LQDALiquidia Corp
Pharmaceutical Preparations
- Revenue
- $158M
- 1031% YoY
- Operating margin
- -32.5%
- 96% YoY
- EBITDA
- −$50M
- 58% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$264M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired19% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear1% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $13M | $16M | $17M | $14M | $158M | 1031% |
| Operating income | −$34M | −$39M | −$73M | −$121M | −$51M | 58% |
| Net income | −$35M | −$41M | −$79M | −$130M | −$69M | 47% |
| Operating cash flow | −$34M | −$29M | −$42M | −$93M | −$36M | 62% |
| Capex | $107K | $592K | $1M | $5M | $4M | 12% |
| Stock-based comp | $7M | $9M | $10M | $19M | $29M | 57% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $13M · 15
- Net
- −$13M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $35M | 708 | 121 |
| FY2024 | $7M | $6M | 241 | 91 |
| FY2023 | $5M | $15M | 247 | 92 |
| FY2022 | $11M | $14M | 131 | 89 |