Arquitos Capital Management, an investment management firm, released its second-quarter 2025 investor letter. During the period, the fund delivered a net return of 13.1%, bringing year-to-date gains to an impressive 28.8% as of June 30, 2025. The firm highlighted that individual investor returns may differ depending on the timing of capital inflows, and encouraged clients to review their statements for personalized results. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2025. A copy of Arquitos Capital Management’s Q2 2025 investor letter is available for download here.
One of the companies mentioned in the letter is
Liquidia Corporation
(NASDAQ:LQDA). Liquidia Corporation (NASDAQ:LQDA) operates as a biopharmaceutical company that develops, manufactures, and commercializes various products for unmet patient needs in the United States. Over the past month, Liquidia Corporation (NASDAQ:LQDA) rose by -19.40%, but its shares gained 120.85% of their value over the last 12 months. On September 22, 2025, Liquidia Corporation (NASDAQ:LQDA) shares closed at $22.90, with a market capitalization of $1.922 billion.
Here is what they have to say about Liquidia Corporation (NASDAQ:LQDA) in their investor letter:
“Liquidia Corporation (NASDAQ:LQDA) has navigated a complex landscape for years, marked by patent disputes and FDA approval delays for their flagship drug, Yutrepia. Today, everything is about Yutrepia’s product launch and their prospects to penetrate a previously monopolistic market. For Liquidia, that uncertainty has always been a buying opportunity. Shares are 200% higher today than our original purchase price more than three years ago. Yutrepia finally received FDA approval for Yutrepia in late May and officially launched soon thereafter. Interestingly, despite this significant milestone, Liquidia’s stock price experienced a dramatic but temporary dip, falling from over $19 in early June to $12.46 by the end of the second quarter. This decline was primarily driven by investor apprehension regarding the initial commercial rollout and concerns about a potential competitor still years away from market entry.
