Liquidia (LQDA) Operating Expenses (2020 - 2026)

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 was $71.4 million for Q1 2026 at Liquidia, down from $72.2 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $72.2 million in Q4 2025 to a low of $11.9 million in Q4 2022.
• Historically, Operating Expenses has averaged $33.1 million across 5 years, with a median of $31.0 million in 2023.
• Biggest YoY gain for Operating Expenses was 161.17% in 2023; the steepest drop was 23.6% in 2023.
• A 5-year view of Operating Expenses shows it stood at $11.9 million in 2022, then jumped by 161.17% to $31.0 million in 2023, then gained by 26.02% to $39.0 million in 2024, then jumped by 85.1% to $72.2 million in 2025, then decreased by 1.21% to $71.4 million in 2026.
• The last three Operating Expenses figures came in at $71.4 million (Q1 2026), $72.2 million (Q4 2025), and $52.6 million (Q3 2025), per Business Quant data.