Liquidia (LQDA) FY25 earnings call: guidance and Q&A

Given 2,900 patient starts, what is current market share, and how is growth expected in H1 2026?

Management stated that the inhaled treprostinil market was over $500 million in Q4 2025. Liquidia's revenue share increased from 10% in Q3 to 17% in Q4, accounting for over 100% of market growth. They expect continued momentum in Q1 2026, with no impediment to the current trajectory.

“The fact that we had an 80% increase in revenue quarter-over-quarter means that we're accounting for more than 100% of market growth in Q4.”

asked by Ryan Deschner · answered by Michael Kaseta

What is the potential impact of new outcomes data from a competitor's oral prostacyclin receptor agonist on YUTREPIA launch?

Management believes it will have no impact. They characterized ralinepag as similar to UPTRAVI, with muted symptomatic effects, high GI side effects, and no differentiated dose response. They see it primarily competing with UPTRAVI, not YUTREPIA.

“I think it's more of the same and all the results that Mike just talked about in terms of our launch trajectory and success, are in the presence of UPTRAVI being in the market. So it's really -- to me, it's really an interchange between how that -- how ralinepag will compete with UPTRAVI in the marketplace once it's launched. So not that concerning.”

asked by Ryan Deschner · answered by Roger Jeffs

How does YUTREPIA differentiate from a recently announced soft mist inhaler by another company?

Management views the SMI as validating YUTREPIA's product profile but not competitive. They explained that SMI is a repurposed technology for Tyvaso solution, delivering poly-dispersed particles (4-5 micron range) that cause cough and have titration issues, similar to nebulized Tyvaso. YUTREPIA's engineered particles (lower respirable range) and tolerability profile are superior.

“So you're giving Tyvaso solution. You're not doing anything to improve its tolerability or penetration to the lower airway, you're just using a different way to present an aerosolized mist. So it doesn't really matter if you use a soft mist inhaler, yes, that's probably better from a portability standpoint, but that will be it, it will still present itself clinically in terms of how it behaves as Tyvaso nebulized.”

asked by Julian Harrison · answered by Roger Jeffs

What gives confidence in maintaining the current pace for the $1 billion revenue target in 2027, given competitive dynamics?

Management is highly confident, citing the existing $2 billion inhaled treprostinil market, a $2 billion oral PAH opportunity, and significant white space in PH-ILD. They plan to expand the sales force and conduct studies to demonstrate YUTREPIA's benefits for patients transitioning from other therapies. They dismissed the impact of SMI.

“When you look at the overall opportunity, our current $2 billion market opportunity in inhaled treprostinil plus the oral opportunity plus the enhanced white space in PH-ILD, we feel very bullish in our ability to continue on this trajectory and continue on this path to get us to what -- as Roger had said at JPM, YUTREPIA being a $1 billion product in 2027.”

asked by Amy Li · answered by Michael Kaseta

Any new updates on the legal front, and how does payer access vary across Medicare/Commercial segments, and what additional coverage work is needed?

No new legal updates; awaiting opinion on 793 patent oral hearing (June 2025). Management remains confident. For payer access, they maintain 85%+ pull-through, ensuring patient choice. While gross-to-net may slightly increase in 2026 due to more rebates, this is balanced by increased access.

“So we do think we're in the sweet spot for when an opinion should and could be rendered. But obviously, it's been taking longer than we all expected. So we can't really probabilitize on when it actually will come down.”

asked by Serge Belanger · answered by Roger Jeffs

Color on the 1 in 4 prostacyclin transition patients (oral vs inhaled) and how new exploratory YUTREPIA trials are expected to be label-enhancing.

25% of YUTREPIA patients are switches, primarily from inhaled therapies, with about 30% of PAH switches coming from orals. They are also seeing some parenteral switches. New trials aim to define effective and safe switching protocols from oral prostanoids (e.g., selexipag) to YUTREPIA, highlighting YUTREPIA's tolerability and hemodynamic capacity. They reserve the right to present data to the agency for label discussions.

“In regards to oral prostanoids, we plan to switch studies from selexipag to YUTREPIA. It would detail to the practitioners how to do that effectively and safely. And also, again, the advantage of YUTREPIA is that we can dose 2 to 4x that typically what is used traditionally by Tyvaso.”

asked by Gaurav Maini · answered by Rajeev Saggar