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Liquidia Corporation (NASDAQ:LQDA) shares gained nearly 3% in premarket trading on Monday after the biopharmaceutical company reported first-quarter results that exceeded analyst expectations on both earnings and revenue.
The company posted adjusted earnings per share of $0.52, beating the consensus estimate of $0.37 by $0.15.
Quarterly revenue totaled $132.86 million, comfortably above analyst expectations of $116.62 million.
Liquidia said net product sales from YUTREPIA — its inhaled treprostinil powder therapy for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease — reached approximately $129.9 million during the quarter.
The company noted that since YUTREPIA’s launch in June 2025, the treatment has generated more than 4,500 unique patient prescriptions and has been used to treat roughly 3,750 patients through April 30, 2026.
Liquidia reported its third consecutive profitable quarter, posting net income of $52.9 million and adjusted EBITDA of $71.2 million.
“In its third full quarter on the market, YUTREPIA continued to demonstrate sustained uptake in pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, consistent with its growing adoption as the preferred inhaled prostacyclin of choice,” said Chief Executive Officer Dr. Roger Jeffs.
Total revenue of $132.9 million also included approximately $3.0 million in service revenue tied to a profit-sharing agreement with Sandoz related to Treprostinil Injection sales.
The company had reported no product sales during the first quarter of 2025.
Research and development expenses increased to $12.6 million from $7.0 million a year earlier, primarily driven by additional clinical spending tied to the L606 development program.
Selling, general and administrative expenses rose to $46.9 million from $30.1 million in the prior-year period, reflecting increased personnel costs and commercialization spending associated with the YUTREPIA launch.
Liquidia ended the quarter with cash and cash equivalents of $222.8 million as of March 31, 2026, up from $190.7 million at the end of 2025.