New York, Jan 10, 2026, 09:08 ET — Market closed
Key points:
- Liquidia shares rose 12.9% on Friday after the company posted preliminary 2025 Yutrepia sales and cash flow figures.
- The drugmaker pegged full-year Yutrepia net product sales at about $148.3 million, with roughly $190.7 million in cash at year-end.
- Traders are watching a Jan. 14 presentation at the J.P. Morgan Healthcare Conference and any shifts in patent litigation risk.
Liquidia Corporation shares climbed 12.9% on Friday to $35.86, extending a sharp run after the drugmaker laid out preliminary 2025 sales for its inhaled pulmonary hypertension drug, Yutrepia.
The update matters because Yutrepia is now the engine of the story, not a promise. It is also a test of whether Liquidia can pry patients away from entrenched treatments in a market led by United Therapeutics’ treprostinil franchise.
Liquidia said Yutrepia net product sales were about $90.1 million in the fourth quarter and $148.3 million for 2025, with 74% quarter-over-quarter growth in the fourth quarter. It also reported more than $30 million in positive cash flow in the quarter and cash and equivalents of about $190.7 million at Dec. 31, along with more than 2,800 unique prescriptions since May 23, 2025 approval.
Chief Executive Roger Jeffs said the company was “encouraged by the continued momentum in adoption,” pointing to growing physician use after the June 2025 launch. Liquidia said it plans to expand its field sales team in 2026 to increase coverage in key territories.
The company also sketched out 2026 clinical work aimed at broadening the case for Yutrepia and its next program, L606, an extended-release treprostinil formulation. That includes completing an open-label study — where patients and doctors know what treatment is given — and starting several new studies across patient groups, including a trial combining Yutrepia with Merck’s Winrevair.
Friday’s rally pushed the stock as high as $38.16, a fresh 52-week high, after swinging between $29.41 and $38.16 during the session. The 52-week low stands at $11.26.
There is a catch: the figures are preliminary and unaudited, and the company warned final results could differ. Liquidia has also been in litigation tied to United Therapeutics’ efforts to protect its inhaled treprostinil business, a risk that can reshape what Yutrepia can sell and where.
On Wall Street, BTIG reiterated a buy rating and a $49 price target, while flagging that investors remain focused on the outcome of a patent trial that could land at any time. Other firms have also adjusted targets in recent months as the launch numbers have come in.
Next up is management’s slot at the J.P. Morgan Healthcare Conference on Jan. 14, and then the company’s full audited year-end report in February. The preliminary update was filed in an 8-K on Jan. 9.
