Financial Data and Key Metrics Changes - The company closed the quarter with over $173 million in cash and cash equivalents, positioning itself well for future growth and profitability [13] - Revenue for the second quarter was $8.8 million, with $6.5 million from Eutrebia product sales and $2.3 million from service revenue related to a promotion agreement [13][14] - Expenses were in line with expectations as the company transitioned into commercialization mode, with anticipated increases in R&D expenses for ongoing studies [14][15] Business Line Data and Key Metrics Changes - Eutrebia has seen over 900 unique patient prescriptions and more than 550 patient starts within the first eleven weeks of launch, indicating strong market adoption [5][6] - The conversion rate from prescriptions to patient starts was 75% during the first six weeks, showcasing effective market penetration despite initial barriers [9][10] Market Data and Key Metrics Changes - The company has observed broad demand from cardiologists and pulmonologists, treating a diverse patient population including those new to prostacyclin therapy and those switching from existing treatments [7][8] - The ASCENT study demonstrated favorable tolerability, with only 18.5% of patients discontinuing treatment at week sixteen, contrasting sharply with higher discontinuation rates seen in competitors [10][11] Company Strategy and Development Direction - The company aims to build long-term leadership in the prostacyclin market through a differentiated product profile and robust commercial strategies [17] - Plans include expanding manufacturing capabilities to potentially triple production capacity by 2026, supporting ongoing growth [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of Eutrebia, anticipating further acceleration as market access improves and payer engagement increases [21][22] - The company is focused on leveraging early successes to enhance brand awareness and expand its prescriber base [56][57] Other Important Information - The company plans to host an R&D day in the fall to provide updates on ongoing studies, particularly for L-six zero six, which is expected to complement Eutrebia's market presence [18][73] - The company has signed contracts with major commercial payers, which are expected to enhance patient access and reimbursement in the near future [62][63] Q&A Session Summary Question: Weekly growth trends for Eutrebia - Management noted that uptake has been accelerating over time, with each week showing improvement in prescription rates [21] Question: PAH versus PHILD patient mix - The company refrained from disclosing specific numbers regarding the patient mix, citing the need for clarity in data collection [22] Question: Median versus average six-minute walk data in ASCENT trial - Management explained that median data is more reflective and less susceptible to outliers, providing a clearer picture of treatment efficacy [24][25] Question: Proportion of paid drug associated with patient starts - The company indicated that less than 50% of patient starts have been on free voucher drugs, aligning with expectations from previous launches [30][31] Question: Gross to net assumptions for Eutrebia - Management stated that they have not projected gross to net figures yet but expect improved access as new market blocks are removed [43][44] Question: Update on patent litigation - The company is awaiting a decision from the judge regarding the patent litigation, with an accelerated timeline for the ruling [66] Question: Implications of competitor studies on orphan drug exclusivity - Management indicated that if competitors succeed, they would develop L-six zero six to benefit from the market once exclusivity expires [69]

Liquidia Corporation 2Q2025 Financial Results & Corporate Update August 12, 2025 ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Forward-looking statements ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 3 Rapid adoption over last 11 weeks! As of August 8, 2025 This presentation includes, and our response to questions may include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). All statements contained in this presentation other than statements ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal quarter ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39724 LIQUIDIA CORPORATION (Exact Name of Registrant as Specified in Its Charter) | Delaware | 85-1710962 | | -- ...

[Corporate Overview and Highlights](index=1&type=section&id=Corporate%20Overview%20and%20Highlights) The company achieved significant milestones in Q2 2025, including FDA approval and successful commercial launch of YUTREPIA, securing financing, and positive clinical data, positioning for growth [CEO Statement & Key Achievements](index=1&type=section&id=CEO%20Statement%20%26%20Key%20Achievements) The CEO highlighted Q2 as a defining period, marked by successful FDA approval and rapid commercial launch of YUTREPIA™ for PAH and PH-ILD, with initial market uptake exceeding expectations and positive interim data from the ASCENT study reinforcing its profile - YUTREPIA™ achieved over **900** unique patient prescriptions and **550** patient starts within the first 11 weeks of its commercial launch[3](index=3&type=chunk)[6](index=6&type=chunk) - The initial launch success was achieved with broad demand from both cardiologists and pulmonologists, even ahead of securing full payor coverage, indicating strong underlying clinical demand[4](index=4&type=chunk) - Interim data from the ASCENT study in PH-ILD patients showed a median improvement in six-minute walk distance (6MWD) of **31.5 meters** at Week 16, with a favorable tolerability profile and no discontinuations due to drug-related adverse events like cough[5](index=5&type=chunk)[6](index=6&type=chunk) - The company is well-capitalized to scale YUTREPIA access and expand clinical programs following recent funding under its financing agreement with Healthcare Royalty (HCRx)[6](index=6&type=chunk) [Second Quarter and Recent Corporate Highlights](index=2&type=section&id=Second%20Quarter%20and%20Recent%20Corporate%20Highlights) This section details key corporate events in Q2 2025, including the FDA approval of YUTREPIA, its commercial launch, securing $50 million in financing, leasing a new 70,000 sq ft manufacturing facility, and positive interim data from the ASCENT trial - On May 23, 2025, the FDA approved YUTREPIA™ for treating PAH and PH-ILD, with the commercial launch and first shipments initiated in the first week of June 2025[10](index=10&type=chunk) - The company secured **$50.0 million** on June 23, 2025, under its financing agreement with HCRx following the first commercial sale of YUTREPIA[10](index=10&type=chunk) - To support future growth, Liquidia signed a lease on June 16, 2025, for an additional **70,000 square feet** of manufacturing space, targeted for occupancy in 2026[10](index=10&type=chunk) - The ASCENT open-label study was fully enrolled with **54** PH-ILD patients, and interim data showed good tolerability, with only **2 of 26** patients reporting a moderate cough and no change in mean cough scores through Week 16[10](index=10&type=chunk) [Q2 2025 Financial Performance](index=2&type=section&id=Q2%202025%20Financial%20Performance) Liquidia's Q2 2025 financial performance reflects initial YUTREPIA sales, increased net loss due to commercialization expenses, and a strong cash position [Financial Results Summary](index=2&type=section&id=Financial%20Results%20Summary) For Q2 2025, Liquidia reported total revenue of $8.8 million, primarily from YUTREPIA product sales, with a net loss increasing to $41.6 million due to a 95% rise in SG&A expenses for commercialization and a 36% decrease in R&D spending Q2 2025 vs Q2 2024 Financial Performance (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Product Revenue, net** | $6.5 | $0.0 | +$6.5 | | **Service Revenue, net** | $2.3 | $3.7 | -$1.4 | | **Total Revenue** | $8.8 | $3.7 | +$5.1 | | **R&D Expenses** | $6.0 | $9.4 | -36% | | **SG&A Expenses** | $38.8 | $19.9 | +95% | | **Net Loss** | ($41.6) | ($28.7) | +$12.9 | | **Net Loss Per Share** | ($0.49) | ($0.38) | +$0.11 | - Cash and cash equivalents stood at **$173.4 million** as of June 30, 2025, a slight decrease from **$176.5 million** at the end of 2024[8](index=8&type=chunk) - The **95%** increase in SG&A expenses was primarily driven by higher headcount for commercialization activities (**$8.8 million**), increased legal fees for ongoing litigation (**$5.8 million**), and commercial/consulting expenses (**$2.3 million**)[13](index=13&type=chunk) - The **36%** decrease in R&D expenses was mainly due to a shift in personnel from R&D to commercial activities and lower expenses for YUTREPIA development, partially offset by increased clinical expenses for the L606 program[12](index=12&type=chunk) [Condensed Financial Statements](index=7&type=section&id=Condensed%20Financial%20Statements) The unaudited condensed financial statements provide a detailed view of Liquidia's financial position and operational results, with the balance sheet showing total assets of $257.4 million and total liabilities of $242.2 million as of June 30, 2025, and a net loss of $41.6 million for the quarter Condensed Consolidated Balance Sheet Data (unaudited, in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $173,422 | $176,479 | | Total assets | $257,410 | $230,313 | | Total liabilities | $242,221 | $150,935 | | Total stockholders' equity | $15,189 | $79,378 | Condensed Consolidated Statements of Operations (unaudited, in thousands) | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenue | $8,837 | $3,659 | | Total costs and expenses | $46,342 | $30,856 | | Loss from operations | ($37,505) | ($27,197) | | Total other expense, net | ($4,074) | ($1,471) | | Net loss and comprehensive loss | ($41,579) | ($28,668) | [Product Portfolio and Pipeline](index=3&type=section&id=Product%20Portfolio%20and%20Pipeline) Liquidia's portfolio includes the recently approved YUTREPIA, the investigational L606, and a generic treprostinil injection, leveraging proprietary technology for pulmonary hypertension treatments [YUTREPIA™ (treprostinil) Inhalation Powder](index=3&type=section&id=YUTREPIA%E2%84%A2%20(treprostinil)%20Inhalation%20Powder) YUTREPIA is an FDA-approved inhaled dry-powder formulation of treprostinil for treating PAH and PH-ILD, developed using Liquidia's proprietary PRINT® technology for enhanced lung deposition via a convenient, low-effort device - Indicated for the treatment of PAH and PH-ILD to improve exercise ability[16](index=16&type=chunk) - Utilizes PRINT® technology to create precise and uniform drug particles for enhanced delivery to the lung[16](index=16&type=chunk) [L606 (liposomal treprostinil) Inhalation Suspension](index=4&type=section&id=L606%20(liposomal%20treprostinil)%20Inhalation%20Suspension) L606 is an investigational, sustained-release liposomal formulation of treprostinil administered twice daily with a next-generation nebulizer, currently being evaluated in an open-label study for PAH and PH-ILD, with a global pivotal study planned for PH-ILD treatment - L606 is an investigational, sustained-release formulation of treprostinil administered twice-daily[17](index=17&type=chunk) - A global pivotal placebo-controlled efficacy study is planned for the treatment of PH-ILD[17](index=17&type=chunk) [Treprostinil Injection](index=4&type=section&id=Treprostinil%20Injection) This is a first-to-file, fully substitutable generic treprostinil for parenteral administration, equivalent to Remodulin, marketed in the United States through a commercial partnership with Sandoz - A fully substitutable generic treprostinil for parenteral administration[18](index=18&type=chunk) - Marketed in the U.S. in partnership with commercial partner Sandoz[18](index=18&type=chunk) [Other Information](index=5&type=section&id=Other%20Information) This section addresses forward-looking statements, highlighting litigation risks and the revision of prior financial statements due to immaterial accounting errors [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains standard cautionary language advising investors that the press release includes forward-looking statements involving significant risks and uncertainties, including ongoing patent litigation with United Therapeutics, which could materially affect actual results - The press release contains forward-looking statements with significant risks and uncertainties, and actual results could differ materially[23](index=23&type=chunk) - A key risk highlighted is the ongoing litigation with United Therapeutics, which is seeking an injunction that could block the continued sale of YUTREPIA[23](index=23&type=chunk) [Financial Statement Revision](index=6&type=section&id=Financial%20Statement%20Revision) The company disclosed that during Q1 2025, it identified and corrected immaterial errors in its accounting treatment of amendments to the HCR Agreement, leading to the voluntary revision of previously issued 2024 annual and interim financial statements - Immaterial errors were identified in the accounting treatment for the fourth and fifth amendments to the HCR Agreement[24](index=24&type=chunk) - Previously issued 2024 financial statements have been revised to correct the errors, with the financial data presented in this press release reflecting these revisions[24](index=24&type=chunk)

Core Viewpoint - Liquidia Corporation reported strong early commercial performance and clinical evidence for its newly approved product YUTREPIA, indicating significant market demand and potential for growth in treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [2][3][5] Company Highlights - The FDA approved YUTREPIA on May 23, 2025, and it was commercially launched in June 2025, with over 900 unique patient prescriptions and more than 550 patient starts recorded within 11 weeks post-launch [6][7] - The initial demand for YUTREPIA has exceeded expectations, with 75% of prescriptions converting to treatment starts in the first six weeks [7] - Liquidia has signed a lease for approximately 70,000 square feet of additional manufacturing space, targeted for occupancy in 2026, to support continued growth [7] - The company received $50 million under its financing agreement with Healthcare Royalty following the first commercial sale of YUTREPIA [7] Clinical Evidence - The ongoing ASCENT study has shown positive interim data, with median improvements in six-minute walk distance of 21.5 meters at Week 8 and 31.5 meters at Week 16, reinforcing YUTREPIA's tolerability and efficacy profile [4][8] - The study fully enrolled 54 patients, with no discontinuations due to drug-related adverse events, indicating a favorable safety profile [4][8] Financial Performance - As of June 30, 2025, Liquidia reported cash and cash equivalents of $173.4 million, a slight decrease from $176.5 million at the end of 2024 [9][27] - Product revenue for the second quarter of 2025 was $6.5 million, marking the first revenue recognition following YUTREPIA's approval [9][28] - Service revenue decreased to $2.3 million from $3.7 million in the same period last year, primarily due to unfavorable gross-to-net returns [10][28] - Research and development expenses decreased by 36% to $6.0 million, reflecting a shift towards commercialization activities [12][28] - Selling, general and administrative expenses increased by 95% to $38.8 million, driven by higher personnel costs and legal fees related to ongoing litigation [13][28] - The net loss for the second quarter was $41.6 million, or $0.49 per share, compared to a net loss of $28.7 million, or $0.38 per share, in the prior year [14][28]

MORRISVILLE, N.C., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, announced today that it will report its second quarter 2025 financial results on Tuesday, August 12, 2025. The company will host a webcast at 8:30 a.m. Eastern Time to discuss its financial results and provide a corporate update. The webcast will be available on Liquidia's website at https://liquidia.com/investor ...

Group 1 - The article emphasizes value-oriented investment ideas, particularly in mid/small cap stocks, and highlights the importance of identifying orphaned and unfashionable investment opportunities with potential catalysts for asymmetric upside/downside payoffs [1] - There is a noted shift towards being influenced more by momentum and quality in investment decisions compared to previous approaches [1] Group 2 - The author has a beneficial long position in LQDA shares, indicating a personal investment interest in the company [2] - The information presented is based on sources believed to be reliable, but it has not been independently verified, suggesting a need for caution in interpreting the data [3]

Core Insights - Liquidia Corporation has received an additional $50 million under its financing agreement with Healthcare Royalty following a legal victory against United Therapeutics Corporation, allowing for the commercial sale of YUTREPIA™ [1][2] - The funding will accelerate the launch of YUTREPIA, advance Liquidia's clinical pipeline, and support future manufacturing operations [2] - Liquidia has now received a total of $175 million of the $200 million available under the financing agreement, with an additional $25 million contingent on achieving net sales of YUTREPIA exceeding $100 million by June 30, 2026 [2] Company Overview - Liquidia Corporation is focused on developing innovative therapies for rare cardiopulmonary diseases, particularly pulmonary hypertension [8] - The company utilizes its proprietary PRINT® technology to create drug formulations, including YUTREPIA, which is approved for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [8] - Liquidia is also developing L606, a sustained-release formulation of treprostinil, and markets generic Treprostinil Injection for PAH treatment [8] Product Information - YUTREPIA is an inhaled dry-powder formulation of treprostinil designed for ease of use and enhanced lung deposition [5] - The product is currently undergoing clinical trials, including the ASCENT trial, to evaluate its safety and tolerability in patients with PH-ILD [5] - YUTREPIA was previously known as LIQ861 during its investigational studies [5] Market Context - Pulmonary arterial hypertension (PAH) affects an estimated 45,000 patients in the U.S., with no current cure, making symptom management and quality of life improvement critical [3] - Pulmonary hypertension associated with interstitial lung disease (PH-ILD) has a prevalence of over 60,000 patients in the U.S., with many cases underdiagnosed [4]

Summary of Liquidia Corp (LQDA) 2025 Conference Call Company Overview - **Company**: Liquidia Corp (LQDA) - **Product**: Eutrebia, an inhaled treprostinil formulation approved for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PHILD) [4][12] Key Points and Arguments Product Approval and Launch - Eutrebia received approval on May 23, 2025, for both PAH and PHILD, allowing simultaneous launch into both indications [4][12] - The product is based on PRINT technology, enabling the creation of dry particles in the respirable range, which enhances efficacy, safety, and convenience [4][5] Differentiation Factors - **Safety**: Eutrebia avoids upper airway deposition, reducing cough and throat irritation, which are common with incumbent products [5] - **Efficacy**: The formulation allows for higher therapeutic doses, potentially 3 to 4 times the current standard [5] - **Convenience**: The low resistance device does not require energy for de-aggregation, making it easier for patients to use [5][6] Market Potential - Historical precedents in the PAH market suggest that addressing safety, efficacy, and convenience can lead to significant market share conversion within 12 to 18 months [6][10] - The oral prostacyclin market is valued at $2 billion in North America, with Tyvaso generating similar revenue, indicating a substantial opportunity for Eutrebia [32] Pricing and Patient Access - Eutrebia is priced at parity with Tyvaso DPI, ensuring competitive positioning [12][13] - A 28-day voucher program allows patients to start therapy immediately while awaiting reimbursement, enhancing access [13][14] Launch Metrics and Supply Chain - Shipments began five business days post-approval, with patient prescriptions filled shortly thereafter [15] - The company has built a robust supply chain, ensuring sufficient inhaler availability for a successful launch [16][17] Sales Strategy - Liquidia has a sales force of approximately 60, targeting 6,500 key prescribers across 150 centers of excellence and 750 community centers [21][22] - The company aims to match or exceed the share of voice of competitors, focusing primarily on Eutrebia [23] Clinical Data and Reception - Initial data from the ASCENT study shows promising tolerability and efficacy, with only one dropout due to a respiratory infection among the first 20 patients [25][26] - There is significant enthusiasm among doctors for transitioning patients from nebulized Tyvaso to Eutrebia, indicating a potential shift in treatment paradigms [29] Future Studies and Development - A prospective study will be initiated to demonstrate the efficacy of transitioning patients from nebulized therapies to Eutrebia [31] - Liquidia is also developing L606, a next-generation liposomal formulation aimed at providing a twice-daily dosing option [46][49] Legal Landscape - Liquidia has faced multiple lawsuits from United Therapeutics but has been successful in defending its position, with ongoing litigation expected to resolve favorably [59][60] Financial Outlook - The company anticipates reaching profitability within three to four quarters post-launch, supported by efficient processes and existing cash reserves [37][38] Additional Important Points - Liquidia is focused on changing the standard of care for PAH and PHILD patients, aiming to establish Eutrebia as the first-choice treatment option [32][36] - The company is preparing to provide detailed launch metrics and patient access information in future earnings calls [18][19] This summary encapsulates the critical insights from the Liquidia Corp conference call, highlighting the company's strategic positioning, product differentiation, market potential, and future growth plans.

Core Insights - Liquidia Corporation has announced the first commercial shipment of YUTREPIA™ (treprostinil) inhalation powder, following FDA approval on May 23, 2025, for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [1][6] - The company has moved quickly to promote YUTREPIA, with its sales force actively engaging in the market just over a week after FDA approval [2] - A recent court ruling denied United Therapeutics' request for a preliminary injunction against Liquidia, allowing for the full commercial launch of YUTREPIA [2] Company Overview - Liquidia Corporation is a biopharmaceutical company focused on developing innovative therapies for rare cardiopulmonary diseases, particularly in pulmonary hypertension [9] - The company utilizes its proprietary PRINT technology to create drug formulations, including YUTREPIA, which is designed for enhanced lung deposition [5][9] - Liquidia is also developing L606, a sustained-release formulation of treprostinil, and markets generic Treprostinil Injection for PAH treatment [9] Product Information - YUTREPIA is an inhaled dry-powder formulation of treprostinil, delivered through a user-friendly device, aimed at providing a new therapeutic option for patients with PAH and PH-ILD [5][6] - The product was previously known as LIQ861 during investigational studies and has undergone clinical trials to establish its safety and efficacy [5] Disease Context - PAH is a rare, chronic disease affecting approximately 45,000 patients in the U.S., with no current cure, making symptom management and quality of life improvement critical [3] - PH-ILD encompasses a range of pulmonary diseases affecting over 60,000 patients in the U.S., with associated poor survival rates [4]