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Jun 30, 2025
Liquidia Q2 2025 Earnings Report
Liquidia reported increased revenue in Q2 2025 driven by the launch of YUTREPIA but posted a wider net loss due to elevated commercial and legal expenses.
Key Takeaways
Liquidia's Q2 2025 results reflect a pivotal period marked by the commercial launch of YUTREPIA. Revenue grew significantly year-over-year, although expenses tied to commercialization efforts and litigation led to a larger net loss compared to Q2 2024.
Total revenue rose to $8.8 million, primarily from the launch of YUTREPIA
Net loss widened to $41.6 million with EPS of $(0.49)
SG&A expenses nearly doubled year-over-year to support commercialization and legal efforts
Cash balance remained strong at $173.4 million after receiving $50M under the HCR Agreement
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Liquidia expects continued growth in YUTREPIA prescriptions and treatment starts, with potential acceleration as market access expands in H2 2025.
Positive Outlook
- Strong early adoption of YUTREPIA with over 900 prescriptions and 550 patient starts
- ASCENT trial interim data supports YUTREPIA’s efficacy and tolerability
- Facility expansion under way to support future manufacturing needs
- Full payor adoption expected to boost revenues further
- Cash inflow of $50M from HCR Agreement supports liquidity
Challenges Ahead
- High SG&A costs from commercialization and litigation
- Ongoing legal challenges from United Therapeutics
- Rising interest expense tied to HCR financing
- Net losses continue despite revenue growth
Historical Earnings Impact
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Avg. Return Before/After Earnings
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