Core Insights - Liquidia Corporation reported its financial results for Q3 2025, highlighting the successful launch of YUTREPIA and its potential in treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [1][2] Financial Performance - The company recorded a net loss of $3.5 million in Q3 2025, a significant improvement from a net loss of $31.0 million in the same quarter of the previous year [3][11] - Operating income for the quarter was $1.7 million, with a positive non-GAAP adjusted EBITDA of $10.1 million [3][27] - Cash and cash equivalents stood at $157.5 million as of September 30, 2025, down from $176.5 million at the end of 2024 [3] Revenue Breakdown - Net product sales for YUTREPIA reached $51.7 million for the three months ended September 30, 2025, marking the first full quarter of sales following its FDA approval [4][9] - Service revenue was $2.7 million, a decrease from $4.4 million in Q3 2024, primarily due to lower sales volumes [5] Cost Analysis - Cost of product sales was $2.3 million for Q3 2025, with no costs recorded in 2024 [6] - Research and development expenses decreased to $9.3 million, down 21% from $11.9 million in the prior year, mainly due to a shift in focus towards commercialization [8] - Selling, general, and administrative expenses increased to $40.1 million, a 98% rise from $20.2 million in Q3 2024, driven by higher personnel and commercial expenses [9][10] Prescription and Market Engagement - As of October 30, 2025, over 2,000 unique prescriptions for YUTREPIA have been received, with shipments to more than 1,500 patients supported by over 600 prescribers nationwide [2][9] Product Information - YUTREPIA is an inhaled dry-powder formulation of treprostinil, designed for the treatment of PAH and PH-ILD, utilizing Liquidia's proprietary PRINT technology [13][18] - The company is also developing L606, an investigational sustained-release formulation of treprostinil, which is currently in clinical evaluation [14][18]

Core Insights - Liquidia Corporation is hosting its first Research & Development Day on October 28, 2025, in New York City, focusing on innovative therapies for rare cardiopulmonary diseases [1][3] Group 1: Event Details - The R&D Day will feature presentations from Liquidia's management and key opinion leaders in pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [2] - The agenda will include updates on L606, an investigational sustained-release formulation, and the flagship product YUTREPIA™ [2][3] - The event is intended for institutional investors and sell-side analysts, with options for in-person attendance and live webcasting [3][4] Group 2: Product Information - L606 is a twice-daily administered investigational formulation of treprostinil, utilizing a proprietary liposomal formulation for controlled drug release [5] - YUTREPIA is an inhaled dry-powder formulation of treprostinil designed for improved exercise ability in patients with PAH and PH-ILD, developed using Liquidia's PRINT® technology [6][7] - Liquidia is also marketing Treprostinil Injection, a fully substitutable generic of Remodulin for PAH treatment [7]