Liquidia Q3 revenue rises to $54.3 million; net loss narrows to $3.5 million
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.
Key points
- 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.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 03, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.