Liquidia (LQDA) Operating Expenses (2020 - 2026)
Liquidia (LQDA) posted quarterly Operating Expenses of $71.4 million for Q1 2026, up 85.14% year-over-year from $38.5 million in Q1 2025, and down 1.21% quarter-over-quarter from $72.2 million in Q4 2025.
Liquidia (LQDA) Operating Expenses (2020 - 2026) Analysis & Trends
Liquidia's Operating Expenses history runs 7 years deep, the most recent figure standing at $71.4 million for Q1 2026.
- In Q1 2026, Operating Expenses rose 85.14% year-over-year to $71.4 million; the TTM figure through Mar 2026 stood at $242.5 million (up 70.71% YoY), while the FY2025 annual figure was $209.7 million, up 55.0% from the prior year.
- Operating Expenses for Q1 2026 stood at $71.4 million, down from $72.2 million in the prior quarter.
- The five-year high for Operating Expenses was $72.2 million in Q4 2025, with the low at $11.9 million in Q4 2022.
- The 5-year median for Operating Expenses is $31.0 million (2023), against an average of $33.1 million.
- Peak annual rise in Operating Expenses reached 161.17% in 2023, while the deepest fall reached 23.6% in 2023.
- Liquidia's Operating Expenses stood at $11.9 million in 2022, then soared by 161.17% to $31.0 million in 2023, then rose by 26.02% to $39.0 million in 2024, then soared by 85.1% to $72.2 million in 2025, then retreated by 1.21% to $71.4 million in 2026.
- Business Quant data shows LQDA's Operating Expenses at $71.4 million in Q1 2026, $72.2 million in Q4 2025, and $52.6 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Haleon | 43.65 Bn | 42.68 Bn | - | - |
| 2 | Teva Pharmaceutical Industries | 43.09 Bn | 39.44 Bn | 2.15 Bn | 1.29 Bn |
| 3 | Zoetis | 31.54 Bn | 29.86 Bn | 1.05 Bn | 215.00 Mn |
| 4 | Takeda Pharmaceutical | 28.61 Bn | 22.81 Bn | 5.10 Bn | -2.85 Bn |
| 5 | United Therapeutics | 22.11 Bn | 19.45 Bn | 683.80 Mn | 452.50 Mn |
| 6 | Viatris | 18.77 Bn | 17.88 Bn | 1.46 Bn | 1.45 Bn |
| 7 | Neurocrine Biosciences | 15.62 Bn | 15.23 Bn | 935.80 Mn | 807.50 Mn |
| 8 | Elanco Animal Health | 12.07 Bn | 11.54 Bn | 798.00 Mn | 550.00 Mn |
| 9 | Dr Reddys Laboratories | 10.09 Bn | 9.93 Bn | - | - |
| 10 | Liquidia | 6.51 Bn | 6.23 Bn | 160.92 Mn | 86.16 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 86.16 Mn |
| Mar 31, 2026 | 71.36 Mn |
| Dec 31, 2025 | 72.23 Mn |
| Sep 30, 2025 | 52.58 Mn |
| Jun 30, 2025 | 46.34 Mn |
| Mar 31, 2025 | 38.55 Mn |
| Dec 31, 2024 | 39.02 Mn |
| Sep 30, 2024 | 33.64 Mn |
| Jun 30, 2024 | 30.86 Mn |
| Mar 31, 2024 | 31.77 Mn |
| Dec 31, 2023 | 30.97 Mn |
| Sep 30, 2023 | 18.57 Mn |
| Jun 30, 2023 | 27.61 Mn |
| Mar 31, 2023 | 13.73 Mn |
| Dec 31, 2022 | 11.86 Mn |
| Sep 30, 2022 | 12.00 Mn |
| Jun 30, 2022 | 12.89 Mn |
| Mar 31, 2022 | 17.96 Mn |
| Dec 31, 2021 | 14.58 Mn |
| Sep 30, 2021 | 10.26 Mn |