Full Press Release Details
Liquidia Corporation Reports Fourth Quarter
and Full Year 2025 Financial Results and Provides Business Update
N.C., March 5, 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 full year ended December 31, 2025. The company will also host a webcast at 8:30 a.m. ET on March 5, 2026, to discuss
its financial results and provide a corporate update.
Dr. Roger Jeffs, Liquidia's Chief
Executive Officer, said: "As we close 2025, we are encouraged by how quickly YUTREPIA has taken hold in clinical practice,
placing it among one of the top specialty drug launches over the past five years across all therapeutic categories. Adoption continues
to broaden across PAH and PH-ILD, with increasing depth in treatment centers and more experience transitioning appropriate patients from
oral, inhaled and systemic prostacyclin therapies.
Having increased profitability in our second
full quarter after launch, we will build on this foundation in 2026 from a position of financial strength. We plan to deepen prescriber
adoption, grow our sales force, expand YUTREPIA's clinical evidence through multiple new studies, and advance L606 into pivotal
trials, all of which will be funded from operations. We believe YUTREPIA and L606 have the potential to establish a new standard for the
use of inhaled prostacyclin as a critical therapeutic modality across serious and progressive cardiopulmonary diseases."
YUTREPIA Commercial Launch Highlights
(as of February 28, 2026)
Fourth Quarter and Full Year 2025 Financial Results
YUTREPIA sales led to the company's second consecutive quarter
of profitability with net income of $14.6 million and positive non-GAAP adjusted EBITDA of $27.3 million in fourth quarter of
cash equivalents totaled $190.7 million as of December 31, 2025, compared to $176.5 million as of December 31,
sales, net, were $148.3 million in the year ended December 31, 2025. 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 2024.
revenue, net, was $10.0 million for the year ended December 31, 2025, compared to $14.0 million for the year ended December 31,
2024. 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 $4.0 million was primarily due to lower sales
volumes in the current year.
product sales was $8.8 million for the year ended December 31, 2025. Cost of product sales is related to sales of YUTREPIA.
We did not record any cost of product sales during 2024.
service revenue was $4.4 million for the year ended December 31, 2025, compared to $5.9 million for the year ended December 31,
2024. The decrease from 2024 to 2025 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 $39.3 million for the year ended December 31, 2025, compared to $47.8 million for the year
ended December 31, 2024, a decrease of $8.5 million or 18%. The decrease was primarily due to an $8.8 million decrease in personnel
expenses, a $2.2 million decrease in stock-based compensation, and a $3.0 million decrease in facilities and infrastructure expenses resulting
from a shift from activities related to research and development to the commercialization of YUTREPIA in addition to a $1.7 million decrease
in expenses related to our YUTREPIA research and development activities. These decreases were offset by a $9.0 million increase in clinical
expenses for our L606 program.
general and administrative expenses were $157.2 million for the year ended December 31, 2025, compared to $81.6 million
for the year ended December 31, 2024, an increase of $75.6 million or 93%. The increase was primarily due to a $33.7 million increase
in personnel expenses and a $12.7 million increase in stock-based compensation driven by higher headcount, a $16.1 million increase in
commercial and consulting expenses to support the commercialization of YUTREPIA, a $5.3 million increase in legal fees related to our
ongoing YUTREPIA-related litigation, and a $3.7 million increase in facilities and infrastructure expenses.
expenses, net was $17.5 million for the year ended December 31, 2025, compared to $7.0 million for the year ended December 31,
2024. The increase of $10.5 million was primarily attributable to the higher borrowings under our revenue interest financing agreement
with HealthCare Royalty Partners IV, L.P.
for the year ended December 31, 2025, was $68.9 million, or $0.80 per basic and diluted share, as compared to a net loss of $128.3
million, or $1.63 per basic and diluted share, for the year ended December 31, 2024.
will host a live webcast at 8:30 a.m. Eastern Time on March 5, 2026, to discuss the year end 2025 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 studies.
About 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 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 creation 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.
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