Core Insights - Liquidia Corporation announced preliminary, unaudited full-year 2025 net product sales of YUTREPIA™ (treprostinil) inhalation powder, with a total of approximately $148.3 million in sales for the year and $90.1 million in the fourth quarter [1][5][6] - The company experienced a 74% quarter-over-quarter growth in net product sales, indicating strong market demand and physician confidence in YUTREPIA [6] - Liquidia plans to report fully audited financial results for the year ended December 31, 2025, in February 2026 [1] Financial Highlights - Estimated net product sales for YUTREPIA were approximately $90.1 million in Q4 2025 and $148.3 million for the full year [5][6] - Generated over $30 million in positive cash flow during Q4 2025 [5][6] - Cash and cash equivalents stood at approximately $190.7 million as of December 31, 2025 [6] Commercial Launch and Adoption - YUTREPIA was successfully launched for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [2] - The company received more than 2,800 unique patient prescriptions since the launch in June 2025, with over 2,200 patients starting treatment [5][6] - An 85% conversion rate from prescription to patient start was maintained for prescriptions received through the end of November 2025 [6] Clinical Pipeline and Future Plans - Liquidia aims to advance clinical programs for YUTREPIA and L606, targeting additional indications such as idiopathic pulmonary fibrosis (IPF), progressive pulmonary fibrosis (PPF), and pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD) [3][5] - The company is initiating multiple open-label studies to evaluate YUTREPIA's efficacy in various patient groups, including those with inadequate responses to existing treatments [5][6] - Liquidia is also enrolling patients in the global pivotal Phase III study for L606, an investigational extended-release formulation of treprostinil [7]