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Sep 30, 2025
Liquidia Q3 2025 Earnings Report
Liquidia achieved its first quarter of operating profitability driven by the successful commercial launch of YUTREPIA.
Key Takeaways
Liquidia reported strong third quarter results with $51.7 million in product revenue from YUTREPIA and a significant improvement in net loss, achieving positive operating income for the first time.
Recorded $51.7 million in YUTREPIA product sales in its first full quarter post-launch
Achieved $1.7 million in operating income and positive adjusted EBITDA of $10.1 million
Net loss narrowed significantly to $3.5 million from $31.0 million year-over-year
Cash and cash equivalents totaled $157.5 million at quarter-end
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Liquidia expects to maintain its commercial momentum for YUTREPIA and continue investing in pipeline programs, while closely managing expenses and litigation risks.
Positive Outlook
- Strong launch momentum and demand for YUTREPIA
- Positive adjusted EBITDA indicating early commercial success
- Large cash balance of $157.5 million to fund operations
- L606 progressing toward pivotal trials for PH-ILD
- Real-world data supporting further YUTREPIA adoption
Challenges Ahead
- Ongoing litigation risk with United Therapeutics may impact YUTREPIA sales
- R&D and SG&A expenses remain high as commercialization ramps
- Decline in service revenue from Treprostinil promotion agreement
- Increased interest expense due to higher borrowings
Historical Earnings Impact
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Avg. Return Before/After Earnings
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