Liquidia annual operating expenses
2019
2020
2021
2022
2023
2024
2025
Liquidia Operating Expenses Growth & History (LQDA)
Liquidia's operating expenses was $209.7M for fiscal 2025.
View full Liquidia company overviewLiquidia annual operating expenses history
| Fiscal year | Period ended | Operating expenses | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $209.7M | $74.4M | +55.00% |
| 2024 | 2024-12-31 | $135.3M | $44.4M | +48.88% |
| 2023 | 2023-12-31 | $90.9M | $36.2M | +66.11% |
| 2022 | 2022-12-31 | $54.7M | $8.1M | +17.27% |
| 2021 | 2021-12-31 | $46.6M | −$13.2M | −22.03% |
| 2020 | 2020-12-31 | $59.8M | $4.9M | +8.99% |
| 2019 | 2019-12-31 | $54.9M | — | — |
Liquidia quarterly operating expenses
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating expenses | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $86.2M | $39.8M | +85.93% |
| Q1 2026 | 2026-03-31 | $71.4M | $32.8M | +85.14% |
| Q4 2025 | 2025-12-31 | $72.2M | $33.2M | +85.10% |
| Q3 2025 | 2025-09-30 | $52.6M | $18.9M | +56.30% |
| Q2 2025 | 2025-06-30 | $46.3M | $15.5M | +50.19% |
| Q1 2025 | 2025-03-31 | $38.5M | $6.8M | +21.31% |
| Q4 2024 | 2024-12-31 | $39.0M | $8.1M | +26.02% |
| Q3 2024 | 2024-09-30 | $33.6M | $15.1M | +81.15% |
| Q2 2024 | 2024-06-30 | $30.9M | $3.2M | +11.75% |
| Q1 2024 | 2024-03-31 | $31.8M | $18.0M | +131.50% |
| Q4 2023 | 2023-12-31 | $31.0M | $19.1M | +161.17% |
| Q3 2023 | 2023-09-30 | $18.6M | $6.6M | +54.79% |
| Q2 2023 | 2023-06-30 | $27.6M | $14.7M | +114.24% |
| Q1 2023 | 2023-03-31 | $13.7M | −$4.2M | −23.60% |
| Q4 2022 | 2022-12-31 | $11.9M | −$2.7M | −18.65% |
| Q3 2022 | 2022-09-30 | $12.0M | $1.7M | +16.93% |
| Q2 2022 | 2022-06-30 | $12.9M | $3.2M | +32.46% |
| Q1 2022 | 2022-03-31 | $18.0M | $5.9M | +48.65% |
| Q4 2021 | 2021-12-31 | $14.6M | −$2.1M | −12.47% |
| Q3 2021 | 2021-09-30 | $10.3M | −$4.6M | −30.74% |
| Q2 2021 | 2021-06-30 | $9.7M | −$4.0M | −29.06% |
| Q1 2021 | 2021-03-31 | $12.1M | −$2.6M | −17.49% |
| Q4 2020 | 2020-12-31 | $16.7M | — | — |
| Q3 2020 | 2020-09-30 | $14.8M | — | — |
| Q2 2020 | 2020-06-30 | $13.7M | — | — |
| Q1 2020 | 2020-03-31 | $14.6M | — | — |
Liquidia operating expenses trends
Over the last five fiscal years, Liquidia's operating expenses increased from $59.8M to $209.7M, a change of $149.9M. The latest reported quarter, Q2 2026, shows $86.2M.
About the metric
What operating expenses mean
Operating expenses are the recurring costs of running a company’s business beyond the direct costs used to calculate gross profit. They commonly include selling, general and administrative expenses, research and development, and other operating costs.
Calculation and source
SEC-reported and calculated operating expenses
TickerStat uses operating expenses reported in company SEC filings when available. When a separate total is unavailable, it calculates operating expenses as aligned gross profit minus operating income for the same fiscal period. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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