Liquidia Corporation

What they do

Liquidia generates revenue from sales of YUTREPIA (treprostinil) inhalation powder, which received FDA approval in May 2025 for PAH and PH-ILD and launched in June 2025. It also shares profit from Sandoz's generic Treprostinil Injection under a promotion agreement, and is developing L606, an investigational liposomal treprostinil administered twice daily via nebulizer. The company operates through wholly owned subsidiaries Liquidia Technologies, Inc. and Liquidia PAH, LLC.

Revenue drivers

• YUTREPIA (treprostinil) inhalation powder — FDA-approved in May 2025 for PAH and PH-ILD; net product sales were $170.4 million in Q2 2026 versus $6.5 million in Q2 2025, making it the dominant revenue source.
• Treprostinil Injection promotion agreement with Sandoz — Liquidia shares profit from Sandoz's generic treprostinil injection; service revenue, net was $1.3 million in Q2 2026 versus $2.3 million in Q2 2025, a decrease attributed to unfavorable gross-to-net adjustments.
• L606 (investigational) — Liposomal treprostinil licensed from Pharmosa, administered twice daily with a next-generation nebulizer; currently in an open-label study for PAH and PH-ILD and a worldwide placebo-controlled pivotal study for PH-ILD, and not yet a revenue source.

Recent performance

Second quarter 2026 net product sales were $170.4 million, up 31% from Q1 2026, with net income of $74.7 million and adjusted EBITDA of $96.3 million. Total revenue for the quarter was $171.7 million, versus $6.5 million product sales and $2.3 million service revenue in the prior-year period. Cash and cash equivalents were $284.2 million as of June 30, 2026, up from $190.7 million at December 31, 2025. Approximately 5,900 unique patient prescriptions and more than 5,000 patients treated were reported between launch in June 2025 and July 31, 2026. Full-year 2025 revenue was $158.3 million with a net loss of $68.9 million, compared to $14.0 million revenue and a $130.4 million net loss in 2024.

Strategy

Liquidia is focused on commercial expansion of YUTREPIA in PAH and PH-ILD, supported by a targeted field force and prescription-to-start conversion above 85%. The company is advancing 10 clinical studies across YUTREPIA and L606, including YUTREPIA studies in PH-COPD, IPF, PPF and SSc-RP, and has begun site activation and enrollment in the Re-Spire pivotal study for L606 in PH-ILD. Research and development expenses rose to $17.2 million in Q2 2026 from $6.0 million a year earlier, driven by a $7.0 million increase for L606 and $2.0 million more for YUTREPIA activities. Selling, general and administrative expenses increased to $57.4 million from $38.8 million, largely from personnel, stock-based compensation and commercial spending.

Risks

• Dependence on YUTREPIA — The company is primarily dependent on YUTREPIA and L606, and these products may fail to maintain approval or be commercialized successfully.
• United Therapeutics litigation — United Therapeutics has filed multiple patent and trade-secret lawsuits seeking injunctive relief that would require YUTREPIA to be withdrawn from the market.
• HCR Agreement covenants — The HCR Agreement contains fixed quarterly payments and minimum cash covenants requiring the company to maintain cash and cash equivalents.
• History of operating losses — Liquidia had net losses of $68.9 million in 2025 and $128.3 million in 2024, with an accumulated deficit of $498.7 million as of June 30, 2026.

Outlook

Management expects to continue commercialization of YUTREPIA and advance product candidates through clinical trials, requiring significant capital, personnel and infrastructure. Enrollment and site activation have begun in the Re-Spire pivotal study for L606 in PH-ILD. The company states it is uncertain whether and when it will realize sustained revenue from additional product candidates, and expects to incur significant expenses for the foreseeable future.