Liquidia Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	69.22	14	17.49	15.94	12.85	0.74
Revenue Growth (YoY)	343.41%	-19.97%	9.75%	23.98%	1637.76%	-90.84%
Cost of Revenue	7.54	5.88	2.89	2.86	3.02	0.24
Gross Profit	61.68	8.12	14.6	13.08	9.83	0.5
Selling, General & Admin	130.35	82.31	45.44	33.11	23.81	22.57
Research & Development	38.6	47.1	42.54	18.73	19.82	32.22
Operating Expenses	168.95	129.41	87.98	51.85	43.63	54.79
Operating Income	-107.27	-121.29	-73.38	-38.77	-33.8	-54.29
Interest Expense	-19.62	-12.49	-6.27	-2.34	-0.76	-0.86
Interest & Investment Income	7.06	7.65	3.47	1.09	0.03	0.18
EBT Excluding Unusual Items	-119.82	-126.13	-76.19	-40.02	-34.53	-54.96
Merger & Restructuring Charges	-	-	-	-	-	-4.8
Other Unusual Items	-4.27	-4.27	-2.31	-1	-0.05	-
Pretax Income	-124.09	-130.39	-78.5	-41.02	-34.58	-59.76
Net Income	-124.09	-130.39	-78.5	-41.02	-34.58	-59.76
Net Income to Common	-124.09	-130.39	-78.5	-41.02	-34.58	-59.76
Shares Outstanding (Basic)	85	79	65	61	50	34
Shares Outstanding (Diluted)	85	79	65	61	50	34
Shares Change (YoY)	15.53%	21.10%	6.62%	22.71%	46.59%	83.36%
EPS (Basic)	-1.45	-1.66	-1.21	-0.67	-0.70	-1.76
EPS (Diluted)	-1.45	-1.66	-1.21	-0.67	-0.70	-1.76
Free Cash Flow	-104.33	-98.37	-42.85	-29.18	-34.14	-54.9
Free Cash Flow Per Share	-1.22	-1.25	-0.66	-0.48	-0.69	-1.62
Gross Margin	89.11%	57.99%	83.49%	82.06%	76.48%	67.86%
Operating Margin	-154.98%	-866.63%	-419.63%	-243.30%	-262.95%	-7340.06%
Profit Margin	-179.28%	-931.65%	-448.89%	-257.39%	-269.03%	-8080.11%
Free Cash Flow Margin	-150.73%	-702.85%	-245.05%	-183.12%	-265.63%	-7422.19%
EBITDA	-106.04	-119.7	-71.81	-36.62	-30.89	-51.35
EBITDA Margin	-153.21%	-	-	-229.83%	-240.29%	-
D&A For EBITDA	1.23	1.6	1.58	2.15	2.91	2.94
EBIT	-107.27	-121.29	-73.38	-38.77	-33.8	-54.29
EBIT Margin	-154.98%	-	-	-243.30%	-262.95%	-
Revenue as Reported	55.22	-	-	-	-	-

Updated Nov 3, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q