Home / Going-concern warnings / Liquidia Corp
Filed 2025-05-08 路 Form 10-Q 路 Accession 0001558370-25-006848 small
Price before filing: $15.53 (2025-05-07 close, split/dividend-adjusted)
Market cap at flag: $1.31B (2025-05-08) 路 Latest: $3.05B (2026-10-16)
| Window | LQDA | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +16.0% | +6.9% | +9.2% | 2025-06-09 |
| 90 days | +30.8% | +13.1% | +17.7% | 2025-08-06 |
| 180 days | +79.7% | +21.0% | +58.7% | 2025-11-04 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 6 insiders sold $591K (12 sales)
30 days after: 6 insiders sold $1.3M (10 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-03-03 | Adair Jason Chief Business Officer | Sale | 451 | $15.45 | $7K | yes | Form 4 |
| 2025-03-03 | Kaseta Michael CFO and COO | Sale | 874 | $15.45 | $14K | yes | Form 4 |
| 2025-03-03 | Moomaw Scott Chief Commercial Officer | Sale | 592 | $15.45 | $9K | yes | Form 4 |
| 2025-03-03 | Schundler Russell General Counsel | Sale | 930 | $15.45 | $14K | yes | Form 4 |
| 2025-04-14 | Adair Jason Chief Business Officer | Sale | 1,856 | $13.57 | $25K | yes | Form 4 |
| 2025-04-14 | JEFFS ROGER Chief Executive Officer, Director | Sale | 14,130 | $13.57 | $192K | yes | Form 4 |
| 2025-04-14 | Kaseta Michael CFO and COO | Sale | 8,283 | $13.57 | $112K | yes | Form 4 |
| 2025-04-14 | Saggar Rajeev Chief Medical Officer | Sale | 3,714 | $13.57 | $50K | yes | Form 4 |
| 2025-04-14 | Schundler Russell General Counsel | Sale | 5,964 | $13.57 | $81K | yes | Form 4 |
| 2025-04-15 | Moomaw Scott Chief Commercial Officer | Sale | 3,406 | $13.57 | $46K | yes | Form 4 |
| 2025-04-21 | Saggar Rajeev Chief Medical Officer | Sale | 2,450 | $13.67 | $33K | yes | Form 4 |
| 2025-04-28 | Adair Jason Chief Business Officer | Sale | 455 | $14.24 | $6K | yes | Form 4 |
| 2025-05-08: red flag filed | |||||||
| 2025-06-02 | Adair Jason Chief Business Officer | Sale | 451 | $16.74 | $8K | yes | Form 4 |
| 2025-06-02 | Kaseta Michael CFO and COO | Sale | 859 | $16.74 | $14K | yes | Form 4 |
| 2025-06-02 | Moomaw Scott Chief Commercial Officer | Sale | 581 | $16.74 | $10K | yes | Form 4 |
| 2025-06-02 | Schundler Russell General Counsel | Sale | 923 | $16.74 | $15K | yes | Form 4 |
| 2025-06-04 | Adair Jason Chief Business Officer | Sale | 3,597 | $16.97 | $61K | yes | Form 4 |
| 2025-06-04 | JEFFS ROGER Chief Executive Officer, Director | Sale | 30,610 | $16.97 | $519K | yes | Form 4 |
| 2025-06-04 | Kaseta Michael CFO and COO | Sale | 14,777 | $16.97 | $251K | yes | Form 4 |
| 2025-06-04 | Moomaw Scott Chief Commercial Officer | Sale | 6,656 | $16.97 | $113K | yes | Form 4 |
| 2025-06-04 | Saggar Rajeev Chief Medical Officer | Sale | 7,597 | $16.97 | $129K | yes | Form 4 |
| 2025-06-04 | Schundler Russell General Counsel | Sale | 8,460 | $16.97 | $144K | yes | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-02-07 to 2025-06-07. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"Based on current operating plans and excluding any external financing and potential YUTREPIA sales, we will not have sufficient cash and cash equivalents to fund operating expenses and capital requirements and meet our minimum cash covenants beyond one year from the issuance of these consolidated financial statements included in this Quarterly Report on Form 10-Q, and therefore, we have concluded that there is..."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-03-31)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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