Core Viewpoint - Liquidia Corporation has announced a sixth amendment to its agreement with HealthCare Royalty to secure up to an additional $100 million in financing to support the development of its product YUTREPIA™ and other corporate purposes [1][2]. Financing Details - The financing will be provided in three tranches: $25 million at closing, $50 million upon the first commercial sale of YUTREPIA after FDA approval, and $25 million upon mutual agreement after achieving net sales exceeding $100 million by June 30, 2026 [2]. - The total payments to HealthCare Royalty are capped at 175% of the amounts advanced, with minimum rates of return set at 16%, 13%, and 12% for the new tranches [3]. Product Development Focus - Liquidia is focused on the commercial development of YUTREPIA for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [1][4]. - The company is also pursuing clinical trials for pediatric patients and further evaluations for WHO Group 1 and Group 3 patients [1]. Management Insights - The Chief Financial Officer of Liquidia expressed optimism that the new financing, combined with a successful launch of YUTREPIA, could lead the company to profitability without needing additional capital [3]. - The CEO of HealthCare Royalty emphasized the potential of YUTREPIA to meet unmet medical needs in patients with PAH and PH-ILD [3]. Company Overview - Liquidia Corporation specializes in developing innovative therapies for rare cardiopulmonary diseases, with a focus on pulmonary hypertension and proprietary PRINT® Technology [4]. - The company also markets generic Treprostinil Injection for PAH treatment and is developing L606, a sustained-release formulation of treprostinil [4]. HealthCare Royalty Overview - HealthCare Royalty is a leading royalty acquisition company that has invested over $5 billion in more than 90 biopharmaceutical products [5].

Core Viewpoint - Liquidia Corporation is set to report its full year 2024 financial results on March 19, 2025, and will host a live webcast to discuss these results and provide a corporate update [1]. Company Overview - Liquidia Corporation is a biopharmaceutical company focused on developing innovative therapies for patients with rare cardiopulmonary diseases [3]. - The company is currently developing and commercializing products for pulmonary hypertension using its proprietary PRINT® Technology [3]. - Liquidia's lead candidate is YUTREPIA™ (treprostinil) inhalation powder, aimed at treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [3]. - The company is also working on L606, a sustained-release formulation of treprostinil, and markets generic Treprostinil Injection for PAH treatment [3].

Stock Performance - Liquidia Technologies Inc (LQDA) shares rallied 5 7% in the last trading session closing at $13 62 driven by higher trading volume compared to a typical session [1] - The stock has gained 12 7% over the past four weeks [1] Product Development - The stock price rise is likely due to anticipation of final FDA approval and launch of Yutrepia (treprostinil) inhalation powder in 2025 which received temporary FDA approval in 2023 [2] - Yutrepia is indicated for treating pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease [2] Financial Expectations - The company is expected to post a quarterly loss of $0 39 per share representing a year-over-year improvement of +7 1% [3] - Revenues are expected to be $5 13 million up 13 2% from the year-ago quarter [3] - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days [4] Industry Comparison - Liquidia Technologies is part of the Zacks Medical - Biomedical and Genetics industry [4] - Puma Biotech (PBYI) another stock in the same industry closed the last trading session 0 3% higher at $2 98 and has returned 5 7% in the past month [4] - For Puma Biotech the consensus EPS estimate for the upcoming report has changed +50% over the past month to $0 14 representing a change of -54 8% from the year-ago quarter [5] Stock Ratings - Liquidia Technologies currently carries a Zacks Rank 2 (Buy) [4] - Puma Biotech currently has a Zacks Rank of 3 (Hold) [5]

Core Insights - Liquidia Corporation will present at the 43rd Annual J.P. Morgan Healthcare Conference on January 15, 2025, at 9:45 a.m. Pacific Time [1] - The presentation will be accessible via a live audio-only webcast on the company's investors page [2] Company Overview - Liquidia Corporation is a biopharmaceutical company focused on developing innovative therapies for rare cardiopulmonary diseases [3] - The company is currently developing products for pulmonary hypertension using its proprietary PRINT Technology, including its lead candidate YUTREPIA™ (treprostinil) inhalation powder [3] - Liquidia is also working on L606, a sustained-release formulation of treprostinil, and markets generic Treprostinil Injection for the treatment of pulmonary arterial hypertension (PAH) [3]

Core Viewpoint - Liquidia Technologies, Inc. (LQDA) shows significant upside potential with a mean price target of $25.44, indicating a 132.5% increase from the current price of $10.94 [1] Price Targets and Estimates - The mean estimate consists of nine short-term price targets with a standard deviation of $4.90, suggesting variability in analyst predictions [2] - The lowest estimate of $17 indicates a 55.4% increase, while the highest estimate suggests a surge of 183.4% to $31 [2] - Analysts' price targets should be approached with skepticism, as they may not accurately reflect future stock movements [5][8] Analyst Sentiment - There is strong agreement among analysts regarding LQDA's potential for better earnings, supported by positive revisions in earnings estimates [4][9] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 9.6%, with six estimates moving higher [10] Zacks Rank - LQDA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors [11] - This rank, along with a strong track record, indicates a promising potential upside for the stock in the near term [11] Conclusion on Price Movement - While the consensus price target may not be a reliable indicator of the magnitude of gains, it does provide a directional guide for potential price movements [12]

Core Viewpoint - Liquidia Technologies, Inc. (LQDA) shows significant upside potential with a mean price target of $25.44, indicating a 126.1% increase from the current trading price of $11.25 [1] Price Target Analysis - The mean estimate consists of nine short-term price targets with a standard deviation of $4.90, suggesting variability in analyst predictions [2] - The lowest estimate of $17 indicates a 51.1% increase, while the highest estimate suggests a 175.6% surge to $31 [2] - A low standard deviation indicates a high degree of agreement among analysts regarding the stock's price movement [7] Earnings Estimates - Analysts have shown increasing optimism about LQDA's earnings prospects, with a strong consensus in revising EPS estimates higher [9] - Over the last 30 days, six estimates have increased while one has decreased, leading to a 9.6% rise in the Zacks Consensus Estimate [10] - LQDA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] Caution on Price Targets - While price targets are a common tool for investors, they can often mislead, as empirical research indicates they rarely predict actual stock price movements accurately [5][6] - Investors should treat price targets with skepticism and not rely solely on them for investment decisions [8]

Group 1 - The article discusses the competitive landscape in the biotech sector, particularly focusing on United Therapeutics and its significant rivals [2] - It highlights the importance of providing catalysts for investors, including buy and sell ratings, product sales forecasts, and integrated financial statements [2] - The author, a biotech consultant, has extensive experience covering over 1,000 companies in the biotech, healthcare, and pharma sectors [2] Group 2 - The article emphasizes the need for detailed reports and market analysis to aid both novice and experienced investors in making informed decisions [2] - It mentions the availability of investment bank-grade financial models and research for subscribers [1] - The content is aimed at enhancing investor knowledge and understanding of the biotech market dynamics [2]

Liquidia Corporation (NASDAQ:LQDA) Q3 2024 Earnings Conference Call November 13, 2024 8:30 AM ET Company Participants Jason Adair - Chief Business Officer Roger Jeffs - Chief Executive Officer Rusty Schundler - General Counsel Rajeev Saggar - Chief Medical Officer Michael Kaseta - Chief Operating Officer & Chief Financial Officer Scott Moomaw - Chief Commercial Officer Conference Call Participants Julian Harrison - BTIG Jason Gerberry - Bank of America Greg Harrison - Scotiabank Kambiz Yazdi - Jefferies Cor ...

Financial Performance - Liquidia Technologies reported a quarterly loss of $0.37 per share, which aligns with the Zacks Consensus Estimate, compared to a loss of $0.24 per share a year ago [1] - The company posted revenues of $4.45 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 0.75%, and up from $3.68 million year-over-year [2] - Over the last four quarters, Liquidia has not surpassed consensus EPS estimates and has topped revenue estimates only once [2][3] Stock Performance - Liquidia Technologies shares have declined approximately 11.6% since the beginning of the year, while the S&P 500 has gained 25.5% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.38 on revenues of $5.21 million, and for the current fiscal year, it is -$1.69 on revenues of $16 million [7] Industry Outlook - The Medical - Biomedical and Genetics industry, to which Liquidia belongs, is currently ranked in the top 26% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Liquidia's stock performance [5][6]

Financial Performance - Revenue for the three months ended September 30, 2024, was $4.448 million, an increase from $3.678 million for the same period in 2023, representing a growth of 20.9%[16] - Total costs and expenses for the three months ended September 30, 2024, were $33.637 million, compared to $18.569 million for the same period in 2023, reflecting an increase of 81.1%[16] - The net loss for the three months ended September 30, 2024, was $23.155 million, compared to a net loss of $15.790 million for the same period in 2023, representing an increase in loss of 46.7%[16] - The company reported a loss from operations of $29.189 million for the three months ended September 30, 2024, compared to a loss of $14.891 million in the same period last year, indicating a deterioration of 96.1%[16] - Net loss for the nine months ended September 30, 2024, was $92,025,000, compared to a net loss of $51,052,000 for the same period in 2023[20] Expenses - Research and development expenses for the three months ended September 30, 2024, were $11.890 million, up from $7.440 million in the same period last year, indicating a rise of 59.5%[16] - General and administrative expenses for the three months ended September 30, 2024, were $20.182 million, compared to $10.559 million in the prior year, marking an increase of 91.5%[16] - Stock-based compensation increased to $13,777,000 for the nine months ended September 30, 2024, from $7,538,000 in the prior year[20] - Stock-based compensation expense for the nine months ended September 30, 2024, was $13.8 million, up from $7.5 million for the same period in 2023[98] Cash and Equity - Cash and cash equivalents at the end of the period were $204,368,000, significantly up from $76,225,000 at the end of September 30, 2023[20] - The company’s additional paid-in capital increased to $631,556,000 as of September 30, 2024, from $560,614,000 as of June 30, 2024[18] - The total stockholders' equity as of June 30, 2024, was $62,722,000, an increase from $47,293,000 as of December 31, 2023[18] Investments and Financing - Proceeds from the sale of common stock, net of issuance costs, amounted to $138,893,000 during the nine months ended September 30, 2024[20] - The company raised approximately $53.7 million from a public offering and $10.0 million from a private offering on September 12, 2024[35] - The company entered into a Fifth Amendment to the Revenue Interest Financing Agreement, receiving an additional $32.5 million, totaling $100 million in funding[34] Research and Development - The company anticipates continued investment in research and development to support future product candidates and market expansion[8] - The company is focused on developing treatments for rare cardiopulmonary diseases, including pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD)[22] - The company is developing L606, an investigational liposomal formulation of treprostinil, currently in an open-label study for PAH and PH-ILD[26] - The company capitalized costs of $7.4 million associated with the production of YUTREPIA, anticipating regulatory approval and future economic benefits[70] Legal Matters - The company is currently involved in ongoing litigation with United Therapeutics, which may impact future operations and financial performance[9] - The Indemnification Asset related to the RareGen litigation is expected to increase due to ongoing legal expenses, with a conclusion unlikely before September 30, 2025[78] - The Company filed a lawsuit in the D.C. District Court challenging the FDA's decision to grant three-year regulatory exclusivity to Tyvaso DPI, with a summary judgment hearing scheduled for December 5, 2024[151] - The Company is involved in ongoing litigation regarding antitrust claims related to the drug treprostinil, with a settlement agreement reached in 2021[156] Operational Commitments - The company has non-cancelable commitments for product manufacturing and supply costs of approximately $14.7 million[142] - The company has a multi-year supply agreement with LGM Pharma, LLC, requiring a minimum annual purchase commitment of $2.7 million for active pharmaceutical ingredients for YUTREPIA[141] - The company has entered into a Device Development and Supply Agreement with Mainbridge Health Partners to develop a new pump for subcutaneous administration of Treprostinil Injection[132] Stock and Options - The fair value of stock options as of September 30, 2024, was reported at 9,113,427, compared to 9,573,680 as of December 31, 2023[66] - As of September 30, 2024, the company had 9,049,858 outstanding stock options with a weighted average exercise price of $4.76 and an aggregate intrinsic value of $47.835 million[103] - The company granted 2,146,517 restricted stock units (RSUs) during the nine months ended September 30, 2024, with a weighted average grant-date fair value of $12.57 per RSU[106] Revenue Recognition - Revenue is recognized in accordance with ASC 606, reflecting the transfer of promised goods or services to customers[54] - Approximately 98% of revenue during the three and nine months ended September 30, 2024, was generated from the Promotion Agreement with Sandoz[108]