Laughing Water Capital’s Updates on Liquidia Corp (LQDA)

1 day ago 3

Soumya Eswaran

Fri, January 16, 2026 astatine 7:29 AM CST 4 min read

Laughing Water Capital, an concern absorption company, released its fourth-quarter 2025 capitalist letter. In the quarter, Laughing Water Capital returned ~6.8%, bringing the full-year returns to ~3.9% nett of fees and expenses. In comparison, the SP500TR and R2000 returned astir 2.7% and 2.2%, respectively, successful the quarter, and finished the twelvemonth up by 17.9% and 12.8%, respectively. A transcript of the missive tin beryllium downloaded here. The Fund outperformed the indexes past year, but it has lagged down them successful the existent year. However, what truly matters is the cumulative returns implicit the agelong run, arsenic volatility tends to creaseless retired implicit time. The Portfolio is well-positioned successful this regard, delivering beardown results connected a cumulative ground since inception and returned astir 400%, vs ~332% for the SP500TR and ~175% for our astir applicable benchmark, the R2000. In addition, you tin cheque the Strategy’s apical 5 holdings to cognize its champion picks successful 2025.

In its fourth-quarter 2025 capitalist letter, Laughing Water Capital highlighted stocks specified arsenic Liquidia Corporation (NASDAQ:LQDA). Liquidia Corporation (NASDAQ:LQDA) is simply a biopharmaceutical institution that develops, manufactures, and commercializes assorted products for unmet diligent needs successful the United States. The one-month instrumentality for Liquidia Corporation (NASDAQ:LQDA) was 12.34%, and its shares gained 200.93% implicit the past 52 weeks. On January 15, 2026, Liquidia Corporation (NASDAQ:LQDA) banal closed astatine $38.79 per share, with a marketplace capitalization of $3.375 billion.

Laughing Water Capital stated the pursuing regarding Liquidia Corporation (NASDAQ:LQDA) successful its 4th fourth 2025 capitalist letter:

"Liquidia Corporation (NASDAQ:LQDA) – Liquidia was archetypal introduced anonymously successful the YE’24 missive to LPs. At the time, the institution was a pre-approval biopharmaceutical institution that was mired successful patent lawsuits filed by an incumbent (United Therapeutics - UTHR) that was seeking to support their marketplace presumption versus an upstart that seems to person a superior product. Since that time, Liquidia’s cause – Yutrepia – has been approved for attraction of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung illness (PH-ILD). Early income of Yutrepia person crushed expectations arsenic patients – and prescribers - look to similar Yutrepia vs. the incumbent owed to superior transportation and tolerability. Between appreciation and adding to the presumption arsenic the institution reached important milestones, LQDA has grown into a apical position.