Liquidia

Liquidia is a biopharmaceutical company that develops, manufactures and commercializes products for rare cardiopulmonary diseases, built around its proprietary PRINT particle-engineering technology for uniform drug particles with controlled size and shape. Its lead product, Yutrepia, is an inhaled dry-powder formulation of treprostinil approved for pulmonary arterial hypertension and for pulmonary hypertension associated with interstitial lung disease, and the company promotes Remodulin, a treprostinil injection, under an agreement with Sandoz. A third program, L606, is an investigational liposomal, sustained-release inhaled treprostinil licensed from Pharmosa Biopharm in Phase 3 development for PAH and PH-ILD. Founded in 2004 and headquartered in Morrisville, North Carolina, Liquidia listed on Nasdaq in July 2018 and turned sharply profitable in 2026 on Yutrepia's commercial ramp — second-quarter 2026 revenue reached roughly $171.7 million with net income of about $74.7 million. The equity carries a concentrated legal tail: on September 30, 2026 a Delaware federal court held two claims of a United Therapeutics patent valid and infringed by Yutrepia in the PH-ILD indication, while invalidating the other four asserted claims; the company has said it will appeal and may remove the PH-ILD indication from the label, and sought remedies threaten product availability.