Liquidia Corporation (NASDAQ:LQDA) shares fell 4.58% in premarket trading on Wednesday after the biopharmaceutical company reported second-quarter earnings below Wall Street expectations, despite revenue coming in slightly ahead of forecasts.
Adjusted earnings per share reached $0.74, missing the analyst consensus estimate of $0.76. Revenue totalled $171.68 million, marginally exceeding expectations of $170.98 million and rising sharply from $8.8 million in the same quarter last year.
YUTREPIA sales drive revenue higher
The substantial increase in revenue was primarily supported by YUTREPIA, which generated sales of $170.4 million during the quarter. That represented growth of 31% compared with the first quarter of 2026.
Liquidia recorded quarterly net income of $74.7 million, while adjusted EBITDA reached $96.3 million.
Dr. Roger Jeffs, Chief Executive Officer, said: “We are pleased by the sustained adoption of YUTREPIA as the inhaled prostacyclin of choice. The inhaled category has grown almost 40% since launch, and YUTREPIA has captured an ever-increasing share of that growth.”
Since YUTREPIA was launched in June 2025, Liquidia has received approximately 5,900 prescriptions from unique patients and initiated treatment for more than 5,000 patients as of July 31, 2026.
The company maintained a prescription-to-treatment conversion rate above 85%. More than 1,100 healthcare professionals have prescribed YUTREPIA, with over 30% having prescribed the treatment to at least five patients.
Liquidia cash position strengthens
Liquidia ended June with $284.2 million in cash and cash equivalents, compared with $190.7 million at the end of 2025.
The cash position increased by $61.4 million from the first quarter of 2026, providing additional financial resources as the company continues investing in commercial expansion and clinical development.
Research and commercial spending increase
Research and development expenses climbed 185% year on year to $17.2 million. The increase primarily reflected an additional $7.0 million of expenditure related to the L606 programme and a $2.0 million rise in YUTREPIA research spending.
Selling, general and administrative expenses increased 48% to $57.4 million, largely due to higher personnel costs and additional commercial spending associated with the rollout of YUTREPIA.
These increases were partially offset by a $5.5 million reduction in legal expenses.
Liquidia advances YUTREPIA and L606 clinical programmes
Liquidia is currently progressing 10 clinical studies involving YUTREPIA and L606 as it evaluates inhaled treprostinil across both established and potential new indications.
The expanding clinical programme comes as YUTREPIA continues to gain adoption following its 2025 launch, with its commercial performance providing the primary driver behind Liquidia’s substantial year-on-year revenue growth.