Liquidia reported sharply higher sales of YUTREPIA, its inhaled treprostinil treatment, for the third quarter of 2026 and said monthly patient shipments reached a launch high in October. The quarter also included a large charge tied to a global settlement that ended the company’s litigation with United Therapeutics.
With the dispute resolved, Liquidia says YUTREPIA’s commercial availability is secure. The company is also advancing studies of the drug in additional conditions and developing L606, another inhaled treprostinil product.
Key details
- YUTREPIA sales rose 31% from the second quarter to $222.7 million. Liquidia also reported $212.2 million in paid patient demand during the quarter, excluding voucher and patient-access programs.
- Patient shipments reached their highest monthly level since launch in October. More than 60% of referrals from launch through September included a pulmonary arterial hypertension (PAH) diagnosis; that share exceeded 70% in September.
- The United Therapeutics litigation was resolved through a global settlement. Liquidia said the agreement secures continuity of care for patients treated with YUTREPIA. The supplied announcement does not give the settlement’s payment terms.
- Liquidia recorded a third-quarter net loss of $236.3 million, which included a $389.7 million charge for the litigation settlement. The company separately reported adjusted EBITDA of $140.5 million, its fifth consecutive quarter of increases in that non-GAAP measure.
- Cash and cash equivalents stood at $396.1 million before settlement payments. That figure is not a post-payment cash balance.
- YUTREPIA received Fast Track designation for systemic sclerosis-related Raynaud’s phenomenon (SSc-RP). Liquidia also began RE-WARM, a Phase 2 randomized, open-label study intended to assess doses for that condition.
- The company outlined further development priorities. It plans Phase 4 studies of YUTREPIA in PAH and is advancing L606 for PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD). Liquidia also cited SSc-RP and pulmonary hypertension associated with COPD (PH-COPD) as potential areas of development.
- Liquidia updated its corporate presentation for use with analysts, investors and healthcare conference audiences.
Plain-English implications
The settlement removes the litigation that had clouded YUTREPIA’s commercial availability, while the quarter’s sales and October shipment record point to continued growth in use. The reported loss was dominated by the settlement charge, but the $396.1 million cash figure was measured before settlement payments, so it should not be read as Liquidia’s cash position after those payments.