Liquidia Corp (NasdaqCM:LQDA) Conference Call Summary Company Overview - **Company**: Liquidia Corp - **Product**: YUTREPIA, a PRINT-enabled product for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [3][5] Key Points Product Launch and Financial Performance - YUTREPIA achieved **$51.7 million** in revenue during its first full quarter post-launch [3] - Over **2,000 prescriptions** and **1,500 new patient starts** reported by the end of October [7] - October was noted as the highest referral month since the launch, indicating strong momentum [7] Product Profile and Market Position - YUTREPIA's product profile includes benefits in **efficacy, safety, and convenience** [4] - The formulation leads to **reduced cough**, allowing for higher dose tolerability and quicker dose escalation [4][5] - The company aims to capture a significant share of the PAH and PH-ILD market, targeting **6,000 prescribers** with **650 currently prescribing** YUTREPIA [11] Patient Dynamics and Market Access - **75%** of current patients are new users of prostacyclin, with **25%** switching from existing therapies [10] - The company is focusing on transitioning patients from Tyvaso and Tyvaso DPI, particularly those unable to tolerate higher doses [12][13] - The **voucher program** has been utilized by over **50%** of patients, facilitating access to YUTREPIA [9] Clinical Data and Efficacy - Clinical studies show significant improvements in walk distance for patients on YUTREPIA, with a **20% discontinuation rate** compared to a **70% rate** for Tyvaso [17] - The company is preparing additional studies to demonstrate the benefits of transitioning patients from other therapies to YUTREPIA [12][16] Legal Considerations - The company is awaiting a court decision regarding ongoing litigation, with management expressing confidence in their position [26][28] - Various potential outcomes are being considered, including a reasonable royalty rate or a modified label for YUTREPIA [27][30] Future Development and Pipeline - Liquidia is exploring the use of YUTREPIA in other indications such as idiopathic pulmonary fibrosis (IPF) and pulmonary hypertension associated with chronic obstructive pulmonary disease (PHCOPD) [38][40] - The company is also developing L606, a sustained-release formulation, which is expected to have a favorable safety profile and dosing regimen [42][46] Financial Outlook - The company became operationally profitable two quarters ahead of expectations, with gross margins for YUTREPIA at **96%** in Q3 [50] - Management plans to reinvest profits into the pipeline while maintaining a disciplined approach to growth [52] Additional Insights - Physician feedback has been positive, with many practices considering wholesale transitions to YUTREPIA based on clinical data [19] - The company emphasizes the importance of patient access and the need for effective treatments in the market [30][32]

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.

Financial Data and Key Metrics Changes - In Q3 2025, Liquidia reported $51.7 million in net product sales of Utrepia, marking a significant achievement in its first full quarter post-launch [11] - The company recorded a net loss of $3.6 million, but on a non-GAAP basis, it generated positive adjusted EBITDA of $10.1 million, ahead of previous profitability guidance [11][12] - Cash on hand at the end of the quarter totaled $157.5 million, with September marking the first month of positive net cash flow, adding $5 million [11][12] Business Line Data and Key Metrics Changes - Utrepia has received over 2,000 unique prescriptions and initiated therapy for over 1,500 patients, with a referral-to-start ratio of approximately 85% [6][11] - The majority of prescriptions are for PAH, with a steady growth in PH-ILD usage, indicating a balanced uptake between new patients and those transitioning from other therapies [6][7] Market Data and Key Metrics Changes - The company has established a strong market presence with over 600 healthcare practitioners prescribing Utrepia across the U.S., and October was noted as the highest month for referrals [6][11] - The competitive landscape shows that Utrepia is gaining traction against existing therapies, with a significant portion of prescriptions coming from patients switching from oral therapies [7][33] Company Strategy and Development Direction - Liquidia aims to translate early commercial success into long-term sustainable growth by broadening Utrepia's clinical utility and exploring additional indications such as IPF and PPF [8][9] - The company is focused on innovation, execution, and reinvestment, with plans to optimize inhaled treprostinil through the development of L606, a sustained-release formulation [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product profile of Utrepia, which is rapidly influencing the standard of care and is expected to continue driving growth [5][8] - The company anticipates maintaining a positive trajectory into 2026, focusing on profitability while reinvesting in R&D [12][13] Other Important Information - Liquidia has signed contracts with the three major commercial payers, ensuring patient access to Utrepia without significant barriers [23][24] - The company is actively managing inventory levels and has settled into a normal level of channel loading, indicating effective supply chain management [40] Q&A Session Summary Question: What is driving the uptake of Utrepia and the breakdown between PAH and PH-ILD? - Management noted strong demand driven by Utrepia's unique product profile, with PAH accounting for the majority of prescriptions while PH-ILD is steadily growing [15][16] Question: What percentage of revenues is associated with contracted versus non-contracted reimbursement? - Management confirmed that they have contracts with the three major commercial payers and emphasized the importance of patient support services in converting referrals to prescriptions [21][23] Question: How many patients were in the 28-day voucher period and the average time from prescription to shipment? - Over 50% of new patients utilized the voucher program, with average prescription fulfillment occurring within a few weeks [27][29] Question: What is the current status of care coverage and competition? - Management indicated that they have achieved parity in commercial coverage and are confident in their strategy moving forward [37][39] Question: How does ongoing litigation affect demand for Utrepia? - Management stated that physicians are primarily focused on patient benefits rather than litigation, and the robust commercial environment reflects strong demand for Utrepia [47][49] Question: What are the potential outcomes of the litigation? - The range of possible remedies varies widely, and the company is awaiting the judge's decision, which could impact future operations [60][63]

Core Insights - Liquidia Corporation is focused on revolutionizing care for patients with respiratory and vascular diseases through innovative therapies and proprietary technology [2] Company Updates - Liquidia's executive leadership team will provide business updates during fireside chats at two investor conferences in November [1] - The conferences include the 2025 UBS Global Healthcare Conference on November 10 and the Jefferies London Healthcare Conference on November 18 [3] Product Information - Liquidia's first approved product is YUTREPIA™ (treprostinil) inhalation powder, aimed at treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [2] - The company is developing L606, a sustained-release formulation of treprostinil, which is administered twice daily with a next-generation nebulizer [2] - Liquidia also markets generic Treprostinil Injection for the treatment of PAH [2]

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 ...

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].

Financial Data and Key Metrics Changes - The company recorded $6 million in net sales of Eutrebia in Q2 2025, with a strong start in Q3 2025 [41] - The initial uptake of Eutrebia exceeded expectations, with over 900 prescriptions and more than 550 patient starts in the first eleven weeks post-launch [4][3] Business Line Data and Key Metrics Changes - Eutrebia's early uptake is attributed to its unique delivery, device, and dosing capabilities, which are expected to differentiate it in the market [5][6] - The company aims to penetrate the underdeveloped PHILD market, which has significant growth potential due to its current underutilization [15] 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 identifies more patients [21] - The company believes that the PHILD opportunity could reach $30 to $45 billion, indicating a substantial market potential [25] Company Strategy and Development Direction - The company is focused on expanding its market presence through disease education and patient identification, particularly in the PHILD market [15] - The strategy includes leveraging the unique dosing capabilities of Eutrebia to capture market share from existing treatments [6][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability within three to four quarters post-launch, supported by a strong cash position of over $170 million [70] - The company is optimistic about the continued growth trajectory of Eutrebia, with sustained momentum observed since the launch [40] Other Important Information - The company has signed contracts with three national payers in the commercial space to ensure patient access and minimize reimbursement barriers [32] - The ongoing legal proceedings related to the three two seven FAT and TRY are expected to conclude by October, with management prepared for various outcomes [46][49] Q&A Session Summary Question: How confident is the company about the initial uptake of Eutrebia? - Management believes the early uptake is indicative of sustained growth, as feedback from physicians shows a demand for Eutrebia among various patient types [9] Question: What is the potential market size for Eutrebia? - The company estimates the addressable market for PAH could be as high as $3 billion, with significant room for growth in both PAH and PHILD markets [21][25] Question: How is the company addressing payer access and reimbursement? - The company has successfully signed contracts with national payers and achieved a 75% fill rate in the first six weeks of launch, aiming to improve this further [33][34] Question: What is the company's strategy for future product development? - The company plans to focus on the upcoming L606 product, leveraging its expertise in pulmonary hypertension to address unmet needs in the market [62][57]

Core Insights - Liquidia Corporation will provide a business update during a fireside chat at the 2025 Wells Fargo Healthcare Conference on September 3, 2025, at 3:45 p.m. ET in Boston [1] - Investors and interested parties can access a webcast of the presentation on Liquidia's website, with an archived version available for at least 30 days post-event [2] Company Overview - Liquidia Corporation is a biopharmaceutical company focused on developing innovative therapies for patients with rare cardiopulmonary diseases [3] - The company's current focus includes the development and commercialization of products for pulmonary hypertension, utilizing its proprietary PRINT Technology [3] - Liquidia's first approved product is YUTREPIA™ (treprostinil) inhalation powder, aimed at treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [3] - The company is also developing L606, a sustained-release formulation of treprostinil, and markets generic Treprostinil Injection for PAH treatment [3]

Core Viewpoint - Liquidia Corporation is set to report its second quarter 2025 financial results on August 12, 2025, and will host a webcast to discuss these results and provide a corporate update [1]. Company Overview - Liquidia Corporation is a biopharmaceutical company focused on developing innovative therapies for patients with rare cardiopulmonary diseases [3]. - The company is engaged in the development and commercialization of products targeting pulmonary hypertension, utilizing its proprietary PRINT Technology [3]. - Liquidia's approved product, YUTREPIA™ (treprostinil) inhalation powder, is designed 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 using a next-generation nebulizer [3]. - Additionally, Liquidia markets a generic version of Treprostinil Injection for PAH treatment [3].

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.