What does Liquidia do and what are its main business segments?

What were the key takeaways from Liquidia's earnings call?

What were the key takeaways from Liquidia’s earnings call?

Did Liquidia beat or miss consensus estimates last quarter?

What is Liquidia's latest dividend and current dividend yield?

What factors drove the changes in Liquidia's revenue and profit?

What guidance did Liquidia's management provide for the next earnings period?

What is the revenue and EPS growth rate for Liquidia year over year?

- **Commercial Success**: YUTREPIA achieved 2,000+ prescriptions and 1,500+ patient starts with 85% pull-through rate, outperforming Tyvaso's growth. 
- **Financial Discipline**: $51.7M in sales with positive EBITDA and first positive cash flow month, balancing R&D investment. 
- **Litigation Risk**: Ongoing patent case with potential market exclusion or royalty risks. 
- **Strategic Expansion**: Planning trials in IPF/PPF and advancing L606 for 2026 growth.

**【CEO Summary Section】**
- YUTREPIA achieved 2,000+ unique prescriptions and 1,500+ patient starts. The 85% referral-to-start ratio, with 75% naive patients and 25% transitions from inhaled therapies. Clinical expansion plans include trials for PAH transitioning from oral prostacyclins and exploratory studies in IPF/PPF. The company aims to maintain profitability while investing in R&D, with L606's pivotal RESPIRE study launching in H2 2025.

**【CFO Financial Commentary】**
- Q3 2025 net product sales of $51.7M, with $3.6M net loss but $10.1M non-GAAP adjusted EBITDA. September marked the first month of positive net cash flow ($5M), driven by disciplined cash management. The company expects sustained growth in 2026, balancing reinvestment in R&D with profitability.

**【Q&A Highlights】**
- **Market Access Strength**: 85% pull-through rate, contracts with top 3 commercial payers, and removal of new-to-market blocks. **Litigation Risk**: Ongoing patent infringement case with United Therapeutics, with uncertain remedies (royalty or market exclusion). **Patient Engagement**: 50% voucher usage for 28-day trials, supporting early adoption. **Competitive Dynamics**: YUTREPIA captured 75% of market growth vs. Tyvaso's $14.8M increase, driven by product differentiation.

Liquidia Corporation (LQDA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LQDA

LQDA fundamentals

You can ask Aime