Liquidia Corp (LQDA) Q2 2025 Earnings Call Highlights: Strong YUTREPIA Launch and Financial Position
YUTREPIA Product Sales: $6.5 million from product sales, which began shipping in June.
Service Revenue: $2.3 million related to the promotion agreement of treprostinil injection with Sandoz.
Cash and Cash Equivalents: Over $173 million on the balance sheet.
Patient Prescriptions: Over 900 unique patient prescriptions reported, leading to more than 550 patient starts on YUTREPIA.
Script-to-Start Conversion Rate: 75% during the first 6 weeks of launch.
ASCENT Study Discontinuation Rate: 18.5% of patients discontinued by week 16.
6-Minute Walk Distance Improvement: Median improvement of 21.5 meters at week 8, increasing to 31.5 meters at week 16.
Warning! GuruFocus has detected 13 Warning Signs with LQDA.
Release Date: August 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Liquidia Corp (NASDAQ:LQDA) reported a strong launch of YUTREPIA, with over 900 unique patient prescriptions and more than 550 patient starts within the first 11 weeks.
The company has achieved a 75% script-to-start conversion rate, indicating strong market acceptance and effective patient support services.
YUTREPIA's differentiated product profile, including ease of use and tolerability, has been well-received by both physicians and patients, leading to rapid adoption.
Liquidia Corp (NASDAQ:LQDA) closed the quarter with over $173 million in cash and cash equivalents, providing a solid financial position to support future growth.
The company has signed contracts with major commercial payers, which is expected to improve market access and remove new-to-market blocks, potentially accelerating growth in the coming quarters.
Negative Points
Despite the strong launch, there are still customary new-to-market blocks and non-formulary positioning challenges that could impact growth.
The company did not disclose the exact split between PAH and PH-ILD patients, indicating potential data collection challenges.
A significant portion of the initial revenue was attributed to channel inventory rather than direct patient demand.
There is uncertainty regarding the outcome of ongoing patent litigation, which could impact future market dynamics.
The company faces competition from existing products like TYVASO, and there is a need to continuously improve payer engagement and coverage to maintain growth momentum.
Q & A Highlights
Q: On a weekly basis, has the growth of YUTREPIA been sequential, or was there an initial surge? Can you provide details on the PAH versus PH-ILD mix and the percentage of patients with underlying IPF? Also, why did you choose to lead with median six-minute walk changes in the ASCENT study? A: Roger Jeffs, CEO: The uptake has been accelerating each week since launch, driven by increased awareness and evolving payer landscape. We are not disclosing the PAH versus PH-ILD split yet due to data collection nuances. Regarding the ASCENT study, median data minimizes the impact of outliers, providing a more accurate reflection of the population studied. Rajeev Saggar, CMO, added that median values are less skewed by extreme values and align with larger data set presentations.
Q: What proportion of patient starts are switches from Tyvaso DPI or other treprostinil products? A: Roger Jeffs, CEO: The focus is on new prostacyclin patients, but there have been significant switches from Tyvaso DPI and oral prostacyclins. Scott Moomaw, CCO, noted that many patients dissatisfied with current treatments are transitioning to YUTREPIA, which has exceeded expectations.
Q: How should we think about gross-to-net for patients who have started on YUTREPIA? What about the 25% of prescriptions that haven't converted to starts? A: Michael Kaseta, CFO: We haven't projected gross-to-net specifics but are confident in achieving parity access with competitors. The 75% conversion rate is strong, and as new-to-market blocks are removed, we expect this to improve.
Q: What are the near-term levers to accelerate growth for YUTREPIA? When do the contracts with major commercial payers kick in? A: Roger Jeffs, CEO: We anticipate improved payer landscape in the coming quarters. Scott Moomaw, CCO, mentioned opportunities to increase prescriber breadth and depth, engage more community centers, and leverage initial switch data to drive growth.
Q: Can you provide a split between channel inventory and patient demand for the $6.5 million revenue? What is the current status of payer coverage? A: Michael Kaseta, CFO: The majority of initial revenue was channel loading, with patient demand increasing as we move into Q3. We have signed contracts with major commercial payers, and as new-to-market blocks are removed, we expect parity access with competitors.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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