Full Press Release Details
Liquidia Corporation Reports First Quarter
2026 Financial Results
N.C., May 11, 2026 - 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 first quarter ended March 31, 2026. The company will also host a webcast at 8:30 a.m. ET on May 11, 2026, to discuss its financial
results and provide a corporate update.
Dr. Roger Jeffs, Liquidia's Chief Executive
Officer, said: "In its third full quarter on the market, YUTREPIA continued to demonstrate sustained uptake in pulmonary arterial
hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), consistent with its growing adoption
as the preferred inhaled prostacyclin of choice. Having initiated additional Phase 4 studies of YUTREPIA and our pivotal Phase 3 Re-Spire
study of L606, our focus in 2026 is on making the full benefit of prostacyclin therapy available to more patients who need it, across
a broader set of serious pulmonary and vascular diseases where high unmet need remains prevalent."
YUTREPIA Commercial Launch Highlights (as
First Quarter 2026 Financial Results
YUTREPIA sales led to the company's third consecutive quarter
of profitability with net income of $52.9 million and positive non-GAAP adjusted EBITDA of $71.2 million in the first quarter
cash equivalents totaled $222.8 million as of March 31, 2026, compared to $190.7 million as of December 31,
sales, net, were $129.9 million for the three months ended March 31, 2026. We began shipping YUTREPIA to our customers in the
United States in June 2025, following receipt of full FDA approval for YUTREPIA on May 23, 2025. We did not recognize any revenue from
product sales during the three months ended March 31, 2025.
revenue, net, was $3.0 million for the three months ended March 31, 2026, compared to $3.1 million for the three months ended
March 31, 2025. Service revenue, net was related primarily to the promotion agreement with Sandoz, Inc. pursuant to which we share profits
from the sale of Treprostinil Injection in the United States. The decrease of $0.1 million was primarily due to the impact of unfavorable
gross-to-net chargeback and managed care adjustments.
product sales was $11.1 million for the three months ended March 31, 2026. Cost of products sales is related to sales of YUTREPIA.
We did not record any cost of product sales during the three months ended March 31, 2025.
service revenue was $0.8 million for the three months ended March 31, 2026, compared to $1.5 million for the three months ended
March 31, 2025. The decrease from 2025 to 2026 reflects a lower allocation of the cost of our commercial field force to Treprostinil Injection
resulting from the commercial launch of YUTREPIA in the second quarter of 2025.
and development expenses were $12.6 million for the three months ended March 31, 2026, compared to $7.0 million for the three
months ended March 31, 2025. The increase of $5.6 million was due primarily due to a $2.5 million increase in clinical expenses for our
L606 program, a $1.8 million increase in expenses related to our YUTREPIA research and development activities, and a $1.1 million increase
in personnel expenses driven by higher headcount.
general and administrative expenses were $46.9 million for the three months ended March 31, 2026, compared to $30.1 million
for the three months ended March 31, 2025. The increase of $16.8 million was primarily due to an $8.6 million increase in personnel expenses
and a $1.7 million increase in stock-based compensation driven by higher headcount, a $7.9 million increase in commercial and consulting
expenses to support the commercialization of YUTREPIA, and a $1.0 million increase in facilities and infrastructure expenses. These increases
were partially offset by a $3.7 million decrease in legal fees related to our ongoing YUTREPIA-related litigation.
expenses, net was $4.7 million for the three months ended March 31, 2026, compared to $2.9 million for the three months ended
March 31, 2025. The increase of $1.8 million was primarily attributable to the higher borrowings under our revenue interest financing
agreement with HealthCare Royalty Partners IV, L.P.
tax expense was $3.9 million for the three months ended March 31, 2026. We did not recognize any income tax expense during
the three months ended March 31, 2025.
for the three months ended March 31, 2026 was $52.9 million, or $0.60 per basic and $0.52 per diluted share, as compared to
a net loss of $38.4 million, or $0.45 per basic and diluted share, for the three months ended March 31, 2025.
will host a live webcast at 8:30 a.m. Eastern Time on May 11, 2026, to discuss the first quarter 2026 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.
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
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 is the subject of Re-Spire, 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.
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.
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.
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 development 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.
Tyvaso DPI and Remodulin are registered marks of United Therapeutics Corporation.
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