Liquidia Corporation (LQDA) Balance Sheet
LQDA balance sheet, 2025
December 31, 2025 · U.S. dollars$327.9M assets = $283.2M liabilities + $44.7M equity
Both columns are drawn to the same scale: what LQDA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LQDA financial health
Descriptive bands, not a rating. Fiscal 2025.
LQDA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8.5M2016 | $327.9M2025 | +50.1%/yr | |
| Total liabilities | $26.7M2016 | $283.2M2025 | +30.0%/yr | |
| Shareholders’ equity | −$18.2M2016 | $44.7M2025 | — | |
| Cash & short-term investments | $1.4M2016 | $190.7M2025 | +72.1%/yr | |
| Total debt | $8.7M2016 | $197.9M2025 | +41.5%/yr | |
| Net cash (debt) | −$7.2M2016 | −$7.2M2025 | −$4,109 | |
| Working capital | −$8.9M2016 | $54.9M2025 | +$63.9M | |
| Book value per share | $1.892019 | $0.522025 | −19.4%/yr | |
| Current ratio | 0.262016 | 1.402025 | +1.14 | |
| Debt / equity | 0.682018 | 4.422025 | +3.74 | |
| Shares outstanding | 18.5M2019 | 86.1M2025 | +29.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LQDA assets
LQDA liabilities and equity
LQDA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LQDA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $190.7M | $176.5M | $83.7M | $93.3M | $57.5M | $65.3M | $55.8M | $39.5M | $3.4M | $1.4M |
| Cash & equivalents | $190.7M | $176.5M | $83.7M | $93.3M | $57.5M | $65.3M | $55.8M | $39.5M | $3.4M | $1.4M |
| Receivables | $54.1M | $2.7M | $4.1M | $5.0M | $3.0M | $0 | $0 | $272,557 | $1.6M | $1.2M |
| Inventory | $23.8M | $241,000 | $1 | $0 | $0 | $0 | $0 | $1 | $1 | $1 |
| Other current assets | $0 | $5.7M | $2.2M | $1.5M | $792,000 | $752,447 | $590,251 | $219,056 | $443,459 | $468,665 |
| Total current assets | $190.7M | $185.1M | $89.9M | $99.8M | $61.3M | $66.1M | $56.4M | $40.0M | $5.5M | $3.1M |
| Property, plant & equipment (net) | $15.8M | $12.5M | $6.2M | $6.3M | $7.4M | $9.5M | $12.1M | $8.1M | $8.2M | $4.3M |
| Goodwill & intangible assets | $6.9M | $7.1M | $7.3M | $7.6M | $8.3M | $9.4M | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $114.6M | $25.7M | $14.9M | $15.5M | $16.7M | $14.6M | $378,043 | $1.3M | $1.1M | $992,724 |
| Total assets | $327.9M | $230.3M | $118.3M | $129.2M | $93.7M | $99.5M | $68.8M | $49.4M | $14.8M | $8.5M |
| Liabilities | ||||||||||
| Accounts payable | $3.7M | $4.7M | $1.4M | $2.2M | $1.1M | $3.7M | $3.5M | $3.2M | $4.4M | $2.4M |
| Short-term debt | $58.9M | $18.4M | $3.8M | $1.1M | $1.1M | $1.6M | $7.4M | $769,609 | $16.1M | $3.2M |
| Deferred revenue | — | — | — | — | — | $4.6M | — | $8.07B | $3.6M | $3.3M |
| Total current liabilities | $135.8M | $41.8M | $18.6M | $8.8M | $7.3M | $11.7M | $16.9M | $8.2M | $30.5M | $12.1M |
| Long-term debt | $132.9M | $97.4M | $43.4M | $19.9M | $10.4M | $10.3M | $11.3M | $12.0M | $7.4M | $5.5M |
| Lease obligations | $6.6M | $7.0M | $3.5M | $4.6M | $5.7M | $6.8M | $8.5M | $828,785 | $980,423 | $567,938 |
| Other long-term liabilities | $14.5M | $13.9M | $9.1M | $10.1M | $10.7M | $6.4M | $5.7M | $10.5M | $10.6M | $9.2M |
| Total liabilities | $283.2M | $153.0M | $71.0M | $38.8M | $28.5M | $28.4M | $33.9M | $30.7M | $48.5M | $26.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $87,000 | $85,000 | $69,000 | $64,000 | $52,000 | $43,336 | $28,231 | $15,520 | $570 | $554 |
| Retained earnings (deficit) | −$626.3M | −$559.5M | −$429.1M | −$350.6M | −$309.6M | −$275.0M | −$215.2M | −$167.1M | −$113.4M | −$84.3M |
| Accumulated other comprehensive income | — | — | — | — | — | $0 | −$11.3M | −$9.3M | −$7.8M | −$6.9M |
| Total shareholders' equity | $44.7M | $77.3M | $47.3M | $90.4M | $65.3M | $71.1M | $34.9M | $18.7M | −$33.7M | −$18.2M |
| Key figures | ||||||||||
| Total debt | $197.9M | $122.4M | $49.5M | $24.5M | $16.1M | $17.1M | $24.4M | $12.8M | $23.5M | $8.7M |
| Net cash (debt) | −$7.2M | $54.1M | $34.1M | $68.8M | $41.4M | $48.2M | $31.4M | $26.8M | −$20.1M | −$7.2M |
| Working capital | $54.9M | $143.3M | $71.3M | $91.0M | $53.9M | $54.3M | $39.5M | $31.8M | −$25.0M | −$8.9M |
| Tangible book value | $37.9M | $70.2M | $40.0M | $82.8M | $57.0M | $61.6M | $34.9M | $18.7M | −$33.7M | −$18.2M |
| Book value per share | $0.52 | $0.98 | $0.73 | $1.48 | $1.31 | $2.10 | $1.89 | — | — | — |
| Shares outstanding | 86.1M | 78.7M | 65.0M | 61.0M | 49.7M | 33.9M | 18.5M | — | — | — |
| Current ratio | 1.40 | 4.43 | 4.85 | 11.34 | 8.36 | 5.63 | 3.34 | 4.85 | 0.18 | 0.26 |
| Quick ratio | 1.80 | 4.29 | 4.73 | 11.17 | 8.25 | 5.56 | 3.31 | 4.83 | 0.17 | 0.22 |
| Debt / equity | 4.42 | 1.58 | 1.05 | 0.27 | 0.25 | 0.24 | 0.70 | 0.68 | — | — |
| Equity / assets | 13.6% | 33.6% | 40.0% | 70.0% | 69.6% | 71.4% | 50.8% | 37.8% | −227.0% | −215.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $284.2M | $222.8M | $190.7M | $157.5M | $173.4M | $169.8M | $176.5M | $204.4M | $133.1M | $157.9M | $83.7M | $76.2M |
| Cash & equivalents | $284.2M | $222.8M | $190.7M | $157.5M | $173.4M | $169.8M | $176.5M | $204.4M | $133.1M | $157.9M | $83.7M | $76.2M |
| Receivables | $108.6M | $74.2M | $54.1M | $36.0M | $10.0M | $1.2M | $2.7M | $4.2M | $3.2M | $2.6M | $4.1M | $3.3M |
| Inventory | $36.2M | $28.5M | $23.8M | $24.5M | $6.4M | $1.3M | $241,000 | $38,000 | $7.2M | $3.5M | $1 | $0 |
| Other current assets | $8.8M | $7.6M | $0 | $8.7M | $5.7M | $4.9M | $5.7M | $5.6M | $3.7M | $4.0M | $2.2M | $3.4M |
| Total current assets | $437.7M | $333.1M | $190.7M | $226.7M | $195.6M | $177.2M | $185.1M | $214.2M | $147.3M | $167.9M | $89.9M | $83.0M |
| Property, plant & equipment (net) | $38.6M | $25.2M | $15.8M | $14.7M | $13.6M | $12.6M | $12.5M | $9.2M | $7.9M | $7.2M | $6.2M | $6.2M |
| Goodwill & intangible assets | $6.7M | $6.8M | $6.9M | $6.9M | $7.0M | $7.0M | $7.1M | $7.1M | $7.2M | $7.3M | $7.3M | $7.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $38.8M | $36.5M | $114.6M | $27.7M | $41.3M | $30.6M | $25.7M | $22.4M | $15.0M | $14.7M | $14.9M | $15.1M |
| Total assets | $521.9M | $401.5M | $327.9M | $276.0M | $257.4M | $227.4M | $230.3M | $252.9M | $177.4M | $197.1M | $118.3M | $111.6M |
| Liabilities | ||||||||||||
| Accounts payable | $12.7M | $11.0M | $3.7M | $6.0M | $11.3M | $8.7M | $4.7M | $2.3M | $5.7M | $2.5M | $1.4M | $1.8M |
| Short-term debt | $899,000 | $51.0M | $58.9M | $56.9M | $44.5M | $38.0M | $18.4M | $1.2M | $1.2M | $1.2M | $3.8M | $1.1M |
| Total current liabilities | $189.3M | $149.7M | $135.8M | $102.9M | $78.4M | $60.5M | $41.8M | $33.8M | $24.2M | $21.9M | $18.6M | $12.2M |
| Long-term debt | $122.2M | $127.6M | $132.9M | $136.4M | $149.5M | $103.2M | $97.4M | $0 | $0 | $0 | $43.4M | $0 |
| Lease obligations | $6.8M | $7.0M | $6.6M | $6.7M | $6.8M | $6.9M | $7.0M | $2.7M | $3.0M | $3.2M | $3.5M | $3.8M |
| Other long-term liabilities | $15.4M | $15.6M | $14.5M | $14.5M | $14.3M | $14.0M | $13.9M | $108.5M | $90.4M | $88.9M | $9.1M | $51.5M |
| Total liabilities | $326.8M | $293.0M | $283.2M | $253.9M | $242.2M | $177.7M | $153.0M | $142.4M | $114.6M | $110.9M | $71.0M | $63.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $89,000 | $88,000 | $87,000 | $87,000 | $85,000 | $85,000 | $85,000 | $85,000 | $76,000 | $76,000 | $69,000 | $65,000 |
| Retained earnings (deficit) | −$498.7M | −$573.5M | −$626.3M | −$640.9M | −$637.3M | −$595.8M | −$559.5M | −$521.1M | −$498.0M | −$470.0M | −$429.1M | −$401.6M |
| Total shareholders' equity | $195.1M | $108.6M | $44.7M | $22.1M | $15.2M | $49.7M | $77.3M | $110.5M | $62.7M | $86.3M | $47.3M | $48.0M |
| Key figures | ||||||||||||
| Total debt | $128.9M | $184.8M | $197.9M | $199.2M | $200.4M | $147.7M | $122.4M | $2.7M | $3.0M | $3.2M | $49.5M | $3.8M |
| Net cash (debt) | $155.2M | $38.0M | −$7.2M | −$41.7M | −$27.0M | $22.1M | $54.1M | $201.7M | $130.1M | $154.6M | $34.1M | $72.5M |
| Working capital | $248.4M | $183.3M | $54.9M | $123.8M | $117.2M | $116.7M | $143.3M | $180.4M | $123.0M | $146.0M | $71.3M | $70.8M |
| Tangible book value | $188.4M | $101.8M | $37.9M | $15.2M | $8.2M | $42.7M | $70.2M | $103.4M | $55.5M | $79.0M | $40.0M | $40.6M |
| Book value per share | $1.92 | $1.07 | $0.45 | $0.26 | $0.18 | $0.58 | $0.91 | $1.41 | $0.82 | $1.14 | $0.72 | $0.74 |
| Shares outstanding | 101.4M | 101.1M | 100.1M | 86.3M | 85.6M | 85.2M | 84.7M | 78.3M | 76.4M | 75.4M | 65.7M | 64.9M |
| Current ratio | 2.31 | 2.22 | 1.40 | 2.20 | 2.49 | 2.93 | 4.43 | 6.33 | 6.08 | 7.66 | 4.85 | 6.83 |
| Quick ratio | 2.07 | 1.98 | 1.80 | 1.88 | 2.34 | 2.83 | 4.29 | 6.16 | 5.63 | 7.32 | 4.73 | 6.55 |
| Debt / equity | 0.66 | 1.70 | 4.42 | 9.03 | 13.19 | 2.97 | 1.58 | 0.02 | 0.05 | 0.04 | 1.05 | 0.08 |
| Equity / assets | 37.4% | 27.0% | 13.6% | 8.0% | 5.9% | 21.9% | 33.6% | 43.7% | 35.4% | 43.8% | 40.0% | 43.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 5, 2026); data from EODHD.
LQDA financial position
At the end of fiscal 2025 (December 31, 2025), Liquidia had total assets of $327.9 million (up 42.4% from a year earlier), total liabilities of $283.2 million and shareholders' equity of $44.7 million. It held $190.7 million in cash and short-term investments against $197.9 million of debt, net debt of $7.2 million. Its current ratio was 1.40. In the latest quarter (ended June 30, 2026) total assets were $521.9 million and equity $195.1 million.
Related: LQDA income statement, LQDA cash flow statement, LQDA key metrics. See the LQDA stock overview for the latest quote and news.
LQDA balance sheet FAQ
What are Liquidia's total assets?
Liquidia reported total assets of $327.9 million at the end of fiscal 2025 (December 31, 2025), compared with $230.3 million a year earlier.
How much debt does Liquidia have?
Liquidia had $197.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 4.42.
How much cash does Liquidia have?
Liquidia held $190.7 million in cash and short-term investments at the end of fiscal 2025; with $197.9 million of debt that is net debt of $7.2 million.
What is Liquidia's book value?
Liquidia's shareholders' equity (book value) was $44.7 million at the end of fiscal 2025, or $0.52 per share.
What is Liquidia's current ratio?
Liquidia had current assets of $190.7 million and current liabilities of $135.8 million, a current ratio of 1.40 (it can cover its short-term obligations).
How much goodwill does Liquidia have?
Liquidia carried $6.9 million of goodwill and intangible assets, 2.1% of total assets, at the end of fiscal 2025.