10'000 Hours/DigitalVision via Getty Images Dear Partner, Arquitos returned 82.1% net of fees and expenses in 2025, compared to 12.8% for the Russell 2000. Individual returns will vary based on the timing of investment. Please check your statement for specific results. Annualized One Year Three-Year Five-Year Ten-Year Since Inception Arquitos Capital (Net) 82.1% 42.3% 16.0% 11.8% 14.5% Arquitos Capital (Gross) 96.4% 46.9% 18.7% 15.3% 18.8% Russell 2000 12.8% 13.7% 6.1% 9.6% 10.0% *Founded A ...

Laughing Water Capital, an investment management company, released its fourth-quarter 2025 investor letter. In the quarter, Laughing Water Capital returned ~6.8%, bringing the full-year returns to ~3.9% net of fees and expenses. In comparison, the SP500TR and R2000 returned approximately 2.7% and 2.2%, respectively, in the quarter, and finished the year up by 17.9% and 12.8%, respectively. A copy of the letter can be downloaded here. The Fund outperformed the indexes last year, but it has lagged behind the ...

Liquidia Conference Call Summary Company Overview - **Company**: Liquidia - **Industry**: Biopharmaceuticals, specifically focused on inhaled drug delivery for pulmonary diseases - **Key Product**: Yutrepia, FDA approved on May 23, 2025, for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [3][5] Financial Performance - **2025 Performance**: Achieved profitability in the first quarter post-launch with net product sales of $148.3 million, growing from $51.7 million in Q3 2025 to $90.1 million in Q4 2025, representing a 75% quarter-over-quarter growth [5][6] - **Cash Flow**: Generated over $30 million in positive cash flow, strengthening the balance sheet [6][31] Market Opportunity - **Market Size**: The prostacyclin market for PAH and PH-ILD is estimated at $4.3 billion annually, with inhaled therapies generating $1.7 billion, oral therapies nearly $2 billion, and parenteral therapies about $572 million [6][7] - **Patient Population**: Approximately 18,000 patients for PAH, 60,000 for PHALD, 30,000 for scleroderma, 200,000 for idiopathic pulmonary fibrosis (IPF), and 300,000 for pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD) [24] Product Development and Pipeline - **Yutrepia Launch**: Launched in June 2025, with 2,800 new prescriptions and a conversion rate from referral to start of 85% [8][9] - **Clinical Studies**: Ongoing studies include the ASCENT study for PH-ILD, transitioning patients from Tyvaso to Yutrepia, and a study for transitioning patients from oral therapies [14][15][16] - **L606 Development**: An extended-release liposomal formulation expected to provide more consistent exposure and potentially better tolerability compared to existing therapies [25][27] Competitive Landscape - **Market Share**: Liquidia has captured approximately 25% market share in the inhaled treprostinil space within seven months of launch, compared to competitors who have been in the market longer [39] - **Transition from Competitors**: 30% of new patients on Yutrepia are transitioning from oral therapies, indicating a successful displacement strategy [10][32] Future Outlook - **Growth Projections**: The company aims to achieve over $1 billion in product sales by 2027, driven by increasing prescriptions and market penetration [32][33] - **New Indications**: Plans to explore additional indications for Yutrepia and L606, including studies in IPF and PH-COPD, with potential market opportunities approaching $20 billion cumulatively [24][25] Legal Considerations - **Litigation Status**: Ongoing litigation with United Therapeutics, with confidence in the arguments presented and anticipation of a ruling soon [34] Summary Liquidia is positioned for significant growth in the biopharmaceutical market, particularly in the inhaled drug delivery segment for pulmonary diseases. With a strong financial performance, a robust pipeline, and strategic market penetration, the company is set to capitalize on the substantial unmet needs in this therapeutic area.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of LQDA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Disclaimer: Commentary presented is NOT individualized investment advice. Opinions offered here are NOT personalized recommendations. Readers a ...

Fund Performance - The Summers Value Fund LP achieved a net return of 20.4% in Q3 2025, outperforming the Russell 2000 Index ETF (12.4%) and the Russell 2000 Value Index ETF (12.5%) [2] - Year-to-date, the Fund is up 4.9%, lagging behind the IWM (10.3%) and IWN (8.9%) [2] - Since inception, the Fund has delivered a 12.2% annualized net return compared to 6.8% for IWM and 6.1% for IWN [2][3] Healthcare Sector Overview - The healthcare sector has faced challenges leading to underperformance against broader indexes, influenced by regulatory uncertainty from new FDA leadership and budget pressures at federal agencies [4] - Investors withdrew approximately $13 billion from healthcare funds in 2025, indicating a record annual outflow, while large-cap stocks saw $224 billion in inflows [5] - Despite negative sentiment, the healthcare sector is viewed as defensive and growing, with potential for disciplined investors to find opportunities [5][6] Investment Opportunities - The Fund has increased exposure to biopharma stocks, anticipating outperformance due to an innovation cycle and potential acquisitions by large-cap companies [6] - Notable contributors to the Fund's performance in Q3 included Zimvie (124% acquisition premium), Liquidia (strong sales of Yutrepia), and Consensus Cloud Solutions (return to positive revenue growth) [7] - The Fund initiated a position in uniQure following promising Phase 3 results for its gene therapy drug, which showed a 75% reduction in disease progression [9] Position Updates - Journey Medical, with a market cap of $175 million, launched Emrosi for rosacea treatment, with annualized sales approaching $30 million and potential peak sales exceeding $100 million [12] - Ligand Pharmaceuticals, valued at $3.7 billion, operates as a royalty aggregator and is expected to see strong performance from its drugs Ohtuvaryre and Filspari, with blockbuster potential [13][14] - The Fund's top five holdings include Electromed, Consensus Cloud Solutions, Liquidia, Spok Holdings, and Ligand Pharmaceuticals, with a significant allocation to pharmaceutical and biotechnology stocks [10]

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.

Core Insights - Liquidia Corp. (NASDAQ:LQDA) has shown significant stock performance, rising by 10.67% to close at $27.91, nearing its 52-week high due to strong demand for its pulmonary hypertension treatment [1][3]. Financial Performance - In Q3, Liquidia reported total revenues of $54 million, a remarkable increase of 1,134% from $4.4 million in the same period last year, driven primarily by the sales of its Yutrepia treatment [2][3]. - Product sales contributed $51.7 million to the total revenues, while service revenues accounted for $2.67 million [3]. - The company managed to reduce its net loss by 89% to $3.5 million from $31.03 million in the comparable period last year [3]. Market Demand and Growth Strategy - The CEO of Liquidia highlighted the strong momentum of Yutrepia's launch, noting over 2,000 unique prescriptions and shipments to more than 1,500 patients, supported by over 600 prescribers nationwide as of October 30, 2025 [4]. - The company is positioned for sustained growth and profitability, with plans to invest in expanding Yutrepia's therapeutic profile and advancing L606 into pivotal trials [5].

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 ...

Performance Overview - Arquitos achieved a net return of 29.6% in Q2 2025, with a year-to-date return of 66.8% [3] - The fund's performance is evaluated on an absolute basis rather than relative to market indices [4][5] - The S&P 500 has returned 14.4% annually since the fund's inception, while small caps, represented by the Russell 2000, have returned 10.0% annually [7] Benchmarking Strategy - The Russell 2000 Small Cap Index will be used as the primary benchmark for Arquitos, reflecting the focus on smaller companies [9] - The fund's strategy involves holding investments for extended periods, allowing for business evolution and market recognition [10] Key Holdings Liquidia Corporation (LQDA) - Liquidia's share price increased from $11.76 to $22.74 in 2025, primarily through long-dated call options [10] - The FDA approved Liquidia's product Yutrepia in May 2025, which has shown strong initial demand with over 900 prescriptions in the first 11 weeks [11][12] - The share price may be affected by the upcoming ruling in the '327 patent dispute, with expectations of a favorable outcome [14] ENDI Corp (OTCQB:ENDI) - ENDI's share price rose from $11.43 to $17.50, with assets under management increasing to $4.2 billion [18][19] - The company holds approximately $53 million in cash and investments, with a market capitalization of about $95 million [20] Finch Therapeutics (OTCPK:FNCH) - Finch's share price increased from $11.30 to $12.28, following a jury trial win against Ferring Pharmaceuticals [21][22] - The potential for enhanced damages from the trial verdict could significantly increase Finch's share value [23] Investment Philosophy - The investment strategy emphasizes patience and long-term value, with a focus on total return over the holding period [24][25] - The fund's performance has been strong in 2025, with expectations for continued undervaluation in core holdings [25]

Core Insights - United Therapeutics (UTHR) is set to expand Tyvaso's label in the respiratory disease sector following positive results from the late-stage TETON-2 study, which demonstrated clinical benefits for idiopathic pulmonary fibrosis (IPF) patients after a year of treatment with nebulized Tyvaso [1][5] Study Results - The TETON-2 study achieved its primary endpoint, showing a 95.6 mL improvement in absolute forced vital capacity (FVC) for Tyvaso-treated patients compared to placebo, indicating enhanced lung function [2] - Treatment benefits were consistent across various patient subgroups, including those with different background therapies, smoking statuses, or oxygen use, and the safety profile was consistent with previous Tyvaso studies [2][6] Regulatory Plans - UTHR intends to meet with the FDA by the end of this year to potentially expedite the regulatory review process once results from the TETON-1 study are available, which is expected in the first half of 2026 [4][11] Market Potential - Approximately 100,000 IPF patients are estimated to be living in the United States, representing a significant untapped market with potential sales from the IPF indication possibly exceeding those from pulmonary arterial hypertension (PAH) [8] Competitive Landscape - The success of Tyvaso in IPF may also benefit smaller biotech companies like Insmed (INSM) and Liquidia Corporation (LQDA), which are developing or marketing treprostinil products [9] - Insmed is working on treprostinil palmitil inhalation powder (TPIP), which offers a once-daily dosing option, potentially positioning it as a competitor in the IPF space [10][12] - Liquidia has recently received FDA approval for Yutrepia, an inhaled treprostinil product, marking it as the first inhaled competitor for PAH and PH-ILD indications, and may also explore its application in IPF [13]