Jason Gerberry
BofA Securities, Research Division

My name is Jason Gerberry. I cover pharma and biotech at BofA. I'm pleased to be introducing Liquidia. And joining us is Mike Kaseta, CFO and COO; and Jason Adair, Chief Business Officer.

Jason Gerberry
BofA Securities, Research Division

So gentlemen, thanks for joining us. Liquidia is -- has one of the more interesting commercial launches in biopharma since, I believe, June of last year. And so we'll talk about that, your drug YUTREPIA for pulmonary arterial hypertension and PH-ILD. We'll talk a little bit about pipeline as well. So maybe we'll just start off and talk a little bit about YUTREPIA now, which 3 full quarters under your belt, where you're at, what's exceeding expectation? And if you can talk a little bit about the opportunity on the come.

Michael Kaseta
COO & CFO

Yes. Thanks, Jason, and thanks for having us and hosting us here today. Liquidia is a great place to be right now. And as you said, we launched our product back in June of 2025, and we've really just knocked the launch out of the park. We -- in Q1, we recorded $130 million of revenue. And execution is not just on the commercial front. It's the discipline that we show financially. We recorded $70 million of adjusted EBITDA. We've added $30 million of cash to our balance sheet in the quarter. So we are really executing on everything that we set out at the launch.

We couldn't be happier with the launch. YUTREPIA, as we -- as Roger, our CEO, has