New York, Jan 9, 2026, 11:53 EST — Regular session
- Liquidia shares rose after the company flagged a sharp fourth-quarter lift in Yutrepia sales
- The drug logged about $90 million in Q4 net product sales; Liquidia also pointed to positive Q4 cash flow
- Investors are watching a January conference appearance and a litigation overhang tied to United Therapeutics
Liquidia Corp shares jumped nearly 15% in morning trading on Friday after the drugmaker posted preliminary full-year figures for its newly launched pulmonary drug, easing near-term worries about demand and cash use.
The move matters because Yutrepia is Liquidia’s main growth engine, and the stock has been trading like a referendum on whether the launch can outrun legal noise and the cost of building a sales force. Early sales traction can reset expectations fast in small-cap biotech, for better or worse.
Liquidia said it booked preliminary, unaudited net product sales — revenue after discounts and other deductions — of about $90.1 million for Yutrepia in the fourth quarter, taking full-year 2025 to about $148.3 million. The company also said it generated more than $30 million of positive cash flow in the quarter and ended 2025 with about $190.7 million in cash and equivalents; CEO Roger Jeffs called 2025 “a transformational year” for the group. 1
Liquidia said it received more than 2,800 unique patient prescriptions between approval and December, with more than 2,200 patients starting treatment, and it pegged its prescription-to-start conversion rate at 85%. By its math, fourth-quarter sales were roughly 61% of the year’s total — a late-year surge that traders tend to like, even if it can flatten out later.
Yutrepia is an inhaled treprostinil powder used to treat two forms of high blood pressure in the lungs: pulmonary arterial hypertension, and pulmonary hypertension tied to interstitial lung disease. The U.S. FDA approved the drug in May 2025, putting Liquidia into a market where United Therapeutics sells the older Tyvaso franchise. 2
Liquidia also laid out a busy 2026 clinical slate, including work to broaden the evidence base for Yutrepia and advance L606, its investigational extended-release treprostinil program, alongside other studies it said could differentiate its offering.
But the headline numbers come with caveats. Liquidia warned its preliminary figures are unaudited, and it said ongoing patent litigation with United Therapeutics remains a key uncertainty; the company said United Therapeutics is seeking injunctive relief — a court order that could halt sales — for one or both approved indications. 3
Shares of Liquidia were last at $36.46, up $4.70 from Thursday’s close, after swinging between $29.41 and $37.31 earlier in the session, according to LSEG data.
Next up, Liquidia is due to appear at the J.P. Morgan Healthcare Conference, with CEO Jeffs slated to present on Jan. 14, and the company has said it expects to report audited full-year results in February — two dates investors will use to press for a cleaner read on 2026 sales pace, spending and the legal timeline. 4
