Every material Form 8-K Liquidia has filed with the SEC since October 02, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Liquidia and its subsidiary Liquidia Technologies signed a settlement agreement with United Therapeutics on October 13, 2026, resolving all pending litigation between the companies. Liquidia will keep marketing YUTREPIA for pulmonary arterial hypertension but must remove the PH-ILD indication from the label and stop promoting it for that use, and it must make payments totaling a stated net $380.7 million in 2026 and 2027.
Net payment to United Therapeutics of $175.0 million due within 30 business days, plus $145.4 million in two $72.7 million installments due January 31, 2027 and April 30, 2027
Separate settlements with Sandoz, Henderson and PBM total about $60.3 million; the PBM agreement is with a related party that is controlled by a director, and the board's disinterested members approved it
Lender consent for a letter of credit tied to the settlement raised the minimum cash covenant under the revenue interest financing agreement from $15.0 million to $45.0 million
Preliminary, unaudited third-quarter 2026 YUTREPIA net product sales were $222.7 million, and cash and cash equivalents were $396.1 million as of September 30, 2026
Liquidia reported second quarter 2026 results for the period ended June 30, 2026, with total revenue of $171.7 million and net income of $74.7 million, or $0.74 per diluted share, compared with a net loss of $41.6 million a year earlier. The company also filed an updated corporate presentation for healthcare conferences and analyst meetings.
Net product sales of YUTREPIA were $170.4 million in the second quarter of 2026, up 31% from the first quarter of 2026
Net income was $74.7 million, or $0.74 per diluted share, versus a net loss of $41.6 million, or $0.49 per share, in the second quarter of 2025
Cash and cash equivalents were $284.2 million as of June 30, 2026, compared with $190.7 million as of December 31, 2025
Research and development expenses rose to $17.2 million and SG&A expenses rose to $57.4 million for the quarter
Liquidia reported first-quarter 2026 results, its third consecutive quarter of profitability, with net income of $52.9 million compared with a net loss of $38.4 million a year earlier. Product sales of YUTREPIA reached $129.9 million, and cash and cash equivalents rose to $222.8 million. The filing does not include updated financial guidance, and the company also furnished an updated corporate presentation.
Total revenue was $132.9 million for the quarter ended March 31, 2026, versus $3.1 million a year earlier.
Net income was $52.9 million, or $0.52 per diluted share, versus a net loss of $38.4 million, or $0.45 per share, in Q1 2025.
Adjusted EBITDA was $71.2 million, up from $27.3 million in Q4 2025; cash rose $32.1 million from year-end 2025 to $222.8 million.
Selling, general and administrative expenses rose to $46.9 million from $30.1 million, and research and development expenses rose to $12.6 million from $7.0 million.
Liquidia reported full-year 2025 total revenue of $158.3 million, up from $14.0 million in 2024, as YUTREPIA launched in June 2025. The net loss narrowed to $68.9 million, or $0.80 per share, from $128.3 million, or $1.63 per share, and the company posted its second consecutive quarter of net income, $14.6 million in the fourth quarter.
YUTREPIA net product sales were $148.3 million for 2025, including $90.1 million in the fourth quarter.
Fourth-quarter 2025 net income was $14.6 million, compared with a net loss of $38.5 million in the fourth quarter of 2024.
Selling, general and administrative expenses rose to $157.2 million from $81.6 million in 2024.
Cash and cash equivalents were $190.7 million at December 31, 2025, compared with $176.5 million a year earlier.
Liquidia reported third quarter 2025 results for the period ended September 30, 2025. Total revenue was $54.3 million, including $51.7 million of YUTREPIA product sales, compared with $4.4 million a year earlier, and the company posted $1.8 million of operating income after a $29.2 million operating loss in the prior-year quarter. Shareholders should note that the filing says YUTREPIA's approval and sales remain subject to ongoing litigation with United Therapeutics, which could block sales for one or both indications.
Total revenue was $54.3 million, versus $4.4 million in the third quarter of 2024; product sales of YUTREPIA were $51.7 million.
Operating income was $1.8 million, compared with an operating loss of $29.2 million a year earlier.
Net loss was $3.5 million, or $0.04 per share, versus $31.0 million, or $0.40 per share, a year earlier.
Cash and cash equivalents were $157.5 million at September 30, 2025, down from $176.5 million at December 31, 2024; SG&A expenses rose to $40.1 million.
Liquidia Technologies, a wholly owned subsidiary of Liquidia, signed an exclusive US license with Vectura Limited on October 27, 2025, to develop, make and sell treprostinil products, including L606, delivered through Vectura's nebulizer device. Vectura will supply clinical and commercial device supplies, and Liquidia Technologies will owe an upfront payment, milestone payments and royalties. The filing does not report financial results from the deal.
Upfront payment of $2 million due at signing of the License Agreement
Development milestone payments of up to $12 million and sales milestone payments of up to $92.5 million
Royalties at middle single-digit rates tied to commercial sales in the US
Either party may terminate for material breach or bankruptcy; Vectura may terminate if Liquidia Technologies challenges its patents
Liquidia reported second quarter 2025 total revenue of $8.8 million, up from $3.7 million a year earlier, as YUTREPIA began commercial sales after FDA approval on May 23, 2025. The net loss widened to $41.6 million, or $0.49 per share, from $28.7 million, or $0.38 per share, as selling, general and administrative expenses rose to $38.8 million. Cash and cash equivalents were $173.4 million at June 30, 2025, and the filing includes no financial guidance.
Total revenue was $8.8 million versus $3.7 million a year earlier, including $6.5 million in YUTREPIA product sales.
Net loss was $41.6 million, or $0.49 per share, compared with $28.7 million, or $0.38 per share.
SG&A expenses were $38.8 million versus $19.9 million, including a $5.8 million rise in legal fees tied to YUTREPIA litigation.
As of August 8, specialty pharmacies reported more than 900 unique patient prescriptions and more than 550 patient starts.
Liquidia Corporation's board appointed Dana Boyle, previously Senior Vice President, Finance and Controller, as Chief Accounting Officer effective July 1, 2025. The filing sets her $425,000 base salary, a $300,000 equity grant in restricted stock units and standard severance terms, which is a routine senior finance appointment rather than a change in company direction.
Dana Boyle, age 41, appointed Chief Accounting Officer effective July 1, 2025, after serving as Senior Vice President, Finance and Controller since January 2021
Annual base salary of $425,000 with a discretionary cash bonus target of 50% of base salary
RSU grant valued at $300,000, with 25% vesting on July 11, 2026 and the balance vesting quarterly over the following three years
Liquidia Technologies, a wholly owned subsidiary of Liquidia Corporation, entered into a lease dated June 16, 2025 for a new manufacturing facility of about 70,131 rentable square feet in Morrisville, North Carolina. Base rent begins May 1, 2026 at $260,069.13 per month, with six months of abated rent and a term ending November 1, 2036.
Lease with King Combs LLC covers about 70,131 rentable square feet at Pathway Triangle Building 1, 1000 Science Drive, Morrisville, North Carolina.
Monthly base rent is $260,069.13 for the first 12-month term starting May 1, 2026, rising 3.0% per subsequent 12-month term; base rent is abated for the first six months.
The lease term expires November 1, 2036, with two five-year extension options and a one-time right of first offer on contiguous space.
The full lease will be filed as an exhibit to the Form 10-Q for the period ending June 30, 2025.
Liquidia reported first quarter 2025 results, with revenue of $3.1 million, up from $3.0 million a year earlier, while its net loss widened to $38.4 million, or $0.45 per share, from $30.1 million, or $0.40 per share. The company said it is awaiting FDA action on its YUTREPIA NDA, with a PDUFA goal date of May 24, 2025, and that it can access up to $100 million under its HealthCare Royalty financing agreement.
Revenue was $3.1 million for the quarter ended March 31, 2025, compared with $3.0 million a year earlier, mainly from the Sandoz promotion agreement.
Net loss was $38.4 million, or $0.45 per basic and diluted share, versus a net loss of $30.1 million, or $0.40 per share, in the prior-year quarter.
General and administrative expenses rose to $30.1 million from $20.2 million, while research and development expenses fell to $7.0 million from $10.1 million.
Cash and cash equivalents totaled $169.8 million as of March 31, 2025, compared with $176.5 million as of December 31, 2024.
Liquidia reported full-year 2024 revenue of $14.0 million, down from $17.5 million, and a net loss of $130.4 million, or $1.66 per share, versus a net loss of $78.5 million, or $1.21 per share, in 2023. Cash and cash equivalents rose to $176.5 million at year-end, and the company amended its HCRx financing agreement to provide up to an additional $100 million, with $25.0 million received at closing. Shareholders face wider losses and lower revenue, while the company awaits possible final FDA approval of YUTREPIA after regulatory exclusivity expires on May 23, 2025.
Revenue fell to $14.0 million from $17.5 million, mainly due to lower sales quantities tied to limited availability of pumps for Treprostinil Injection.
General and administrative expenses rose to $81.6 million from $44.7 million; research and development expenses rose to $47.8 million from $43.2 million.
Net loss was $130.4 million, or $1.66 per share, compared with $78.5 million, or $1.21 per share, in 2023.
The HCRx amendment provides up to $100 million in three tranches; Liquidia received $25.0 million at closing.
Liquidia Technologies, a wholly owned subsidiary of Liquidia Corporation, signed a Sixth Amendment to its Revenue Interest Financing Agreement with HealthCare Royalty Partners IV on March 17, 2025, adding up to $100 million in financing in three tranches. The company received $25.0 million at the effective date, with the remaining tranches tied to YUTREPIA commercial milestones. Repayments are capped at 175% of amounts advanced and follow a fixed schedule ending in 2032, so the added funding comes with a defined repayment obligation.
$25.0 million funded on the March 17, 2025 effective date
$50.0 million to be funded after the first commercial sale of YUTREPIA following final FDA approval for PAH and PH-ILD, absent an injunction
$25.0 million to be funded by mutual agreement if aggregate YUTREPIA net sales exceed $100 million on or before June 30, 2026
Aggregate payments capped at 175% of amounts advanced; fixed payment schedule terminates in 2032
Liquidia Technologies, a subsidiary of Liquidia Corporation, signed an Eighth Amendment on November 22, 2024 extending the lease on its Durham, North Carolina headquarters by 62 months. The extension runs from November 1, 2026 to December 31, 2031, with base rent starting at $136,224.48 per month. The filing describes this as a routine lease amendment with no stated effect on Liquidia's financial results.
Lease extension of 62 months, commencing November 1, 2026 and expiring December 31, 2031
Monthly base rent rises from $136,224.48 in the first 12 months to $157,907.66 for the final two months
No base rent is owed for the first two calendar months of the extension period, provided the tenant is not in default
Tenant has a five-year renewal option, with notice due 12 to 18 months before expiration
Liquidia reported third quarter 2024 revenue of $4.4 million, up from $3.7 million a year earlier, while its net loss widened to $23.2 million, or $0.30 per share, from $15.8 million, or $0.24 per share. Operating expenses rose sharply, with general and administrative expenses up 91% to $20.2 million, though a $7.2 million gain on debt extinguishment reduced the net loss. Cash and cash equivalents were $204.4 million as of September 30, 2024, and the company said its recent capital raises strengthened the balance sheet.
Revenue was $4.4 million for the quarter ended September 30, 2024, compared with $3.7 million a year earlier, mainly from the Sandoz promotion agreement.
Net loss was $23.2 million, or $0.30 per share, compared with a net loss of $15.8 million, or $0.24 per share, a year earlier.
General and administrative expenses rose 91% to $20.2 million, and research and development expenses rose 60% to $11.9 million.
Cash and cash equivalents totaled $204.4 million at September 30, 2024, up from $83.6 million at December 31, 2023.
On October 2, 2024, Liquidia Technologies, a wholly owned subsidiary of Liquidia Corporation, amended its license with Pharmosa Biopharm to extend the rights to L606 beyond North America to markets including Europe and Japan. The companies also signed a Device License Agreement giving Liquidia exclusive rights to Pharmosa's next-generation nebulizers for use with L606 in most countries. The filing says Liquidia will pay $3.5 million upfront and up to $157.75 million in potential milestones, with royalty terms unchanged, but it does not report any revenue or profit effect.
Upfront payment of $3.5 million due within 30 days after Liquidia Technologies receives Pharmosa's invoice following the October 2, 2024 Effective Date
Up to $7.75 million in development milestones and up to $150 million in sales milestones, both tied to activity outside North America
Pharmosa retains China, Korea, Taiwan, Middle East, North Africa, Turkey and Southeast Asia; royalties on global net sales are unchanged
Full text of the First Amendment and Device License Agreement will be filed as exhibits to the next Form 10-Q
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