The company maintains a manageable financial profile with a debt-to-equity ratio of 1.70 and a total cash position of $222.8 million as of 2026Q1.
| Total Current Assets | 333.06M | 190.68M | 185.1M | 89.9M | 99.81M | 61.28M | 66.07M | 56.39M | 40.03M | 5.48M | 3.15M |
| Cash & Short-Term Investments | 222.79M | 190.68M | 176.48M | 83.68M | 93.28M | 57.49M | 65.32M | 55.8M | 39.53M | 3.42M | 1.44M |
| Cash Only | 222.79M | 190.68M | 176.48M | 83.68M | 93.28M | 57.49M | 65.32M | 55.8M | 39.53M | 3.42M | 1.44M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 74.16M | 54.09M | 2.72M | 4.06M | 5.02M | 2.99M | 0 | 0 | 272.56K | 1.62M | 1.24M |
| Days Sales Outstanding | 55.17 | 124.71 | 70.91 | 84.76 | 114.92 | 84.91 | - | - | 36.75 | 81.58 | 34.21 |
| Inventory | 28.51M | 0 | 241K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 229.33 | - | 14.96 | - | - | - | - | - | - | - | - |
| Other Current Assets | 7.61M | -54.09M | 5.67M | 2.16M | 1.51M | -381 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 68.48M | 137.25M | 45.21M | 28.43M | 29.39M | 32.45M | 33.46M | 12.46M | 9.39M | 9.36M | 5.34M |
| Property, Plant & Equipment | 25.2M | 0 | 12.48M | 6.18M | 6.25M | 7.43M | 9.45M | 12.08M | 8.13M | 8.24M | 4.35M |
| Fixed Asset Turnover | 21.53x | - | 1.12x | 2.83x | 2.55x | 1.73x | 0.08x | 0.67x | 0.33x | 0.88x | 3.04x |
| Goodwill | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.89M | 2.95M | 3.16M | 3.43M | 3.73M | 4.39M | 5.53M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 14.02M | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 32.12M | 126.89M | 25.66M | 14.92M | 15.51M | 16.73M | 14.57M | 378.04K | 1.26M | 1.12M | 992.72K |
| Total Assets | 401.53M | 327.93M | 230.31M | 118.33M | 129.2M | 93.73M | 99.53M | 68.84M | 49.42M | 14.84M | 8.49M |
| Asset Turnover | 0.91x | 0.48x | 0.06x | 0.15x | 0.12x | 0.14x | 0.01x | 0.12x | 0.05x | 0.49x | 1.56x |
| Asset Growth % | 173.21% | 42.39% | 94.63% | -8.41% | 37.84% | -5.83% | 44.58% | 39.3% | 232.93% | 74.91% | - |
| Total Current Liabilities | 149.74M | 135.77M | 41.78M | 18.55M | 8.8M | 7.33M | 11.74M | 16.87M | 8.25M | 30.52M | 12.09M |
| Accounts Payable | 10.98M | 3.68M | 4.69M | 1.4M | 2.2M | 1.07M | 3.73M | 3.5M | 3.24M | 4.42M | 2.41M |
| Days Payables Outstanding | 123.46 | 101.38 | 291.12 | 176.43 | 280.48 | 129.19 | 5.73K | 1.58K | 9.73K | 5.05K | 956.32 |
| Short-Term Debt | 51.03M | 58.89M | 18.02M | 2.62M | 0 | 0 | 0 | 5.59M | 316.91K | 15.61M | 2.9M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.07B | 3.61M | 3.34M |
| Other Current Liabilities | 77.85M | 73.2M | 18.66M | 8.54M | 2.86M | 3.16M | 5.03M | 1.29M | 268.6K | 2.22M | 1.16M |
| Current Ratio | 2.22x | 1.40x | 4.43x | 4.85x | 11.34x | 8.36x | 5.63x | 3.34x | 4.85x | 0.18x | 0.26x |
| Quick Ratio | 2.03x | 1.40x | 4.42x | 4.85x | 11.34x | 8.36x | 5.63x | 3.34x | 4.85x | 0.18x | 0.26x |
| Cash Conversion Cycle | 161.04 | - | -205.25 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 143.21M | 147.42M | 111.26M | 52.49M | 29.98M | 21.14M | 16.71M | 17.02M | 22.48M | 18.01M | 14.64M |
| Long-Term Debt | 127.64M | 132.94M | 97.37M | 43.42M | 19.88M | 10.41M | 10.29M | 10.29M | 11.63M | 5.56M | 5.22M |
| Capital Lease Obligations | 24.88M | 6.1M | 6.59M | 2.36M | 3.5M | 4.58M | 5.26M | 6.73M | 376.08K | 510.63K | 243.43K |
| Deferred Tax Liabilities | 873K | 3.63M | 0 | 0 | 0 | 0 | 0 | 0 | -376.08K | -510.63K | -243.43K |
| Other Non-Current Liabilities | 8.55M | 4.75M | 7.3M | 6.71M | 6.59M | 6.14M | 1.15M | 0 | 2.41M | 6.42M | 456.9K |
| Total Liabilities | 292.95M | 283.19M | 153.04M | 71.04M | 38.78M | 28.46M | 28.45M | 33.89M | 30.73M | 48.54M | 26.73M |
| Total Debt | 184.82M | 197.93M | 122.39M | 49.54M | 24.46M | 16.08M | 17.14M | 24.42M | 12.77M | 22.15M | 8.68M |
| Net Debt | -37.96M | 7.25M | -54.09M | -34.14M | -68.82M | -41.41M | -48.17M | -31.38M | -26.76M | 18.73M | 7.24M |
| Debt / Equity | 1.70x | 4.42x | 1.58x | 1.05x | 0.27x | 0.25x | 0.24x | 0.70x | 0.68x | - | - |
| Debt / EBITDA | 3.92x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.81x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 1.94x | -1.85x | -9.44x | -11.51x | -16.54x | -44.38x | -68.65x | -33.64x | -1.80x | -1.24x | -184.57x |
| Total Equity | 108.58M | 44.75M | 77.28M | 47.29M | 90.42M | 65.27M | 71.09M | 34.95M | 18.69M | -33.69M | -18.25M |
| Equity Growth % | -79.51% | -42.09% | 63.4% | -47.7% | 38.55% | -8.19% | 103.41% | 87.01% | 155.47% | -84.66% | - |
| Book Value per Share | 1.07 | 0.52 | 0.98 | 0.73 | 1.48 | 1.31 | 2.10 | 1.89 | 2.61 | -3.92 | -2.12 |
| Total Shareholders' Equity | 108.58M | 44.75M | 77.28M | 47.29M | 90.42M | 65.27M | 71.09M | 34.95M | 18.69M | -33.69M | -18.25M |
| Common Stock | 88K | 87K | 85K | 69K | 64K | 52K | 43.34K | 28.23K | 15.52K | 570 | 554 |
| Retained Earnings | -573.45M | -626.31M | -559.49M | -429.1M | -350.6M | -309.58M | -275M | -215.24M | -167.05M | -113.41M | -84.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.3M | -7.8M | -6.87M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Patent Litigation and Dilution
According to recent quarterly filings, Liquidia's total assets expanded to $401.5 million in 2026Q1, a significant increase from the $118.3 million reported in 2023Q4, signaling a fundamental shift in the company's financial position as it transitions from a development-stage entity to a commercial-scale operation.
The rapid accumulation of assets appears to be driven by the successful scaling of generic treprostinil distribution and the resulting cash inflows. This trajectory suggests that the company is successfully building the necessary financial foundation to support the upcoming commercial launch of YUTREPIA while reducing its reliance on external financing.
As reported in financial statements, Liquidia's total debt reached $184.8 million in 2026Q1, which, when viewed alongside the company's equity base of $108.6 million, results in a debt-to-equity ratio of 1.70, indicating a managed approach to leverage during this critical commercialization phase.
While the debt load has increased from historical lows, it appears to be a strategic necessity to fund the legal and operational requirements of the YUTREPIA launch. Investors should monitor whether this debt level remains sustainable as the company moves toward full-scale branded product commercialization.
Based on the most recent balance sheet data, Liquidia maintains a current ratio of 2.22 as of 2026Q1, supported by a cash position of $222.8 million, which provides a substantial buffer against potential legal delays or unforeseen operational expenditures in the near term.
The current liquidity position appears adequate to cover short-term obligations and ongoing litigation costs. This cash runway is a critical component of the company's ability to navigate the remaining patent hurdles without the immediate need for dilutive equity raises.
As evidenced by the company's financial disclosures, the equity base has improved to $108.6 million in 2026Q1, a notable recovery from the $22.1 million low observed in 2025Q3, primarily driven by the recent inflection toward positive net income and retained earnings improvement.
The improvement in equity quality suggests that the business model is beginning to generate internal value rather than relying solely on capital injections. However, the persistent negative balance in retained earnings warrants further investigation into the long-term impact of historical losses on the company's capital structure.
Analysis of the balance sheet reveals that while headline assets are growing, the company's reliance on legal-centric expenditures creates a distortion where significant capital is tied up in intellectual property defense rather than traditional tangible assets, as seen in the minimal $25.2 million net PPE.
The low level of net PPE relative to total assets suggests that the company's value is primarily intangible and tied to its PRINT technology and legal positioning. This makes the balance sheet highly sensitive to adverse patent rulings, which could potentially impair the value of these intangible assets.
Quick answers to the most common questions about buying LQDA stock.
As of 2025, Liquidia Corporation (LQDA) had total assets of $327.9M including $190.7M in current assets.
Liquidia Corporation (LQDA) carries total debt of $197.9M, offset by $190.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Liquidia Corporation (LQDA) has total shareholders' equity (book value) of $44.7M ($0.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Liquidia Corporation (LQDA) reported a current ratio of 1.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.