Liquidia Corporation (LQDA) · 10+ Years of Financial statements

Income Statement	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	13	7	3	8	1	13	16	17
+ Sales & Services Revenue	13	7	3	8	1	13	16	17
- Cost of Revenue	1	- -	- -	1	- -	3	3	3
+ Cost of Goods & Services	1	- -	- -	1	- -	3	3	3
Gross Profit	12	7	3	7	1	10	13	15
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	28	35	37	54	60	44	52	88
+ Selling, General & Admin	5	10	9	14	27	23	32	45
+ Research & Development	23	25	29	40	32	21	19	43
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	-16	-28	-35	-47	-59	-34	-39	-73
- Non-Operating (Income) Loss	- -	1	18	1	1	1	2	5
+ Interest Expense, Net	- -	13	19	1	1	1	1	3
+ Interest Expense	- -	13	19	1	1	1	2	6
- Interest Income	- -	- -	- -	1	- -	- -	1	3
+ Other Non-Op (Income) Loss	- -	-12	- -	- -	- -	- -	1	2
Pretax Income	-16	-29	-53	-48	-60	-35	-41	-79
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-16	-29	-53	-48	-60	-35	-41	-79
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-16	-29	-53	-48	-60	-35	-41	-79
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-16	-29	-53	-48	-60	-35	-41	-79
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-16	-29	-53	-48	-60	-35	-41	-79
Basic Weighted Avg Shares	5	9	7	18	34	50	61	65
Basic EPS, GAAP	-3.13	-3.4	-7.42	-2.57	-1.76	-0.7	-0.67	-1.21
Basic EPS from Cont Ops	-3.13	-3.4	-7.42	-2.57	-1.76	-0.7	-0.67	-1.21
Diluted Weighted Avg Shares	5	9	7	18	34	50	61	65
Diluted EPS, GAAP	-3.13	-3.4	-7.42	-2.57	-1.76	-0.7	-0.67	-1.21
Diluted EPS from Cont Ops	-3.13	-3.4	-7.42	-2.57	-1.76	-0.7	-0.67	-1.21
EBITDA	-15	-27	-33	-44	-56	-28	-35	-71
EBITDA Margin (%)	-115.09	-373.32	-1,231.05	-548.26	-7,565.9	-219.28	-220.41	-407.17
EBITA	-16	-28	-35	-47	-59	-34	-39	-73
EBIT	-16	-28	-35	-47	-59	-34	-39	-73
Gross Margin (%)	93.05	95.59	95.52	90	67.86	76.48	82.06	83.49
Operating Margin (%)	-120.02	-386.16	-1,288.08	-580.07	-7,989.03	-262.94	-243.3	-419.62
Profit Margin (%)	-120.56	-401.68	-1,962.92	-589.48	-8,080.11	-269.02	-257.39	-448.89
Sales per Employee	- -	- -	42,968	126,127	14,503	247,180	252,937	120,607
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	1	1	2	3	3	6	4	2

Balance Sheet	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	3	5	40	56	66	61	100	90
+ Cash, Cash Equivalents & STI	1	3	40	56	65	57	93	84
+ Cash & Cash Equivalents	1	3	40	56	65	57	93	84
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	1	2	- -	- -	- -	3	5	4
+ Accounts Receivable, Net	1	2	- -	- -	- -	3	5	4
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	- -	- -	1	1	1	2	2
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	5	9	9	12	33	32	29	28
+ Property, Plant & Equip, Net	4	8	-1	1	9	7	6	6
+ Property, Plant & Equip	11	16	8	12	22	21	20	21
- Accumulated Depreciation	7	8	9	11	13	14	14	15
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1	1	11	12	24	25	23	22
+ Total Intangible Assets	- -	- -	- -	- -	9	8	8	7
+ Goodwill	- -	- -	- -	- -	4	4	4	4
+ Other Intangible Assets	- -	- -	- -	- -	6	4	4	3
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1	1	11	12	15	17	16	15
Total Assets	8	15	49	69	100	94	129	118
+ Payables & Accruals	3	9	5	6	5	3	5	9
+ Accounts Payable	2	4	3	3	4	1	2	1
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	1	4	1	3	1	2	3	7
+ ST Debt	3	16	1	7	2	1	1	1
+ ST Borrowings	3	16	- -	6	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	2	2	1	1	1
+ Other ST Liabilities	6	6	3	3	5	3	3	9
+ Deferred Revenue	3	4	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	2	2	3	3	5	3	3	9
Total Current Liabilities	12	31	8	17	12	7	9	19
+ LT Debt	5	6	12	17	16	15	23	2
+ LT Borrowings	5	6	12	10	10	10	20	- -
+ LT Finance Leases	- -	1	- -	7	5	5	4	2
+ Other LT Liabilities	9	12	10	- -	1	6	7	50
+ Accrued Liabilities	9	9	10	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	2	- -	- -	1	6	7	50
Total Noncurrent Liabilities	15	18	22	17	17	21	30	52
Total Liabilities	27	49	31	34	28	28	39	71
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	66	80	186	250	346	375	441	476
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	66	80	186	250	346	375	441	476
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-84	-113	-167	-215	-275	-310	-351	-429
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	-18	-34	19	35	71	65	90	47
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	-18	-34	19	35	71	65	90	47
Total Liabilities & Equity	8	15	49	69	100	94	129	118
Shares Outstanding	5	9	16	28	43	52	65	69
Capital Leases - Total	1	1	1	9	7	6	5	4
Net Debt	7	18	-28	-40	-55	-47	-73	-84
Net Debt to Equity	-36.58	-52.67	-147.64	-114.22	-77.41	-72.14	-81.18	-176.94
Tangible Common Equity Ratio	-215.5	-227.27	37.82	50.76	68.43	66.68	68.1	36
Current Ratio	0.26	0.18	4.85	3.34	5.63	8.36	11.34	4.85
Cash Conversion Cycle	- -	-3,829.73	-11,389.7	-1,516.34	-5,552.47	-247.59	-116.84	-132.32
Number of Employees	- -	- -	63	64	51	52	63	145

Cash Flow Statement	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-16	-29	-53	-48	-60	-35	-41	-79
+ Depreciation & Amortization	1	1	2	3	3	6	4	2
+ Non-Cash Items	1	4	19	4	4	7	11	29
+ Stock-Based Compensation	- -	1	2	3	4	7	9	10
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	3	17	- -	- -	1	2	19
+ Chg in Non-Cash Work Cap	1	- -	- -	-7	-2	-12	-2	6
+ (Inc) Dec in Accts Receiv	3	- -	1	- -	- -	-3	-2	1
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	2	- -	- -	- -	- -	- -	-1	-1
+ Inc (Dec) in Accts Payable	2	4	-2	- -	- -	-7	1	7
+ Inc (Dec) in Other	-5	-3	1	-7	-1	-2	-1	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-14	-24	-32	-48	-54	-34	-29	-42
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-3	-3	-1	-2	-1	- -	-1	-11
+ Acq of Fixed Prod Assets	-3	-3	-1	-2	-1	- -	-1	-1
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	-10
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	1	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	1	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-3	-3	-1	-2	- -	- -	-1	-11
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	6	30	-1	4	-7	- -	9	19
+ Cash From Debt	6	31	12	5	- -	10	20	42
+ Repayments of Debt	- -	-1	-13	-1	-7	-11	-11	-22
+ Cash (Repurchase) of Equity	- -	- -	47	63	71	22	54	24
+ Increase in Capital Stock	- -	- -	47	63	71	22	54	24
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	- -	-1	23	-1	-1	5	2	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	6	29	69	66	63	26	65	43
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-11	2	36	16	10	-8	36	-10
EBITDA	-15	-27	-33	-44	-56	-28	-35	-71
EBITDA Margin (%)	-115.09	-373.32	-1,231.05	-548.26	-7,565.9	-219.28	-220.41	-407.17
Net Cash Paid for Acquisitions	- -	- -	- -	- -	-1	- -	- -	- -
Free Cash Flow	-17	-27	-33	-50	-55	-34	-29	-53
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Equity	- -	3	-34	-46	-62	-35	-20	-23
Free Cash Flow per Basic Share	-3.31	-3.13	-4.57	-2.71	-1.62	-0.69	-0.48	-0.81
Price/Free Cash Flow	- -	- -	-5.19	-1.86	-1.85	-7.2	-14.07	-25.91
Cash Flow to Net Income	0.88	0.83	0.6	1.01	0.91	0.98	0.7	0.53

Liquidia Corporation

LQDA US

12.94