Highest-materiality recent filing
Liquidia Q1 2026 net income $53M vs $38M loss YoY; YUTREPIA sales $130M
YUTREPIA net product sales $129.9M in Q1 2026; over 4,500 prescriptions, ~3,750 patients treated since June 2025 launch.
Liquidia posts Q4 net income $14.6M; YUTREPIA sales $90.1M in Q4, $148.3M FY2025
Q4 net income $14.6M, positive non-GAAP adjusted EBITDA $27.3M; FY net loss $68.9M vs $128.3M in 2024.
Liquidia reports preliminary 2025 YUTREPIA net sales of $148.3M; Q4 sales $90.1M
Q4 2025 YUTREPIA net sales ~$90.1M; full-year 2025 net sales ~$148.3M, up 74% QoQ.
Liquidia Q3 2025: first YUTREPIA sales of $51.7M, achieves profitability, net loss narrows to $3.5M
Net product sales of YUTREPIA $51.7M in first full quarter post-launch; operating income of $1.7M, positive adjusted EBITDA $10.1M.
Liquidia licenses Vectura's nebulizer device for treprostinil L606 in US PAH/PH-ILD
Upfront payment $2M; development milestones up to $12M; sales milestones up to $92.5M.
Liquidia reports Q2 2025 results: YUTREPIA launch drives $6.5M product revenue, net loss widens
YUTREPIA (treprostinil) inhalation powder approved by FDA May 23, 2025; commercial launch in June 2025.
Liquidia receives $50M from HCR after first commercial YUTREPIA sale and court win
Received $50M from HCR after court denied preliminary injunction and first commercial sale of YUTREPIA.
Liquidia leases 70,131 sq ft manufacturing facility at $260,069/mo base rent starting May 2026
Lease for new manufacturing facility at 1000 Science Drive, Morrisville, NC; 70,131 rentable sq ft.
Liquidia starts YUTREPIA shipments after FDA approval; court denies UTHR injunction
First commercial shipment of YUTREPIA (treprostinil) inhalation powder to specialty pharmacies scheduled.
FDA approves Liquidia's YUTREPIA for PAH and PH-ILD, enabling commercial launch
FDA approved YUTREPIA (treprostinil) inhalation powder for PAH and PH-ILD to improve exercise ability.
UTHR files patent suit against Liquidia seeking to block YUTREPIA commercialization
UTHR sued Liquidia on May 9, 2025 alleging infringement of the '782 patent and seeking an injunction against YUTREPIA launch if FDA-approved.
Liquidia Q1 net loss $38.4M ($0.45/sh); PDUFA May 24; court dismisses UTHR cross-claim
Net loss of $38.4M ($0.45 per share) vs $30.1M ($0.40) prior year; cash $169.8M.
Liquidia wins dismissal of UTHR cross-claim over YUTREPIA PH-ILD label; FDA approval path cleared
District Court dismissed UTHR's cross-claim without prejudice for lack of standing and ripeness.
Filed lawsuit on April 21, 2025 in the Middle District of North Carolina against United Therapeutics.
Liquidia's YUTREPIA NDA resubmission accepted; PDUFA date May 24, 2025
FDA accepted Liquidia's NDA resubmission for YUTREPIA (treprostinil) inhalation powder.
Liquidia targets final YUTREPIA approval May 23, 2025; FY 2024 net loss $130.4M
FY 2024 revenue $14.0M (down from $17.5M) driven by Treprostinil Injection promotion; net loss $130.4M ($1.66/share) vs $78.5M loss prior year.
Liquidia secures up to $100M in additional financing from HCR for YUTREPIA commercialization
$25M funded at closing; $50M contingent on first commercial sale of YUTREPIA after FDA approval for PAH/PH-ILD (no injunction).
Liquidia loses court challenge to FDA's Tyvaso DPI exclusivity; cross claim still pending
On Feb 27, 2025, District Court denied Liquidia's summary judgment motion, affirming FDA's 3-year exclusivity for Tyvaso DPI.
Liquidia Q3 net loss $23.2M; FDA tentative approval for YUTREPIA; raised $100M
Net loss of $23.2M ($0.30/diluted share) vs $15.8M loss a year ago; revenue $4.4M from Treprostinil injection promotion.
Supreme Court denies United Therapeutics' certiorari; Liquidia's '793 patent invalid final
Supreme Court rejected UTHR's cert petition, finalizing PTAB and Federal Circuit rulings that all claims of U.S. Patent No. 10,716,793 are invalid.
Expanded exclusive license to include Europe, Japan, and other key markets outside North America; $3.5M upfront payment.
United Therapeutics files new cross-claims in FDA suit challenging YUTREPIA NDA acceptance
On Sept. 16, 2024, United Therapeutics filed new cross-claims against FDA in the existing FDA Suit.
Liquidia raises $67.5M in equity and activates $32.5M debt facility
Private placement of 1,123,595 shares at $8.90/share to Caligan Partners LP (fund controlled by director David Johnson) for $10M.
Liquidia amends financing with HCR, extends payments to 2031, adds $32.5M subject to equity raise
Fifth Amendment moves remaining $32.5M from tranches 3/4 to tranche 2; total $100M non-dilutive capital fully committed.
Liquidia raises ~$100M from stock offerings and RIFA advance for YUTREPIA development
Public offering of 6,460,674 shares at $8.90/share for ~$57.5M gross; private placement of 1,123,595 shares at $8.90/share for $10M.
Liquidia sues FDA over Tyvaso DPI exclusivity blocking YUTREPIA approval
FDA granted tentative approval of YUTREPIA on Aug 16, 2024, but final approval delayed until after May 23, 2025.
FDA granted tentative approval of YUTREPIA (treprostinil) inhalation powder for PAH and PH-ILD on Aug 19, 2024.
Liquidia Q2 net loss $27.9M; court rulings clear legal path for YUTREPIA approval
Q2 net loss $27.9M ($0.37/share) vs $23.5M ($0.36/share) in Q2 2023.
Liquidia wins denial of United Therapeutics' preliminary injunction blocking YUTREPIA launch
On May 31, Judge Andrews denied UTHR's motion for a preliminary injunction to block launch of YUTREPIA for PH-ILD.
United Therapeutics sues Liquidia and ex-employee over YUTREPIA IP misappropriation
Complaint filed May 29, 2024 in Durham County, NC, against former employee and Liquidia subsidiary.
Liquidia Q1 net loss widens to $40.9M; YUTREPIA legal barriers removed
Net loss $40.9M ($0.54/share) vs $11.7M ($0.18) in Q1 2023; revenue fell 33% to $3.0M on lower Treprostinil Injection sales.
Judge lifts YUTREPIA injunction; Tyvaso PH-ILD exclusivity expires March 31
March 28: Judge Andrews set aside August 2022 injunction; FDA can now approve YUTREPIA NDA.
Liquidia FY2023 net loss $78.5M ($1.21/sh); patent victory clears path for YUTREPIA launch
Net loss $78.5M ($1.21/sh) vs $41.0M ($0.67/sh) in FY2022; R&D spend rose 122% to $43.2M.
FDA delays YUTREPIA PDUFA date; PH-ILD amendment process ongoing
FDA unable to issue action letter by Jan. 24, 2024 PDUFA date; no new goal date set.
Liquidia closes $75M PIPE, draws $25M debt facility, files counterclaims in UTHR patent suit
Closed private placement of 7.18M shares at $10.442/share for ~$75M gross proceeds; additional $25M drawn under revenue interest financing amendment.
Liquidia raises $100M: $75M equity private placement + $25M debt from HCR
Private placement of 7,182,532 shares at $10.442/share (8% discount to Jan 3 close) to Patient Square Capital affiliate; gross proceeds ~$75M.
Liquidia wins Federal Circuit ruling affirming invalidation of United Therapeutics' '793 patent
Federal Circuit upheld PTAB decision finding all claims of U.S. Patent No. 10,716,793 unpatentable.
Liquidia closes $26M equity raises: public offering $25M, CEO private placement $1M
Closed public offering of 3,491,620 shares at $7.16 for gross proceeds of approx. $25M.
Liquidia faces new PH-ILD patent infringement suit from United Therapeutics on '327 Patent
United Therapeutics filed amended complaint Nov 30, 2023, alleging YUTREPIA infringes new '327 Patent covering inhaled treprostinil for PH-ILD.
Liquidia prices $25M public offering at $7.16/share; CEO invests $1M in concurrent private placement
3,491,620 shares priced at $7.16 in underwritten public offering; gross proceeds ~$25M.
Liquidia faces new patent infringement claim over '327 patent added to PH-ILD suit
United Therapeutics amended complaint adds U.S. Patent No. 11,826,327, issued Nov 28, 2023.
On January 15, 2024 (the “Effective Date”), the Company promoted Michael Kaseta, the current Chief Financial Officer (“CFO”) of the Company, to the role of Chief Operating Officer (the “COO”), effective immediately.
On January 15, 2024, Liquidia Corporation, a Delaware corporation (the “Company”) terminated Robert Lippe from his position as the Chief Operations Officer of the Company.
Max materiality 0.90 · Median 0.75 · Most common event other_material