Core Insights - Liquidia has successfully launched its first PRINT-enabled product, YUTREPIA, which received approval in May and generated $51.7 million in revenue during its first full quarter of launch [3]. Company Performance - The company is capturing a significant share of new patient starts and transitioning existing patients from TYVASO and TYVASO DPI to YUTREPIA, indicating strong market penetration [4]. - The sustainability of this growth is supported by the favorable product profile of YUTREPIA, which is expected to maintain its momentum in the market [4].

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]

Core Insights - Liquidia Corporation (NASDAQ:LQDA) is recognized as a promising small-cap biotech stock with significant upside potential according to analysts [1] - Raymond James has raised its price target for Liquidia from $41 to $47, maintaining a "Strong Buy" rating, driven by a 75% growth in U.S. prostacyclin revenue from YUTREPIA [2] - The company reported Q3 2025 results with YUTREPIA net sales of $51.7 million and achieved profitability earlier than expected [3] Financial Performance - Liquidia reported a net loss of $3.5 million, or $0.04 per diluted share, for Q3 2025, but achieved a positive adjusted EBITDA of $10.1 million [3] - The company ended the quarter with $157.5 million in cash and reported a net cash flow of $5 million in September [4] - The peak sales estimates for YUTREPIA were raised to $2 billion from $1.1 billion due to strong early launch performance [2] Market Position and Strategy - Over 1,500 patients have been enrolled in YUTREPIA therapy, with more than 2,000 prescriptions written, indicating strong market uptake [3] - Liquidia is exploring additional clinical applications for idiopathic pulmonary fibrosis (IPF) and pulmonary fibrosis (PPF) [4] - The company utilizes proprietary PRINT and TRIA platforms to develop therapies for pulmonary arterial hypertension and related cardiopulmonary diseases [5]

Core Viewpoint - Small-cap biotech stocks are experiencing a resurgence, driven by market rotation and improving technical indicators, with healthcare emerging as a constructive sector [2][4] Industry Overview - The Health Care Select Sector SPDR Fund (XLV) has increased by 11.09% in 2025, while the iShares Biotechnology ETF has gained approximately 25% year-to-date [2][3] - Analysts suggest that capital is flowing out of high-flying AI stocks into more attractive healthcare and biotech opportunities [3][4] M&A Activity - Increased mergers and acquisitions (M&A) activity in the biotech sector has been noted, with significant deals including Pfizer's $10 billion acquisition of Metsera and Roche's $3.5 billion acquisition of 89bio [4][5] - This M&A activity is expected to bolster potential upside for both large-cap and small-to-mid-cap biotech companies [4] Methodology for Stock Selection - The list of the best small-cap biotech stocks was curated based on companies with market capitalizations between $300 million and $2 billion, focusing on those with the highest upside potential as of November 10, 2025 [8] Company Highlights - **Viridian Therapeutics, Inc. (NASDAQ:VRDN)**: - Upside potential of 36.71% with a cash position of $888 million and key patient enrollments in late-stage clinical studies [10][11][12] - **UroGen Pharma Ltd. (NASDAQ:URGN)**: - Upside potential of 49.17%, reporting a significant increase in demand revenue and a cash position of $127.4 million [14][15][16] - **Liquidia Corporation (NASDAQ:LQDA)**: - Upside potential of 55.49%, with YUTREPIA achieving profitability earlier than expected and a cash position of $157.5 million [19][20][22]

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YUTREPIA Adoption and Usage - Over 600 physicians are prescribing YUTREPIA [4] - More than 2,000 unique patient prescriptions have been written for YUTREPIA [4] - Over 1,500 patients have started on YUTREPIA [4] - Approximately 75% of patients starting YUTREPIA are new to treprostinil [5] - Around 10% of PAH prescriptions represent switches from oral therapies [5] Financial Performance - Liquidia Corporation's ending cash and cash equivalents for 3Q 2025 were $157.5 million [6] - Net product sales for 3Q 2025 were $51.669 million [6] - Total revenue for 3Q 2025 was $54.342 million [6] - Operating income for 3Q 2025 was $1.767 million [6] - Adjusted EBITDA for 3Q 2025 was $10.142 million [13]

Liquidia Corporation 2Q2025 Financial Results & Corporate Update August 12, 2025 ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Forward-looking statements ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 3 Rapid adoption over last 11 weeks! As of August 8, 2025 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 ...

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]