Liquidia Loses About Half Its Value After Court Finds Yutrepia Infringes Two United Therapeutics Patent Claims

LQDA shares lost roughly half their value on September 30, 2026 after the U.S. District Court for the District of Delaware ruled that Liquidia's dry-powder inhaled treprostinil, Yutrepia, infringes two claims of a United Therapeutics patent. Judge Richard G. Andrews found claims 1 and 14 of U.S. Patent No. 11,826,327, the '327 patent, valid and infringed. Those claims cover treating pulmonary hypertension associated with interstitial lung disease (PH-ILD) with inhaled treprostinil. The court found the other asserted claims of the patent invalid, so United Therapeutics prevailed on two of six.

Early reports put the drop at about 25%, but the decline deepened through the session: Seeking Alpha had Liquidia down 52% by early afternoon, and Reuters reported a fall of nearly 50% that erased about $3.18 billion in market value. United Therapeutics (UTHR), whose Tyvaso is the incumbent inhaled treprostinil, rose about 12.3% to $540.54 according to Reuters.

The remedy is the open question. In its statement, Liquidia said potential remedies could range from removing the PH-ILD indication from Yutrepia's label to a broader restriction on product availability, and that the parties must submit a proposed form of judgment within one week. Liquidia said it intends to file an application supplement with the FDA to remove PH-ILD from the label, a move that could preserve Yutrepia's pulmonary arterial hypertension (PAH) use, and CEO Roger Jeffs said the company is "fully prepared to pursue all available appellate options." Nothing in the ruling restricts Yutrepia sales today.

What to watch: the proposed judgment due next week, whether United Therapeutics presses for an injunction beyond the PH-ILD indication, how much of Yutrepia's prescription base is PH-ILD versus PAH, and the timing of Liquidia's appeal to the Federal Circuit.