Liquidia NASDAQ: LQDA reported second-quarter 2026 results marked by continued growth for its inhaled treprostinil product YUTREPIA, increased profitability and expanding investment in its clinical pipeline.
Chief Executive Officer Roger Jeffs said the company had received approximately 5,900 unique YUTREPIA prescriptions as of July 31, started more than 5,000 patients on therapy and had prescriptions from more than 1,100 physicians. About 30% of those prescribers had written prescriptions for five or more patients, he said.
“Physicians are prescribing it, patients are starting to switch to it, and referrals and starts continue to accrue at a robust and sustained pace,” Jeffs said.
Sales and Profitability Increase
Chief Operating Officer and Chief Financial Officer Michael Kaseta said YUTREPIA net product sales reached $170.4 million in the second quarter, an increase of more than $40 million, or 31%, from the prior quarter. The company reported net income of about $74.7 million and adjusted EBITDA of about $96.3 million.
Kaseta said quarterly YUTREPIA sales have more than tripled over the past three quarters and that Liquidia has posted four consecutive quarters of increasing profitability after reporting a net loss in the second quarter of 2025.
Cash and cash equivalents totaled approximately $284.2 million at the end of the quarter, up $61.4 million from the first quarter and nearly $93.5 million from the start of the year, according to Kaseta.
Management said it expects selling, general and administrative expenses to rise as the company expands commercialization of YUTREPIA, including an enlarged sales force that began field activity in June and additional patient-support services. Research and development expense is expected to increase more sharply as clinical enrollment ramps and new studies begin.
Kaseta said R&D expense in the second half of 2026 is expected to be double the first-half level and increase again in 2027. Despite those investments, he said the company expects to continue increasing profitability while growing revenue.
Jeffs said the company believes it is on track to generate more than $1 billion in net revenue during 2027.
YUTREPIA Gains Share in Growing Inhaled Market
Jeffs said the overall inhaled prostacyclin market rose to $607 million in the second quarter from $573 million in the first quarter, representing growth of about 6%. According to management, YUTREPIA’s growth exceeded that of the full category while use of oral, infused and competing inhaled formulations was flat to declining.
On a net revenue basis, YUTREPIA is approaching 30% of the overall inhaled market, Jeffs said. He attributed adoption to the company’s view that improved tolerability can support higher dosing, which may in turn support efficacy and durable benefit.
During the call, Jeffs cited findings from the company’s 24-week ASCEND study in patients with pulmonary hypertension associated with interstitial lung disease, or PH-ILD. He said progressively higher median doses at weeks eight, 16 and 24 were accompanied by 6-minute walk distance improvements of 21.5 meters, 31.5 meters and 41 meters, respectively, without worsening cough scores.
Chief Commercial Officer Scott Moomaw said the expanded sales organization is intended both to deepen engagement with existing prescribers and broaden the company’s reach in community settings. He said Liquidia sees opportunity among pulmonary arterial hypertension, or PAH, treatment centers, PH-ILD centers and community providers, where patients may be underidentified or referred later for treatment.
Moomaw said payer access has reached what he described as “a stasis,” with generally good availability and broad parity, leaving product choice as a key factor in prescribing decisions.
Pipeline Focus Includes L606 and Raynaud’s Study
Liquidia said it has 10 clinical studies either underway or planned to start during the next 12 months across YUTREPIA and L606, its twice-daily inhaled treprostinil candidate.
Jeffs said the company’s 48-week open-label study of L606 showed patients titrated across a broad dose range with a low adverse-event burden. He also said the study observed a low incidence of cough and preservation of peak 6-minute walk improvements at trough, or throughout the dosing interval. The Phase 3 RESPIRE study of L606 is enrolling patients and remains on target for its planned timeline, according to management.
Chief Medical Officer Rajeev Saggar discussed the REWARM study, which will evaluate YUTREPIA in 75 patients with systemic sclerosis-associated Raynaud’s phenomenon. He said the study will compare lower-dose treatment with dose maximization and assess tolerability and clinical response, with results intended to inform a potential Phase 3 design.
Saggar said there are no FDA-approved therapies for Raynaud’s phenomenon in this patient population, though prostacyclins and prostacyclin analogs have been used and studied for moderate and severe complications.
The company also plans a study in the first half of 2027 to evaluate YUTREPIA’s safety, efficacy and dose titratability in progressive pulmonary fibrosis and idiopathic pulmonary fibrosis-related settings, Saggar said. He added that Liquidia wants to assess how YUTREPIA performs alongside newer antifibrotic therapies to support future trial design.
Legal Decision Remains Pending
General Counsel Rusty Schundler provided an update on the pending ’327 trial. He said the range of possible outcomes remains unchanged: a favorable ruling would allow the company to continue as it is, while an adverse ruling could result in a royalty or some form of injunctive relief.
Schundler said Liquidia does not have visibility into the judge’s process or workload, but based on historical timing following bench trials, the company believes a decision could come at any time.
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).
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