Company / R&D Expense
Liquidia Corp R&D Expense History
FY2019-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$39.3M
FY2025
5-year range
$19.4M / $47.8M
FY2021-FY2025
Trend
-17.9%
vs FY2024
Sector context
#186 of 209
Health Care
What the data says
Liquidia Corp's r&d expense of $39M is lower than 89% of companies in the Health Care sector (FY2025). Declined from $43M to $39M over the past 2 years.
Based on SEC 10-K filings.
$39M in FY2025 with a 5-year CAGR of +4.0%.
Declined from $43M to $39M over the past 2 years.
Health Care sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +26.4%
- 5-Year CAGR
- +4.0%
- 10-Year CAGR
- -
Sector benchmark
Bottom 11% in Health CareTop 89% of 209This company $39.3M Sector average $647.6M
▼
-93.9% below sector average
Key checks
Key Insights
- 5-year CAGR of +4.0%, indicating consistent growth.
- In FY2025, r&d expense decreased 17.9% year-over-year.
- Ranks #186 out of 209 companies in the Health Care sector.
- Peak r&d expense was recorded in FY2024.
Company context
Key Data Points
- Altman Z-Score -1.26 (distress zone, below 1.8 threshold)
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $39.3M | -17.9% |
| FY2024 | $47.8M | +10.6% |
| FY2023 | $43.2M | +122.5% |
| FY2022 | $19.4M | -5.3% |
| FY2021 | $20.5M | -36.3% |
| FY2020 | $32.2M | -20.4% |
| FY2019 | $40.5M | - |
As of FY2025 · SEC 10-K · Updated Mar 29, 2026