Liquidia (LQDA) Q4 2025 earnings summary

Executive summary

• Achieved rapid launch and profitability for YUTREPIA, reaching profitability within 120 days and recording two consecutive profitable quarters, marking a top specialty drug launch in the past five years.

• Over 3,600 unique patient referrals and more than 2,900 patients treated since launch, with strong prescription-to-start conversion rates above 85% and momentum continuing into 2026.

• Prescriber base expanded to 860, with 25% of physicians referring five or more patients, indicating deepening adoption.

• Product profile differentiation (deep lung delivery, low effort device, wide dose range) is driving rapid physician adoption and market share gains.

Financial highlights

• YUTREPIA generated $148.3 million in net product sales for 2025, including $90.1 million in Q4, representing 74% sequential growth from Q3.

• Total revenue for 2025 was $158.3 million, up from $14.0 million in 2024.

• Achieved non-GAAP adjusted EBITDA of $27.3 million and net income of $14.6 million in Q4 2025.

• Ended 2025 with $190.7 million in cash and cash equivalents, generating $33.2 million positive cash flow in Q4.

• SG&A expenses for 2025 totaled $157.2 million, up 93% year-over-year, mainly due to commercialization efforts.

Outlook and guidance

• Confident in continued growth trajectory for 2026 and beyond, targeting at least $1 billion in revenue by 2027.

• Ongoing expansion of clinical studies, including new indications and combination therapies, to further strengthen product positioning.

• Plans to deepen prescriber adoption, expand sales force, and advance L606 into pivotal trials in 2026, funded from operations.

• Sustained robust launch trajectory into 2026, with high prescription-to-patient conversion rates and continued patient growth.