Liquidia Corp (LQDA) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: November 03, 2025

Risk Assessment Details

Potential Dilution: 57.36% of current shares
Recent Dilution: 29.31% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
86M
Potential Supply
50M
Additional shares possible
Splits
None
Past 2 years

Summary

LQDA currently has 86.3M outstanding shares. with significant dilution risk as 49.5M authorized shares could dilute existing holders by 57.4%. The company has significantly diluted shareholders by 29.31% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 03, 2025

10-Q filing | 86.3M shares outstanding

86M 50M
Aug 12, 2025

10-Q filing | 85.6M shares outstanding

86M 50M
May 08, 2025

10-Q filing | 85.2M shares outstanding

85M 50M
Mar 19, 2025

10-K filing | 68.6M shares outstanding

69M 50M
Mar 19, 2025

S-3 filing: Liquidia Corporation files an S-3 to register the resale of up to 1,123,595 shares of common stock by selling stockholders.

78M 50M
Nov 13, 2024

10-Q filing | 78.3M shares outstanding

78M 48M
Sep 12, 2024

8-K filing: Liquidia Corporation completed a private placement of 1,123,595 shares at $8.90 per share for $10.0 million and a public offering of 6,460,674 shares at $8.90 per share for $57.5 million on September 12, 2024. ($67.5M proceeds)

76M 48M
Sep 11, 2024

8-K filing: Liquidia Corporation entered into an underwriting agreement for a public offering of 6,460,674 shares at $8.90 per share and a purchase agreement for a private placement of 1,123,595 shares at $8.90 per share, expected to close on September 12, 2024. ($67.5M proceeds)

76M 48M
Aug 07, 2024

10-Q filing | 76.4M shares outstanding

76M 48M
Jun 27, 2024

S-3 filing: This S-3 filing registers 7,322,197 shares of common stock for resale by selling stockholders.

75M 48M
May 13, 2024

10-Q filing | 75.4M shares outstanding

75M 41M
Mar 13, 2024

10-K filing | 65.0M shares outstanding

65M 41M
Jan 08, 2024

8-K filing: Liquidia Corporation completed a private placement on January 8, 2024, selling 7,182,532 shares of common stock to Legend Aggregator, LP at a price of $10.442 per share, resulting in gross proceeds of approximately $75.0 million. ($75.0M proceeds)

65M 41M
Jan 05, 2024

8-K filing: Liquidia Corporation entered into a Common Stock Purchase Agreement with Legend Aggregator, LP for the sale of 7,182,532 shares of common stock at a price of $10.442 per share in a private placement. ($75.0M proceeds)

65M 41M
Dec 28, 2023

S-3/A filing: Liquidia Corporation files an S-3/A registration statement to offer up to $200,000,000 of common stock, preferred stock, debt securities, warrants, or units.

65M 41M
Dec 22, 2023

S-3 filing: Liquidia Corporation files an S-3 registration statement to offer up to $200,000,000 of common stock, preferred stock, debt securities, warrants and units.

65M 42M
Dec 14, 2023

8-K filing: Liquidia Corporation completed a private placement of 139,665 shares of common stock to Roger Jeffs, the CEO, at $7.16 per share, and a public offering of 3,491,620 shares of common stock at $7.16 per share. ($26.0M proceeds)

65M 25M
Dec 12, 2023

8-K filing: Liquidia Corporation entered into an underwriting agreement for a public offering of 3,491,620 shares at $7.16 per share and a concurrent private placement with its CEO for 139,665 shares at $7.16 per share. ($26.0M proceeds)

65M 25M
Nov 07, 2023

10-Q filing | 64.9M shares outstanding

65M 25M
Aug 10, 2023

10-Q filing | 64.8M shares outstanding

65M 25M
May 08, 2023

10-Q filing | 64.7M shares outstanding

65M 25M
Mar 20, 2023

10-K filing | 61.0M shares outstanding

61M 25M
Nov 08, 2022

10-Q filing | 64.5M shares outstanding

64M 25M
Aug 11, 2022

10-Q filing | 62.2M shares outstanding

62M 25M
Jun 22, 2022

8-K filing: Rajeev Saggar, M.D., was appointed as the Company's Chief Medical Officer effective July 18, 2022, and will receive a stock option for 200,000 shares of common stock and restricted stock units equal to $350,000.00 divided by the Fair Market Value of a share of the Company's Common Stock.

52M 25M
May 12, 2022

10-Q filing | 52.5M shares outstanding

52M 25M
Apr 18, 2022

8-K filing: Liquidia Corporation completed an underwritten registered public offering of 11,274,510 shares of common stock at a price of $5.10 per share, resulting in net proceeds of approximately $53.7 million. ($57.5M proceeds)

50M 25M
Mar 17, 2022

10-K filing | 49.7M shares outstanding

50M 25M
Jan 11, 2022

8-K filing: Liquidia Corporation entered into an Amended and Restated Loan and Security Agreement providing up to $40.0 million in term loans and issued warrants to SVB, Innovation, and Innovation Credit to purchase shares of the Company's common stock at an exercise price of $5.14 per share.

52M 25M
Nov 03, 2021

10-Q filing | 52.0M shares outstanding

52M 25M
Sep 02, 2021

S-3 filing: This S-3 filing relates to the resale of 8,626,037 shares of common stock by selling stockholders; the company will not receive any proceeds from the sale.

52M 25M
Aug 10, 2021

10-Q filing | 52.0M shares outstanding

52M 16M
May 13, 2021

10-Q filing | 52.0M shares outstanding

52M 16M
Apr 13, 2021

8-K filing: Liquidia Corporation entered into a Common Stock Purchase Agreement with Caligan Partners LP and other accredited investors for the sale of 8,626,037 shares of common stock at $2.52 per share, resulting in gross proceeds of approximately $21.7 million. ($21.7M proceeds)

43M 16M
Mar 26, 2021

8-K filing: Liquidia Corporation granted non-qualified stock options to its non-employee directors in lieu of cash compensation for fiscal year 2021, with an exercise price of $2.51 per share and a vesting schedule.

43M 16M
Mar 25, 2021

10-K filing | 43.3M shares outstanding

43M 16M
Mar 03, 2021

8-K filing: Liquidia Corporation entered into a Loan and Security Agreement with Silicon Valley Bank, establishing a term loan facility of up to $20.5 million and issued a warrant to purchase up to 200,000 shares of common stock.

N/A 16M
Dec 21, 2020

S-3/A filing: This is an S-3/A filing related to the registration of common stock, where underwriters will agree to indemnify the company and its directors/officers against certain liabilities. It also includes undertakings to file post-effective amendments during the offering period.

N/A 16M
Dec 16, 2020

S-3 filing: Liquidia Technologies files an S-3 registration statement for the potential offering of common stock, preferred stock, debt securities, warrants and units, with a total aggregate amount of $200,000,000. Additionally, registers 16,039,533 shares of common stock for resale by selling stockholders.

N/A 16M
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