Liquidia (NASDAQ:LQDA) reported a surge in fourth-quarter revenue and achieved a critical milestone of quarterly profitability, fueled by the rapid market adoption of YUTREPIA following its June 2025 launch.
For the full year ended Dec. 31, 2025, Liquidia posted YUTREPIA product sales of $148.3 million.
The fourth quarter accounted for $90.1 million of that total, representing a 74% sequential increase from the third quarter.
Since its commercial debut, the therapy has secured over 3,600 unique prescriptions and treated more than 2,900 patients, signaling a strong competitive entry into the pulmonary hypertension market.
The company's financial profile shifted significantly during the year.
While Liquidia reported a full-year net loss of $68.9 million, it swung to a net income of $14.6 million in the fourth quarter.
Adjusted EBITDA for the final three months of the year reached $27.3 million.
The company ended 2025 with $190.7 million in cash and marketable securities, providing a comfortable runway for its 2026 expansion plans.