GlobeNewswire·Mar 5, 2026, 6:30 AM ET

Liquidia Corporation Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

LQDA

Achieved YUTREPIA® net product sales of $148.3 million for the full year 2025, including $90.1 million in the fourth quarter.
Received more than 3,600 unique prescriptions and treated over 2,900 patients since the June 2025 launch.
Ended 2025 with $190.7 million in cash & cash equivalents, an increase of $33.2 million from the third quarter.
Recorded the second consecutive quarter of profitability with a net income of $14.6 million in Q4 2025.
Reported a full-year net loss of $68.9 million for 2025, a significant improvement from the $128.3 million loss in 2024.
Total revenue for 2025 reached $158.3 million, driven by product sales of $148.3 million & service revenue of $10.0 million.
Selling, general, & administrative expenses rose to $157.2 million in 2025, primarily due to increased personnel & commercialization costs.
Research & development expenses decreased to $39.3 million in 2025, offset by a $9.0 million increase in clinical expenses for the L606 program.
YUTREPIA® adoption includes approximately 860 prescribers, with a prescription-to-start conversion rate remaining at or above 85%.
The company plans to fund 2026 growth initiatives, including expanding its sales force & advancing L606 into pivotal trials, from operations.
YUTREPIA® received FDA approval on May 23, 2025, & began shipping in the U.S. in June 2025.
Service revenue decreased by $4.0 million in 2025 due to lower sales volumes in the Treprostinil Injection partnership with Sandoz.
Total other expenses, net, increased to $17.5 million in 2025, primarily attributable to higher borrowings under a revenue interest financing agreement.
Liquidia Corporation will host a webcast on March 5, 2026, at 8:30 a.m. ET to discuss the 2025 financial results.