Liquidia Receives $50 Million from Healthcare Royalty (HCRx) Following First Commercial Sale of YUTREPIA™
Liquidia Corporation (NASDAQ: LQDA) has received $50 million from Healthcare Royalty (HCRx) following the first commercial sale of YUTREPIA™ and a favorable court decision denying United Therapeutics' request for an injunction. This funding brings the total received to $175 million out of a potential $200 million under their agreement.
The company plans to use the proceeds to accelerate YUTREPIA's launch, advance its clinical pipeline, and expand manufacturing operations. Management believes Liquidia can achieve profitability without additional capital. The funding terms include a fixed payment schedule through 2033, with aggregate payments capped at 175% of funded amounts and a minimum 13% internal rate of return requirement.
Liquidia Corporation (NASDAQ: LQDA) ha ricevuto 50 milioni di dollari da Healthcare Royalty (HCRx) a seguito della prima vendita commerciale di YUTREPIA™ e di una sentenza favorevole che ha respinto la richiesta di ingiunzione di United Therapeutics. Questo finanziamento porta il totale ricevuto a 175 milioni di dollari su un potenziale di 200 milioni previsto dall'accordo.
L'azienda intende utilizzare i fondi per accelerare il lancio di YUTREPIA, avanzare nel suo programma clinico e ampliare le operazioni di produzione. La direzione ritiene che Liquidia possa raggiungere la redditività senza ulteriori capitali. Le condizioni del finanziamento prevedono un piano di pagamento fisso fino al 2033, con pagamenti complessivi limitati al 175% degli importi finanziati e un rendimento interno minimo del 13%.
Liquidia Corporation (NASDAQ: LQDA) ha recibido 50 millones de dólares de Healthcare Royalty (HCRx) tras la primera venta comercial de YUTREPIA™ y una decisión judicial favorable que rechazó la solicitud de United Therapeutics de una orden de restricción. Este financiamiento eleva el total recibido a 175 millones de dólares de un posible total de 200 millones según el acuerdo.
La compañía planea usar los fondos para acelerar el lanzamiento de YUTREPIA, avanzar en su pipeline clínico y expandir las operaciones de manufactura. La dirección cree que Liquidia puede alcanzar la rentabilidad sin capital adicional. Los términos del financiamiento incluyen un calendario de pagos fijo hasta 2033, con pagos agregados limitados al 175% de los montos financiados y un requisito mínimo de tasa interna de retorno del 13%.
Liquidia Corporation (NASDAQ: LQDA)는 YUTREPIA™의 첫 상업적 판매와 United Therapeutics의 가처분 신청 기각 판결에 따라 Healthcare Royalty (HCRx)로부터 5천만 달러를 받았습니다. 이 자금 지원으로 계약에 따른 최대 2억 달러 중 총 1억 7,500만 달러를 수령하게 되었습니다.
회사는 이 자금을 YUTREPIA 출시 가속화, 임상 파이프라인 진전, 제조 운영 확장에 사용할 계획입니다. 경영진은 추가 자본 없이도 Liquidia가 수익성을 달성할 수 있다고 믿고 있습니다. 자금 조건에는 2033년까지 고정 지급 일정이 포함되며, 총 지급액은 자금 지원 금액의 175%로 제한되고 최소 13% 내부 수익률 요건이 있습니다.
Liquidia Corporation (NASDAQ : LQDA) a reçu 50 millions de dollars de Healthcare Royalty (HCRx) suite à la première vente commerciale de YUTREPIA™ et à une décision judiciaire favorable rejetant la demande d’injonction de United Therapeutics. Ce financement porte le total reçu à 175 millions de dollars sur un potentiel de 200 millions selon leur accord.
L’entreprise prévoit d’utiliser ces fonds pour accélérer le lancement de YUTREPIA, faire progresser son pipeline clinique et étendre ses opérations de fabrication. La direction estime que Liquidia peut atteindre la rentabilité sans capital supplémentaire. Les modalités de financement incluent un calendrier de paiements fixe jusqu’en 2033, avec des paiements cumulés plafonnés à 175 % des montants financés et un taux de rendement interne minimum de 13 %.
Liquidia Corporation (NASDAQ: LQDA) hat von Healthcare Royalty (HCRx) 50 Millionen US-Dollar erhalten, nachdem der erste kommerzielle Verkauf von YUTREPIA™ erfolgt war und ein Gerichtsbeschluss die einstweilige Verfügung von United Therapeutics abgelehnt hat. Diese Finanzierung erhöht die bisher erhaltene Summe auf 175 Millionen US-Dollar von insgesamt möglichen 200 Millionen im Rahmen der Vereinbarung.
Das Unternehmen plant, die Mittel zu nutzen, um den Markteintritt von YUTREPIA zu beschleunigen, die klinische Pipeline voranzutreiben und die Produktionskapazitäten auszubauen. Das Management ist der Ansicht, dass Liquidia ohne zusätzliches Kapital profitabel werden kann. Die Finanzierungsbedingungen sehen einen festen Zahlungsplan bis 2033 vor, wobei die Gesamtauszahlungen auf 175 % der finanzierten Beträge begrenzt sind und eine Mindestverzinsung von 13 % internem Zinsfuß gefordert wird.
- Receipt of $50 million in funding strengthens financial position
- Favorable court decision allows YUTREPIA commercial launch to proceed
- Management projects reaching profitability without additional capital needs
- Additional $25 million funding available upon reaching $100 million in YUTREPIA sales
- Early momentum reported in YUTREPIA's commercial launch
- Fixed payment obligations through 2033 create long-term debt burden
- Minimum 13% internal rate of return requirement for HCRx funding
- Potential true-up payment required if return threshold not met
Insights
Liquidia secures $50M funding milestone after legal win and YUTREPIA launch, strengthening financial position without dilution risk.
Liquidia's receipt of
The financial structure here is particularly noteworthy. This
This non-dilutive financing strengthens Liquidia's position in three crucial ways. First, it accelerates commercial execution during the critical launch phase when market penetration is essential. Second, it supports pipeline advancement without diverting commercial resources. Third, it funds manufacturing expansion – a strategic move suggesting confidence in future demand.
Most significantly, management's statement about achieving profitability without additional capital indicates they believe YUTREPIA's commercial trajectory can reach breakeven before current funds are exhausted. This capital efficiency, combined with the court's rejection of United Therapeutics' injunction attempt, substantially de-risks Liquidia's path forward both financially and legally.
MORRISVILLE, N.C., June 23, 2025 (GLOBE NEWSWIRE) -- Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, today announced the receipt of an additional
Michael Kaseta, Liquidia’s Chief Financial Officer and Chief Operating Officer, said: “We are grateful for the continued partnership with HCRx and pleased with the early stages of YUTREPIA’s launch. The proceeds from HCRx will further accelerate our launch execution, advance our clinical pipeline, and support the expansion of future manufacturing operations, including the build-out of our newly leased manufacturing facility. Our early momentum and strong financial position reinforce our belief in Liquidia’s ability to achieve profitability without the need for additional capital.”
Clarke Futch, Chairman and Chief Executive Officer of HCRx added: “Today’s news reflects an important milestone in Liquidia’s commercial execution of YUTREPIA and further strengthens our confidence in the company’s long-term vision. We are pleased to support Liquidia as it further advances the commercial launch of YUTREPIA and prepares to expand future manufacturing capabilities to meet growing market demand in the years ahead.”
Under the terms of the HCR agreement, Liquidia has now received
About Pulmonary Arterial Hypertension (PAH)
Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused by narrowing, thickening or stiffening 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 200 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 population size 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 YUTREPIA™ (treprostinil) Inhalation Powder
YUTREPIA is an inhaled dry-powder formulation of treprostinil delivered through a convenient, low-effort, palm-sized device. 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. Liquidia has completed the INSPIRE trial (NCT03399604), or Investigation of the Safety and Pharmacology of Dry Powder Inhalation of Treprostinil, an open-label, multi-center phase 3 clinical study of YUTREPIA in patients diagnosed with PAH who are naïve to inhaled treprostinil or who are transitioning from Tyvaso® (nebulized treprostinil). YUTREPIA is currently being studied in the ASCENT trial (NCT06129240), or An Open-Label ProSpective MultiCENTer Study to Evaluate Safety and Tolerability of Dry Powder Inhaled Treprostinil in PH, with the objective of informing YUTREPIA’s dosing and tolerability profile in patients with PH-ILD. YUTREPIA was previously referred to as LIQ861 in investigational studies.
INDICATION
YUTREPIA (treprostinil) inhalation powder is a prostacyclin analog indicated for the treatment of:
- Pulmonary arterial hypertension (PAH; WHO Group 1) to improve exercise ability. Studies establishing effectiveness predominately included patients with NYHA Functional Class III symptoms and etiologies of idiopathic or heritable PAH (
56% ) or PAH associated with connective tissue diseases (33% ). - Pulmonary hypertension associated with interstitial lung disease (PH-ILD; WHO Group 3) to improve exercise ability. The study establishing effectiveness predominately included patients with etiologies of idiopathic interstitial pneumonia (IIP) (
45% ) inclusive of idiopathic pulmonary fibrosis (IPF), combined pulmonary fibrosis and emphysema (CPFE) (25% ), and WHO Group 3 connective tissue disease (22% ).
SELECTED SAFETY INFORMATION: WARNINGS AND PRECAUTIONS
- Treprostinil is a pulmonary and systemic vasodilator. In patients with low systemic arterial pressure, treatment with Treprostinil may produce symptomatic hypotension.
- Treprostinil inhibits platelet aggregation and increases the risk of bleeding.
- Co-administration of a cytochrome P450 (CYP) 2C8 enzyme inhibitor (e.g., gemfibrozil) may increase exposure (both Cmax and AUC) to treprostinil. Co-administration of a CYP2C8 enzyme inducer (e.g., rifampin) may decrease exposure to treprostinil. Increased exposure is likely to increase adverse events associated with treprostinil administration, whereas decreased exposure is likely to reduce clinical effectiveness.
- Like other inhaled prostaglandins, YUTREPIA may cause acute bronchospasm. Patients with asthma or chronic obstructive pulmonary disease (COPD), or other bronchial hyperreactivity, are at increased risk for bronchospasm. Ensure that such patients are treated optimally for reactive airway disease prior to and during treatment.
- Most common adverse reactions with YUTREPIA (≥
10% ) are cough, headache, throat irritation and dizziness.
Prescribing Information and Instructions for Use for YUTREPIA (treprostinil) inhalation powder are available at YUTREPIA.com.
About Liquidia Corporation
Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT® Technology. PRINT enabled the creation of YUTREPIA™ (treprostinil) inhalation powder, a drug that has been approved for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PHILD). The company is also developing L606, an investigational sustained-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.
About HealthCare Royalty
HealthCare Royalty is a leading royalty acquisition company focused on commercial or near-commercial biopharmaceutical products. With offices in Stamford, Conn., San Francisco, Boston, London and Miami. HCRx has invested
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. Such 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; our ability to successfully commercialize our products, including YUTREPIA, for which we obtain FDA or other regulatory authority approval; the acceptance by the market of our products, including YUTREPIA, and their potential pricing and/or reimbursement by third-party payors, if approved (in the case of our product candidates) and whether such acceptance is sufficient to support continued commercialization or development of our products; the successful development or commercialization of our products, including YUTREPIA; our revenue from product sales and whether or not we may become profitable in the near term, or at all; future competitive or other market factors that may adversely affect the commercial potential for YUTREPIA; and our ability to execute on our strategic or financial initiatives, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. Despite the approval of YUTREPIA by the FDA, it is possible that commercialization of YUTREPIA may be blocked or delayed in connection with legal proceedings that have been initiated or that may in the future be initiated, or we may be required to pay damages, including royalties, in connection with our commercial launch, as a result of these legal proceedings. We may be unable to achieve the net sales milestone necessary to receive additional funding under the HCRx agreement and, even if we do achieve the net sales milestone, additional funding is contingent upon the agreement of both HCRx and us. 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.
Tyvaso® is a registered trademark of United Therapeutics Corporation.
Contact Information
Investors:
Jason Adair
Chief Business Officer
919.328.4350
Jason.adair@liquidia.com
Media:
Patrick Wallace
Director, Corporate Communications
919.328.4383
patrick.wallace@liquidia.com
FAQ
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