Liquidia Corp (NasdaqCM:LQDA) Conference Call Summary Company Overview - **Company**: Liquidia Corp - **Event**: 2025 Conference - **Date**: November 10, 2025 - **Key Speakers**: Michael Kaseta (COO & CFO), Jason Adair (CBO) Key Points Product Launch and Financial Performance - Liquidia launched its product Yutrepia in May 2025, reporting over 2,000 prescriptions and 1,500 unique patient starts in the first full quarter, generating over $51 million in revenue [4][5] - The company achieved profitability in its first full quarter of launch and generated positive cash flow in September and October 2025 [4][5] Patient Demographics and Market Penetration - Patients are coming from various backgrounds, including PH, PH-ILD, naive patients, and transitions from other therapies like Tyvaso [6][7] - The majority of patients are from the PH segment, but the PH-ILD patient base is growing rapidly, with an addressable market estimated at over 60,000 patients [12][13] Clinical Data and Product Differentiation - The Ascent trial demonstrated that higher doses of Yutrepia lead to significant improvements in patient outcomes, with an average dose increase from 132.5 micrograms to 185.5 micrograms over 24 weeks, resulting in a walk improvement of 41 meters [9][10] - Liquidia's unique PRINT technology allows for better lung deposition and reduced side effects compared to competitors [8][29] Market Dynamics and Competitive Landscape - Liquidia has signed contracts with three major commercial payers, with two new-to-market blocks already removed, aiming for improved access for patients [19][20] - The market is currently estimated to be 50% Part D, 35% commercial, and 15% government-mandated channels [22] - Liquidia's focus remains on patient choice and addressing the challenges posed by existing oral treprostinil products, which have significant side effects [18][25] Future Growth and Development - Liquidia is committed to expanding its market share in both PH and PH-ILD, with ongoing efforts to educate physicians and build relationships [12][13] - The company is also exploring the potential of Yutrepia in treating pulmonary fibrosis (IPF), although it is not a current focus [32][45] Legal Considerations - Liquidia is awaiting a ruling on the 327 patent case, asserting confidence in its position that the patent is invalid or not infringed [47][51] - The company is prepared for various outcomes while maintaining its commitment to patient care [52] Conclusion - Liquidia Corp is experiencing a successful product launch with promising financial results and a growing patient base. The company is focused on leveraging its unique product profile to capture market share while navigating competitive and legal challenges.

Liquidia Corp (LQDA) Conference Call Summary Company Overview - **Company**: Liquidia Corporation - **Product**: Utopia, a treprostinil-based product for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PHILD) [6][22] Key Industry Insights - **Market Need**: There is a significant unmet need in the PAH and PHILD markets, with many patients seeking better treatment options [10][11] - **Regulatory Approval**: Utopia received FDA approval, marking a significant milestone for Liquidia and offering a new treatment option for patients [6][22] Core Product Features - **Innovative Delivery**: Utopia utilizes proprietary PRINT technology, allowing for precise drug particle engineering for deep lung delivery [7][8] - **Dosing Flexibility**: Utopia can be titrated to higher doses than existing inhaled therapies, providing physicians with more control over patient treatment [10][14] - **Patient Experience**: The product is designed to be user-friendly, with a low-resistance dry powder inhaler that requires minimal effort from patients [8][9] Commercial Strategy - **Launch Readiness**: The commercial team is prepared to engage with physicians and drive awareness of Utopia, with detailing starting immediately [19][20] - **Patient Access Programs**: Comprehensive programs are in place to ensure affordability and support for patients, including copay assistance and training [17][18] - **Target Audience**: Initial focus will be on newly diagnosed patients and those currently dissatisfied with existing treatments [19][20] Financial Outlook - **Capital Position**: Liquidia has approximately $170 million in cash, positioning the company well for a successful product launch [22][94] - **Profitability Projections**: The company anticipates achieving profitability within three to four quarters post-launch [23][91] Competitive Landscape - **Market Differentiation**: Utopia is positioned as a superior alternative to existing therapies like Tyvaso, with a focus on dosing flexibility and patient tolerability [10][81][92] - **Switching Strategy**: There is a plan to target patients currently using Tyvaso who may be experiencing side effects, promoting Utopia as a better option [80][81] Additional Considerations - **Ongoing Studies**: Liquidia is committed to further research and development, including studies on next-generation therapies [76][92] - **Payer Engagement**: The company is actively working with payers to ensure broad access to Utopia, aiming to eliminate barriers to treatment [28][68] Conclusion - Liquidia Corporation is poised to make a significant impact in the pulmonary hypertension market with the launch of Utopia, backed by innovative technology, a strong commercial strategy, and a commitment to patient access and support [22][98]

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2024, was $14 million, a decrease from $17.5 million for the year ended December 31, 2023, primarily due to lower sales quantities related to the promotion agreement [21] - Cost of revenue increased to $5.9 million in 2024 from $2.9 million in 2023, attributed to sales force expansion [23] - Research and development expenses rose to $47.8 million in 2024 from $43.2 million in 2023, an increase of 11% driven by various program costs [24] - General and administrative expenses surged to $81.6 million in 2024 from $44.7 million in 2023, an increase of 82% primarily due to higher personnel and legal expenses [25] - The net loss for 2024 was $130.4 million, or $1.66 per share, compared to a net loss of $78.5 million, or $1.21 per share in 2023 [25] Business Line Data and Key Metrics Changes - The decrease in revenue was primarily due to limitations on the availability of pumps used for administering treprostinil injections [22] - The company is advancing the clinical profile of YUTREPIA, with positive patient responses noted in the ASCENT trial [12][15] Market Data and Key Metrics Changes - The company is preparing for the launch of YUTREPIA in both PAH and PH-ILD markets, which are expected to be significant growth areas [8][9] - The company has established a commercial enterprise to support the use of treprostinil injection and is focused on capturing market share in a growing market segment [16] Company Strategy and Development Direction - The company aims to obtain final approval and launch YUTREPIA as soon as possible after May 23, 2025, when exclusivity for a competitor expires [10] - The strategic imperatives include advancing the clinical profile of YUTREPIA, building commercial capabilities, and innovating new therapeutic options like L606 [9][17] - The company plans to leverage its proprietary PRINT technology to differentiate YUTREPIA from competitors [40] Management Comments on Operating Environment and Future Outlook - Management believes 2025 could be transformational, with expectations for a successful launch of YUTREPIA [8] - The company is optimistic about reaching profitability without additional capital, contingent on the successful launch of YUTREPIA [20][21] - Management expressed confidence in their commercial readiness and relationships with payers to maximize access to YUTREPIA [49][66] Other Important Information - The company announced an expansion of its financing agreement with HealthCare Royalty Partners, providing up to an additional $100 million in financing [20] - The ASCENT trial is on track to complete enrollment with positive early efficacy data reported [12][15] Q&A Session Summary Question: What is the timeline for converting YUTREPIA's tentative approvals to full approvals? - Management plans to request final approval in the coming weeks, aiming for approval around May 23, 2025 [29] Question: What feedback has been received regarding L606? - Physician feedback indicates that twice-a-day dosing is a significant advantage, and the liposomal formulation shows impressive safety benefits [34] Question: What is Liquidia's strategy for early market penetration for YUTREPIA? - The strategy includes increasing awareness and diagnosis of PH-ILD in the community and ensuring YUTREPIA is the first choice for patients [45] Question: What is the breakdown of commercial and Medicare coverage for PAH and PH-ILD? - The breakdown is approximately 50% Medicare, 30-40% commercial, with the remainder from other sources [48] Question: What key readouts should be focused on for the ASCENT study? - Key readouts include the six-minute walk test results, with an observed mean improvement of 26.4% meters reported [53] Question: Will there be additional hiring for the commercial field team post-approval? - The current sales team is fully prepared, and future hiring will be assessed based on market response [59][61] Question: What is the updated cash runway following recent financing? - The company is confident in its ability to reach profitability with the current balance sheet and financing structure [66]