Every material Form 8-K Liquidia filed with the SEC in 2025, 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 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
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.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Liquidia filing is on SEC EDGAR ↗. 8-K briefs of other companies →