Key Takeaways Low-beta screen flags AGRO, PRA, E and LQDA as volatility rises amid Iran war concerns.AGRO generates more than 1M MWh renewable power, reducing costs and reliance on external energy.LQDA sees YUTREPIA uptake, rising referrals, market share, profitability and positive cash flow.Investors are worried that the war in Iran could hurt the global financial markets and the economies. Thus, the stock market will likely remain volatile. Amid rising fears, one can bet on low-beta stocks like Adecoagro ...

Core Insights - Liquidia has demonstrated strong growth in its product YUTREPIA, with significant market share gains and a rapid commercial ramp since its launch [3][5][12] Financial Performance - For FY2025, YUTREPIA net product sales reached $148.3 million, with Q4 sales of $90.1 million reflecting a 74% increase compared to Q3 [5][7] - The company achieved its second consecutive profitable quarter, reporting non-GAAP EBITDA of $27.3 million and net income of $14.6 million, ending the year with approximately $190.7 million in cash [8][5] Market Dynamics - Liquidia accounted for approximately 17% of market revenue in Q4, up from 10% in Q3, indicating a strong position in the inhaled treprostinil market [12][11] - The company has seen over 3,600 unique patient referrals and therapy shipped for more than 2,900 patients since launch, with around 860 prescribers [6][2] Clinical Expansion Plans - Liquidia plans to initiate multiple studies in 2026, including transition trials and new indications such as systemic sclerosis-associated Raynaud's phenomenon and PH-COPD [4][14] - The company aims to advance its next-generation candidate L-606 into pivotal studies, targeting a franchise worth at least $1 billion by 2027 [4][16] Competitive Landscape - Liquidia does not view the recently announced soft mist inhaler (SMI) as offering significant clinical advantages, maintaining that its formulation provides better tolerability and lower airway penetration [19][20] - The company anticipates that new oral outcomes data in the prostacyclin receptor agonist category will not significantly impact YUTREPIA's launch [20] Payer Access and Market Strategy - Liquidia has maintained over 85% "pull-through" from prescription to patient start since the launch, aiming to ensure patient access to YUTREPIA [22] - The company plans to expand its sales force by approximately 33% to enhance its market presence, particularly in the community setting for PH-ILD [13][4]

Financial Data and Key Metrics Changes - For the full year 2025, YUTREPIA generated $148.3 million in net product sales, including $90.1 million in the fourth quarter, representing a 74% growth in net product sales over the third quarter 2025 [9] - The fourth quarter marked the second consecutive quarter of increasing profitability with a non-GAAP adjusted EBITDA of $27.3 million and a net income of $14.6 million [9] - The company ended the year with approximately $190.7 million in cash and cash equivalents, having generated $33 million of positive cash flow in the fourth quarter alone [10] Business Line Data and Key Metrics Changes - The company has received more than 3,600 unique patient referrals and shipped therapy for over 2,900 patients since the launch of YUTREPIA, maintaining a robust trajectory [4] - New patient prescriptions are roughly equal between PAH and PH-ILD indications, with patient starts remaining at 75% naive to 25% transitions from other prostacyclins [5][6] - The total number of prescribers has increased to around 860, with approximately 25% of physicians referring five or more patients [6] Market Data and Key Metrics Changes - Inhaled treprostinil revenue for Q4 was approximately $550 million, with the company accounting for more than 100% of market growth in Q4 [16] - The company's market share increased from about 10% in Q3 to 17% in Q4, indicating significant growth quarter-over-quarter [17] Company Strategy and Development Direction - The company aims to build a durable franchise with increasing patient preference and a clear path towards at least a billion-dollar franchise by 2027 [11] - The development strategy includes initiating multiple new studies to transition patients from oral and inhaled prostacyclin therapies and exploring additional disease areas such as systemic sclerosis-associated Raynaud's phenomenon and PH-COPD [7][8] - The company plans to enhance its sales force by a third to penetrate the PH-ILD market further [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of YUTREPIA, noting that the depth of prescriptions is increasing and that there are no anticipated impediments to growth [18] - The management team believes that the competitive landscape, including new oral therapies, will not significantly impact their business, as YUTREPIA offers a better benefit-to-risk profile [20][22] - The company is optimistic about its ability to continue capturing market share and achieving its revenue targets [41] Other Important Information - The company is currently involved in legal proceedings, with management expressing confidence in their position and the expected outcomes [46] - The payer access remains strong, with an 85% prescription to patient start conversion rate, and the company continues to work on improving access [48] Q&A Session Summary Question: Current market share and growth expectations for YUTREPIA - Management indicated that while precise market share is hard to determine, revenue analysis suggests significant growth, with a 17% market share in Q4 [15][16] Question: Impact of new competitor data on YUTREPIA - Management believes that new oral therapies will not significantly impact YUTREPIA's launch trajectory, as they do not provide the same symptomatic benefits [19][20] Question: Differentiation of YUTREPIA compared to competitors - Management highlighted that YUTREPIA's product profile is superior due to its ease of use, low resistance, and high portability, which are not matched by competitors [30][31] Question: Transition of patients from other therapies - Approximately 30% of patients transitioning to YUTREPIA in PAH are coming from oral therapies, with the remainder from inhaled therapies [78] Question: Updates on legal matters and payer access - Management provided updates on ongoing legal proceedings and expressed confidence in their position, while also noting strong payer access with an 85% pull-through rate [46][48]

Liquidia (NasdaqCM:LQDA) Q4 2025 Earnings call March 05, 2026 08:30 AM ET Speaker7Good morning, and welcome to the Liquidia Corporation Full Year 2025 Financial Results and Corporate Update Conference Call. My name is Josh and I will be your operator today. All participants are currently in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions for joining the queue will be provided at that time. Please note that today's call is being recorded. I'll now tur ...

©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 2 Full Year 2025 Earnings & Corporate Update Liquidia Corporation March 5, 2026 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Forward-looking statements This presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation other than statements of historical facts, including statements regarding our future results of operations and financial position, o ...

Company Overview - Liquidia is a biopharmaceutical company focused on innovative therapies for pulmonary arterial hypertension, utilizing proprietary drug delivery technologies [6] - The company's strategy aims to address unmet medical needs through differentiated product formulations and expanding its portfolio in the U.S. market [6] - Liquidia's competitive advantage lies in its specialized expertise in inhaled drug delivery and its ability to commercialize both branded and generic therapies within a highly regulated sector [6] Financial Performance - As of February 17, 2026, Liquidia's stock price was $33.84, reflecting a 105.7% increase over the past year, significantly outperforming the S&P 500 by 97.0 percentage points [3] - The company's market capitalization is $2.94 billion, with a revenue of $69.22 million and a net income of -$121.85 million for the trailing twelve months (TTM) [4] Recent Transactions - Opaleye Management Inc. sold 180,000 shares of Liquidia during the fourth quarter of 2025, with an estimated trade value of approximately $5.12 million based on quarterly average pricing [2] - Following the sale, Opaleye Management holds 2,435,000 shares of Liquidia, with the quarter-end value of the stake increasing by $25.52 million due to trade activity and stock appreciation [2] Investment Position - Liquidia now accounts for 11.21% of Opaleye Management's reportable assets under management (AUM) [3] - Other top holdings of Opaleye Management include NASDAQ:HROW at $191.34 million (25.2% of AUM) and NASDAQ:ETON at $48.36 million (6.4% of AUM) [8]

Core Insights - Liquidia Corporation is focused on developing therapies for pulmonary arterial hypertension and has received a bullish price target of $55 from Jefferies, indicating a potential increase of about 48.57% from its trading price of $37.02 [1][6] Stock Performance - Recently, Liquidia's stock price increased by 9.1%, reaching a high of $34.57 and closing at $34.65, with a trading volume of approximately 1.89 million shares, a 14% increase from the average session volume [2] - The stock is currently priced at $37.74, reflecting an increase of 3.11% or $1.14, with fluctuations between $35.28 and $38.19 during the trading day [4] - Over the past year, the stock has reached a high of $39.16 and a low of $11.26, with a market capitalization of approximately $3.22 billion [5] Financial Performance - Liquidia reported preliminary net sales for Q4 of YUTREPIA at approximately $90.1 million, with full-year sales projected to be around $148.3 million for 2025 [3] - The company achieved a positive cash flow exceeding $30 million in Q4 and has approximately $190.7 million in cash on hand [3][6] Commercial Metrics - Since the launch, Liquidia has recorded over 2,800 unique prescriptions, with more than 2,200 patients starting treatment, resulting in a prescription-to-start conversion rate of approximately 85% [4] - The expanding prescriber base supports expectations for durable revenue growth [4]

Core Insights - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by approximately 200 points on Friday [1] Company Highlights - CG Oncology Inc (NASDAQ:CGON) saw its shares rise by 21.8% to $51.05 after announcing an expedited timeline for topline data from the Phase 3 PIVOT-006 clinical trial, now expected in the first half of 2026 [1][2] - Rich Sparkle Holdings Ltd (NASDAQ:ANPA) surged 113.6% to $51.70 following a $39 million offering of 3 million ordinary shares at $13 per share [3] - NovaBay Pharmaceuticals Inc (NYSE:NBY) increased by 34.4% to $12.81 [3] - Quanterix Corp (NASDAQ:QTRX) gained 29.3% to $8.42 after naming Everett Cunningham as President and CEO, effective January 19 [3] - MoonLake Immunotherapeutics (NASDAQ:MLTX) rose 21.7% to $17.45 after receiving FDA feedback on its clinical evidence strategy for Sonelokimab in Hidradenitis Suppurativa [3] - Enliven Therapeutics Inc (NASDAQ:ELVN) increased by 21.5% to $28.24, sharing positive initial data from its Phase 1b ENABLE trial for ELVN-001 in chronic myeloid leukemia [3] - Aeva Technologies Inc (NASDAQ:AEVA) surged 21.2% to $20.47 [3] - Loandepot Inc (NYSE:LDI) rose 20.1% to $2.93 [3] - ASP Isotopes Inc (NASDAQ:ASPI) increased by 19.7% to $7.71 [3] - Allogene Therapeutics Inc (NASDAQ:ALLO) gained 19.5% to $1.78 [3] - Opendoor Technologies Inc (NASDAQ:OPEN) rose 19.2% to $7.67 following a new housing market proposal by President Donald Trump [3] - Liquidia Corp (NASDAQ:LQDA) jumped 14% to $36.22 after announcing preliminary full-year 2025 YUTREPIA net sales [3] - Vistra Corp (NYSE:VST) gained 13.1% to $170.34 after entering into 20-year power purchase agreements for zero-carbon nuclear energy to support Meta's operations [3] - Oklo Inc (NYSE:OKLO) rose 12.6% to $109.95 after announcing an agreement with Meta for a 1.2 gigawatt power campus [3] - Applied Digital Corp (NASDAQ:APLD) surged 11.8% to $35.72, reporting strong second-quarter results and advanced talks with a new hyperscaler tenant [3] - AST SpaceMobile Inc (NASDAQ:ASTS) gained 10% to $99.65 [3] - SanDisk Corp (NASDAQ:SNDK) increased by 9.6% to $366.93 [3] - Mirion Technologies Inc (NYSE:MIR) rose 9.5% to $26.56 [3] - TTM Technologies Inc (NASDAQ:TTMI) gained 9.1% to $72.94 [3] - SoundHound AI Inc (NASDAQ:SOUN) rose 8.5% to $11.96 [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) gained 8.3% to $112.64, with B. Riley Securities maintaining a Buy rating and raising the price target from $105 to $128 [3]

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]