Liquidia Corp (NASDAQ: LQDA) is a pharmaceutical company focused on respiratory and vascular diseases, commercializing drug products built on its proprietary PRINT particle-engineering technology. Revenue comes from sales of YUTREPIA, an inhaled dry-powder formulation of treprostinil for pulmonary arterial hypertension (PAH), and from commercial activities tied to Treprostinil Injection, a fully-substitutable generic treprostinil for parenteral administration co-promoted with Sandoz. Liquidia also licenses its PRINT technology to third parties, including a non-exclusive research license to GSK plc and an exclusive ophthalmic-use license to Alcon (via its acquisition of Aerie Pharmaceuticals). The company manufactures bulk treprostinil powder at its own facilities and relies on Lonza for encapsulation and packaging under a Commercial Manufacturing Services and Supply Agreement effective through December 31, 2028. A separate active pharmaceutical ingredient supply agreement with LGM carries an annual minimum purchase commitment of $2.7 million. Since inception, Liquidia has incurred significant losses. The pipeline includes L606, a liposomal treprostinil licensed from Pharmosa Biopharm, currently in clinical evaluation for PAH and PH-ILD.

Revenue model

Product revenue from YUTREPIA sales and commercial promotion of Treprostinil Injection (co-promoted with Sandoz, which holds the ANDA). Technology licensing fees and royalties from PRINT technology licenses to Alcon and GSK. Supply and manufacturing agreements generate contract revenue through tiered-price batch orders with Lonza.

Products and services

YUTREPIA: FDA-approved inhaled dry-powder treprostinil for PAH, manufactured using PRINT technology. Treprostinil Injection: fully-substitutable generic parenteral treprostinil co-promoted with Sandoz. L606: investigational liposomal treprostinil (licensed from Pharmosa Biopharm) in clinical studies for PAH and PH-ILD. PRINT technology: proprietary particle-engineering platform licensed to Alcon (ophthalmic) and GSK (preclinical inhaled research).

Customers and end markets

Patients and prescribers treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) in the United States. Pharmaceutical partners (Sandoz, Alcon/Aerie, GSK) as licensees or co-commercialization counterparties. Planned label expansions target PH-COPD, idiopathic pulmonary fibrosis, progressive pulmonary fibrosis, and Raynaud's phenomenon associated with systemic sclerosis.

Value-chain role

Drug developer and manufacturer: Liquidia produces bulk treprostinil powder internally using PRINT technology, outsources encapsulation and packaging to Lonza (CSA through December 31, 2028), and sources active pharmaceutical ingredients from LGM under a multi-year supply agreement. It holds commercial rights for YUTREPIA and conducts joint commercial strategy with Sandoz on Treprostinil Injection, while Sandoz retains the ANDA and all product rights for the injectable.

Geographic exposure

Primary commercial operations in the United States. PRINT technology licenses cover defined fields and territories per individual agreements. L606 pivotal study for PH-ILD is described as worldwide.

Source: SEC 10-K, filed 2026-03-05

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