Liquidia Extends Profitability Streak on YUTREPIA Sales
Second-quarter net product sales reached $170.4 million, and cash rose to $284.2 million as the company posted a fourth straight quarter of higher profit.
Liquidia Corporation (LQDA), a biopharmaceutical company developing inhaled treprostinil therapies, reported YUTREPIA net product sales of $170.4 million in the second quarter of 2026, up 31% from the first quarter, and recorded a fourth consecutive quarter of increasing profitability.
Net income was $74.7 million, or $0.84 per basic share and $0.74 per diluted share, compared with a net loss of $41.6 million, or $0.49 per share, a year earlier. Adjusted EBITDA was $96.3 million.
The $163.9 million year-over-year increase in product sales, net, from $6.5 million a year earlier was due to higher YUTREPIA sales volume after the company began shipping the inhaled powder in the United States in June 2025 following full FDA approval on May 23, 2025. Service revenue, net, was $1.3 million, down from $2.3 million a year earlier, primarily due to unfavorable gross-to-net adjustments on its Sandoz profit-share for Treprostinil Injection.
Cash and cash equivalents totaled $284.2 million as of June 30, 2026, an increase of $61.4 million from the first quarter. The company exited the quarter at an approximately $682 million annualized net product sales run rate.
Chief Executive Officer Dr. Roger Jeffs said the inhaled prostacyclin category had grown almost 40% since launch and that YUTREPIA had captured an increasing share of that growth. As of July 31, 2026, the company had received approximately 5,900 unique patient prescriptions and started more than 5,000 patients on treatment since the June 2025 launch, versus more than 4,500 unique prescriptions and about 3,750 patients treated through April 30, 2026. Prescription-to-start conversion remained above the 85% level previously reported. Prescribers increased to more than 1,100, of whom more than 30% had prescribed YUTREPIA to at least five patients.
Cost of product sales was $10.8 million, related to YUTREPIA volume. Research and development expenses were $17.2 million, including a $7.0 million increase in L606 program expenses and a $1.0 million L606 development milestone recognized in the quarter. Selling, general and administrative expenses were $57.4 million, including an $8.6 million increase in commercial and consulting costs to support YUTREPIA commercialization, partially offset by a $5.5 million decrease in legal fees related to ongoing YUTREPIA litigation. Income tax expense was $7.0 million.
Liquidia is progressing 10 clinical studies supporting YUTREPIA and L606 across known and new indications for inhaled treprostinil. Those include recruiting ASCENT Cohort B, a Phase 4 study of transitioning PH-ILD patients from Tyvaso and Tyvaso DPI to YUTREPIA, and enrolling in Re-Spire, a global pivotal placebo-controlled study of L606 in PH-ILD. Planned starts in 2026 and 2027 include PAH transition and hemodynamic studies, PH-COPD, progressive pulmonary fibrosis and systemic sclerosis-associated Raynaud’s programs.
The company’s ability to maintain YUTREPIA’s approval and continue commercialization remains subject to ongoing litigation in which United Therapeutics is seeking injunctive relief that could block sales for one or both of PAH and PH-ILD. YUTREPIA is indicated for PAH and PH-ILD to improve exercise ability; L606 is an investigational twice-daily liposomal treprostinil inhalation suspension.