Liquidia (NASDAQ:LQDA) executives highlighted a rapid commercial ramp for YUTREPIA, expanding clinical plans for both YUTREPIA and the next-generation candidate L-606, and improving profitability during the company’s full year 2025 financial results and corporate update call.
Commercial launch metrics and prescribing trends
Chief Executive Officer Dr. Roger Jeffs said 2025 demonstrated Liquidia’s ability to “launch, scale, and reach profitability quickly,” adding that physicians have shown a willingness to change prescribing behavior in response to what the company characterized as a differentiated product profile for YUTREPIA, including “deep lung delivery,” a “low effort device,” and a “wide dose range.” Jeffs said the company views the launch as among the “top specialty drug launches over the past 5 years across all therapeutic categories.”
Liquidia also provided detail on mix and breadth of use:
- New patient prescriptions were described as roughly equal between PAH and PH-ILD.
- Patient starts were said to be about 75% prostacyclin-naive and 25% transitions from other prostacyclins.
- Total prescribers increased to around 860, and roughly 25% of physicians had already referred five or more patients.
In response to questions on where switching patients are coming from, Chief Commercial Officer Scott Moomaw said that in PH-ILD, switches come from inhaled therapies, while in PAH, about 30% of the switched cohort is coming from oral prostacyclins, with the remainder largely from inhaled therapies. He added the company is starting to see more patients transition from parenterals to YUTREPIA, though he does not expect that to become material near term.
Financial performance: sales growth, profitability, and cash generation
Chief Operating Officer and Chief Financial Officer Michael Kaseta attributed the company’s financial results to sustained patient growth and retention paired with what he called disciplined execution. For full year 2025, Liquidia reported YUTREPIA net product sales of $148.3 million, including $90.1 million in the fourth quarter. Kaseta said fourth-quarter net product sales grew 74% versus the third quarter of 2025.
Kaseta also reported that the fourth quarter marked the company’s second consecutive quarter of increasing profitability, including non-GAAP adjusted EBITDA of $27.3 million and net income of $14.6 million. Liquidia ended 2025 with approximately $190.7 million in cash and cash equivalents, and generated $33 million in positive cash flow during the fourth quarter alone.
When asked about first-quarter launch dynamics, Kaseta said January and February remained strong for referrals and new patient starts, tracking on “the exact same trajectory” as the fourth quarter. He also said launch-related inventory and stocking effects had normalized about nine months post-launch, while noting specialty distributors can make end-of-quarter decisions outside the company’s control.
Market share commentary and path to longer-term goals
Management said it is difficult to provide patient-based market share estimates because competitors do not disclose comparable patient numbers. Instead, Kaseta discussed revenue-based estimates, noting he viewed fourth-quarter inhaled treprostinil revenue for the market at approximately $550 million. He said Liquidia’s revenue growth in the quarter implied it accounted for “more than 100% of market growth” in Q4, which he said reflected a disproportionate share of new patient starts plus some switches.
Kaseta said Liquidia represented about 10% of market revenue in Q3, increasing to 17% in Q4, and said the company was encouraged by momentum extending into early 2026.
Jeffs reiterated confidence in the company’s outlook and referenced a “clear path towards at least a billion-dollar franchise in 2027,” with growth continuing beyond. In Q&A, management framed that opportunity around the existing inhaled treprostinil market, potential share gains, additional opportunity in PAH including oral prostacyclin use, and increased penetration in PH-ILD. Jeffs and Moomaw also said the company plans to increase its sales force by about one-third to increase share of voice, particularly to expand reach into the community setting in PH-ILD.
Clinical plans: transition studies, combinations, and new disease areas
Jeffs said 2026 will mark a “full clinical exploration” of what may be possible with YUTREPIA and L-606, and he outlined a strategy centered on the principles that “exposure drives efficacy, tolerability drives durability, and convenience drives compliance.” He said Liquidia intends to initiate multiple new studies, including:
- Studies to transition patients from oral and inhaled prostacyclin therapies
- Studies of new combinations, including adjunctive work with tadalafil
- New studies aimed at additional disease areas such as systemic sclerosis-associated Raynaud’s phenomenon and PH-COPD
Chief Medical Officer Dr. Rajeev Saggar provided additional color on the systemic sclerosis-associated Raynaud’s phenomenon program, saying Raynaud’s phenomenon affects an estimated 90% to 95% of systemic sclerosis patients and is a major driver of quality-of-life complaints. He noted prostacyclins such as iloprost and/or Flolan are used as salvage therapy in guidelines for Raynaud’s phenomenon, particularly in refractory disease. He said an oral treprostinil study in the condition was challenged by tolerability and discontinuations, and argued that inhaled treprostinil’s improved tolerability and Liquidia’s ability to dose to higher levels could support a potential benefit. Saggar said Liquidia expects to initiate a Phase 2A program in systemic sclerosis-associated Raynaud’s phenomenon near the end of the year.
On potential label impact, Saggar said the company “reserve[s] the right” to present data to regulators for label discussions, while emphasizing the studies are intended to define how to switch from oral prostanoids to YUTREPIA and to provide practical guidance to clinicians. He also described planned studies switching from selexipag to YUTREPIA and a study designed to transition patients on sotatercept in combination with prostanoids (including parenteral and/or oral forms) off those therapies and onto YUTREPIA.
For L-606, Jeffs said the company expects to advance to a pivotal study initiated in multiple territories, with enrollment anticipated to begin in the following quarters. He also described L-606 as intended to reduce dosing frequency to twice daily and to minimize peak-to-trough excursions through liposomal encapsulation, compared with YUTREPIA’s four-times-daily regimen.
Competitive and legal updates discussed on the call
Management was asked about potential competitive dynamics, including a recently announced soft mist inhaler (SMI) approach and emerging oral prostacyclin receptor agonist data. Jeffs said Liquidia does not view the SMI as offering meaningful clinical advantages beyond portability, arguing it would still deliver treprostinil solution without addressing tolerability or lower-airway penetration in the way the company believes its formulation does. Saggar added that, based on comparisons of soft mist inhalers and dry powder inhalers using the same formulation in other settings, SMIs have not been shown to change clinical efficacy, pharmacokinetics, or to improve safety and tolerability, including cough.
Regarding new oral outcomes data in the prostacyclin receptor agonist category, Jeffs said he did not expect an impact on YUTREPIA’s launch, describing the new agent as more likely to compete with existing oral therapy and pointing to gastrointestinal adverse events and what he characterized as limited symptom improvement typical of the class.
On the legal front, General Counsel Rusty Schundler said there was “really nothing new” beyond prior commentary. He noted an oral hearing occurred in June, post-trial briefing completed in August, and the company is approaching nine months from trial and seven months from post-trial briefing. Schundler said Liquidia believes it is in a timeframe when an opinion “should and could be rendered,” but said timing remains uncertain. He said the company remains confident in its arguments and prepared for any outcome.
Kaseta also addressed payer access and gross-to-net dynamics. He said Liquidia has maintained 85%+ “pull-through” from prescription to patient start since early in the launch, and that the company’s goal is to ensure patients have access if they choose YUTREPIA. Looking ahead, he said additional rebate obligations could rise as commercial access expands, but he expects that to be offset by increased access and characterized any gross-to-net change as potentially a “very small incremental increase.”
About Liquidia (NASDAQ:LQDA)
Liquidia Technologies, Inc is a clinical-stage biopharmaceutical company headquartered in Research Triangle Park, North Carolina. The company leverages its proprietary PRINT® (Particle Replication In Non-wetting Templates) platform to engineer precisely shaped and sized drug particles, with the goal of improving delivery, efficacy and safety profiles. By controlling particle characteristics at the nanoscale, Liquidia seeks to enhance respiratory and other therapies that depend on targeted delivery.
The company’s lead product candidate, LIQ861, is a dry powder formulation of treprostinil designed for inhalation in patients with pulmonary arterial hypertension (PAH).
