Surge in New Pulmonary Arterial Hypertension Drug Sales Amid CMO Stake Sale

Liquidia Corp (NASDAQ: LQDA), which markets the pulmonary arterial hypertension therapy Yutrepia, reported net product revenues of $148.3 million for full-year 2025 and $90.1 million in the fourth quarter—equivalent to roughly KRW 200 billion and KRW 120 billion, respectively. Fueled by Yutrepia’s strong performance, the company generated two consecutive profitable quarters, posting Q4 net income of $14.6 million and adjusted EBITDA of $27.3 million. Nevertheless, due to higher SG&A expenses and royalty financing costs, Liquidia recorded a full-year 2025 net loss of $68.9 million. As of December 31, 2025, cash and cash equivalents stood at $190.7 million (approximately KRW 260 billion). Management plans to deploy this liquidity to expand Yutrepia prescriptions, grow its sales force, advance additional clinical studies, and move its next-generation candidate L606 into a pivotal trial.

On March 13, 2026, local time, Chief Medical Officer Dr. Rajiv Sagar sold around 35,000 shares of common stock on the open market at about $36.30 per share, raising approximately $1.28 million (around KRW 2 billion). Following the sale, he still holds some 170,000 shares, including unvested RSUs and shares acquired under the employee stock ownership plan, according to an SEC filing. The filing reiterated that ongoing patent litigation with United Therapeutics remains a key risk to the sustained commercialization of Yutrepia.

Earlier this month, Liquidia’s fourth-quarter results exceeded Wall Street expectations. Brokerages such as H.C. Wainwright maintained “Buy” ratings and raised their earnings forecasts for 2026 and beyond, while Raymond James reaffirmed its “Strong Buy” rating in a March 5 report. However, uncertainty persists over competitive dynamics and legal outcomes, as United Therapeutics unveiled TreSMI—a new inhaled treprostinil formulation designed to reduce cough side effects—at the end of February, and court rulings on Yutrepia’s core patents are still pending.

Headquartered in Morrisville, North Carolina, Liquidia is a biopharmaceutical company focused on developing and commercializing therapies for rare cardiopulmonary diseases, including pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. The company’s flagship product, Yutrepia, is an inhaled treprostinil therapy formulated using its proprietary PRINT particle design platform. Liquidia is working to strengthen its position in the high-value inhaled prostacyclin market, where United Therapeutics’ Tyvaso and follow-on products currently dominate.