©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 2 Corporate Overview J.P. Morgan Healthcare Conference 2026 January 14, 2026 ©2026 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 ...

Financial Data and Key Metrics Changes - The company launched Eutrebia in May 2025, achieving over 900 prescriptions and more than 550 patient starts within the first eleven weeks, indicating a strong initial uptake [3][4] - In Q2, the company recorded $6 million in net sales of Eutrebia, with a positive outlook for Q3 based on early performance [45][74] Business Line Data and Key Metrics Changes - The early uptake of Eutrebia has been better than expected, with confidence in its product profile and market share potential in both PAH and PHILD [4][6] - The company is focusing on the three Ds: delivery, device, and dose, which are seen as key differentiators for Eutrebia [5][6] Market Data and Key Metrics Changes - The addressable market for PAH is estimated to be around $3 billion, with potential for significant growth as the company aims to penetrate the oral treprostinil market [17][24] - The company believes there are approximately 60,000 patients in the inhaled prostacyclin market, with only about 10% uptake so far, indicating substantial room for growth [26][24] Company Strategy and Development Direction - The company aims to expand its presence in the underpenetrated PHILD market through disease education and patient identification [15][16] - The strategy includes focusing on both traditional academic centers and community physicians to maximize patient reach [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of Eutrebia, citing positive feedback from physicians and patient experiences [9][10] - The company is prepared for various outcomes related to ongoing legal proceedings, emphasizing a focus on the launch of Eutrebia and the development of L606 [49][50] Other Important Information - The company has signed contracts with three national payers in the commercial space, aiming to eliminate reimbursement barriers for patients [35][38] - The company has over $170 million in cash as of the end of Q2, positioning it well for future growth and development [74] Q&A Session Summary Question: How confident is the company that the initial uptake of Eutrebia is sustainable? - Management believes the early uptake reflects a genuine demand for the product, supported by positive physician feedback and patient experiences [9][10] Question: What is the potential market size for Eutrebia in PAH and PHILD? - The company estimates the PAH market could be upwards of $3 billion, with significant growth potential as they aim to capture a larger share of the market [24][17] Question: How does the company plan to address reimbursement and access issues? - The company has focused on signing contracts with payers to ensure patient access and has achieved a 75% fill rate in the early weeks of launch [36][38] Question: What is the company's strategy for L606? - The company plans to run a global phase three study for L606, focusing on demonstrating its efficacy and safety in the market [66][64] Question: What are the expectations for profitability following the launch of Eutrebia? - Management remains confident in achieving profitability within three to four quarters post-launch, supported by strong initial sales and a solid cash position [74][73]