Liquidia Corporation Reports Q2 2025 Financial Results with Revenue Growth from YUTREPIA Launch

Liquidia Corporation reported its financial results for the second quarter of 2025, highlighting a significant increase in revenue driven by the commercial launch of its product YUTREPIA. The company generated total revenues of $8.8 million for the quarter, a substantial rise from $3.7 million in the same period last year. This increase was primarily attributed to $6.5 million in product sales from YUTREPIA, which was launched on June 2, 2025, following FDA approval on May 23, 2025. Service revenue, however, decreased to $2.3 million from $3.7 million year-over-year, reflecting lower sales volumes and unfavorable adjustments related to gross-to-net returns.

In terms of expenses, Liquidia's total costs rose to $46.3 million for the second quarter, compared to $30.9 million in the prior year, marking a 50% increase. This rise was largely due to a 95% increase in selling, general, and administrative expenses, which reached $38.8 million, driven by higher personnel costs and legal fees associated with ongoing litigation. Research and development expenses also decreased to $6.0 million from $9.4 million, reflecting a strategic shift towards commercialization activities. The net loss for the quarter was $41.6 million, compared to a loss of $28.7 million in the same quarter of 2024.

Liquidia's balance sheet as of June 30, 2025, showed total assets of $257.4 million, up from $230.3 million at the end of 2024. The company reported cash and cash equivalents of $173.4 million, slightly down from $176.5 million at the end of the previous year. The accumulated deficit increased to $637.3 million, reflecting ongoing operational losses. The company’s liabilities also rose significantly, totaling $242.2 million, primarily due to increased long-term debt obligations under the HCR Agreement.

Strategically, Liquidia has focused on expanding its product offerings and market presence. The company is also advancing its investigational product L606, a liposomal formulation of treprostinil, which is currently in clinical trials for treating pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. The company has entered into a licensing agreement with Pharmosa Biopharm Inc. to develop and commercialize L606, which includes milestone payments and royalties based on sales.

Looking ahead, Liquidia anticipates continued investment in the commercialization of YUTREPIA and the development of L606. The company expects to incur significant expenses as it seeks to maintain FDA approval and expand its market share. Liquidia believes it has sufficient cash reserves to meet its financial obligations for at least the next twelve months, although it acknowledges the inherent uncertainties in achieving projected revenues and the potential need for additional financing in the future.