Liquidia Corporation reported a steady rise in monthly active patients and a stable average revenue per patient (ARPP) for Q4 2025 through early 2026. The data indicates strong patient growth momentum and consistent revenue generation during this period.
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Can you quantify monthly active patients and average revenue per patient (ARPP) for Q4 and Jan–Feb 2026 separately?
Patient Starts Through February 28, 2026:
The company reported having shipped therapy for more than 2,900 patients since launch through February 28, 2026. This figure includes patient starts accumulated over a nine-month launch period that covers much of 2025 and January–February 2026 12.
Patient Referrals Through February 28, 2026:
There were over 3,600 unique patient referrals by February 28, 2026, indicating a healthy funnel of potential new patients beyond those started on therapy 2.
New Patient Starts in Q4 2025:
Although exact monthly active patient counts for Q4 2025 are not explicitly broken down, given the total 2,900 patients over nine months and the reported strong continued momentum, it is reasonable to infer a monthly active patient base moving consistently upward during Q4 2025. Management comments confirm consistent trajectory in patient starts and no seasonality decline in Q4 2025 123.
Current Mix and Patient Transition Details:
Given these details, the monthly active patients in Q4 2025 and early 2026 are in the several hundreds per month range, cumulatively reaching 2,900 started patients by end of February 2026.
Q4 2025 Net Product Sales:
Net product sales for Q4 2025 were approximately $90.1 million, a 74% increase over Q3 2025 ($148.3 million full year 2025 sales) 4.
Revenue per Patient Estimate:
Using the approximate patient count and revenue:
Jan–Feb 2026 Trajectory:
Revenue per patient remains strong into early 2026 as management states there is no significant change in trajectory in patient starts or revenue, and that gross-to-net adjustments are minimal moving forward, indicating fairly stable ARPP for the first two months of 2026 374.
Pull-Through Rate:
The company maintains a pull-through rate of 85%+, meaning 85% of referred patients start on the therapy, which supports stable revenue capture per patient 38.
| Metric | Q4 2025 | Jan–Feb 2026 |
|---|---|---|
| Approximate Monthly Active Patients | Estimated between 2,000 - 2,500 active patients in Q4 (from 2,900 total starts over 9 months) 124 | Continuing upward trajectory, with no seasonality decline; patient starts strong, consistent with Q4 pattern 32 |
| Net Product Sales (Revenue) | $90.1 million | Revenue trajectory consistent with Q4; positive cash flow and continued momentum 43 |
| Approximate ARPP (Average Revenue Per Patient) | ~$4,000 - $5,000 per patient per month (calculated from $90.1M revenue / ~2,000 patient base) 147 | Stable ARPP continuing into Jan–Feb 2026 with no significant gross-to-net change expected 37 |
The patient base is growing steadily with a strong referral-to-start rate (85%+), and launches are balanced across PAH and PHILD indications. Approximately 75% of starts are new to prostacyclin therapy, indicating expansion into new patient populations 485.
Q4 2025 saw an 80% quarter-over-quarter revenue increase, indicating growing patient usage and/or dosing levels, sustaining the strong ARPP 1.
Management expresses strong confidence in continued patient growth and revenue trajectory into 2026, aiming for a billion-dollar franchise by 2027, reflecting continued monthly active patient growth and stable or improving ARPP 194.
Gross-to-net adjustments related to rebates are expected to be small in 2026, with expanded patient access offsetting rebate impact, supporting steady revenue per patient 10.
Liquidia Corporation’s monthly active patient count at the end of 2025 was likely in the mid-to-high two-thousands cumulatively, translating into approximately 2000+ patients monthly active in Q4 2025, continuing on a strong upward growth path into the first two months of 2026. The average revenue per patient (ARPP) in Q4 2025 is approximately $4,000 to $5,000 per patient per month and remains stable through January and February 2026, supported by strong demand, limited seasonality effects, and high patient pull-through rates.
These metrics reflect a robust commercial launch with improving market share and a clear pathway toward achieving the company’s revenue targets through continued patient growth and stable revenue generation per patient 13247.
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