Liquidia expanded its commercial network to approximately 860 prescribers and secured over 3,600 unique patient referrals, with therapy shipped to more than 2,900 patients since launch. Patient starts split roughly 75% prostacyclin-naive and 25% transitions, reflecting strong physician uptake.

FY2025 YUTREPIA net product sales reached $148.3 million, including $90.1 million in Q4, up 74% sequentially. The company posted non-GAAP EBITDA of $27.3 million and net income of $14.6 million, generating $33 million in positive cash flow in Q4 and ending the year with $190.7 million cash.

Liquidia’s Q4 revenue growth implied more than 100% of market expansion in inhaled treprostinil, increasing its market share from around 10% in Q3 to 17% in Q4. Management views this disproportionate share of new patient starts as a key indicator of rising competitive positioning.

Liquidia plans multiple 2026 clinical trials including transition studies, combination studies with tadalafil, and new indications such as systemic sclerosis-associated Raynaud’s and PH-COPD. The company aims to advance next-generation candidate L-606 into a pivotal study, expand the sales force by about one-third, and target a $1 billion franchise by 2027.