LQDA Stock: Insider Activity, Filings & Research

Liquidia Corporation (LQDA) — Drillr’s hub for LQDA insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, LQDA insiders filed 1 open-market buy and 45 sales (SEC Form 4).

Sentiment

1/100

Buys (3m)

Sells (3m)

Net (3m)

-$52.7M

Insiders buying

Insider trades by month Buys Sells

Nov

Dec

Jan

Mar

Apr

May

Context3-month price +62%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 28, 2026	JEFFS ROGERdirector, officer: Chief Executive Officer	Sell	6,428	$62.18
May 26, 2026	SINGH RAMANdirector	Option	19,444	$8.63
May 26, 2026	JEFFS ROGERdirector, officer: Chief Executive Officer	Sell	25,000	$61.13
May 26, 2026	SINGH RAMANdirector	Sell	29,494	$60.13
May 26, 2026	SINGH RAMANdirector	Option	10,050	$11.00
May 20, 2026	Caligan Partners LPdirector, 10 percent owner, other: See Remarks	Buy	5,300	$59.98
May 20, 2026	JEFFS ROGERdirector, officer: Chief Executive Officer	Sell	25,000	$56.77
May 20, 2026	Caligan Partners LPdirector, 10 percent owner, other: See Remarks	Sell	5,300	$59.98
May 15, 2026	JEFFS ROGERdirector, officer: Chief Executive Officer	Sell	25,000	$56.29
May 13, 2026	Bloch Stephen Mdirector	Sell	27,613	$50.10
May 13, 2026	Bloch Stephen Mdirector	Sell	115,479	$49.45
May 13, 2026	Bloch Stephen Mdirector	Sell	75,801	$48.61
May 13, 2026	Bloch Stephen Mdirector	Sell	14,207	$53.25
May 13, 2026	Bloch Stephen Mdirector	Sell	75,293	$52.38
May 13, 2026	Bloch Stephen Mdirector	Sell	10,500	$51.31

Source: LQDA SEC Form 4 filings, latest May 28, 2026. For informational purposes only — not investment advice.

Overview

Liquidia Corporation (NASDAQ:LQDA) is a biopharmaceutical company founded in 2004 and headquartered in Morrisville, North Carolina. The company went public in July 2018 and focuses on developing and commercializing innovative treatments for rare diseases, particularly pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. Liquidia utilizes its proprietary PRINT technology platform to create precisely engineered drug particles that can improve the delivery and efficacy of existing medications.

Business

Liquidia operates in the rare disease pharmaceutical sector, specifically targeting pulmonary hypertension conditions that affect the blood vessels in the lungs. The company's core business revolves around two main areas: YUTREPIA (inhaled treprostinil) represents the company's flagship product candidate - an inhaled dry powder formulation of treprostinil designed to treat pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). Treprostinil is a prostacyclin analog that helps dilate blood vessels in the lungs and reduce blood clotting. What makes YUTREPIA unique is its delivery mechanism: a low-resistance dry powder inhaler that allows patients to achieve higher therapeutic doses with better tolerability compared to existing nebulized versions like Tyvaso. The product can be stored at room temperature and doesn't carry a black box warning, representing significant convenience advantages. Generic treprostinil injection provides the company's current revenue stream through distribution of generic injectable treprostinil in partnership with Sandoz. This established product serves over 500 patients and generates consistent revenue while the company prepares for YUTREPIA's commercial launch. The company is also developing L606, a next-generation sustained-release liposomal formulation of treprostinil designed for twice-daily dosing, which could further improve patient compliance and therapeutic outcomes. Revenue breakdown shows generic treprostinil injection currently generates approximately 100% of the company's revenue (around $14 million annually), while YUTREPIA represents the primary growth opportunity with an estimated addressable market of $1.5-3 billion.

Revenue model

Liquidia generates revenue through product sales and profit-sharing arrangements. Currently, the company earns money from its generic treprostinil injection through a 50% profit-split agreement with distribution partner Sandoz. The paying customers are specialty pharmacies and healthcare providers who serve patients with pulmonary hypertension. The company's future business model centers on direct product sales of YUTREPIA to the same customer base once FDA approval is obtained. The target market includes approximately 6,000-7,000 potential prescribing physicians treating PAH and PH-ILD patients. The payer mix is expected to be roughly 50% Medicare, 35% commercial insurance, 10% Medicaid, and 5% other sources. Several factors could significantly impact Liquidia's margins and profitability. Positive margin drivers include the premium pricing potential for YUTREPIA due to its superior tolerability and dosing advantages over existing treatments, the large addressable market opportunity, and the company's in-house manufacturing capabilities that provide cost control. The rare disease market also typically supports higher pricing due to limited treatment options and significant unmet medical need. Margin pressures could come from competitive responses from United Therapeutics (maker of Tyvaso), potential new entrants in the prostacyclin market, payer pushback on pricing, and the substantial commercial infrastructure costs required to serve the rare disease market. Manufacturing scale-up challenges and regulatory compliance costs also represent ongoing expense pressures. Additionally, the company's significant legal expenses related to patent litigation with United Therapeutics continue to impact profitability.

Competitive moat

Liquidia's competitive moat appears moderate but vulnerable to several challenges. The company's primary defensive position comes from its proprietary PRINT technology platform, which enables precise particle engineering for improved drug delivery. This technology creates YUTREPIA's key differentiators: better tolerability, higher achievable doses, and more convenient administration compared to existing nebulized treprostinil products. The company also benefits from regulatory barriers in the rare disease space, where FDA approval processes are lengthy and expensive, creating natural entry barriers for new competitors. Liquidia's established relationships with specialty pharmacies and pulmonary hypertension treatment centers provide some customer stickiness. However, the moat faces significant threats. United Therapeutics poses the primary competitive risk as the dominant player in the prostacyclin market with Tyvaso and substantial resources to defend its position through legal challenges, competitive product development, and aggressive commercial tactics. The ongoing patent litigation demonstrates this competitive pressure. The narrow therapeutic focus also creates vulnerability - Liquidia is essentially competing in a duopoly market where United Therapeutics has established relationships and market dominance. New treatment modalities like sotatercept could potentially reduce the overall prostacyclin market size. Additionally, the company's dependence on a single major product candidate (YUTREPIA) concentrates risk significantly. The moat strength will ultimately depend on YUTREPIA's ability to demonstrate clear clinical superiority and capture meaningful market share from the incumbent Tyvaso, which remains uncertain until commercial launch occurs.

Risks & safety

Liquidia presents a moderate margin of safety with strong liquidity but significant execution risk: • Cash position: $170 million in cash and short-term investments as of Q1 2025, providing substantial runway • Burn rate: Quarterly cash burn of approximately $31 million in free cash flow, suggesting roughly 5+ quarters of runway at current spending levels • Debt level: Debt-to-equity ratio of 2.97, elevated due to the $100 million financing from HealthCare Royalty Partners • Current ratio: Strong at 2.93, indicating good short-term liquidity • Solvency risk: Low in near-term given cash position, but company must achieve YUTREPIA commercialization success • Valuation metrics: - P/E ratio of -8.2x (loss-making) - Price-to-book of 25.3x (elevated) - EV/EBITDA of -8.7x (negative EBITDA) • Other considerations: Binary risk profile dependent on YUTREPIA approval and commercial success; legal uncertainties with United Therapeutics litigation; single-product dependency creates concentration risk

Recent development

Over the past few years, Liquidia has executed a focused strategy centered on advancing YUTREPIA toward commercialization while expanding its pipeline. The most significant development has been navigating the complex regulatory and legal pathway for YUTREPIA approval. The company successfully amended its New Drug Application (NDA) to include both PAH and PH-ILD indications, with the FDA confirming no additional studies are required. Clinical development progress has been substantial, particularly with the ASCENT study for PH-ILD patients. This trial has demonstrated that patients can safely titrate to doses three times higher than the labeled target dose of nebulized Tyvaso, with preliminary results showing a mean 6-minute walk test improvement of 26.4 meters at week 8. The study's success supports YUTREPIA's core value proposition of superior tolerability and higher achievable therapeutic doses. The company has also significantly expanded its pipeline through the L606 program, a next-generation sustained-release liposomal treprostinil formulation designed for twice-daily dosing. The open-label safety study has shown promising results with patients reaching maximum doses of 378 micrograms with good tolerability. Liquidia plans to initiate a global Phase III RESPIRE study for L606 by year-end 2025. Commercial preparation has accelerated dramatically, with the company building a sales force of approximately 50 experienced rare disease representatives and establishing comprehensive patient support services. The team has identified roughly 6,000-7,000 potential prescriber targets and developed payer access strategies. Financially, the company strengthened its position through a $100 million financing agreement with HealthCare Royalty Partners, providing sufficient runway to achieve profitability through YUTREPIA's commercial launch without additional capital raises.

LQDA company profile · for informational purposes only — not investment advice.

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