Liquidia Corporation has reported exceptional early commercial success for YUTREPIA™ (treprostinil) inhalation powder, with over 900 unique patient prescriptions and more than 550 patient starts recorded within just 11 weeks following FDA approval. The inhaled dry-powder formulation received approval on May 23, 2025, for treating adults with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
Strong Market Adoption Exceeds Expectations
The rapid uptake has been driven by demand from both cardiologists and pulmonologists, with more than 350 physicians across the United States prescribing YUTREPIA. During the first six weeks post-launch, the company achieved a 75% prescription-to-treatment conversion rate, indicating strong market acceptance and effective patient support services.
"This initial demand has exceeded my own high expectations," said Dr. Roger Jeffs, Liquidia's Chief Executive Officer. "The robust and increasing uptake reflects a clear need for more flexible and better-tolerated prostacyclin therapies."
The commercial launch began in early June 2025, with the company generating $6.5 million in product revenue during the second quarter. Notably, this early momentum was achieved ahead of full payor adoption, with the company having signed contracts with major commercial payers that are expected to improve market access in the coming quarters.
ASCENT Trial Reinforces Clinical Profile
Interim data from the ongoing ASCENT study has provided additional clinical evidence supporting YUTREPIA's safety and efficacy profile in PH-ILD patients. The 52-week, prospective, open-label study enrolled 54 patients and demonstrated sustained improvements in exercise capacity.
At Week 16, patients showed a median improvement in six-minute walk distance of 31.5 meters, compared to 21.5 meters at Week 8. Patients were successfully titrated to a median dose of 159 mcg four times daily at Week 16, with the highest exposure reaching 318 mcg four times daily.
Favorable Safety Profile
The tolerability data from ASCENT was particularly encouraging, with only 10 of 54 patients (18.5%) discontinuing the study by Week 16. Importantly, there were no discontinuations stemming from drug-related adverse events such as cough or throat irritation. Of patients who reported treatment-related cough, 24 of 26 experienced mild symptoms, while only 2 reported moderate cough.
The mean daytime simplified cough scores remained essentially unchanged from baseline through Week 16, suggesting the cough was transient in nature. This safety profile supports YUTREPIA's differentiated positioning in the prostacyclin market.
Financial Performance and Strategic Positioning
Liquidia reported total revenue of $8.8 million for the second quarter of 2025, including $6.5 million from YUTREPIA product sales and $2.3 million in service revenue related to its promotion agreement with Sandoz for generic treprostinil injection.
The company maintains a strong financial position with $173.4 million in cash and cash equivalents as of June 30, 2025. In June, Liquidia received $50.0 million under its financing agreement with Healthcare Royalty following the first commercial sale of YUTREPIA.
Market Opportunity and Future Outlook
PAH affects an estimated 45,000 diagnosed and treated patients in the United States, while PH-ILD prevalence is estimated at greater than 60,000 patients. The diseases represent significant unmet medical needs, with PH-ILD patients facing particularly poor three-year survival rates when any level of pulmonary hypertension is present.
YUTREPIA was developed using Liquidia's proprietary PRINT® technology, which enables the creation of drug particles that are precise and uniform in size, shape, and composition. The technology is engineered for enhanced deposition in the lung following oral inhalation through a convenient, low-effort, palm-sized device.
The company plans to present detailed clinical findings from the ASCENT study at medical conferences in September and October 2025. Liquidia is also expanding its manufacturing capabilities, having signed a lease for approximately 70,000 square feet of additional manufacturing space targeted for occupancy in 2026.
Pipeline Development
Beyond YUTREPIA, Liquidia is advancing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer. The company is planning a global pivotal placebo-controlled efficacy study for L606 in the treatment of PH-ILD, with research and development expenses including a $1.1 million increase in clinical expenses for the L606 program during the second quarter.
