Liquidia Corporation

Liquidia Corporation

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Private Company

Total funding raised: $95M

Market Cap: $3.3BFounded: 2004Employees: 51-200HQ: Morrisville, United States

Overview

Liquidia Corporation is a clinical-stage biopharma focused on developing and commercializing therapies for pulmonary hypertension and related diseases using its proprietary PRINT® particle engineering platform. Its key achievement is the FDA approval of YUTREPIA™ (treprostinil) inhalation powder for PAH, positioning the company for a transition to a commercial entity. The strategy centers on successfully launching YUTREPIA™, expanding its label into additional pulmonary hypertension indications, and advancing its pipeline of PRINT®-enabled formulations. The company's value is rooted in its unique manufacturing technology, which creates differentiated, patient-friendly drug products.

Pulmonary Arterial HypertensionPulmonary Hypertension

Technology Platform

PRINT® (Particle Replication In Non-wetting Templates) is a proprietary particle engineering platform that enables precise control over the size, shape, and composition of drug particles for optimized delivery via inhalation, injection, or oral routes.

Funding History

3
Total raised:$95M
IPO$40M
Series B$35M
Series A$20M

FDA Approved Drugs

1
YUTREPIANDAMay 23, 2025

Opportunities

The FDA approval of YUTREPIA™ for PAH provides a near-term path to revenue in a multi-billion dollar market.
A potentially larger opportunity exists in expanding the label to PH-ILD, which affects a patient population with high unmet need and limited treatment options.
The PRINT® platform also offers long-term potential for developing improved formulations of other drugs.

Risk Factors

Commercial launch is currently blocked by ongoing patent litigation with United Therapeutics, creating significant uncertainty.
The company also faces commercial execution risk as a first-time launcher competing against large, entrenched players.
Financial runway is limited, and success is heavily concentrated on a single product.

Competitive Landscape

Liquidia competes directly with United Therapeutics' treprostinil franchise, particularly Tyvaso® DPI, in the PAH and PH-ILD markets. Its competitive edge is based on its proprietary PRINT® particle engineering, which may offer pharmacokinetic and dosing advantages. Success requires demonstrating clear clinical or usability benefits to overcome the strong market position and resources of its key competitor.

Company Timeline

2004Founded

Founded in Morrisville, United States

2005Series A

Series A: $20.0M

2008Series B

Series B: $35.0M

2018IPO

IPO — $40.0M

2025FDA Approval

FDA Approval: YUTREPIA