Core Viewpoint - Liquidia Corporation reported strong early commercial performance and clinical evidence for its newly approved product YUTREPIA, indicating significant market demand and potential for growth in treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [2][3][5] Company Highlights - The FDA approved YUTREPIA on May 23, 2025, and it was commercially launched in June 2025, with over 900 unique patient prescriptions and more than 550 patient starts recorded within 11 weeks post-launch [6][7] - The initial demand for YUTREPIA has exceeded expectations, with 75% of prescriptions converting to treatment starts in the first six weeks [7] - Liquidia has signed a lease for approximately 70,000 square feet of additional manufacturing space, targeted for occupancy in 2026, to support continued growth [7] - The company received $50 million under its financing agreement with Healthcare Royalty following the first commercial sale of YUTREPIA [7] Clinical Evidence - The ongoing ASCENT study has shown positive interim data, with median improvements in six-minute walk distance of 21.5 meters at Week 8 and 31.5 meters at Week 16, reinforcing YUTREPIA's tolerability and efficacy profile [4][8] - The study fully enrolled 54 patients, with no discontinuations due to drug-related adverse events, indicating a favorable safety profile [4][8] Financial Performance - As of June 30, 2025, Liquidia reported cash and cash equivalents of $173.4 million, a slight decrease from $176.5 million at the end of 2024 [9][27] - Product revenue for the second quarter of 2025 was $6.5 million, marking the first revenue recognition following YUTREPIA's approval [9][28] - Service revenue decreased to $2.3 million from $3.7 million in the same period last year, primarily due to unfavorable gross-to-net returns [10][28] - Research and development expenses decreased by 36% to $6.0 million, reflecting a shift towards commercialization activities [12][28] - Selling, general and administrative expenses increased by 95% to $38.8 million, driven by higher personnel costs and legal fees related to ongoing litigation [13][28] - The net loss for the second quarter was $41.6 million, or $0.49 per share, compared to a net loss of $28.7 million, or $0.38 per share, in the prior year [14][28]