Liquidia LQDA
Liquidia reports $236.33 million net loss for Q3 2026
Liquidia (LQDA) filed a 10-Q with the SEC on Nov 10, 2026, 6:46 am ET. Source: the filing on SEC EDGAR.
Quarterly report, 13 new risk factors
- Form
- 10-Q
- Filed
- Importance
- Major
- Accession
- 0001104659-26-124752
- Revenue of $225.3 million for the three months ended Sep 30, 2026
- Net loss of $236.33 million for the three months ended Sep 30, 2026
- Diluted EPS of -$2.64 for the three months ended Sep 30, 2026
- Cash and equivalents of $396.09 million as of Sep 30, 2026
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
What changed since last quarter
13 new risk factors · 23 removed · 3 new legal mentions
Compared with the 10-Q for the period ended Jun 30, 2026.
| This filing | Previous | Change vs prior 10-Q | |
|---|---|---|---|
| Revenue | $225.3M | $171.68M | +31% |
| Operating income and margin | −$263.52M · -117% | $85.52M · 49.8% | −408%, margin −166.8 pts |
| Net income | −$236.33M | $74.72M | −416% |
| Operating cash flow | $146.68M | $80.24M | +83% |
| Cash | $396.09M | $284.18M | +39% |
New risk factors (13)
- ●We may become involved in litigation, including litigation to protect our intellectual property, to enforce our intellectual property rights, to defend against claims of intellectual property infringement by third parties, or related to the Settlement Agreement with UTC. In addition, the Settlement Agreement does…
- Although, excluding the effect of the payments under the Settlement Agreement, the Sandoz Agreement, the Henderson Agreement and the PBM Agreement, we achieved profitability in the third and fourth quarters of 2025 and first three quarters of 2026 and had positive cash flows in the fourth quarter of 2025 and first…
- ● Tyvaso DPI (treprostinil), licensed from MannKind by UTC, is a dry-powder formulation of treprostinil that was approved for the treatment of PAH and PH-ILD in the United States in May 2022. UTC has stated that it plans to develop Tyvaso DPI for IPF in a pivotal safety and efficacy trial starting 2027, and intends… +2 more paragraphs
- ● IP-agonists to treat PAH, such as the oral formulations of selexipag, marketed by Actelion, and ralinepag, being developed by UTC, who announced positive top-line Phase 3 results in March 2026. In August 2026, the FDA accepted the NDA for ralinepag to treat PAH and set a PDUFA target action date of June 24, 2027. A…
- Merck & Co's injectable sotatercept, with a brand name of Winrevair, was approved by the FDA in March 2024 and is a first-in-class molecule that targets the proliferation of cells in the pulmonary arterial wall. In September 2026, the FDA approved an update to the Winrevair label to include data from the Phase 3…
- and 8 more in the filing
Removed risk factors (23)
- ●United Therapeutics has initiated multiple lawsuits against us in which it has claimed that YUTREPIA is infringing its patents and two separate lawsuits against us that we and a former United Therapeutics employee, who later joined us as an employee, conspired to misappropriate certain trade secrets of United…
- ●Liquidia PAH does not hold the FDA regulatory approval for Treprostinil Injection and is dependent on Sandoz to manufacture and supply Treprostinil Injection in compliance with FDA requirements, and is more broadly dependent on their FDA and healthcare compliance relative to Treprostinil Injection.
- ●Sales of Treprostinil Injection are dependent on market acceptance of generic treprostinil for parenteral administration and the medical devices used for administration of Treprostinil Injection, including the ICU Medical infusion pumps, any future pumps that we and/or Sandoz develop, and the RG Cartridge, by…
- Although we achieved profitability in the third and fourth quarters of 2025 and first two quarters of 2026 and had positive cash flows in the fourth quarter of 2025 and first two quarters of 2026, our ability to maintain profitability and positive operating cash flows in the future remains uncertain. We have…
- ● our ability to offer YUTREPIA and Treprostinil Injection for sale at competitive prices;
- and 18 more in the filing
New legal mentions (3)
- On October 13, 2026, we entered into the Settlement Agreement with UTC resolving, without admission of liability by either party, all ongoing litigation between us and UTC, including the resolution of the '327 Patent Litigation, the '782 Patent Litigation, the Trade Secret Litigation, the Breach of Contract… +5 more paragraphs
- In September 2026, the Court issued an opinion finding that claims 1 and 14 of the '327 Patent were valid and infringed by YUTREPIA.
- The '494 Patent Litigation was stayed until resolution of the Breach of Contract Litigation.