New York, Jan 10, 2026, 19:48 EST — Market closed
- Liquidia shares jumped 12.9% on Friday following an early update on YUTREPIA sales and cash flow
- Company flagged Q4 YUTREPIA net product sales near $90.1 million and year-end cash around $190.7 million
- Next up: management’s update from the J.P. Morgan Healthcare Conference and the release of February’s audited results
Shares of Liquidia Corp surged 12.9% on Friday, closing at $35.86 following a preliminary sales update on its pulmonary hypertension drug YUTREPIA. The company also reported positive cash flow in Q4. During the session, the stock hit a high of $38.07 and was trading about 1.5% higher in after-hours, per Yahoo Finance data. 1
For Liquidia, the question remains: can YUTREPIA sustain its early momentum, or will script rates flatten as the launch matures?
This week, that question gains weight as the company’s update arrives just before the J.P. Morgan Healthcare Conference. Biotech executives typically use the event to dial up guidance, discuss pricing, and highlight pipeline priorities. Investors, in turn, sharpen their near-term outlooks.
Liquidia, headquartered in Morrisville, North Carolina, reported preliminary net product sales of roughly $90.1 million in the fourth quarter, after discounts and returns. For the full year 2025, sales hit $148.3 million, with the company generating over $30 million in positive cash flow during the quarter. It closed 2025 with about $190.7 million in cash and equivalents. The company also recorded more than 2,800 unique prescriptions and initiated treatment for over 2,200 patients through December. CEO Roger Jeffs described 2025 as a “transformational year.”
Wall Street is piling on analyst calls following the company’s latest figures. BTIG stuck with its buy rating and set a $49 price target, according to Investing.com. The site also noted Raymond James bumped its target to $47. 2
The company outlined a packed 2026 for clinical trials, alongside its commercial efforts. Key projects include wrapping up the ASCENT open-label study targeting pulmonary hypertension linked to interstitial lung disease — with both patients and doctors aware of the treatment being administered — plus ongoing enrollment in the Re-Spire global Phase III trial for its L606 program, an extended-release treprostinil formulation. 3
That said, two clear weak points stand out. Liquidia cautioned these numbers are preliminary and unaudited, subject to change once the books close. It also highlighted ongoing patent litigation with United Therapeutics, whose Tyvaso line competes directly with inhaled treprostinil. The company warned injunctive relief might still halt YUTREPIA sales for one or both approved uses.
U.S. markets remain closed until Monday, leaving traders to watch for any momentum when the conference season kicks off and investors shift focus from sales figures to cash-flow claims.
Jeffs’ conference appearance on Wednesday, Jan. 14, is the next near-term catalyst, with the company’s full audited 2025 results due in February.
