{
  "url": "https://struct.news/briefs/liquidia-turned-six-month-revenue-into-profit-but-receivables-grew-11-fold",
  "title": "Liquidia turned six-month revenue into profit, but receivables grew 11-fold",
  "summary": "Operating cash flow swung to $133.2M as accounts receivable reached $108.6M, putting a cash-collection question beside YUTREPIA’s sales surge.",
  "published_at": "2026-08-12T10:50:01.016595+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": "Liquidia Corporation",
    "ticker": "LQDA",
    "cik": "1104659",
    "sector": "Healthcare",
    "industry": "Drug Manufacturers - Specialty & Generic"
  },
  "source_filing": {
    "form": "10-Q",
    "filed": "2026-08-12",
    "accession": "0001104659-26-094410",
    "url": "https://www.sec.gov/Archives/edgar/data/1819576/000110465926094410/lqda-20260630x10q.htm"
  },
  "comparison_filing": {
    "form": "10-Q",
    "filed": "2025-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1819576/000155837025011139/lqda-20250630x10q.htm"
  },
  "reported_figures": [
    {
      "group": "The filing in three numbers",
      "label": "Revenue",
      "value": 158320000,
      "display": "$158.3M",
      "unit": "usd",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "sec_filing",
        "label": "Filed company results",
        "form": "10-Q",
        "accession": "0001104659-26-094410",
        "filing_date": "2026-08-12"
      }
    },
    {
      "group": "The filing in three numbers",
      "label": "Revenue YoY",
      "value": 1031.1803372392112,
      "display": "+1031.2%",
      "unit": "percent",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001104659-26-094410",
        "filing_date": "2026-08-12"
      }
    },
    {
      "group": "The filing in three numbers",
      "label": "Operating margin",
      "value": -32.450732693279434,
      "display": "-32.5%",
      "unit": "percent",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001104659-26-094410",
        "filing_date": "2026-08-12"
      }
    }
  ],
  "watch_next": [
    {
      "type": "demand",
      "statement": "YUTREPIA revenue increased with higher sales volume, making commercial demand the clearest current operating driver.",
      "importance": "medium",
      "evidence": "The increase of $10.6 million was primarily due to higher volume of YUTREPIA sales .",
      "source_date": "2026-08-12"
    },
    {
      "type": "working_capital",
      "statement": "Operating cash flow improved sharply, but management identified $12.8 million of unfavorable working-capital changes.",
      "importance": "medium",
      "evidence": "The increase was primarily due to $216.1 million higher net income adjusted for non-cash items offset by unfavorable working capital changes of $12.8 million.",
      "source_date": "2026-08-12"
    },
    {
      "type": "product_pipeline",
      "statement": "R&D expense rose 129%, led by L606 clinical work, YUTREPIA research, hiring, and a development milestone.",
      "importance": "medium",
      "evidence": "The increase of $16.8 million or 129% was primarily due to a $9.6 million increase in clinical expenses for our L606 program, a $3.8 million increase in expenses related to our YUTREPIA research and development activities, a $2.0 million increase in personnel expenses driven by higher headcount, and a $1.0 million L606 development milestone recognized during the second quarter of 2026.",
      "source_date": "2026-08-12"
    },
    {
      "type": "litigation",
      "statement": "Liquidia identifies United Therapeutics' patent and FDA-related actions as a standing condition around YUTREPIA commercialization.",
      "importance": "medium",
      "evidence": "Patent Number 11,723,887, and may seek to enjoin the continued commercialization of YUTREPIA.",
      "source_date": "2026-08-12"
    }
  ],
  "related_tickers": [
    "LQDA"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}