Core Insights - Liquidia aims to revolutionize care for patients with respiratory and vascular diseases through innovative therapies that enhance drug delivery and improve patient outcomes [3]. Company Overview - Liquidia's leadership team is actively involved in the company's initiatives, emphasizing the importance of communication and engagement with stakeholders [1]. - The company is hosting its first R&D Day to share insights and developments in its research and product pipeline [1]. Product Development Focus - The ideal product profile for inhaled treprostinil delivery is centered around five key elements, which include targeted lung delivery to minimize off-target effects and toxicities associated with oral and intravenous administration [4].

Summary of Liquidia Corp (NasdaqCM:LQDA) 2025 R&D Day Company Overview - **Company**: Liquidia Corp - **Event**: 2025 R&D Day held on October 28, 2025 - **Focus**: Innovative therapies for respiratory and vascular diseases, particularly pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PHILD) [1][2] Key Industry Insights - **Market Need**: There is a significant unmet need for effective therapies in the treatment of PAH and PHILD, with many patients underdiagnosed and undertreated [12][14] - **Therapeutic Approach**: The ideal inhaled treprostinil delivery system should optimize five key elements: targeted lung delivery, portability, tolerability, titratability, and simple dosing regimen [3][4] Core Product Insights - **Current Product**: Eutrebia, an inhaled treprostinil option, addresses four of the five ideal elements, with a dosing frequency of four times a day [4][5] - **Next Generation Product**: L-six zero six, a liposomal sustained release formulation, aims to reduce the dosing regimen to twice daily while maintaining efficacy and tolerability [5][6][89] Clinical Data and Findings - **ASCENT Study**: An open-label study assessing the safety and tolerability of Eutrebia in patients with PHILD, showing promising results with a 27.8% discontinuation rate, comparable to other inhaled therapies [52][53] - **Dosing Strategy**: The study allowed for rapid titration to higher doses, achieving significant improvements in six-minute walk distance, surpassing the clinically relevant threshold of 30 meters [72][79] - **Cough Tolerability**: Cough was the most common adverse event but was predominantly mild, with no discontinuations related to the treatment [67][70] Expert Perspectives - **Clinical Experience**: Experts emphasized the importance of early diagnosis and treatment of pulmonary hypertension, particularly in patients with interstitial lung disease, to improve survival outcomes [18][20] - **Future Directions**: The potential for L-six zero six to provide continuous therapeutic exposure and improve patient outcomes was highlighted, with ongoing studies expected to validate its efficacy [88][90] Additional Considerations - **Background Therapy**: Many patients in the ASCENT study were on background therapies, including PD-5 inhibitors, which may have influenced outcomes [58][59] - **Real-World Application**: The findings from the ASCENT study reflect real-world clinical practice, indicating a shift towards earlier initiation of prostacyclin therapy due to improved tolerability and efficacy [36][79] This summary encapsulates the key points discussed during the Liquidia Corp R&D Day, focusing on the company's innovative approaches to treating pulmonary hypertension and the promising data from their clinical studies.

Liquidia R&D Day Webcast presentation October 28, 2025 ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Forward-looking statements 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 of historical facts, including statements regarding our future results of operations and financial position, our strategic and fina ...

Group 1: Amazon Job Cuts - Amazon plans to cut up to 30,000 corporate jobs, representing about 10% of its professional workforce [8] - The layoffs are aimed at reducing expenses and addressing overhiring during the pandemic peak [8] - Affected divisions include human resources, devices and services, and operations [8] Group 2: Social Media Compliance in Australia - Meta, Snap, and TikTok will comply with Australia's social media ban for users under 16, effective December 10 [10] - The law requires platforms to take reasonable steps to block underage users or face fines up to A$49.5 million ($32.5 million) [10] - The platforms previously argued that the ban could push young users to less regulated areas of the internet [11] Group 3: Strategy's Credit Rating - S&P Global Ratings assigned Strategy a junk level 'B-' credit rating, marking the first rating for a bitcoin treasury company [11] - The rating reflects high bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low U.S. dollar liquidity [12] - A rating upgrade is unlikely in the next 12 months but could occur if the company improves liquidity and access to capital markets [12]

Core Viewpoint - Liquidia Corporation is set to report its third quarter 2025 financial results on November 3, 2025, and will host a webcast to discuss these results and provide a corporate update [1]. Group 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 approved product, YUTREPIA™ (treprostinil) inhalation powder, is used for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PHILD) [3]. - The company is also working on L606, an investigational sustained-release formulation of treprostinil, which is administered twice daily with a next-generation nebulizer [3]. - Additionally, Liquidia markets a generic version of Treprostinil Injection for PAH treatment [3]. Group 2: Webcast Information - The upcoming webcast will be available on Liquidia's website and will be archived for one year [2].

Core Viewpoint - Liquidia Technologies, Inc. (LQDA) has seen a 6.7% increase in share price over the past four weeks, closing at $24.44, with a potential upside of 50.9% based on Wall Street analysts' mean price target of $36.89 [1][11]. Price Targets and Analyst Estimates - The mean estimate consists of nine short-term price targets with a standard deviation of $13.63, indicating variability among analysts [2]. - The lowest estimate is $6.00, suggesting a 75.5% decline from the current price, while the highest estimate is $54.00, indicating a potential surge of 121% [2]. - A low standard deviation signifies a strong agreement among analysts regarding the stock's price movement direction [9]. Earnings Estimates and Analyst Sentiment - Analysts show strong agreement in revising earnings estimates upward, which correlates with potential stock price increases [11]. - Over the past 30 days, one estimate has increased, leading to a 1.9% rise in the Zacks Consensus Estimate for the current year [12]. - LQDA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors [13]. Caution on Price Targets - While price targets are commonly referenced by investors, they can often mislead and should not be the sole basis for investment decisions [7][10]. - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8].

Performance Overview - Arquitos achieved a net return of 29.6% in Q2 2025, with a year-to-date return of 66.8% [3] - The fund's performance is evaluated on an absolute basis rather than relative to market indices [4][5] - The S&P 500 has returned 14.4% annually since the fund's inception, while small caps, represented by the Russell 2000, have returned 10.0% annually [7] Benchmarking Strategy - The Russell 2000 Small Cap Index will be used as the primary benchmark for Arquitos, reflecting the focus on smaller companies [9] - The fund's strategy involves holding investments for extended periods, allowing for business evolution and market recognition [10] Key Holdings Liquidia Corporation (LQDA) - Liquidia's share price increased from $11.76 to $22.74 in 2025, primarily through long-dated call options [10] - The FDA approved Liquidia's product Yutrepia in May 2025, which has shown strong initial demand with over 900 prescriptions in the first 11 weeks [11][12] - The share price may be affected by the upcoming ruling in the '327 patent dispute, with expectations of a favorable outcome [14] ENDI Corp (OTCQB:ENDI) - ENDI's share price rose from $11.43 to $17.50, with assets under management increasing to $4.2 billion [18][19] - The company holds approximately $53 million in cash and investments, with a market capitalization of about $95 million [20] Finch Therapeutics (OTCPK:FNCH) - Finch's share price increased from $11.30 to $12.28, following a jury trial win against Ferring Pharmaceuticals [21][22] - The potential for enhanced damages from the trial verdict could significantly increase Finch's share value [23] Investment Philosophy - The investment strategy emphasizes patience and long-term value, with a focus on total return over the holding period [24][25] - The fund's performance has been strong in 2025, with expectations for continued undervaluation in core holdings [25]

Core Insights - Liquidia Corporation is hosting its first Research & Development Day on October 28, 2025, in New York City, focusing on innovative therapies for rare cardiopulmonary diseases [1][3] Group 1: Event Details - The R&D Day will feature presentations from Liquidia's management and key opinion leaders in pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [2] - The agenda will include updates on L606, an investigational sustained-release formulation, and the flagship product YUTREPIA™ [2][3] - The event is intended for institutional investors and sell-side analysts, with options for in-person attendance and live webcasting [3][4] Group 2: Product Information - L606 is a twice-daily administered investigational formulation of treprostinil, utilizing a proprietary liposomal formulation for controlled drug release [5] - YUTREPIA is an inhaled dry-powder formulation of treprostinil designed for improved exercise ability in patients with PAH and PH-ILD, developed using Liquidia's PRINT® technology [6][7] - Liquidia is also marketing Treprostinil Injection, a fully substitutable generic of Remodulin for PAH treatment [7]

Core Insights - United Therapeutics (UTHR) is set to expand Tyvaso's label in the respiratory disease sector following positive results from the late-stage TETON-2 study, which demonstrated clinical benefits for idiopathic pulmonary fibrosis (IPF) patients after a year of treatment with nebulized Tyvaso [1][5] Study Results - The TETON-2 study achieved its primary endpoint, showing a 95.6 mL improvement in absolute forced vital capacity (FVC) for Tyvaso-treated patients compared to placebo, indicating enhanced lung function [2] - Treatment benefits were consistent across various patient subgroups, including those with different background therapies, smoking statuses, or oxygen use, and the safety profile was consistent with previous Tyvaso studies [2][6] Regulatory Plans - UTHR intends to meet with the FDA by the end of this year to potentially expedite the regulatory review process once results from the TETON-1 study are available, which is expected in the first half of 2026 [4][11] Market Potential - Approximately 100,000 IPF patients are estimated to be living in the United States, representing a significant untapped market with potential sales from the IPF indication possibly exceeding those from pulmonary arterial hypertension (PAH) [8] Competitive Landscape - The success of Tyvaso in IPF may also benefit smaller biotech companies like Insmed (INSM) and Liquidia Corporation (LQDA), which are developing or marketing treprostinil products [9] - Insmed is working on treprostinil palmitil inhalation powder (TPIP), which offers a once-daily dosing option, potentially positioning it as a competitor in the IPF space [10][12] - Liquidia has recently received FDA approval for Yutrepia, an inhaled treprostinil product, marking it as the first inhaled competitor for PAH and PH-ILD indications, and may also explore its application in IPF [13]

Core Insights - Liquidia Corporation will present two oral presentations at the CHEST 2025 annual meeting focusing on new data from the ASCENT trial related to LIQ861 DPI treprostinil in patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD) [1][2] Group 1: Presentation Details - The first presentation titled "Changes in Cardiac Effort in Pulmonary Hypertension-Interstitial Lung Disease: Insights from ASCENT" will be held on October 21, 2025, at 10:20 a.m. CT, presented by Dr. Dan Lachant [3] - The second presentation titled "Safety and Exploratory Efficacy Data of LIQ861 DPI Treprostinil in PH-ILD: ASCENT to Week 16" will also take place on October 21, 2025, at 1:52 p.m. CT, presented by Dr. Nicholas Kolaitis [3] Group 2: ASCENT Study Overview - The ASCENT study is an open-label, prospective, multicenter trial evaluating the safety and tolerability of LIQ861 in subjects with WHO Group 1 and 3 pulmonary hypertension, specifically focusing on a cohort of 54 subjects with PH-ILD [4] - The primary objective of the study is to assess the safety and tolerability of LIQ861, while exploratory objectives include evaluating its effects on exercise capacity, functional class, biomarkers, and imaging assessments [4] Group 3: Product Information - YUTREPIA™ is an inhaled dry-powder formulation of treprostinil designed for the treatment of pulmonary arterial hypertension (PAH) and PH-ILD, aimed at improving exercise ability [5] - The product utilizes Liquidia's PRINT technology, which allows for the creation of drug particles that are precise and uniform, enhancing deposition in the lungs [5] Group 4: Company Overview - Liquidia Corporation focuses on developing innovative therapies for rare cardiopulmonary diseases, with a current emphasis on pulmonary hypertension and applications of its proprietary PRINT technology [6] - The company has developed YUTREPIA™ as its first approved product and is also working on L606, an investigational sustained-release formulation of treprostinil [6]