How Liquidia makes money

Period

FY2025

How does Liquidia make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Liquidia Corporation · FY2025 · year ended 2025-12-31

Revenue$158MNet loss$69M · 44%Cost of revenue$0 · 0%Gross profit$158M · 100%Operating expenses$210M · 132%R&D$39M · 25%SG&A$157M · 99%Other opex$13M · 8%Other expense$18M · 11%Product$148M · 94%Service$10M · 6%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.