Quick Answer
Liquidia Corp reported R&D Expense of $39.28 million for fiscal year 2025.
Liquidia Corp R&D Expense — Annual History
| Fiscal Year | R&D Expense | YoY Change |
|---|---|---|
| 2025 | $39.28M | -17.9% |
| 2024 | $47.84M | +10.6% |
| 2023 | $43.24M | +122.5% |
| 2022 | $19.43M | -5.3% |
| 2021 | $20.52M | -36.3% |
| 2020 | $32.22M | -20.4% |
| 2019 | $40.49M | — |
Quarterly R&D Expense
| Quarter Ending | R&D Expense | YoY | QoQ |
|---|---|---|---|
| September 30, 2025 | $9.35M | -21.4% | +55.2% |
| June 30, 2025 | $6.02M | -36.1% | -13.6% |
| March 31, 2025 | $6.97M | -30.7% | -41.4% |
| September 30, 2024 | $11.89M | +59.8% | +26.2% |
| June 30, 2024 | $9.42M | -46.8% | -6.3% |
| March 31, 2024 | $10.06M | +90.5% | +35.2% |
| September 30, 2023 | $7.44M | +64.9% | -58.0% |
| June 30, 2023 | $17.70M | +239.0% | +235.3% |
- Liquidia Corp showed a decrease of -17.9% in R&D Expense compared to the prior fiscal year.
- Over the 2019–2025 period, Liquidia Corp’s r&d expense has declined by 3.0% (from $40.49 million to $39.28 million).
- The most recent figure is from Liquidia Corp’s fiscal year 2025 report (Form 10-K), filed with the SEC on March 5, 2026.
- All figures are sourced from SEC EDGAR XBRL filings, last verified June 17, 2026.
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