Liquidia is a specialty biopharmaceutical company focused on two rare pulmonary diseases: pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). Liquidia's primary product is YUTREPIA, an inhaled dry-powder formulation of treprostinil — a prostacyclin analog that dilates the pulmonary arteries — approved by the FDA in May 2025 for both indications. YUTREPIA uses Liquidia's proprietary PRINT particle engineering technology to produce uniform drug particles that enable deep lung deposition with minimal effort via a low-resistance inhaler. Compared to the incumbent inhaled treprostinil products from United Therapeutics, YUTREPIA can be titrated to significantly higher doses and appears better tolerated, particularly with respect to cough, a primary reason patients discontinue inhaled treprostinil. YUTREPIA launched in June 2025 and Liquidia sells it exclusively in the U.S. through a specialty sales force targeting cardiologists and pulmonologists at PAH/PH-ILD centers. Liquidia also earns revenue through a profit-sharing agreement with Sandoz on Treprostinil Injection, a generic parenteral treprostinil, where Liquidia handles U.S. commercialization and receives 50% of net profits with minimal incremental costs. In the pipeline, Liquidia is developing L606, a liposomal sustained-release treprostinil administered twice daily via nebulizer, currently in a Phase 3 study for PH-ILD. A key near-term risk is ongoing litigation from United Therapeutics seeking to withdraw YUTREPIA's FDA approval on patent infringement grounds.