Liquidia (LQDA)
Commercializes inhaled treprostinil therapies for pulmonary hypertension and develops twice-daily L606.
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Sells YUTREPIA, an inhaled treprostinil powder for two forms of pulmonary hypertension, while earning a smaller U.S. profit share from Sandoz's generic Treprostinil Injection. Revenue is concentrated in YUTREPIA, and the pipeline centers on twice-daily nebulized L606.
Commercializes YUTREPIA, an inhaled dry-powder form of treprostinil approved in the United States for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. Proprietary PRINT particle engineering produces uniform drug particles for a low-effort inhaler, while sales flow through specialty pharmacies and a specialty distributor.
Also promotes Sandoz's generic Treprostinil Injection in the United States for a share of product profit. The pipeline centers on L606, a licensed twice-daily liposomal treprostinil delivered by nebulizer and under clinical study for the same diseases.
Nearly all revenue comes from YUTREPIA. Operations depend on FDA approvals, outsourced manufacturing and third-party delivery devices; ongoing United Therapeutics litigation could affect YUTREPIA's continued sale or labeled indications.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 13, 2026 | Raymond James | Reiterate | Rating: —Target: $68 | Target: $106 |
| Aug 13, 2026 | Wells Fargo | Reiterate | Rating: —Target: $62 | Target: $108 |
| Jul 24, 2026 | RBC Capital | Target | Target: — | Target: $130 |
| Jul 24, 2026 | H.C. Wainwright | Target | Target: $130 | Target: $36 |
| Jul 24, 2026 | Stephens | Target | Target: — | Target: $130 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $284.2M · Total debt $128.9M · Total assets $521.9M · Shareholders' equity $195.1M
- Revenue
- $171.7M
- Operating income
- $85.5M
- Net income
- $74.7M
No dividends on record.
| Institutions | 81.79% | 73.21M shares | |
|---|---|---|---|
| 366 holders · as of Jun 30, 2026 | |||
| Insiders | 5.92% | 5.30M shares | |
| 17 holders · as of Sep 15, 2026 | |||
| Other | 12.29% | 11.00M shares | |
| remainder | |||
89.51M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 12.05% | 10.79M | as of Jun 30, 2026 |
Farallon Capital Management LLCInstitution | 9.35% | 8.37M | as of Jun 30, 2026 |
Caligan Partners LPInstitution | 9.07% | 8.12M | as of Jun 30, 2026 |
Findell Capital Management LLCInstitution | 3.91% | 3.50M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.51% | 3.14M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Raman Singh | director | −8,468 | $66.16 |
| Sep 11, 2026 | Raman Singh | director | −9,024 | $68.62 |
| Sep 1, 2026 | Sarah Krepp | officer: Chief Human Resource Officer | −274 | $67.76 |
| Aug 21, 2026 | Jason Adair | officer: Chief Business Officer | −73,631 | $69.09 |
| Aug 20, 2026 | Katherine Rielly-Gauvin | director | −18,393 | $72.23 |
- United Therapeutics
Dominant direct rival across inhaled and infused treprostinil
- Insmed
Once-daily inhaled treprostinil prodrug threat
- Merck
Winrevair changes PAH add-on treatment decisions
- Johnson & Johnson
PAH incumbent through Opsumit, Uptravi, and Opsynvi
- Gossamer Bio
Inhaled PAH/PH-ILD pipeline rival with Phase 3 uncertainty
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Liquidia | $67.35 | +1.39% | $5.91B | 48.5 | 15.1 | 13.1 | +1,842.7% |
| United Therapeutics | $493.89 | +0.16% | $20.93B | 17.7 | 19.1 | 6.6 | −1.9% |
| Insmed | $119.96 | −0.86% | $26.23B | — | — | 23.1 | +296.1% |
| Merck | $151.59 | +1.39% | $369.24B | 119.6 | 17.6 | 5.6 | +5.1% |
| Johnson & Johnson | $268.61 | −0.32% | $649.40B | 31.2 | 22.6 | 6.6 | +6.6% |
| Gossamer Bio | $11.75 | +4.12% | $68.9M | — | — | 1.3 | −19.6% |
| Median | 31.2 | 19.1 | 6.6 | +5.1% |