Liquidia Corp (NasdaqCM:LQDA) 2025 Conference Transcript

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]