Profitability Achieved as YUTREPIA Powers Strong Sales Momentum
Liquidia Corporation (NASDAQ: LQDA) marked a pivotal third quarter, achieving profitability and reporting $51.7 million in net product sales for YUTREPIA™ in its first full quarter post-launch. More than 2,000 unique prescriptions and over 1,500 patient starts demonstrate broad early adoption of the inhaled prostacyclin for treating pulmonary arterial hypertension (PAH) and PH-ILD.
Operating income came in at $1.77 million, and adjusted EBITDA reached $10.14 million—evidence that YUTREPIA’s momentum is driving financial turnaround after quarters of heavy investment.
Operating Turnaround Driven by Revenue Surge and Expense Management
The move to profitability follows a remarkable reduction in net loss from $31 million in Q3 2024 to just $3.53 million this quarter. Net product sales skyrocketed from $0 in Q3 2024 (pre-launch) to $51.67 million. Even with heavy investment in commercialization—selling, general, and administrative (SG&A) expenses nearly doubled year-over-year to $40.06 million—the operating income turned positive as YUTREPIA gained market traction.
The following table summarizes key quarterly financial data:
| Metric | Q3 2025 | Q3 2024 |
|---|---|---|
| Product Sales, Net | $51.67M | $0.00M |
| Service Revenue, Net | $2.67M | $4.45M |
| Total Revenue | $54.34M | $4.45M |
| Operating Income (Loss) | $1.77M | $(29.19M) |
| Adjusted EBITDA | $10.14M | — |
| Net Loss | $(3.53M) | $(31.03M) |
YUTREPIA's Rapid Market Adoption Highlights Potential for Sustained Growth
Over 600 prescribers have already contributed to YUTREPIA’s commercial debut. This broad uptake—combined with management’s confidence in expanding the product’s therapeutic profile—points to further growth opportunities as real-world evidence accumulates.
“We are well positioned to pursue sustained growth and continued profitability,” commented CEO Dr. Roger Jeffs, signaling optimism about future expansion and pipeline progress.
Balance Sheet Remains Strong Despite Strategic Investments
Even after significant SG&A and R&D spending to support YUTREPIA and the pipeline asset L606, Liquidia maintained a solid cash position with $157.5 million as of September 30, 2025. While cash and stockholders’ equity declined from year-end 2024 levels—primarily reflecting commercialization costs—these investments are starting to yield operational returns.
| Balance Sheet Metric | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
| Cash & Cash Equivalents | $157.50M | $176.48M |
| Total Assets | $275.98M | $230.31M |
| Total Liabilities | $253.93M | $150.94M |
| Total Stockholders’ Equity | $22.05M | $79.38M |
R&D and Commercialization Spend Set Foundation for Next-Stage Growth
Research and development (R&D) expenses decreased 21% year-over-year to $9.35 million, as resources shifted toward YUTREPIA’s launch. The investment mix reflects continued support for L606, now progressing toward pivotal global trials in PH-ILD. SG&A expenses rose $19.87 million from the previous year, a result of expanding the commercial team, scaling product support, and addressing YUTREPIA-related legal proceedings.
What to Watch: Webcast and Future Updates
Investors can gain additional insights from Liquidia’s webcast scheduled for 8:30 a.m. ET on November 3, 2025. Looking ahead, continued prescription growth, patient uptake, and further clinical milestones—especially for pipeline asset L606—could shape Liquidia’s trajectory in the competitive rare disease market.
Takeaway: The latest quarter confirms Liquidia’s commercial execution is translating into both topline growth and operational profitability. As management doubles down on innovation and access, LQDA may remain a key name to monitor in specialty pharmaceuticals targeting PAH and PH-ILD.
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