Options/LQDA

LQDALiquidia Corporation Common Stock

Options Analysis Report•PHARMACEUTICAL PREPARATIONS

Market Cap $6.1B|NASDAQ

● 2026-09-11$66.74

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y +156.8%YTD +112.5%7D -2.8%

Options Vol

12,168

30D

Implied Move

±26.3%

IV Rank

13%

LQDA Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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LQDA Gamma Walls

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Value

Is IV priced right?

3.5

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks2/9 checks passed

IV Rank

≤35%

IV Rank 93.8% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.68x — IV premium over HV

Sector Relative≤50%

Sector percentile 84% — above sector median

Term Structure

<1.1x

Front/Back 1.04x — flat

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 90.7% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 130.1% (ATM 90.7% + spread 19.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 29.78% (spread 19.71% + slippage 10.07%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 3.84 (vega 7.561 / spread 19.71%) — spread drag

Sentiment

Bullish or bearish?

5.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +8%, Raw: +12%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +8% (neutral) — Raw: +12%

OI Skew Magnitude

≥15%

|OI skew| 43.7% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -12.8%, OI skew +43.7% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 22%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -7%, ATM: +5%, OTM: +13% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 80% — very bearish vs sector

Activity

Unusual activity?

3.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.7x avg — normal

Turnover Rate

≥15%

Vol/OI 6.1% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change -14.0% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 86% — very active vs sector

Trade Quality

≥30%

Large trade volume 24% — mixed

Execution Urgency

≥60%

Aggressive execution 39% — patient

Flow Conviction

≥30

Conviction +8 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.5

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 19.7% — wide

Adequate OI

≥10,000

OI 200,091 — deep

Active Volume

≥500

Volume 12,168/day — active

Reasonable Cost

≤$0.50

$0.99 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 85.4 contracts (bid:38.3 ask:47.1) — thin

Execution Quality

<1.0%

Avg slippage 10.07% — poor

Timing

Is now a good time?

6.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +4.1% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 94% — seller opportunity

Event Detection

≥10pts kink

IV kink -3.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 65.63 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +8% @ 54% consistency — unclear

Smart Money Timing

≥40 composite score

Score 54 (ITM 20% + inst 24%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.5

bullishIV expensive, mixed flow

Long Puts4.5

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put5.4

bullishIV rich premium, mixed flow

Covered Call5.4

bearishIV rich premium, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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