Liquidia 2025 Q2 Earnings Wider Losses Despite Revenue Surge

Liquidia (LQDA) reported its fiscal 2025 Q2 earnings on Aug 12, 2025, delivering a revenue beat but with significantly wider losses than the prior year. The company’s net loss and loss per share both expanded, signaling ongoing financial challenges. No guidance was provided, but the CEO expressed optimism about growth and commercial momentum.

Revenue
Liquidia’s total revenue surged 141.5% year-over-year to $8.84 million in Q2 2025, reflecting robust demand for its product offerings. This marks a substantial increase from $3.66 million in the same period the prior year.

Earnings/Net Income
Liquidia’s losses widened in Q2 2025, with net income plunging to a loss of $41.58 million, a 45.0% increase from the $28.67 million loss in the prior-year period. The loss per share also expanded to $0.49 from $0.38, representing a 28.9% deterioration. The company has now posted losses in the second quarter for the past nine years, underscoring continued financial strain.

Price Action
Liquidia’s stock price saw a strong rebound in the month of the earnings report, climbing 71.04% month-to-date. It also gained 20.08% during the most recent full trading week and 5.26% on the latest trading day, suggesting investor optimism despite the earnings shortfall.

Post Earnings Price Action Review
A strategy of buying Liquidia shares following revenue growth in its quarterly reports and holding for 30 days has shown no returns over the past three years. This approach generated a compound annual growth rate (CAGR) of 0%, offering no excess returns relative to the benchmark, and thus failed to produce any profit during the period.

CEO Commentary
Dr. Roger Jeffs, Chief Executive Officer, highlighted YUTREPIA’s rapid commercial adoption, with over 900 unique patient prescriptions and 550 patient starts within 11 weeks of approval. He emphasized strong physician and patient demand across PAH and PH-ILD, noting early prescriptions from 350 physicians and high prescription-to-start conversion rates. The CEO expressed confidence in continued growth as payor adoption expands and underscored YUTREPIA’s clinical strengths, including favorable tolerability and efficacy, with median six-minute walk distance improvements of 31.5 meters at Week 16 and no discontinuations due to adverse events. Liquidia is leveraging the HCR Agreement and preparing for key data presentations in late 2025 to drive long-term value.

Guidance
Liquidia did not provide specific financial guidance for the current fiscal year. However, the CEO noted the company's financial flexibility from the $50.0 million milestone payment under the HCR Agreement and ongoing investment in manufacturing capacity to support YUTREPIA’s commercial scale.

Additional News
Within the three weeks surrounding the earnings report, Liquidia announced a key partnership with a major health services provider to enhance patient access to YUTREPIA. The CEO reaffirmed his leadership and commitment to long-term growth strategies. Additionally, the company confirmed plans to expand its clinical development team, signaling a focus on future drug candidates and long-term research initiatives.