LQDALiquidia Corp

Pharmaceutical Preparations

Revenue: $158M; 1031% YoY
Operating margin: -32.5%; 96% YoY
EBITDA: −$50M; 58% YoY
Market cap: $4.0B
Employees: 216; $733K revenue each
Net debt / EBITDA: —; −$264M net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$733K · 65th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$230M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13M	$16M	$17M	$14M	$158M	1031%
Operating income	−$34M	−$39M	−$73M	−$121M	−$51M	58%
Net income	−$35M	−$41M	−$79M	−$130M	−$69M	47%
Operating cash flow	−$34M	−$29M	−$42M	−$93M	−$36M	62%
Capex	$107K	$592K	$1M	$5M	$4M	12%
Stock-based comp	$7M	$9M	$10M	$19M	$29M	57%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 12, 2024	Caligan Partners LP	SC 13D/A	9.6%	Passive
Sep 4, 2024	Caligan Partners LP	SC 13D/A	9.1%	Passive
Dec 14, 2023	Caligan Partners LP	SC 13D/A	15.1%	Passive
Jan 5, 2022	New Enterprise Associates 12, Limited Partnership	SC 13D/A	—	Passive
Dec 7, 2021	Caligan Partners LP	SC 13D/A	13.8%	Passive
Apr 15, 2021	Caligan Partners LP	SC 13D	16.0%	Active

Insider trading

Open-market buys, 12 mo: $318K · 1
Open-market sells, 12 mo: $231M · 175
Net: −$230M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$35M	708	121
FY2024	$7M	$6M	241	91
FY2023	$5M	$15M	247	92
FY2022	$11M	$14M	131	89