LIQUIDIA CORPORATION
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | $-68.9M | $-128.3M | $-78.5M | $-41.0M | $-34.6M | $-59.8M | $-47.6M |
| Depreciation & Amortization | $1.5M | $2.2M | $2.2M | $3.6M | $5.6M | $3.1M | $2.6M |
| Depreciation | — | — | — | — | — | — | — |
| Amortization | $200.0K | $300.0K | $300.0K | $700.0K | $1.1M | — | — |
| Stock-Based Compensation | $29.5M | $18.8M | $10.1M | $9.3M | $6.7M | $4.0M | $3.4M |
| Net Cash from Operating Activities | $-35.7M | $-93.4M | $-41.6M | $-28.6M | $-34.0M | $-54.1M | $-48.3M |
| Investing Activities | |||||||
| Capital Expenditures | $4.3M | $4.9M | $1.3M | $592.0K | $107.0K | $752.1K | $1.9M |
| Business Acquisitions | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-6.3M | $-8.4M | $-11.3M | $-587.0K | $-107.0K | $247.9K | $-1.9M |
| Financing Activities | |||||||
| Dividends Paid | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $59.7M | $194.7M | $43.2M | $65.0M | $26.3M | $63.4M | $66.4M |
| Net Change in Cash | $17.7M | $92.8M | $-9.6M | $35.8M | $-7.8M | $9.5M | $16.3M |
| Free Cash Flow | $-40.0M | $-98.4M | $-42.9M | $-29.2M | $-34.1M | $-54.9M | $-50.1M |