Every material Form 8-K Liquidia filed with the SEC in 2026, 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.
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.
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