Liquidia Reports Strong YUTREPIA Launch with $148.3M in Full-Year 2025 Sales, Expands Clinical Pipeline
Key Insights
Liquidia Corporation (search) achieved preliminary full-year 2025 net sales of $148.3 million for YUTREPIA (search), its inhaled treprostinil therapy for pulmonary arterial hypertension (search) and pulmonary hypertension associated with interstitial lung disease (search).
The company treated over 2,200 patients and received more than 2,800 unique prescriptions since YUTREPIA (search)'s regulatory approval in May 2025, demonstrating strong market adoption.
Liquidia plans to initiate multiple clinical studies in 2026 to expand YUTREPIA (search)'s applications, including trials in idiopathic pulmonary fibrosis (search) and systemic sclerosis (search)-associated Raynaud's phenomenon (search).
Liquidia Corporation (search) reported strong commercial performance for its inhaled treprostinil therapy YUTREPIA (search), achieving preliminary full-year 2025 net product sales of approximately $148.3 million following its regulatory approval in May 2025. The biopharmaceutical company also announced an expanded clinical development program aimed at broadening YUTREPIA's therapeutic applications across multiple respiratory conditions.
Commercial Launch Exceeds Expectations
YUTREPIA (search) generated approximately $90.1 million in net product sales during the fourth quarter of 2025, representing 74% quarter-over-quarter growth. Since its launch in June 2025, the therapy has received more than 2,800 unique patient prescriptions and initiated treatment for over 2,200 patients across both pulmonary arterial hypertension (search) (PAH) and pulmonary hypertension associated with interstitial lung disease (search) (PH-ILD) patient populations.
The company maintained a robust 85% conversion rate from prescription to patient start for prescriptions received through November 2025, with approximately 750 prescribers utilizing the therapy by December 2025. Liquidia plans to expand its field sales team in 2026 to increase physician coverage in key territories.
"2025 marked a transformational year for Liquidia, with the successful commercial launch of YUTREPIA (search) across both pulmonary arterial hypertension (search) (PAH) and pulmonary hypertension associated with interstitial lung disease (search) (PH-ILD) patient populations," said Dr. Roger Jeffs, Liquidia's Chief Executive Officer. "We are encouraged by the continued momentum in adoption, which reflects strong execution by our team and growing physician confidence in YUTREPIA as a differentiated and increasingly preferred inhaled prostacyclin option."
Financial Performance and Cash Position
The company generated more than $30 million of positive cash flow during the fourth quarter of 2025 and maintained cash and cash equivalents of approximately $190.7 million as of December 31, 2025. These preliminary financial results remain unaudited and subject to final accounting adjustments.
Expanded Clinical Development Program
Liquidia outlined an ambitious clinical development strategy for 2026 to strengthen the medical evidence supporting both YUTREPIA (search) and its investigational extended-release formulation L606. The company plans to complete the ASCENT open-label study evaluating 52 weeks of treatment in PH-ILD patients.
New Clinical Studies for YUTREPIA
The company will initiate three open-label, prospective, multicenter studies investigating YUTREPIA (search)'s tolerability, titratability and exploratory efficacy in different patient populations:
- PAH patients with inadequate response to orally delivered Uptravi and other prostacyclin analogs
- PH-ILD patients with inadequate response to Tyvaso and Tyvaso DPI
- Idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF) patients who are naïve to inhaled treprostinil treatments
Additionally, Liquidia will support an investigator-initiated trial evaluating YUTREPIA (search) in combination with Winrevair to assess the potential to reduce the need for parenteral prostacyclin therapy. The company also plans to initiate a prospective, multicenter, open-label study of YUTREPIA in patients with systemic sclerosis (search) associated Raynaud's phenomenon (search).
L606 Development Continues
For L606, the company will continue enrolling PH-ILD patients into Re-Spire, the global pivotal Phase III study supporting regulatory approval of the extended-release treprostinil formulation.
YUTREPIA Technology and Indications
YUTREPIA (search) is an inhaled dry-powder formulation of treprostinil delivered through a convenient, low-effort, palm-sized device. The therapy is indicated for the treatment of pulmonary arterial hypertension (search) (PAH) and pulmonary hypertension associated with interstitial lung disease (search) (PH-ILD) to improve exercise ability.
The drug was designed using Liquidia's proprietary PRINT Technology, which enables the development of drug particles that are precise and uniform in size, shape and composition, engineered for enhanced deposition in the lung following oral inhalation.
Market Context
Pulmonary arterial hypertension (search) affects an estimated 45,000 patients diagnosed and treated in the United States. The rare, chronic, progressive disease is caused by hardening and narrowing of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, there is no cure for PAH.
PH-ILD includes a diverse collection of up to 150 different pulmonary diseases, with current estimates suggesting prevalence greater than 60,000 patients in the United States. Any level of PH in ILD patients is associated with poor 3-year survival, though actual prevalence in many underlying ILD diseases remains unknown due to factors including underdiagnosis and lack of approved treatments until March 2021 when inhaled treprostinil was first approved for this indication.
"Looking ahead to 2026, we are excited to build on this foundation by advancing clinical programs to further differentiate YUTREPIA (search) and L606, our extended-release treprostinil formulation, across current and potential future indications, like IPF, PPF, and PH-COPD, where there remains a significant unmet need," Jeffs stated. "We believe YUTREPIA and L606 have the potential to establish a new standard for the use of inhaled prostacyclin as a critical therapeutic modality across these serious and progressive diseases."