Arquitos Capital Management’s Updates on Liquidia Corporation (LQDA)

Core Insights - Arquitos Capital Management achieved a net return of 29.6% in Q3 2025, resulting in year-to-date gains of 66.8% [1] - The firm focuses on a select group of companies and is willing to hold investments for many years to realize their value [1] Company Highlights - Liquidia Corporation (NASDAQ:LQDA) is a biopharmaceutical company that addresses unmet patient needs in the U.S. [2] - Liquidia's stock experienced a one-month return of 21.31% and a remarkable 196.82% increase over the past 52 weeks [2] - As of December 10, 2025, Liquidia's stock closed at $32.68, with a market capitalization of $2.843 billion [2] Investment Strategy - Arquitos Capital Management's exposure to Liquidia Corporation is primarily through long-dated call options, indicating strong conviction in the company's long-term potential [3] - Liquidia's share price rose from $11.76 at the beginning of the year to $22.74 at the end of Q3 2025 [3]