Liquidia Receives $50 Million from Healthcare Royalty (HCRx) Following First Commercial Sale of YUTREPIA

MORRISVILLE, N.C., June 23, 2025 (GLOBE NEWSWIRE) -- Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, today announced the receipt of an additional $50.0 million under its sixth amendment to its financing agreement (HCR Agreement) with Healthcare Royalty (HCRx) upon the U.S. District Court for the Middle District of North Carolina denying United Therapeutics Corporation’s request for a preliminary injunction and temporary restraining order in its complaint filed against Liquidia and the first commercial sale of YUTREPIA (treprostinil) inhalation powder.

Michael Kaseta, Liquidia’s Chief Financial Officer and Chief Operating Officer, said: “We are grateful for the continued partnership with HCRx and pleased with the early stages of YUTREPIA’s launch. The proceeds from HCRx will further accelerate our launch execution, advance our clinical pipeline, and support the expansion of future manufacturing operations, including the build-out of our newly leased manufacturing facility. Our early momentum and strong financial position reinforce our belief in Liquidia’s ability to achieve profitability without the need for additional capital.”

Clarke Futch, Chairman and Chief Executive Officer of HCRx added: “Today’s news reflects an important milestone in Liquidia’s commercial execution of YUTREPIA and further strengthens our confidence in the company’s long-term vision. We are pleased to support Liquidia as it further advances the commercial launch of YUTREPIA and prepares to expand future manufacturing capabilities to meet growing market demand in the years ahead.”

Under the terms of the HCR agreement, Liquidia has now received $175.0 million of the $200.0 million in total potential funding. An additional $25.0 million remains available upon the mutual agreement of the parties, if Liquidia achieves aggregate net sales of YUTREPIA in excess of $100.0 million at any time on or prior to June 30, 2026. The additional $50.0 million that HCRx funded is subject to a fixed payment schedule through 2033. Aggregate payments to HCRx are capped at 175% of the total amounts funded. A true-up payment may be required if HCRx’s internal rate of return falls below a minimum threshold on the date the cap is reached, which is 13% for this funding of $50.0 million.