Liquidia Corp (LQDA) Form 10-Q — Aug 12, 2026
Liquidia's Q2 2026 was a transformational quarter: total revenue reached $171.7 million versus $8.8 million a year ago, driven by $170.4 million of YUTREPIA net product sales, and the company swung to net income of $74.7 million ($0.84 basic / $0.74 diluted EPS) from a $41.6 million loss in Q2 2025. The balance sheet strengthened sharply — cash rose to $284.2 million from $190.7 million at year-end 2025 and six-month operating cash flow was a positive $133.2 million. Management states cash is sufficient to fund operations and the HCR minimum cash covenant ($15.0 million) beyond one year, though HCR obligations total $250.6 million in contractual payments through 2033.
Key figures
- Eps
- Q2 2026: $0.84 basic / $0.74 diluted (vs $(0.49) year-ago)
- Revenue
- 171679000
- Net Income
- 74722000
- Total Debt
- 176105000
- Revenue Yoy
- Q2 2026 total revenue $171.7M vs $8.8M in Q2 2025 (~19x)
- Total Assets
- 521918000
- Cash Position
- 284181000
- Shares Outstanding
- 89508891
- Accumulated deficit
- 498700000
- Hcr current portion
- 53952000
- Product sales q2 2026
- 170382000
- Customer concentration
- Customer A 46% and Customer B 45% of gross product sales in 1H 2026
- Six month revenue 2026
- 304544000
- Closing price jun 30 2026
- 79.73
- Hcr minimum cash covenant
- 15000000
- Six month net income 2026
- 127584000
- Hcr effective interest rate
- 14.4%
- Hcr investment amount funded
- 175000000
- Raregen judgment against uth
- 70600000
- Six month operating cash flow
- 133234000
- Hcr total contractual payments
- 250628000
- Smiths medical settlement payment
- 4250000
Price after filing
Close on the filing date to close N calendar days later (from $91.03). Historical, not a forecast.
AI analysis
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