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Liquidia
Liquidia (LQDA) investor relations material
Liquidia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Achieved rapid launch and profitability for YUTREPIA, reaching profitability within 120 days and recording two consecutive profitable quarters, marking a top specialty drug launch in the past five years.
Over 3,600 unique patient referrals and more than 2,900 patients treated since launch, with strong prescription-to-start conversion rates above 85% and momentum continuing into 2026.
Prescriber base expanded to 860, with 25% of physicians referring five or more patients, indicating deepening adoption.
Product profile differentiation (deep lung delivery, low effort device, wide dose range) is driving rapid physician adoption and market share gains.
Financial highlights
YUTREPIA generated $148.3 million in net product sales for 2025, including $90.1 million in Q4, representing 74% sequential growth from Q3.
Total revenue for 2025 was $158.3 million, up from $14.0 million in 2024.
Achieved non-GAAP adjusted EBITDA of $27.3 million and net income of $14.6 million in Q4 2025.
Ended 2025 with $190.7 million in cash and cash equivalents, generating $33.2 million positive cash flow in Q4.
SG&A expenses for 2025 totaled $157.2 million, up 93% year-over-year, mainly due to commercialization efforts.
Outlook and guidance
Confident in continued growth trajectory for 2026 and beyond, targeting at least $1 billion in revenue by 2027.
Ongoing expansion of clinical studies, including new indications and combination therapies, to further strengthen product positioning.
Plans to deepen prescriber adoption, expand sales force, and advance L606 into pivotal trials in 2026, funded from operations.
Sustained robust launch trajectory into 2026, with high prescription-to-patient conversion rates and continued patient growth.
YUTREPIA prescription-to-start conversion trends
Funding L606 pivotal trials from operations
United Therapeutics litigation impact on sales
Revenue share growth vs competitor seasonality
Differentiation against competitor SMI technology
Sotatercept combination and transition strategy
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Next Liquidia earnings date
Q1 20267 May, 2026
Liquidia
Next Liquidia earnings date
Q1 20267 May, 2026
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Frequently asked questions
Liquidia Corp. is a biopharmaceutical company focused on developing and commercializing innovative therapies for pulmonary and other rare diseases. The company utilizes its proprietary PRINT technology to engineer precise drug particles designed to improve the delivery and efficacy of inhaled treatments. Liquidia's primary focus is on addressing unmet medical needs in pulmonary arterial hypertension (PAH) and other related conditions. The company is involved in advancing its therapies through clinical trials and regulatory approvals, aiming to provide improved treatment options for patients with chronic, life-threatening illnesses. The company is headquartered in Morrisville, North Carolina, and its shares are listed on the NASDAQ.
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