Liquidia Corporation (LQDA) Stock Price & How to Invest
Last updated July 2026
Short answer
Liquidia (LQDA) is a way to own a newly profitable pulmonary-hypertension pharma whose inhaled drug Yutrepia is scaling fast, so the stock trades like a high-growth specialty-pharma story where a rich valuation rides on Yutrepia's uptake and on ongoing patent litigation with United Therapeutics.
LQDA stock price
As of 2026-07-14, Liquidia Corporation (LQDA) last closed at $76.30, up 426.9% over the past year. Over the past 52 weeks it has traded between $14.19 and $81.45.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Liquidia Corporation's investor relations page. Walnut is informational, not investment advice.
What does Liquidia Corporation (LQDA) do?
Liquidia Corporation is a specialty pharmaceutical company focused on treating pulmonary hypertension. Its lead product, Yutrepia (treprostinil inhalation powder), is a dry-powder inhaled prostacyclin approved for pulmonary arterial hypertension (PAH) and for pulmonary hypertension associated with interstitial lung disease (PH-ILD). Yutrepia received final FDA approval in May 2025 and launched commercially in June 2025. The company also runs a legacy generic-treprostinil business (Yuvanci/Treprostinil Injection) and is developing L606, an investigational sustained-release inhaled treprostinil dosed twice daily with a next-generation nebulizer, now in the pivotal Phase 3 Re-Spire study.
The investment picture centers on a fast single-product ramp turning into durable profitability. Yutrepia generated roughly $130 million of net sales in the first quarter of 2026, the company's third consecutive profitable quarter, and management has cited an annualized run rate above $0.5 billion within its first year on the market plus a stated line of sight to at least $1 billion in net revenue by 2027. The counterweights are a premium valuation (a market cap near $7 billion on a company still early in its commercial life), heavy concentration in one drug and one disease area, and unresolved patent litigation brought by United Therapeutics, whose Tyvaso franchise Yutrepia competes against directly.
What's driving Liquidia Corporation (LQDA)?
1. Yutrepia commercial ramp
Yutrepia posted about $130 million in first-quarter 2026 net sales, up sharply sequentially, and the company reported more than 4,500 unique prescriptions and roughly 3,750 patients treated since the June 2025 launch. Management has pointed to a conversion rate at or above 85%, suggesting strong onboarding and retention. Continued share gains in inhaled prostacyclins are the main driver of the story.
2. Swing to profitability
The rapid revenue ramp pushed Liquidia to net income of roughly $53 million and adjusted EBITDA near $71 million in the first quarter of 2026, its third straight profitable quarter. Cash and equivalents stood around $223 million at quarter end, up from the prior period. A profitable, cash-generative base changes the risk profile versus a typical pre-revenue biotech.
3. Expanding indications and label reach
Yutrepia is approved for both PAH and PH-ILD, and Liquidia is screening patients for a Phase 4 study evaluating transition of patients from Tyvaso and Tyvaso DPI to Yutrepia in PH-ILD. Broadening the treated population and reinforcing switch data are levers to grow the addressable market beyond current prescribers.
4. L606 and pipeline optionality
L606, a sustained-release inhaled treprostinil prodrug dosed twice daily, is in the pivotal Phase 3 Re-Spire study and represents the next potential product beyond Yutrepia. Success would extend the franchise and reduce single-product dependence, though marketing approval is not assured and any launch is years away.
What are the risks to Liquidia Corporation (LQDA)?
Liquidia is highly concentrated: the vast majority of revenue comes from a single drug, Yutrepia, in a single therapeutic area, so any slowdown in uptake, reimbursement pressure, or manufacturing or supply issue would hit results disproportionately. United Therapeutics has an ongoing patent-infringement lawsuit (centered on U.S. Patent No. 11,826,327, which expires in 2042) that went to trial in June 2025 with a decision awaited, and an adverse ruling in that or related patent matters could limit Liquidia's ability to keep approval for or commercialize Yutrepia. The company competes directly against United Therapeutics' larger, entrenched Tyvaso franchise. The stock also carries a premium valuation that assumes continued rapid growth toward the stated $1 billion 2027 target, so any disappointment on volumes, pricing, or litigation could produce sharp downside, and L606 approval is not guaranteed.
How is Liquidia Corporation (LQDA) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Liquidia Corporation's investor relations page or your broker.
- Q1 2026 revenue: ~$133M (Yutrepia net sales ~$130M)
- Revenue (TTM): ~$300M (Yutrepia launched June 2025)
- Q1 2026 net income: ~$53M (third straight profitable quarter)
- Q1 2026 adjusted EBITDA: ~$71M
- Cash and equivalents: ~$223M (Mar 31, 2026)
- Market cap: ~$7B
Liquidia trades at a large multiple of its trailing revenue, reflecting how much of the story is future Yutrepia growth toward the company's stated $1 billion 2027 revenue target rather than results already booked. The shares traded in roughly the low-to-high $70s in early-to-mid July 2026, well above levels from before the launch. Because revenue is concentrated in one product still early in its ramp, the valuation is sensitive to quarterly uptake data and to the outcome of the United Therapeutics patent litigation.
Who competes with Liquidia Corporation (LQDA)?
Direct prostacyclin franchise rival
United Therapeutics (UTHR) is the dominant player in inhaled and other treprostinil therapies through its Tyvaso and Tyvaso DPI products, which Yutrepia competes against head-to-head in PAH and PH-ILD. United Therapeutics is also Liquidia's patent-litigation adversary, making it both the primary commercial competitor and the main legal risk.
Pulmonary hypertension drug developers
Other companies target pulmonary arterial hypertension with different mechanisms, including Johnson & Johnson (Actelion's Opsumit, Uptravi, and Tracleer), Merck (Winrevair/sotatercept), and Insmed (with an inhaled treprostinil palmitil candidate). These broaden the treatment landscape and compete for the same PAH and PH-ILD patients.
Generic and injectable treprostinil suppliers
Liquidia's own legacy Treprostinil Injection business and generics from companies such as Sandoz and other manufacturers compete on price in the parenteral treprostinil market, a lower-margin adjacent segment distinct from the branded inhaled Yutrepia opportunity.
How to invest in Liquidia Corporation (LQDA)
There are three common ways to get LQDA exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so LQDA sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where LQDA fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Liquidia Corporation (LQDA)
LQDA is a single-product growth story that has swung to real profitability on Yutrepia, but its premium valuation and outcome depend heavily on continued market-share gains and unresolved patent risk.
More on Liquidia Corporation (LQDA)
Whether LQDA is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LQDA a buy?, and where the stock could go from here in the LQDA stock forecast.
For income investors, whether LQDA pays a dividend and how the payout looks is covered in does LQDA pay a dividend?
Build a basket around LQDA with Walnut
Use Liquidia Corporation as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Liquidia Corporation do?
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Liquidia is a specialty pharmaceutical company focused on pulmonary hypertension. Its lead product, Yutrepia, is an inhaled dry-powder form of treprostinil approved for pulmonary arterial hypertension and PH-ILD, and it is also developing L606, a longer-acting inhaled treprostinil candidate.
Is LQDA profitable?
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Yes, recently. Driven by Yutrepia's rapid launch, Liquidia reported net income of roughly $53 million and adjusted EBITDA near $71 million in the first quarter of 2026, its third consecutive profitable quarter, a notable shift for a company that was pre-revenue before the June 2025 launch.
What is Yutrepia?
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Yutrepia is Liquidia's inhaled dry-powder treprostinil product for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. It received final FDA approval in May 2025, launched in June 2025, and generated about $130 million in net sales in the first quarter of 2026.
How fast is Yutrepia growing?
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Very fast off a small base. Liquidia reported more than 4,500 unique prescriptions and roughly 3,750 patients treated since launch, with sales rising sharply each quarter and an annualized run rate the company says exceeded $0.5 billion within the first year on the market.
What is the United Therapeutics lawsuit about?
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United Therapeutics, which makes the competing Tyvaso franchise, has an ongoing patent-infringement lawsuit against Liquidia centered on U.S. Patent No. 11,826,327 covering treprostinil dosing in PH-ILD. Trial took place in June 2025 and a court decision is awaited; an adverse outcome could affect Liquidia's ability to commercialize Yutrepia.
Why is LQDA stock valued so highly?
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The roughly $7 billion market cap sits on trailing revenue of only a few hundred million, reflecting expectations for continued rapid Yutrepia growth toward the company's stated $1 billion 2027 revenue target. That makes the valuation sensitive to quarterly uptake data and to the patent litigation outcome.
What are the main risks of owning LQDA?
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Key risks include heavy dependence on a single drug and disease area, the unresolved United Therapeutics patent litigation, direct competition from the larger Tyvaso franchise, a premium valuation that assumes sustained growth, and uncertainty over whether the L606 pipeline candidate will win approval.
Does LQDA pay a dividend?
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Liquidia does not pay a dividend. As a company reinvesting in the commercial ramp of Yutrepia and the development of L606, it directs cash toward growth rather than shareholder payouts. Investors should confirm current capital policy directly with company filings.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Liquidia Corporation's investor relations page or your broker before making investment decisions.