,125,848 | 0 | 27 | $-32,182,279 |
| Neal Franklin Fowler | Chief Executive Officer | Nov. 19, 2020 M | 78,512 | 0 | 0 | $0 |
| Michael Kaseta | CFO and COO | Oct. 9, 2026 M | 340,148 | 0 | 13 | $-16,238,220 |
| Sanjeev Khindri | Chief Development Officer | Oct. 12, 2026 S | 64,846 | 0 | 4 | $-386,709 |
| Sarah Krepp | Chief Human Resource Officer | Oct. 9, 2026 M | 115,241 | 0 | 12 | $-3,796,762 |
| Dana Boyle | Chief Accounting Officer | Oct. 9, 2026 M | 165,609 | 0 | 13 | $-2,461,795 |
| Rajeev Saggar | Chief Medical Officer | Oct. 9, 2026 M | 126,368 | 0 | 10 | $-11,300,891 |
| Russell Schundler | General Counsel | Oct. 9, 2026 M | 602,841 | 0 | 7 | $-3,057,983 |
| Scott Moomaw | Chief Commercial Officer | Oct. 9, 2026 M | 181,487 | 0 | 11 | $-5,658,856 |
| Jason Adair | Chief Business Officer | Oct. 9, 2026 M | 177,957 | 0 | 14 | $-7,892,155 |
| Robert A Lippe | Chief Operations Officer | Nov. 30, 2023 M | 193,788 | 0 | 0 | $0 |
| Tushar Shah | CMO and Head of R&D | Jan. 16, 2022 A | 38,881 | 0 | 0 | $0 |
| Florina Krawchick | SVP, Human Resources | Jan. 19, 2021 A | · | 0 | 0 | $0 |
| Stephen M Bloch | Director | Oct. 5, 2026 S | 0 | 0 | 49 | $-125,050,470 |
| Raman Singh | Director | Sept. 14, 2026 M | 44,637 | 0 | 4 | $-3,673,744 |
| Katherine Rielly-Gauvin | Director | Aug. 20, 2026 M | 44,637 | 0 | 2 | $-4,087,333 |
| Damian Degoa | Director | June 16, 2026 A | 92,353 | 0 | 0 | $0 |
| Joanna Horobin | Director | June 16, 2026 A | 39,637 | 0 | 0 | $0 |
| Paul B Manning | Director | June 16, 2026 A | 475,465 | 0 | 5 | $-12,782,059 |
| Arthur S Kirsch | Director | June 16, 2026 A | 46,637 | 0 | 3 | $-1,731,300 |
| David Johnson | Director | June 17, 2022 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 53 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| CAFG · Pacer Funds Trust | 2.72% | 9,735 NS | July 31, 2026 | N-PORT |
| PJP · Invesco Exchange-Traded Fund Trust | 1.75% | 249,157 SH | Oct. 23, 2026 | Daily |
| BBP · ETFis Series Trust I | 1.63% | 19,053 NS | July 31, 2026 | N-PORT |
| PSCH · Invesco Exchange-Traded Fund Trust … | 1.54% | 66,834 SH | Oct. 23, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.47% | 3,600 NS | July 31, 2026 | N-PORT |
| JSML · Janus Detroit Street Trust | 1.30% | 56,094 NS | July 31, 2026 | N-PORT |
| JSMD · Janus Detroit Street Trust | 1.26% | 157,623 NS | July 31, 2026 | N-PORT |
| XSMO · Invesco Exchange-Traded Fund Trust | 1.26% | 867,285 SH | Oct. 23, 2026 | Daily |
| IHE · iShares Trust | 1.09% | 260,034 SH | Sept. 11, 2026 | Daily |
| RZG · Invesco Exchange-Traded Fund Trust | 0.84% | 25,058 SH | Oct. 23, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.71% | 110,070 NS | July 31, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.65% | 12,171 NS | Aug. 31, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.61% | 83,621 SH | Aug. 19, 2026 | Daily |
| BRNY · EA Series Trust | 0.50% | 34,172 NS | July 31, 2026 | N-PORT |
| BRES · EA Series Trust | 0.50% | 39,783 NS | July 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.36% | 1,547 NS | July 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.34% | 54,705 NS | July 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.33% | 75,546 SH | Aug. 19, 2026 | Daily |
| IWO · iShares Trust | 0.32% | 664,667 SH | Sept. 11, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.30% | 245,606 SH | Aug. 19, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.28% | 18,862 SH | Oct. 23, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.23% | 58,410 SH | Aug. 19, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 18,245 NS | July 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.22% | 64,549 NS | July 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.21% | 2,170 NS | July 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.19% | 33,790 NS | July 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.18% | 10,600 SH | Oct. 23, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.17% | 406,207 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.16% | 1,802,379 SH | Sept. 11, 2026 | Daily |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.15% | 4,566 NS | Aug. 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.15% | 9,970 NS | July 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.08% | 191,975 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.08% | 30,353 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.08% | 31,303 SH | Sept. 11, 2026 | Daily |
| ISCG · iShares Trust | 0.07% | 10,165 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.06% | 805,676 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.04% | 4,381 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.03% | 56,614 NS | July 31, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.02% | 8,329 SH | Oct. 23, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 2,259,729 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 5,838 SH | Aug. 19, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 2,171 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 89,690 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 17,886 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.01% | 1,970 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 12,190 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 10,720 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 107 NS | July 31, 2026 | N-PORT |
| IJR · iShares Trust | · | 4,287,030 SH | Sept. 10, 2026 | Daily |
| IJT · iShares Trust | · | 664,636 SH | Sept. 9, 2026 | Daily |
| ISCB · iShares Trust | · | 3,021 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 7,785 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 99,607 SH | Sept. 11, 2026 | Daily |
LQDA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 15 analysts
BUY
Median target
$56.50
+26.5%
5 33.3%
Strong Buy
6 40.0%
Buy
4 26.7%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
8 analysts · 2026-10-28Mean target $54.38 +21.8%
Now
Current price $44.66
Low$33.00
Mean$54.38
High$70.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LQDA | $3.01B | -43.1 | 1031.2% | -43.5% | -230.0% | · |
| MANE | · | · | · | · | 82.6% | · |
| BLTE | $6.29B | -69.2 | · | · | -16.9% | · |
| DFTX | $1.32B | -6.5 | 212.0% | · | -71.0% | · |
| EWTX | $2.64B | -15.2 | · | · | -30.2% | · |
| INDV | · | 21.9 | 4.3% | 17.0% | -118.3% | 80.2% |
| OGN | $1.87B | 10.0 | -2.9% | 3.0% | 25.2% | 53.3% |
| AMLX | $1.33B | -7.9 | -77.1% | · | -61.2% | · |
| TARS | $3.48B | -51.5 | 146.7% | -14.7% | -19.7% | · |
| ELVN | $915M | -8.4 | · | · | -21.9% | · |
Latest News Recent headlines mentioning this company
Liquidia Corporation’s (LQDA) Yutrepia Launch Continues to Outpace the Expectations
Yahoo Finance ·
Liquidia, An IBD 50 Stock, Tops Sales Views Amid United Therapeutics Rivalry
Yahoo Finance ·
Liquidia Corporation Q1 2026 Earnings Call Summary
Yahoo Finance ·
Liquidia Stock Up 135% as Insider Sells $1.3 Million in Shares
Nasdaq ·
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
No open signal right now — no card is filled, and that's honest.
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Source: SEC 10-Q filed Aug 12, 2026