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Liquidia Corporation (NASDAQ:LQDA) reported preliminary, unaudited commercial performance metrics for its lead product YUTREPIA (treprostinil) inhalation powder for the fourth quarter and full year ended December 31, 2025.
Net product sales for YUTREPIA reached approximately $90.1 million in the fourth quarter, driving full-year net product sales to roughly $148.3 million.
Since the product's launch on May 23, 2025, the company has generated more than 2,800 unique prescriptions and initiated therapy in over 2,200 patients through the end of December 2025.
Key commercial metrics through November 2025 included an 85% prescription-to-start conversion rate and approximately 750 prescribers actively utilizing YUTREPIA, reflecting strong early adoption in the pulmonary arterial hypertension (PAH) market.
Liquidia achieved positive operating cash flow of more than $30 million in the fourth quarter, underscoring the product's rapid path to profitability.
The company ended the year with approximately $190.7 million in cash and cash equivalents, providing substantial runway for continued commercial execution and pipeline advancement.
Looking ahead, Liquidia plans to initiate additional clinical studies to further expand the YUTREPIA label and will present at the upcoming J.P. Morgan Healthcare Conference on January 14, 2026, where management is expected to provide further updates on commercial momentum and strategic priorities.