Liquidia Corporation Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update
Rhea-AI Summary
Liquidia (NASDAQ: LQDA) reported full year 2025 results with YUTREPIA product sales of $148.3 million and $90.1 million in Q4. The company recorded >3,600 unique prescriptions and 2,900 patients treated since the June 2025 launch.
Liquidia ended 2025 with $190.7 million cash, reported Q4 net income of $14.6 million and Q4 adjusted EBITDA of $27.3 million, but a full‑year net loss of $68.9 million. Management plans sales‑force growth, more clinical studies for YUTREPIA, and pivotal trials for L606 funded from operations.
Positive
- YUTREPIA product sales of $148.3M in FY2025
- More than 3,600 unique prescriptions since June 2025 launch
- Ended 2025 with $190.7M cash and Q4 net income $14.6M
Negative
- Net loss of $68.9M for FY2025
- Selling, general & administrative expenses rose 93% to $157.2M
Key Figures
Market Reality Check
Peers on Argus
LQDA moved while peers were mixed: OCUL +0.82%, APGE +2.86%, CGON +0.93%, but TVTX -0.91% and FOLD -0.14%, indicating a stock-specific reaction to the earnings release.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 03 | Q3 2025 earnings | Positive | +3.5% | Reported strong Q3 YUTREPIA sales and first signs of profitability improvement. |
| Aug 12 | Q2 2025 earnings | Positive | +13.7% | Announced successful YUTREPIA launch metrics and promising ASCENT trial data. |
| May 08 | Q1 2025 earnings | Neutral | -1.2% | Outlined pre-launch positioning, PDUFA timing, and financing access with ongoing losses. |
| Mar 19 | FY 2024 results | Negative | +1.2% | Reported wider 2024 net loss while awaiting full YUTREPIA approval and financing access. |
| Nov 13 | Q3 2024 earnings | Negative | -3.4% | Detailed wider quarterly loss alongside equity financing and tentative YUTREPIA approval. |
Earnings and major financial updates have generally seen positive price reactions, especially around YUTREPIA milestones and launch momentum.
Over the past five earnings cycles, Liquidia moved from pre-approval positioning to commercial execution. In Q2 2025, initial YUTREPIA launch metrics and clinical data coincided with a strong positive move. By Q3 2025, product sales of $51.7M and improved profitability supported further gains. Earlier, the 2024 results highlighted wider losses but set up financing with HealthCare Royalty. Today’s 2025 results extend this trajectory, showing full-year YUTREPIA sales and the company’s second consecutive profitable quarter.
Historical Comparison
Across the last five earnings-related releases, LQDA moved an average of 2.78%. Today’s reaction to full-year 2025 results and sustained profitability sits above that typical earnings move.
Earnings updates progressed from pre-approval losses in 2024 to post-approval launch in 2025, then to growing YUTREPIA sales and improving profitability culminating in full-year 2025 results.
Market Pulse Summary
This announcement details Liquidia’s transition into a commercial-stage biopharma, with YUTREPIA generating $148.3M in 2025 net sales and Q4 net income of $14.6M, alongside $190.7M in year-end cash. The company recorded its second consecutive profitable quarter but still reported a full-year net loss of $68.9M. Investors may focus on prescription growth, prescriber adoption, the pace of L606 clinical advancement, and how operating expenses and litigation costs evolve in upcoming periods.
Key Terms
non-gaap adjusted ebita financial
treprostinil medical
prostacyclin medical
ph-ild medical
AI-generated analysis. Not financial advice.
- Achieved YUTREPIA® net product sales of
$148.3 million for the full year 2025 with$90.1 million in the fourth quarter - More than 3,600 unique prescriptions received and 2,900 patients treated to date since launch in June 2025
- Ended 2025 with
$190.7 million in cash and cash equivalents, an increase of$33.2 million from the third quarter - Recorded second consecutive quarter of profitability
MORRISVILLE, N.C., March 05, 2026 (GLOBE NEWSWIRE) -- Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases, today reported financial results for the full year ended December 31, 2025. The company will also host a webcast at 8:30 a.m. ET on March 5, 2026, to discuss its financial results and provide a corporate update.
Dr. Roger Jeffs, Liquidia’s Chief Executive Officer, said: “As we close 2025, we are encouraged by how quickly YUTREPIA® has taken hold in clinical practice, placing it among one of the top specialty drug launches over the past five years across all therapeutic categories. Adoption continues to broaden across PAH and PH-ILD, with increasing depth in treatment centers and more experience transitioning appropriate patients from oral, inhaled and systemic prostacyclin therapies.
Having increased profitability in our second full quarter after launch, we will build on this foundation in 2026 from a position of financial strength. We plan to deepen prescriber adoption, grow our sales force, expand YUTREPIA’s clinical evidence through multiple new studies, and advance L606 into pivotal trials, all of which will be funded from operations. We believe YUTREPIA and L606 have the potential to establish a new standard for the use of inhaled prostacyclin as a critical therapeutic modality across serious and progressive cardiopulmonary diseases.”
YUTREPIA® Commercial Launch Highlights (as of February 28, 2026)
- Received more than 3,600 unique patient prescriptions since launch
- Started more than 2,900 patients on treatment since launch
- Prescription-to-start conversion remained strong at or above the
85% level reported in the third quarter of 2025 - Increased total number of prescribers to approximately 860, more than half of whom have prescribed YUTREPIA to at least 2 patients and
25% have referred 5 or more patients
Fourth Quarter and Full Year 2025 Financial Results
YUTREPIA sales led to the company’s second consecutive quarter of profitability with net income of
Cash and cash equivalents totaled
Product sales, net, were
Service revenue, net, was
Cost of product sales was
Cost of service revenue was
Research and development expenses were
Selling, general and administrative expenses were
Total other expenses, net was
Net loss for the year ended December 31, 2025, was
Webcast Information
Liquidia will host a live webcast at 8:30 a.m. Eastern Time on March 5, 2026, to discuss the year end 2025 financial results and corporate update. The webcast will be available on Liquidia's website at https://liquidia.com/investors/events-and-presentations. A rebroadcast of the event will be available and archived for a period of one year at the same location.
About YUTREPIA® (treprostinil) Inhalation Powder
YUTREPIA is an inhaled dry-powder formulation of treprostinil delivered through a convenient, low-effort, palm-sized device. YUTREPIA is indicated for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) to improve exercise ability. YUTREPIA was designed using Liquidia’s PRINT® technology, which enables the development of drug particles that are precise and uniform in size, shape and composition, and that are engineered for enhanced deposition in the lung following oral inhalation. YUTREPIA was previously referred to as LIQ861 in investigational studies.
About L606 (liposomal treprostinil inhalation suspension)
L606 is an investigational, extended-release formulation of treprostinil administered twice-daily with a next-generation nebulizer. The L606 suspension uses a proprietary liposomal formulation to encapsulate treprostinil which can be released slowly at a controlled rate into the lung, enhancing drug exposure over an extended period of time. L606 is currently being evaluated in an open-label study in the United States for treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) and a global pivotal placebo-controlled efficacy study for the treatment of PH-ILD.
About Treprostinil Injection
Treprostinil Injection is the first-to-file, fully substitutable generic treprostinil for parenteral administration. Treprostinil Injection contains the same active ingredient, same strengths, same dosage form and same inactive ingredients as Remodulin® (treprostinil) and is offered to patients and physicians with the same level of service and support, but at a lower price than the branded drug. Liquidia PAH promotes the appropriate use of Treprostinil Injection for the treatment of PAH in the United States in partnership with its commercial partner, Sandoz, who holds the Abbreviated New Drug Application (ANDA) with the FDA.
About Pulmonary Arterial Hypertension (PAH)
Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused by hardening and narrowing of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, an estimated 45,000 patients are diagnosed and treated in the United States. There is currently no cure for PAH, so the goals of existing treatments are to alleviate symptoms, maintain or improve functional class, delay disease progression and improve quality of life.
About Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD)
Pulmonary hypertension (PH) associated with interstitial lung disease (ILD) includes a diverse collection of up to 150 different pulmonary diseases, including interstitial pulmonary fibrosis, chronic hypersensitivity pneumonitis, connective tissue disease-related ILD, and chronic pulmonary fibrosis with emphysema (CPFE) among others. Any level of PH in ILD patients is associated with poor 3-year survival. A current estimate of PH-ILD prevalence in the United States is greater than 60,000 patients, though actual prevalence in many of these underlying ILD diseases is not yet known due to factors including underdiagnosis and lack of approved treatments until March 2021 when inhaled treprostinil was first approved for this indication.
About Liquidia Corporation
Liquidia Corporation is a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases through precise, innovative therapies and applications of its proprietary PRINT® Technology. PRINT enabled the creation of YUTREPIA® (treprostinil) inhalation powder for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company is also developing L606, an investigational extended-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.
Cautionary Statements Regarding Forward-Looking Statements
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward-looking statements.
Forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, the timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware and U.S. District Court for the Middle District of North Carolina, or other litigation between Liquidia and United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. Our ability to maintain YUTREPIA’s approval and to continue commercialization of YUTREPIA remain subject to ongoing litigation in which United Therapeutics is seeking injunctive relief, which could block our ability to continue to sell YUTREPIA for one or both of PAH and PH-ILD. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Information
This press release and the accompanying tables include U.S. Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures. For a description of such non-GAAP financial measures, including the reasons for using such measures, and reconciliations of such non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the section titled “About Non-GAAP Financial Information” below.
Contact Information
Investors:
Jason Adair
Chief Business Officer
919.328.4350
Jason.adair@liquidia.com
Media:
media@liquidia.com
Liquidia Corporation
Select Consolidated Balance Sheet Data
(in thousands)
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Cash and cash equivalents | $ | 190,680 | $ | 176,479 | ||||
| Total assets | $ | 327,934 | $ | 230,313 | ||||
| Total liabilities | $ | 283,186 | $ | 150,935 | ||||
| Accumulated deficit | $ | (626,313 | ) | $ | (557,389 | ) | ||
| Total stockholders’ equity | $ | 44,748 | $ | 79,378 | ||||
Liquidia Corporation
Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues: | |||||||||||||||
| Product sales, net | $ | 90,102 | - | $ | 148,288 | — | |||||||||
| Service revenue, net | 1,919 | 2,917 | 10,032 | 13,996 | |||||||||||
| Total revenue | 92,021 | 2,917 | 158,320 | 13,996 | |||||||||||
| Costs and expenses: | |||||||||||||||
| Cost of product sales | 6,324 | - | 8,824 | — | |||||||||||
| Cost of service revenue | 731 | 1,354 | 4,418 | 5,879 | |||||||||||
| Research and development | 16,943 | 16,475 | 39,276 | 47,842 | |||||||||||
| Selling, general and administrative | 48,236 | 21,195 | 157,178 | 81,569 | |||||||||||
| Total costs and expenses | 72,234 | 39,024 | 209,696 | 135,290 | |||||||||||
| Income (loss) from operations | 19,787 | (36,107 | ) | (51,376 | ) | (121,294 | ) | ||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,667 | 2,104 | 6,624 | 7,654 | |||||||||||
| Interest expense | (6,899 | ) | (4,507 | ) | (24,172 | ) | (14,651 | ) | |||||||
| Total other expense, net | (5,232 | ) | (2,403 | ) | (17,548 | ) | (6,997 | ) | |||||||
| Net income (loss) and comprehensive income (loss) | $ | 14,555 | (38,510 | ) | $ | (68,924 | ) | $ | (128,291 | ) | |||||
| Net income (loss) per common share, basic | $ | 0.17 | (0.45 | ) | $ | (0.80 | ) | $ | (1.63 | ) | |||||
| Net income (loss) per common share, diluted | 0.15 | (0.45 | ) | (0.80 | ) | (1.63 | ) | ||||||||
| Weighted average common shares outstanding, basic | 87,105,618 | 84,687,791 | 86,059,101 | 78,707,503 | |||||||||||
| Weighted average common shares outstanding, diluted | 100,051,780 | 84,687,791 | 86,059,101 | 78,707,503 | |||||||||||
About Non-GAAP Financial Information
To supplement our financial results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this press release includes certain non-GAAP financial measures, such as Adjusted EBITDA. We believe the use of such non-GAAP financial measures provides investors with additional insight into our operational performance. While we compute non-GAAP financial measures using a consistent method from quarter to quarter and year to year, we may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.
Adjusted EBITDA is a non-GAAP measure that represents net income for the period before the impact of interest income, interest expense, other income and expense, income taxes, depreciation and amortization, and certain items that impact comparison of the performance of our business either period-over-period or with other businesses.
Adjusted EBITDA should not be considered in isolation or as a substitute to net income or any other measure of financial performance calculated and presented in accordance with GAAP. Our calculation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate them in the same manner as we calculate these measures.
For a reconciliation of such non-GAAP financial measures to the most directly comparable financial measures prepared in accordance GAAP, please see the table titled “Reconciliation of Non-GAAP Financial Information” below.
Liquidia Corporation
Reconciliation of Non-GAAP Financial Information
Reconciliation of Net Loss to Adjusted EBITDA
(unaudited)
(in thousands)
| Three Months Ended | |||||
| December 31, | |||||
| 2025 | |||||
| Net income | $ | 14,555 | |||
| Interest expense, net | 5,232 | ||||
| Income tax expense | - | ||||
| Depreciation and amortization | 321 | ||||
| EBITDA | $ | 20,108 | |||
| Stock-based compensation | 7,206 | ||||
| Adjusted EBITDA | $ | 27,314 | |||
FAQ
What were Liquidia's YUTREPIA sales and Q4 results reported March 5, 2026 (LQDA)?
How many patients and prescriptions has Liquidia reported for YUTREPIA as of Feb 28, 2026 (LQDA)?
What is Liquidia's cash position and full‑year profitability for 2025 (LQDA)?
Why did Liquidia's operating expenses increase in 2025 and how much (LQDA)?
What are Liquidia's near‑term development plans for YUTREPIA and L606 (LQDA)?
