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Liquidia Corp cash flow statement

In fiscal 2025, Liquidia Corp's operations generated −$35.7m of cash; it spent $4.3m on capital projects, leaving free cash flow of −$40.0m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations−48−54−34−29−42−93−36168
Depreciation and amortisation33642221
Stock-based pay347910192935
Capital spending210115417
Free cash flow−50−55−34−29−43−98−40151
Free cash flow after stock pay−54−59−41−38−53−117−69116

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Liquidia Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Liquidia Corp.