MORRISVILLE, N.C. — January 9, 2026 — Leads & Copy — Liquidia Corporation (NASDAQ: LQDA) has announced preliminary unaudited full-year 2025 net product sales for YUTREPIA™ (treprostinil) inhalation powder, along with updates on its commercial launch and clinical pipeline.
The biopharmaceutical company reported estimated net product sales of approximately $90.1 million for the fourth quarter and $148.3 million for the full year 2025. Since its launch in June 2025, YUTREPIA has been prescribed to over 2,800 unique patients and generated more than $30 million in positive cash flow during the fourth quarter of 2025. As of December 31, 2025, the company held approximately $190.7 million in cash and cash equivalents.
The updates were discussed during Liquidia’s participation in the 44th Annual J.P. Morgan Healthcare Conference, held January 12–14, 2026, in San Francisco. The company plans to release fully audited financial results for the year ended December 31, 2025, in February 2026.
According to Dr. Roger Jeffs, Liquidia’s Chief Executive Officer, 2025 was a transformational year marked by the successful commercial launch of YUTREPIA for both pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) patient populations. He noted the team’s strong execution and growing physician confidence in YUTREPIA.
Liquidia intends to build on this foundation in 2026 by advancing clinical programs to further differentiate YUTREPIA and L606, its extended-release treprostinil formulation, across current and potential future indications, including IPF, PPF, and PH-COPD. The company believes YUTREPIA and L606 have the potential to establish a new standard for inhaled prostacyclin use.
As of December 31, 2025, more than 2,200 patients have started treatment, with a robust 85% conversion rate from prescription to patient start for prescriptions received through the end of November 2025. The total number of prescribers has increased to approximately 750 through December 2025. Liquidia plans to expand its field sales team in 2026 to increase physician coverage in key territories.
In 2026, Liquidia will continue investing in clinical development to further strengthen the medical evidence supporting YUTREPIA and L606, including completing the ASCENT open-label study in PH-ILD patients and initiating three open-label, prospective, multicenter studies to investigate the tolerability, titratability, and exploratory efficacy of YUTREPIA in PAH and PH-ILD patients with inadequate responses to other treatments, as well as in IPF and PPF patients who are new to inhaled treprostinil treatments.
Liquidia is also supporting an investigator-initiated trial (IIT) evaluating YUTREPIA in combination with Winrevair® and initiating a prospective, multicenter, open-label study of YUTREPIA in patients with systemic sclerosis-associated Raynaud’s phenomenon. Additionally, the company is enrolling PH-ILD patients into Re-Spire, the global pivotal Phase III study supporting regulatory approval of L606.
Dr. Roger Jeffs presented at the 44th Annual J.P. Morgan Healthcare Conference on Wednesday, January 14, 2026, at 5:15 p.m. PT (8:15 p.m. ET). The webcast is available on Liquidia’s website.
YUTREPIA™ (treprostinil) Inhalation Powder is indicated for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). L606 is an investigational, extended-release formulation of treprostinil administered twice-daily with a next-generation nebulizer.
Treprostinil Injection is the first-to-file, fully substitutable generic treprostinil for parenteral administration. 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.
Liquidia Corporation is a biopharmaceutical company focused on treating respiratory and vascular diseases. To learn more, visit www.liquidia.com.
Contact Information:
Investors:
Jason Adair
Chief Business Officer
919.328.4350
Jason.adair@liquidia.com
Media:
Patrick Wallace
Director, Corporate Communications
919.328.4383
patrick.wallace@liquidia.com
Source: Liquidia Corporation
