Liquidia (NASDAQ:LQDA) Releases Earnings Results, Misses Expectations By $0.18 EPS

Liquidia (NASDAQ:LQDA) posted its earnings results on Thursday. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.18), FiscalAI reports. Liquidia had a negative return on equity of 296.78% and a negative net margin of 176.04%.The company had revenue of $92.02 million for the quarter. The firm’s revenue was up 3072.4% on a year-over-year basis.

Here are the key takeaways from Liquidia’s conference call:

• Liquidia reported strong commercial profitability with full‑year 2025 net product sales of $148.3M (Q4 $90.1M), non‑GAAP adjusted EBITDA of $27.3M, net income of $14.6M, and approximately $190.7M cash after generating $33M positive cash flow in Q4.
• The launch momentum remains robust: >3,600 unique referrals and >2,900 patient starts through Feb‑28, and estimated inhaled‑treprostinil revenue share rising from ~10% in Q3 to ~17% in Q4, with 75% of starts prostacyclin‑naïve.
• Management plans multiple near‑term clinical programs to expand use and labeling (switch studies from oral/inhaled prostacyclins, adjunctive combinations, new indications like systemic sclerosis‑associated Raynaud’s and PH‑COPD) and will advance the next‑gen L‑606 pivotal study — all expected to be funded by operating cash flow and target building a >$1B franchise by 2027.
• Company downplays competitive threats from a recently announced soft‑mist inhaler (SMI) and new oral agents, arguing limited clinical/tolerability advantage for rivals, but competitor data are still evolving so the market impact remains uncertain.
• No new update on the ongoing IP/legal matter since the post‑trial briefing; management says it is confident but a judicial opinion timing is uncertain, representing potential downside risk if unfavorable.

Liquidia Stock Performance

NASDAQ LQDA opened at $34.52 on Friday. The stock has a fifty day simple moving average of $37.07 and a 200 day simple moving average of $30.84. Liquidia has a twelve month low of $11.26 and a twelve month high of $46.67. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of -23.97, a PEG ratio of 0.60 and a beta of 0.52. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 6.19.

Liquidia News Roundup

Here are the key news stories impacting Liquidia this week:

• Positive Sentiment: HC Wainwright raised its price target to $55 and maintained a Buy rating, reflecting aggressive upside and materially higher longer‑term EPS forecasts that support a higher valuation. HC Wainwright PT Raise
• Positive Sentiment: Needham and BTIG also bumped price targets (Needham to $54, BTIG to $50) and keep Buy ratings — consistent multi‑broker upgrades amplify buying interest from growth/healthcare investors. Needham PT Raise
• Positive Sentiment: Company reported strong YUTREPIA® adoption: $148.3M FY2025 product sales, $90.1M in Q4, over 3,600 prescriptions and the second consecutive profitable quarter with $190.7M cash — fundamentals that support higher forward earnings expectations. Company Results & Release
• Neutral Sentiment: Quarterly EPS headlines are mixed: Liquidia reported $0.15 EPS (reported by the company), which beat some low-model estimates but missed a higher consensus ($0.33) cited by other services — this divergence produced intraday volatility as investors reconcile differing expectations. Earnings Coverage
• Negative Sentiment: Shares gapped down in early trading after the earnings release amid headlines calling the quarter “weak” relative to some expectations — that initial sell‑off pressured the stock despite the stronger underlying sales and cash metrics. Gap Down Coverage
• Negative Sentiment: Notable insider and institutional selling has been reported (including a recent ~$5.1M manager sale), which may cap upside and concern short‑term investors about supply pressure. Insider/Manager Sale

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Liquidia in a research report on Thursday, January 22nd. Zacks Research downgraded Liquidia from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 27th. Needham & Company LLC increased their price objective on Liquidia from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday. BTIG Research boosted their target price on shares of Liquidia from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Jefferies Financial Group upped their price target on shares of Liquidia from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $40.56.

Insider Transactions at Liquidia

In other news, insider Rajeev Saggar sold 21,142 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $37.43, for a total transaction of $791,345.06. Following the sale, the insider owned 176,883 shares in the company, valued at approximately $6,620,730.69. The trade was a 10.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Roger Jeffs sold 66,610 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $37.43, for a total value of $2,493,212.30. Following the completion of the sale, the chief executive officer directly owned 1,037,528 shares in the company, valued at $38,834,673.04. This trade represents a 6.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 212,534 shares of company stock worth $7,964,719. 26.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Liquidia

Institutional investors have recently made changes to their positions in the company. Farallon Capital Management LLC raised its holdings in Liquidia by 1.1% in the 4th quarter. Farallon Capital Management LLC now owns 8,656,038 shares of the company’s stock worth $298,547,000 after acquiring an additional 90,400 shares during the last quarter. Vanguard Group Inc. boosted its position in Liquidia by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 4,013,888 shares of the company’s stock worth $138,439,000 after purchasing an additional 52,671 shares during the last quarter. Opaleye Management Inc. increased its position in shares of Liquidia by 9.5% during the 2nd quarter. Opaleye Management Inc. now owns 2,475,000 shares of the company’s stock valued at $30,838,000 after purchasing an additional 215,000 shares during the last quarter. Caprock Group LLC lifted its stake in shares of Liquidia by 9.3% in the 4th quarter. Caprock Group LLC now owns 1,783,921 shares of the company’s stock worth $61,527,000 after purchasing an additional 151,832 shares during the period. Finally, TCG Crossover Management LLC purchased a new position in shares of Liquidia in the third quarter worth approximately $38,887,000. Hedge funds and other institutional investors own 64.54% of the company’s stock.

About Liquidia

Liquidia Technologies, Inc is a clinical-stage biopharmaceutical company headquartered in Research Triangle Park, North Carolina. The company leverages its proprietary PRINT® (Particle Replication In Non-wetting Templates) platform to engineer precisely shaped and sized drug particles, with the goal of improving delivery, efficacy and safety profiles. By controlling particle characteristics at the nanoscale, Liquidia seeks to enhance respiratory and other therapies that depend on targeted delivery.

The company’s lead product candidate, LIQ861, is a dry powder formulation of treprostinil designed for inhalation in patients with pulmonary arterial hypertension (PAH).