# Liquidia Corp Liquidia Corp is an Asset Manager based in Morrisville, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Morrisville, United States - **Region:** North America - **Address:** Morrisville, NC, United States - **Founded:** 2004 - **Assets under management:** Undisclosed - **Website:** liquidia.com ## Regulatory record - **Reports private funds:** No ## About Liquidia Corp was founded in 2004 in North Carolina to commercialize a proprietary particle-engineering platform called PRINT (Particle Replication in Non-Wetting Templates). Roger Jeffs, the former CEO of United Therapeutics and a veteran of pulmonary hypertension drug development, joined as CEO in 2018 and reshaped the company around inhaled therapies for PAH. The firm operates as a publicly traded biopharmaceutical company, not a traditional family office or investment manager — its capital allocation is drug development, manufacturing scale-up, and clinical trial execution rather than portfolio construction. The company's strategy focuses exclusively on rare cardiopulmonary diseases. Its lead asset, Yutrepia (treprostinil inhalation powder), received tentative FDA approval in 2024, directly challenging Tyvaso DPI, the dominant dry-powder formulation from United Therapeutics. A related asset, LIQ861, targets the same market. Liquidia's PRINT technology enables precise control over particle size and shape, which is critical for deep-lung delivery. The firm operates with a single manufacturing facility in North Carolina and conducts trials across US clinical sites. Liquidia is a small-cap public company, trading on Nasdaq under the symbol LQDA. As of mid-2026, the intellectual property litigation with United Therapeutics over Yutrepia's launch remains the single most consequential event in the firm's near-term positioning. A March 2026 federal appeals court ruling upheld key patent findings that could clear the path for full FDA approval and commercial launch. The company's headcount and cash runway are closely tracked by a small group of healthcare-focused institutional investors. Structurally, Liquidia sits at the intersection of specialty pharma and platform biotech — unusual for any investor evaluating it alongside traditional asset managers. Its value is not in managing external capital but in controlling a manufacturing technology and a regulatory exclusivity window. The founder-CEO succession dynamic, with Jeffs having previously built United Therapeutics' PAH franchise before running a competitor, is a governance narrative that colors every strategic decision and analyst call. ## Sectors - Digital Health - Healthcare Services ## People - Roger Jeffs — Chief Executive Officer - Michael Kaseta — Chief Financial Officer ## Questions ### What does Liquidia Corp actually do? Liquidia is a clinical-stage biopharmaceutical company that develops inhaled therapies for pulmonary arterial hypertension and other rare cardiopulmonary diseases. Its core technology is a particle-engineering platform called PRINT, which allows precise manufacturing of dry-powder drugs for deep-lung delivery. The lead product candidate, Yutrepia, is an inhaled dry-powder formulation of treprostinil. The company is headquartered in Morrisville, North Carolina. ### What is the PRINT technology platform? PRINT stands for Particle Replication in Non-Wetting Templates. It is a proprietary manufacturing method that produces drug particles with precisely controlled size, shape, and composition. For pulmonary arterial hypertension, this precision is essential because particles must be a specific aerodynamic diameter to reach the deep lung effectively. The platform was developed at the University of North Carolina and licensed to Liquidia. ### Who leads Liquidia and what is their relevant background? Roger Jeffs, Ph.D., has been CEO since 2018. He previously served as President and Chief Operating Officer at United Therapeutics, where he oversaw the development and launch of Remodulin, Tyvaso, and Orenitram — the three cornerstone therapies for pulmonary arterial hypertension. His move to Liquidia created direct competitive overlap with his former company, a dynamic that has defined the strategic and legal landscape of the firm. ### What is the patent litigation with United Therapeutics about? United Therapeutics has filed multiple patent-infringement lawsuits to block Liquidia's Yutrepia from entering the market, claiming the product infringes on patents covering Tyvaso. In March 2026, the Federal Circuit upheld rulings that certain United Therapeutics patent claims were invalid, removing a major legal barrier for Liquidia. The case is closely watched because it determines whether Yutrepia can launch at scale in the U.S. ### Does Liquidia generate revenue? Liquidia's revenue has been minimal and primarily derived from R&D collaboration agreements, not product sales. As a clinical-stage company, it has historically operated at a loss while funding clinical trials and manufacturing scale-up for Yutrepia. Material revenue is contingent on full FDA approval and commercial launch of its lead product candidate, which remained pending as of mid-2026. ## Related profiles - [Murphy Oil](https://altss.com/profile/murphy-oil-corp) - [Avis Budget Group](https://altss.com/profile/avis-budget-group-inc) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/liquidia-corp Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology