cemagraphics/E+ via Getty Images Dear Fellow Partners: The Summers Value Fund LP ("the Fund") returned 20.4% net 1 in Q3 2025, beating the Russell 2000 Index ETF (IWM), which returned 12.4%, and the Russell 2000 Value Index ETF (IWN), which returned 12.5%. Year-to-date, the Fund is up 4.9% net 1 , underperforming the IWM (10.3%), and the IWN (8.9%). Since inception, the Fund has delivered a 12.2% annualized net 1 return compared to 6.8% for IWM and 6.1% for IWN. Trailing Period Returns SummersValue Fu ...

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]

Core Insights - Arquitos Capital Management reported a net return of 13.1% for Q2 2025, with year-to-date gains reaching 28.8% as of June 30, 2025 [1] Company Overview - Liquidia Corporation (NASDAQ:LQDA) is a biopharmaceutical company focused on developing, manufacturing, and commercializing products for unmet patient needs in the U.S. [2] - As of September 22, 2025, Liquidia's shares closed at $22.90, with a market capitalization of $1.922 billion [2] Stock Performance - Liquidia's stock experienced a decline of 19.40% over the past month, but it gained 120.85% over the last 12 months [2] - Following the FDA approval and launch of its flagship drug Yutrepia, Liquidia's stock price fell from over $19 in early June to $12.46 by the end of Q2 2025, attributed to investor concerns regarding the commercial rollout and potential competition [3] Product Launch and Market Position - The launch of Yutrepia is critical for Liquidia, as it aims to penetrate a previously monopolistic market [3] - Despite challenges such as patent disputes and FDA approval delays, Liquidia's shares have increased by 200% compared to the original purchase price over three years [3]

Core Insights - United Therapeutics (UTHR) shares increased by 33% following the announcement of positive results from the late-stage TETON-2 study for nebulized Tyvaso in idiopathic pulmonary fibrosis (IPF) patients [1][9] - The study demonstrated that Tyvaso outperformed placebo in improving lung function, as measured by forced vital capacity (FVC), with a change of 95.6 mL after 52 weeks [2][9] - The safety profile of Tyvaso remained consistent with previous studies, and benefits were observed across various patient subgroups [3] Study Details - The TETON-2 study met its primary endpoint and several key secondary endpoints, including time to first clinical worsening event and changes in lung diffusion capacity [2][3] - United Therapeutics is also conducting the TETON-1 study, with results expected in the first half of 2026, and plans to meet with the FDA to expedite regulatory review [5][6] Market Potential - Approximately 100,000 IPF patients are estimated to be in the United States, indicating a significant market opportunity for Tyvaso, which could exceed its current sales in pulmonary arterial hypertension (PAH) indications [8] - Year-to-date, UTHR shares have risen 15%, outperforming the industry growth of 12% [8] Financial Performance - In Q2 2025, United Therapeutics generated nearly $470 million from Tyvaso sales, reflecting an 18% year-over-year increase driven by patient demand [11] Industry Impact - Following UTHR's positive results, shares of other treprostinil manufacturers, Insmed (INSM) and Liquidia Corporation (LQDA), also saw increases of 7% and 3%, respectively [12] - Insmed is developing a prodrug of treprostinil, which may offer advantages in dosing frequency compared to Tyvaso [13] - Liquidia has received FDA approval for its inhaled treprostinil product, Yutrepia, marking a new competitor in the market [15]

Financial Performance - Liquidia Corporation reported a second-quarter loss of $0.49, missing the consensus estimate of a loss of $0.43 [1] - Sales reached $8.84 million, significantly exceeding the consensus of $3.86 million [1] - The net product revenue for the three months ending June 30, 2025, was $6.5 million, following the full FDA approval for Yutrepia on May 23, 2025 [1] Product Development and Clinical Trials - The company analyzed interim data from the ASCENT study, which enrolled 54 patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD) [3] - The tolerability profile of Yutrepia in PH-ILD was consistent with initial observations, with 18.5% of patients discontinuing the study, none due to drug-related adverse events [4] - The median improvements in six-minute walk distance were 21.5 meters at week 8 and 31.5 meters at week 16, indicating positive efficacy [5] Market Reaction - LQDA stock increased by 14.13%, reaching $24.20 at the time of publication [6]