Liquidia's Q2 2025 Earnings Call: Unpacking Key Contradictions on YUTREPIA's Market Access and Data Presentation

Payer landscape and access to YUTREPIA, launch timeline and market size expectations, ASCENT study data presentation and interpretation, payer coverage and access for YUTREPIA, and median and average data presentation are the key contradictions discussed in Liquidia Corporation's latest 2025Q2 earnings call.



YUTREPIA Launch Success:
- Liquidia Corporation reported over 900 unique patient prescriptions and more than 550 patient starts on YUTREPIA in just over 11 weeks since its launch.
- The rapid uptake was driven by YUTREPIA's differentiated product profile, enhancing deep lung delivery with an easy-to-use device, and strong physician and patient communities.

ASCENT Study Results:
- In the ASCENT study, 18.5% of patients discontinued the study at week 16, with only a few cases related to adverse events, including cough.
- The favorable tolerability and higher achieved doses, as evidenced by median dose at week 16 of 159 micrograms, were attributed to YUTREPIA's improved efficacy and patient experience.

Financial Performance and Market Expansion:
- Liquidia generated $8.8 million in revenue for Q2, with $6.5 million from YUTREPIA product sales.
- The company plans to expand its manufacturing footprint in North Carolina to support continuing growth, reflecting confidence in the market potential of YUTREPIA.

Commercial Team and Market Access:
- The commercial team has achieved a 75% script-to-start conversion rate in the first 6 weeks of launch, surpassing expectations.
- This success is attributed to premium white glove services and market access strategies, including co-pay assistance and 28-day free vouchers.