Liquidia (LQDA) Q1 2025 Earnings
How Did LQDA Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +6.73%.
Did LQDA Beat Earnings? Q1 2025 Results
No. Liquidia reported Q1 2025 earnings of $-0.45 a share on May 8, 2025, missing the $-0.42 consensus estimate by 7.1%. Revenue was $3.1M against a $3.2M estimate.
Liquidia delivered a disappointing first quarter, missing on both top and bottom lines as the company presses toward what may be the most consequential regulatory moment in its history. The loss per share of $0.45 came in wider than the $0.42 consensus estimate, a 7.14% miss, while revenue of $3.12 million fell 3.26% short of the $3.23 million analysts had expected, though it did grow 5.0% year-over-year, driven by the Sandoz promotion agreement for Treprostinil Injection. The primary culprit behind the widening net loss, which reached $38.37 million versus $30.08 million a year ago, was a 48% surge in general and administrative expenses to $30.06 million, as Liquidia redeployed personnel and resources toward commercial launch preparation for YUTREPIA ahead of the FDA's May 24, 2025 PDUFA goal date. With $169.76 million in cash and up to $100.00 million in additional financing secured from HealthCare Royalty, the company says it is positioned to move quickly toward commercialization, though at least one analyst has raised concerns about YUTREPIA's ability to differentiate itself in what promises to be a competitive launch environment.
- Revenue primarily from Sandoz promotion agreement for Treprostinil Injection sales in the U.S.
- Year-over-year revenue increase driven by favorable gross-to-net returns adjustments partially offset by lower sales volumes
- G&A expenses increased 48% YoY due to personnel shift from R&D to YUTREPIA commercial launch preparation
- R&D expenses declined 31% YoY due to personnel reallocation to commercialization activities
- Interest expense increased due to higher borrowings under HealthCare Royalty agreement
“With the FDA's PDUFA goal date on the YUTREPIA NDA just over two weeks away, we remain focused on ensuring that we are prepared to make YUTREPIA commercially available in the quickest time possible if granted full approval. We continue to believe that YUTREPIA has the potential to be the prostacyclin of first choice for patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).”
Liquidia CEO, on the earnings call
What Was Liquidia's Outlook in Q1 2025?
Liquidia is awaiting FDA action on the YUTREPIA NDA with a PDUFA goal date of May 24, 2025, the day after regulatory exclusivity expires for Tyvaso DPI. The company is focused on being prepared to make YUTREPIA commercially available as quickly as possible if granted full approval. The company has secured access to up to an additional $100 million in financing from HealthCare Royalty to fund YUTREPIA commercialization, ongoing clinical trials including pediatric studies and further PAH/PH-ILD evaluations, L606 clinical development, and general corporate purposes. Additional data from Cohort A of the ASCENT study will be presented at the ATS 2025 International Conference on May 21, 2025.
LQDA YoY Financials
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $3.1M | $3.0M | +5.0% |
| Gross Profit | $1.6M | $1.2M | +31.8% |
| Operating Income | −$35.4M | −$46.0M | −23.0% |
| Net Income | −$38.4M | −$36.1M | +6.3% |
LQDA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.