Liquidia (LQDA) Q1 2026 earnings summary

Executive summary

• YUTREPIA led growth in the inhaled prostacyclin category, achieving $129.9 million in net product sales in Q1 2026 and over 4,500 unique prescriptions since launch, with more than 980 prescribers and a 25% increase in physicians prescribing to five or more patients since February.

• Achieved third consecutive quarter of profitability, with net income of $52.9 million and adjusted EBITDA of $71.2 million, and cash and cash equivalents rising to $222.8 million as of March 31, 2026.

• Clinical programs and commercial investments are fully funded by operating cash flow, supporting expansion into new indications and manufacturing capacity.

• Advanced clinical pipeline with ongoing Phase 4 and pivotal Phase 3 studies for YUTREPIA and L606, and expansion into new indications such as IPF, PPF, PH-COPD, and Raynaud's phenomenon.

• Clear path to $1 billion net revenue in 2027, with multiple growth opportunities identified.

Financial highlights

• Q1 2026 net product sales of YUTREPIA reached $129.9 million, up 44% sequentially from Q4 2025, with total revenue of $132.9 million and net income of $52.9 million.

• Non-GAAP adjusted EBITDA was $71.2 million, nearly tripling from $27.3 million in Q4 2025.

• Cash and cash equivalents at quarter-end were $222.8 million, up $32.1 million from year-end.

• Operating income for Q1 2026 was $61.5 million, compared to a loss of $35.4 million in Q1 2025.

• Third consecutive quarter of profitability, with both top and bottom lines growing.

Outlook and guidance

• Annualized net revenue run rate for YUTREPIA exceeds $500 million less than a year after launch, with management confident in achieving at least $1 billion in net revenue by 2027.

• Eight ongoing, recruiting, or planned clinical studies in 2026 to broaden the franchise, including PH-ILD, PH-COPD, SSC-Raynaud's, IPF, and PPF.

• Continued investment in sales force, manufacturing, and clinical programs to support growth and market penetration.

• Sufficient cash projected to meet obligations for at least the next twelve months, but future financing may be needed if revenues fall short.