Liquidia Corporation, a biopharmaceutical firm focused on developing innovative therapies for rare cardiopulmonary diseases, reported financial results for the first quarter of 2025. The company is primarily engaged in the development of YUTREPIA, an investigational inhaled formulation of treprostinil aimed at treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).

In the first quarter of 2025, Liquidia’s revenue reached $3.1 million, a modest increase from $3 million during the same period in 2024. This revenue primarily stemmed from a promotion agreement. Cost of revenue remained unchanged at $1.5 million for both quarters. Meanwhile, the company experienced a notable decline in research and development expenses, which totaled $7 million for the first quarter of 2025, as compared to $10.1 million in the first quarter of 2024. This $3.1 million (31%) decrease was predominantly due to personnel-related expenses related to transitioning activities from R&D to the commercialization preparations for YUTREPIA.

General and administrative expenses surged to $30.1 million in the first quarter of 2025, marking a 48% increase from $20.2 million in the same quarter of the prior year. This rise was largely attributed to an $8.1 million increase in personnel expenses tied to higher headcount for YUTREPIA’s commercialization efforts and increased legal fees associated with ongoing litigation.

Liquidia reported a net loss of $38.4 million, or $0.45 per basic and diluted share, during the first quarter of 2025. This compared to a net loss of $30.1 million, or $0.40 per basic and diluted share, in the same quarter of the previous year.

Looking ahead, Liquidia has a PDUFA goal date set for May 24, 2025, for YUTREPIA’s final approval. This date marks a critical milestone for the company, as it prepares for the potential launch of its product amidst ongoing patent litigation. The company is facing a recent lawsuit from United Therapeutics alleging patent infringement related to the commercialization of YUTREPIA. However, this litigation has not influenced the FDA’s ability to act on Liquidia’s NDA for the product.

Liquidia’s operational focus appears to pivot strongly towards expediting the market-readiness of YUTREPIA, given the increased spending in commercial and administrative areas. The company’s commitment to the therapeutic potential of YUTREPIA continues, with the ongoing development and anticipated marketing strategies to ensure a successful product launch.