Investors with a lot of money to spend have taken a bearish stance on Liquidia (NASDAQ:LQDA).And retail traders should know.We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with LQDA, it often means somebody knows something is about to happen.So how do we know what these investors just did? Today, Benzinga's options scanner spotted ...

Core Insights - Financial giants have shown a bullish sentiment towards Liquidia, with 55% of traders being bullish and 31% bearish, indicating a positive outlook on the stock [1] - Significant investors are targeting a price range for Liquidia between $12.5 and $40.0 over the past three months, suggesting expectations of substantial price movements [2] - The trading volume for Liquidia's options has been analyzed, revealing important metrics related to liquidity and investor interest within the specified strike price range [3] Options Activity - A total of 29 unusual trades were identified for Liquidia, with 8 puts valued at $1,103,505 and 21 calls valued at $1,159,055, reflecting a strong interest in the stock [1] - Noteworthy options activity includes several bullish trades with significant total trade prices, indicating confidence in Liquidia's future performance [9] - The current trading volume for Liquidia stands at 5,730,900, with the stock price increasing by 1.25% to $24.66, suggesting positive market sentiment [14] Company Overview - Liquidia Corp is a biopharmaceutical company focused on developing products for unmet patient needs, particularly in treating pulmonary hypertension [10] - The company utilizes its proprietary PRINT technology for the precise production of drug particles, with its product YUTREPIA aimed at treating pulmonary arterial hypertension [10] - Market experts have set a consensus target price of $35.0 for Liquidia, reflecting a positive outlook from analysts [11][12]

Product & Approval - YUTREPIA (treprostinil) inhalation powder has received FDA approval [1,3] - YUTREPIA offers a new choice to treat PAH & PH-ILD [11] - The WAC price for a 28-day supply is $24,360, at parity with Tyvaso DPI® [23] Clinical Data & Dosing - YUTREPIA enables a wide range of dosing for both naïve and transition patients [16] - In the INSPIRE study, cough was observed in 27% of transitioning patients and 55% of naïve patients [17] - In the ASCENT study, the median dosing at Week 8 was 132.5 mcg [20] Market & Commercialization - The company is targeting 6,500 physicians treating PH, ILD, or both [27] - The commercial team is fully mobilized and will start detailing today [26] - The field force includes 60 commercial team members, 10 medical science liaisons, field reimbursement specialists, 140 specialty centers and 650 community accounts [27] Patient Support - The company offers full patient support services, including a voucher program, co-pay program, bridge program, and patient assistance program [24]

Core Viewpoint - Liquidia Corporation is focused on the potential commercialization of YUTREPIA, an inhalation powder for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), with an FDA decision expected by May 24, 2025 [2][3][8]. Corporate Updates - The FDA accepted Liquidia's New Drug Application (NDA) resubmission for YUTREPIA, setting a PDUFA goal date of May 24, 2025, coinciding with the expiration of regulatory exclusivity for Tyvaso DPI [3][8]. - A U.S. District Court dismissed a cross-claim from United Therapeutics challenging the NDA amendment for YUTREPIA, allowing Liquidia to proceed without legal hindrance [4][8]. - Liquidia completed enrollment of Cohort A in the ASCENT study, with over 50 patients, showing promising results in dosing and tolerability [5][8]. Financial Position - Liquidia entered into a sixth amendment with HealthCare Royalty, allowing for up to an additional $100 million in financing to support the development of YUTREPIA and other clinical trials [6][8]. - As of March 31, 2025, cash and cash equivalents were $169.8 million, a decrease from $176.5 million at the end of 2024 [7][8]. - Revenue for Q1 2025 was $3.1 million, a slight increase from $3.0 million in Q1 2024, primarily from a promotion agreement with Sandoz [9][8]. Expenses and Losses - Research and development expenses decreased by 31% to $7.0 million in Q1 2025, down from $10.1 million in Q1 2024, due to a shift in focus towards commercialization [11][8]. - General and administrative expenses rose by 48% to $30.1 million in Q1 2025, attributed to increased personnel costs and legal fees [12][8]. - The net loss for Q1 2025 was $38.4 million, or $0.45 per share, compared to a net loss of $30.1 million, or $0.40 per share, in Q1 2024 [14][8].