Strong Sequential Revenue Growth
Net product sales of YUTREPIA were $129.9M in Q1 2026, up from $90.1M in Q4 2025, representing 44% sequential growth and contributing to an annualized net revenue run rate exceeding $0.5B within one year of launch.
Significant Profitability Improvement
Company reported net income of approximately $52.9M in Q1 2026 versus $14.6M in Q4 2025 (≈+262%), and non-GAAP adjusted EBITDA of ~$71.2M versus $27.3M (≈+161%), marking the third consecutive profitable quarter.
Cash and Balance Sheet Expansion
Cash and cash equivalents ended the quarter at ~$222.8M, an increase of $32.1M from year-end, supporting self-funded investment in manufacturing and clinical programs.
Rapid Market Share and Adoption Gains
Inhaled prostacyclin market share progressed from ~10% (Q3) to >16% (Q4) to almost 23% (Q1), while the overall inhaled market grew ~5% in Q4 and Q1 and Liquidia captured essentially all of that market growth.
Breadth and Depth of Prescriptions
Since launch: ~4,500 unique patient prescriptions, ~3,750 patients started on therapy, ~980 prescribing physicians; number of physicians prescribing YUTREPIA to ≥5 patients increased 25% to ~270 since end of February, indicating repeat adoption and deeper prescribing patterns.
Robust Clinical and Pipeline Progress
Recruitment started for ASCENT Cohort B (transitions from Tyvaso DPI), active screening for pivotal Phase III RESPIRE study of L606 (twice-daily treprostinil liposome), and plans to advance studies into IPF, PPF, PH-COPD and scleroderma-associated Raynaud's — all funded from operating cash flow.
Clear Commercial Strategy and Guidance
Management reiterated line of sight to at least $1B net revenue in 2027, continuing sales force expansion to penetrate community prescribers and build awareness of PH-ILD and other indications.