The successful YUTREPIA launch and improving financials suggest Liquidia is executing well. Monitor prescription growth and cash burn in 2026 as the company funds R&D for L606 from operations. The ongoing patent litigation with United Therapeutics remains a key risk to monitor.
Price Chart
Executive Summary
Liquidia Corp reported its first full year of YUTREPIA sales, generating $148.3 million in net product revenue for 2025 with $90.1 million in Q4. The company achieved its second consecutive profitable quarter ($14.6M net income in Q4) and ended the year with $190.7M in cash, up from $176.5M in 2024. Despite a full-year net loss of $68.9M (improved from $128.3M in 2024), the successful commercial launch and path to profitability represent a significant turnaround.
Key Financial Metrics
Key Facts
- YUTREPIA generated $148.3M in net product sales for full year 2025, with $90.1M in Q4
- Company achieved second consecutive profitable quarter with $14.6M net income in Q4 2025
- Ended 2025 with $190.7M in cash, up $14.2M from 2024 year-end
- Net loss for 2025 was $68.9M, a significant improvement from $128.3M loss in 2024
- More than 3,600 unique prescriptions received and 2,900 patients treated since June 2025 launch
Financial Impact
First full year of YUTREPIA sales generated $148.3M in revenue with improving profitability trends
Segment Breakdown
| Segment | Revenue |
|---|---|
| YUTREPIA | $148.3M |
Risk Factors
- Ongoing patent litigation with United Therapeutics could impact YUTREPIA's continued commercialization
- Selling, general and administrative expenses increased 93% year-over-year to $157.2M, primarily due to commercialization costs
- Company still reported a net loss of $68.9M for the full year despite Q4 profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-023794 |
| Document: tm267579d3_8k.htm | 0001104659-26-023794 |
| Document: 0001104659-26-023794-index-headers.html | 0001104659-26-023794 |
| Document: 0001104659-26-023794-index.html | 0001104659-26-023794 |
| Document: 0001104659-26-023794.txt | 0001104659-26-023794 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 12d ago | 8-K | $33.94 $34.78 | ▲ +2.48% | ▲ +2.19% | $43.74 (+28.87%) |
Oct 13, 2026 12d ago | Insider Cluster | $33.94 $34.78 | ▲ +2.48% | ▲ +2.19% | $43.74 (+28.87%) |
Sep 30, 2026 25d ago | 8-K | $27.99 $28.64 | ▼ −2.32% | ▼ −1.58% | $43.74 (−56.27%) |
Sep 3, 2026 7w ago | 8-K | $68.63 $68.66 | ▲ +0.04% | ▲ +0.43% | $43.74 (−36.27%) |
Sep 3, 2026 7w ago | Press Release | $68.63 $68.66 | ▲ +0.04% | ▲ +0.43% | $43.74 (−36.27%) |
Aug 25, 2026 8w ago | Insider Cluster | $71.36 $69.94 | ▼ −1.99% | ▼ −2.65% | $43.74 (−38.71%) |
Aug 21, 2026 9w ago | Insider Cluster | $70.27 $70.49 | ▲ +0.31% | ▼ −0.01% | $43.74 (−37.75%) |
Aug 12, 2026 10w ago | 8-K | $78.79 $72.10 | ▼ −8.49% | ▼ −9.19% | $43.74 (−44.49%) |
Aug 12, 2026 10w ago | Press Release | $78.79 $72.10 | ▲ +8.49% | ▲ +9.19% | $43.74 (+44.49%) |
Jul 29, 2026 12w ago | Insider Cluster | $86.80 $84.11 | ▼ −3.10% | ▼ −3.82% | $43.74 (−49.61%) |
US Market Status
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