Liquidia swings to $52.9M profit on $129.9M YUTREPIA sales; going-concern removed

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  Q1 2026 product sales of $129.9M from YUTREPIA (launched June 2025) drove net income of $52.9M vs. $38.4M loss prior year, marking first quarterly profit and eliminating going-concern disclosure.

  MD&A: Financial Results verify on EDGAR →
• high

  Operating cash flow turned positive at $53.0M vs. ($30.7M) prior year, an $83.7M improvement. Cash position strengthened to $222.8M from $169.8M, with company now repaying HCR debt ($20M paid Q1) rather than drawing new funds.

  MD&A: Liquidity verify on EDGAR →
• medium

  SG&A expenses jumped 56% to $46.9M on commercial buildout ($8.6M higher personnel, $7.9M more commercial/consulting spend), while R&D rose 80% to $12.6M driven by $2.5M higher L606 clinical costs.

  MD&A: Operating Expenses verify on EDGAR →