Liquidia Corp 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscalyear ended December31,2025 or Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large Accelerated Filer☐Accelerated Filer☐Non-accelerated Filer☒Smaller Reporting Company☒Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ The aggregate market value of common stock held by non-affiliates of the registrant on June30, 2025 which was the last businessday of the registrant’s most recently completed second fiscal quarter, was $847,006,478 based on a $12.46 closing price per share asreported on the Nasdaq Capital Market. As of February 17, 2026, there were 88,114,429 shares of the registrant’s common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Liquidia Corporation Definitive Proxy Statement with respect to the 2026 Annual Meeting of Stockholders to be filedpursuant to Regulation 14A within 120days after the end of the fiscalyear ended December31,2025 are incorporated by reference intoPartIII of this Annual Report on Form10-K to the extent stated therein. Except with respect to information specifically incorporated byreference in this Annual Report on Form10-K, each document incorporated by reference herein is deemed not to be filed as part hereof. LIQUIDIA CORPORATION PARTI4Item1.Business4Item1A.Risk Factors36Item1B.Unresolved Staff Comments86Item1C.Cybersecurity86Item2.Properties88Item3.Legal Proceedings88Item4.Mine Safety Disclosures88PARTII88Item5.Market For Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities88Item6.[Reserved]89Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations90Item7A.Quantitative and Qualitative Disclosures About Market Risk98Item8.Financial Statements and Supplementary Data99Item9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure99Item9A.Controls and Procedures99Item9B.Other Information100Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections101PARTIII102Item10.Directors, Executive Officers and Corporate Governance102Item11.Executive Compensation102Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters103Item13.Certain Relationships and Related Transactions, and Director Independence104Item14.Principal Accounting Fees and Services104PARTIV104Item15. Exhibits and Financial Statement Schedules104Item16.Form10-K Summary109 This Annual Report on Form10-K includes our trademarks, trade names and service marks, such asLiquidia, the Liquidia logo, YUTREPIA and PRINT, which are protected under applicable intellectualproperty laws and are the property of Liquidia Technolog