Liquidia Q1 Earnings Call Highlights

Key Points

• Liquidia’s YUTREPIA launch is gaining momentum, with first-quarter net product sales rising to $129.9 million, up 44% sequentially from Q4 2025. The company said it had about 4,500 unique patient prescriptions and roughly 3,750 patients started on therapy since launch.
• The company posted its third straight quarter of improving profitability, including net income of $52.9 million and adjusted EBITDA of $71.2 million. Liquidia ended the quarter with $222.8 million in cash, which management said supports continued investment without relying on capital markets.
• Management sees a large growth runway in PAH and PH-ILD, with roughly equal prescribing across both markets and expanding use among community physicians. Liquidia is also advancing pipeline efforts, including transition studies for YUTREPIA and the Phase III INSPIRE study of L606.

Liquidia NASDAQ: LQDA reported sharply higher first-quarter 2026 sales and profitability as executives said the launch of YUTREPIA continued to gain traction in pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease.

On the company’s earnings call, Chief Executive Officer Roger Jeffs said YUTREPIA has become a leading source of growth in the inhaled prostacyclin category three full quarters after launch. As of April 30, the company had received approximately 4,500 unique patient prescriptions and started approximately 3,750 patients on therapy since launch, Jeffs said. About 980 physicians have prescribed the therapy since launch.

Jeffs said prescribing has broadened while also becoming deeper among physicians who have already used the product. Since the end of February, the number of physicians who have prescribed YUTREPIA to five or more patients increased 25% to roughly 270, he said.

“What this clearly demonstrates is that physicians who try YUTREPIA are coming back to it for more and more of their patients,” Jeffs said.

YUTREPIA Sales Rise 44% Sequentially

Chief Operating Officer and Chief Financial Officer Michael Kaseta said net product sales of YUTREPIA totaled $129.9 million in the first quarter, up from $90.1 million in the fourth quarter of 2025. That represented 44% sequential growth.

The company also posted its third consecutive quarter of increasing profitability. Net income was approximately $52.9 million, compared with $14.6 million in the fourth quarter. Non-GAAP adjusted EBITDA was approximately $71.2 million, up from $27.3 million in the prior quarter.

Kaseta said Liquidia ended the quarter with approximately $222.8 million in cash and cash equivalents, an increase of $32.1 million from year-end. He said the company achieved the profitability gains while continuing to invest in its commercial organization, manufacturing capacity in North Carolina and clinical development programs.

“In addition to growing the top line, we continue to grow the balance sheet that funds our priorities and are confident in our ability to remain profitable in the future,” Kaseta said.

Company Sees Continued Growth in PAH and PH-ILD

During the question-and-answer session, Jeffs said Liquidia has seen a “slight acceleration” in referrals and patient starts, though he emphasized that management does not want to forecast accelerating growth. He said the company’s expectations for at least $1 billion in net revenue in 2027 remain supported if current growth is sustained.

Jeffs said prescribing remains roughly evenly split between PAH and PH-ILD. He also said pull-through remains around 85%, while new patients versus transitions remain about 75% and 25%, respectively.

Chief Commercial Officer Scott Moomaw said major centers were early adopters of YUTREPIA and remain the largest cohort, but Liquidia is seeing more success in the community setting. He said the balance is shifting somewhat toward community physicians, including pulmonologists who treat interstitial lung disease patients and may not previously have focused on prostacyclin therapy.

On the PH-ILD opportunity, Jeffs said the current inhaled treprostinil market is about $2 billion in aggregate and appears split relatively evenly between PAH and PH-ILD for Liquidia. He said the PH-ILD market remains “massively under-penetrated” and estimated it could exceed $2 billion to $3 billion on its own. Moomaw said the company is expanding its sales force to increase awareness, diagnosis and treatment in the community market.

Pipeline Efforts Include L606 and Transition Studies

Jeffs said Liquidia is broadening its opportunity through additional studies. The company has begun recruiting cohort B of the ASCENT study, which is designed to transition inadequate responders from Tyvaso DPI to YUTREPIA. He said the goal is to provide evidence that higher doses of YUTREPIA are well tolerated and differentiated versus competitive alternatives.

Chief Medical Officer Dr. Rajeev Saggar said the company is also planning to initiate a transition study from oral selexipag to open-label YUTREPIA, citing what the company is observing in clinical practice. Saggar also said Liquidia hopes to initiate a study in 2026 or 2027 on transitioning patients on sotatercept from parenteral therapy and pumps to YUTREPIA.

Liquidia is also actively screening patients in its pivotal Phase III INSPIRE study of L606, which Saggar described as a treprostinil liposome inhalation suspension delivered twice daily. He said the twice-daily profile is intended to address a limitation of YUTREPIA’s four-times-daily dosing and sustain treprostinil exposure during the day and at night.

Jeffs said the company is also advancing programs in other pulmonary and vascular diseases, including idiopathic pulmonary fibrosis, progressive pulmonary fibrosis, pulmonary hypertension associated with chronic obstructive pulmonary disease and scleroderma-associated Raynaud’s phenomenon. In response to a question about PH-COPD, he said the company expects to focus on designing a study with inclusion and exclusion criteria that would enrich for success, adding that such a program would not begin until 2027 “at best.”

Executives Address Litigation and Future Funding

General Counsel Rusty Schundler addressed a question about potential read-through from the Hikma versus Amarin Supreme Court case to Liquidia’s 327 litigation. Schundler said the Hikma case concerns what is necessary to show induced infringement, which is also at issue in parts of Liquidia’s case involving United Therapeutics patents. He said there are “some clear parallels” but declined to speculate on how Hikma may be decided or whether it would affect Judge Andrews’ decision or timing.

Jeffs said Liquidia remains confident in the arguments it made in the case and is “bullish” on the outcome when an opinion is issued.

Management repeatedly emphasized that the company is funding its growth from operating cash flow rather than capital markets. Jeffs said Liquidia has established a profitable, self-funded business that allows it to invest in manufacturing capacity, YUTREPIA, L606 and additional clinical programs. He said YUTREPIA has already exceeded a half-billion dollars in annualized net revenue run rate in less than one full year on the market.

Kaseta also said Liquidia recorded income tax expense in the first quarter and expects to continue recording income tax expense as profitability grows.

Jeffs closed the call by saying Liquidia will focus on continued YUTREPIA launch growth, market support studies, L606 advancement and broader indications that could expand the business beyond its current base.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.