UTHR Stock — United Therapeutics Corporation: Cash, EV, Pipeline

What they do

Our mission is to transform the treatment of rare diseases and expand the availability of transplantable organs through innovative organ manufacturing technologies. As a public benefit corporation ( PBC ), we aim to deliver meaningful impacts for our patients, our people, our shareholders, and other stakeholders.

Source: 10-K FY2025 via SEC EDGAR

Share price

$562.02

Market cap

$23,935.7M

Cash

$3,535.7M

Enterprise value

$20,400.0M

Balance sheet

Cash	$3,535.7M
Debt	$0.0M
Net cash	$3,535.7M
Enterprise value	$20,400.0M
Basic shares	42.6M shares
Fully diluted shares	57.7M shares
Fully diluted market cap	$32,446.4M
Cash per share	$83.02
Quarterly burn	+$313.6M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

47.0M

Pre-funded warrants

0.0M

Options

5.2M

RSUs

3.1M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

2.4M

FDSO

57.7M

Cap table as of 2026-07-31.

Price history

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Next catalyst

Ralinepag · Jan 12 - Feb 23 in 9 wks · Phase 3 · PAH; Pulmonary Hypertension; Pulmonary Arterial Hypertension

Recently reported

Treprostinil Phase 2 Mixed · 2026-10-19

PH-COPD

Primary: SUMMIT is a Phase 2, 16-week, double-blind study evaluating safety and tolerability of treprostinil SMI in PH-COPD, with secondary endpoints evaluating efficacy on exercise capacity and NT-proBNP — FDA granted clearance under the IND application to proceed with the SUMMIT clinical trial of treprostinil SMI (soft mist inhaler) in pulmonary hypertension associated with COPD (PH-COPD)

· Approximately 40 patients with PH-COPD

· Eligible patients may enroll in an open-label extension

· United Therapeutics anticipates commencing a Phase 3 registration study for treprostinil SMI in PH-COPD in 2028, assuming a successful SUMMIT outcome

Safety: not disclosed

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 9 wks	Ralinepag	Phase 3	PAH; Pulmonary Hypertension; Pulmonary Arterial Hypertension	2027 Est. Jul 2, 2027 · guidance midpoint
GUIDEDEst. Aug 12, 2027 in 9 mo PCD + 6 wks · Jul 29–Aug 26	nebulized Tyvaso potential FDA approval in idiopathic pulmonary fibrosis (IPF)	Not disclosed	idiopathic pulmonary fibrosis (IPF)	2027
Dec 13, 2027 - Jan 24, 2028 in 13 mo	Inhaled Treprostinil	Phase 3	Progressive Pulmonary Fibrosis; Interstitial Lung Disease	—
Nov 12 - Dec 24 in 25 mo	10 GE Xenokidney	Phase 2	ESRD (End-Stage Renal Disease); Kidney Transplantation; Xenotransplantation	—
Dec 13, 2029 - Jan 24, 2030 in 38 mo	GGTA1 KO Thymokidney	Phase 2	ESRD (End-Stage Renal Disease); Kidney Transplantation; Xenotransplantation	—
Jan 12 - Feb 23 in 39 mo	Inhaled Treprostinil	Phase 3	Idiopathic Pulmonary Fibrosis; Interstitial Lung Disease; Progressive Pulmonary Fibrosis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Nebulized Tyvaso

Phase 3 · Active Modality: inhaled prostacyclin therapy

Aliases treprostinil (inhaled)

Target prostacyclin receptor

Indications

idiopathic pulmonary fibrosis (sNDA submitted June 2026) (Stage not disclosed)
progressive pulmonary fibrosis (Phase 3 TETON-PPF) (Stage not disclosed)

Status note Phase 3 TETON-1 and TETON-2 studies in IPF met primary endpoints; data published in NEJM in March and May 2026. sNDA submitted June 2026 to add IPF to labeled indications. Phase 3 TETON-PPF in PPF ongoing (first patient enrolled October 2023). Company plans to seek FDA approval to expand the Tyvaso DPI label for IPF and/or PPF following bridging studies.

ralinepag

Phase 3 · Active Modality: oral extended-release IP-receptor agonist

Target IP (prostacyclin) receptor

Indications

pulmonary arterial hypertension (Stage not disclosed)

Status note Pivotal Phase 3 ADVANCE OUTCOMES trial in PAH met its primary endpoint (announced March 2026). NDA submitted to FDA June 2026 for once-daily oral ralinepag in PAH.

treprostinil SMI

Stage not disclosed · Active Modality: drug-device combination (soft mist inhaler)

Target prostacyclin receptor

Indications

pulmonary arterial hypertension (Stage not disclosed)
pulmonary hypertension associated with interstitial lung disease (Stage not disclosed)
pulmonary hypertension associated with chronic obstructive pulmonary disease (Stage not disclosed)

Status note Pivotal pharmacokinetic studies ongoing to support a 505(b)(1) NDA for PAH and PH-ILD. IND being prepared to enable a Phase 2 study in PH-COPD. IPF/PPF label expansion planned following bridging studies.

treprostinil/iloprost SMI

Preclinical · Active Modality: drug-device combination (soft mist inhaler)

Target IP receptor

Indications

pulmonary arterial hypertension (as-needed use) (Stage not disclosed)

Status note Fixed-dose as-needed combination for PAH patients on oral or inhaled prostacyclin-class therapy. Pre-IND engagement with FDA completed; IND in preparation, followed by a planned Phase 1 pharmacokinetics/safety study and eventually a pivotal efficacy study.

THY-100

Preclinical · Active Modality: regenerative thymic cell therapy

Partnerships Thymmune Therapeutics (acquired July 1, 2026 for approximately $140 million upfront plus up to $160 million in clinical/regulatory earnouts)

Indications

post-transplant organ tolerance (Stage not disclosed)
immunodeficiencies (Stage not disclosed)
autoimmune diseases (Stage not disclosed)

Catalysts

— None
— None

Status note Lead program of preclinical-stage Thymmune Therapeutics, acquired July 2026; substantially all of the purchase price allocated to this IPR&D asset.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Parenteral Treprostinil
Lead indication	Pulmonary Arterial Hypertension
Lead phase	Phase 4
Active trials	11
Collaborator trials	10

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT03683186	Phase 3	Enrolling by invitation	Sponsor	UTHR	—	PAH; Pulmonary Hypertension; Pulmonary Arterial Hypertension	2027 Est. Jul 2, 2027 · guidance midpoint
NCT05943535	Phase 3	Recruiting	Sponsor	UTHR	—	Progressive Pulmonary Fibrosis; Interstitial Lung Disease	—
NCT04905693	Phase 3	Enrolling by invitation	Sponsor	UTHR	—	Idiopathic Pulmonary Fibrosis; Interstitial Lung Disease; Progressive Pulmonary Fibrosis	—
NCT06878560	Phase 2	Recruiting	Sponsor	UTHR	—	ESRD (End-Stage Renal Disease); Kidney Transplantation; Xenotransplantation	—
NCT07224763	Phase 2	Recruiting	Sponsor	UTHR	—	ESRD (End-Stage Renal Disease); Kidney Transplantation; Xenotransplantation	—
NCT04358146	Not disclosed	Recruiting	Sponsor	UTHR	—	Gastroesophageal Reflux in Children	—
NCT03045029	Not disclosed	Active, not recruiting	Sponsor	UTHR	—	Pulmonary Arterial Hypertension	—
NCT06388421	Not disclosed	Recruiting	Sponsor	UTHR	—	Pulmonary Hypertension Due to Lung Diseases and Hypoxia; Pulmonary Hypertension; Interstitial Lung Disease	—
NCT06488274	Not disclosed	Recruiting	Sponsor	UTHR	—	Functional Gastrointestinal Disorders	—
NCT06481280	Not disclosed	Active, not recruiting	Sponsor	UTHR	—	Cow's Milk Allergy	—
NCT05203510	Not disclosed	Active, not recruiting	Sponsor	UTHR	—	Pulmonary Arterial Hypertension	—
NCT07037836	Phase 2	Recruiting	Collaborator	Bastiaan Driehuys	—	COPD (Chronic Obstructive Pulmonary Disease); Hypoxemia	2027 Est. Aug 12, 2027 · PCD + 6 wks (Jul 29-Aug 26)

Sponsor-matched active trials from ClinicalTrials.gov (11 as sponsor, 10 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 21 active trials for United Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Avoro Capital Advisors	2,777,777	+147,777	13.52%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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UTHR — United Therapeutics Corporation ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

UTHR — United Therapeutics Corporation