English Title:
How Much Downside Is Left In Liquidia Stock?

中文标题：
有多少下坡是左 在液体股票?

English Content:
Over the past month, shares of Liquidia (LQDA) have lost 59%, even as the S&P 500 gained 2.5%. Reuters reported that the stock dropped nearly 50% on September 30 after a federal judge ruled that Yutrepia, Liquidia's inhaled lung drug, infringes a United Therapeutics patent. Liquidia subsequently settled all pending litigation with United Therapeutics on October 13, stating that Yutrepia will remain available to patients with PAH without disruption. If the wider market sells off from here, how much further could Liquidia stock fall? How Deep Have Liquidia's Downturns Gone? Liquidia has experienced seven market shocks since 2018. Across these periods, the stock fell an average of 28.7%, compared to a 17.1% decline for the S&P 500. The steepest of these drops came during the scare over Fed policy and growth in late 2018. From October 2018 to January 2019, Liquidia lost 52.0%, while the S&P 500 lost 19.0%. The stock also retreated 27.0% during the 2025 tariff shock, against 19.0% for the index. Across its full trading history, the deepest overall decline for Liquidia was 94%, stretching from a 2018 peak to a 2021 low. The company ultimately recovered to its pre-shock high after all seven of those falls. A typical climb back from the low took 2.7 months. After the late-2018 fall, however, Liquidia needed 83.9 months to get back. That marks the only recovery of the seven that took more than a year. Liquidia Has Swung From Heavy Losses To Profit Over the last twelve months, Liquidia posted an operating margin of 37.4%, against 18.5% for the S&P 500. Just a year earlier, the company was losing about seven dollars on its operations for every dollar of sales. Net product sales for Yutrepia reached $170.4 million in the second quarter of 2026, up 31% from the first quarter. Liquidia ended that quarter with about $284.2 million in cash, an increase of $61.4 million from the first quarter. Liquidia's debt equals just 5.4% of its market value, compared to 20.1% for the S&P 500. What Could Still Go Wrong At Liquidia? Going forward, Liquidia expects its costs to climb. During the August 12 call, held before the ruling, management projected that research spending in the second half of 2026 would double from the first half. Management expected that spending to rise again in 2027, alongside growing sales and administrative costs as the company scales. They noted some of those costs would grow in proportion to revenue. On that call, management said it expected revenue to keep growing in line with Liquidia's quarterly growth so far. Yet management was not ready to say that the larger sales team, in the field since June, would speed up new patient starts.

中文正文：
在过去一个月里,即使S&P 500获得了2.5%,LQDA(LQDA)的股份也损失了59%. 路透社报道,在联邦法官裁定Liquidia吸入肺部药物的Yutrepia侵犯联合治疗专利后,股票于9月30日下降了近50%. 莉斯塔莉亚随后于10月13日与联合治疗公司解决了所有未决的诉讼,称Yutrepia将不受干扰地提供给PAH患者. 如果更广阔的市场从这里出售出去,Liquidia的股票还会进一步下跌? 莉丝蒂娅的下调有多深? Liquidia自2018年以来经历了7次市场冲击. 在这些期间,股票平均下跌28.7%,而S&P 500则下降了17.1%。 其中最陡峭的下降发生在2018年末对美联储政策和增长的恐慌期间. 2018年10月至2019年1月,Liquistia输了52.0%,S&P500输了19.0%. 在2025年关税冲击期间,股票也退缩了27.0%,而指数为19.0%。 在其完整的贸易史上,Liquidia公司的总体下降幅度最大,为94%,从2018年的峰值降至2021年的低点. 公司最终恢复到了震前的高水平 这些瀑布有七个 一次典型的从低处爬回,花了2.7个月. 然而,在2018年末的秋季之后,Liquistia需要83.9个月才能返回. 这标志着七个花了一年多时间才恢复过来。 液体从严重损失流向利润 在过去12个月中,Liquidia的营业差额为37.4%,而S&P 500为18.5%。 仅仅一年前,公司每出售一美元,其业务损失约7美元. Yutrepia的产品净销售额在2026年第二季度达到1.704亿美元,比第一季度增长31%. 该季度结束时,约有2.842亿美元的现金,比第一季度增加了6 140万美元。 清算银行的债务仅相当于其市场价值的5.4%,而S&P 500则占20.1%。 液态体还能出什么差错? 展望未来,利基斯蒂亚预计其成本会攀升. 在裁决前举行的8月12日呼吁中,管理层预测,2026年下半年的研究支出将比上半年增加一倍。 管理层预计,支出在2027年将再次增加,同时随着公司规模的扩大,销售和行政费用将不断增加。 他们注意到一些 这些费用将与收入成比例增长。 管理层在呼吁中说,它预期收入将保持增长,以适应“液体流动”的季度增长。 然而,管理层不准备说,自6月以来,在外地规模更大的销售团队将加快新病人的起步速度.