Liquidia (LQDA) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Strategic Vision, Product Innovation, and Corporate Strategy

• Focused on developing and commercializing therapies for pulmonary hypertension using proprietary PRINT technology for improved drug delivery and patient outcomes.

• Yutrepia, a dry powder treprostinil, has tentative FDA approval for PAH and PH-ILD, with final approval targeted for 1H 2025 after exclusivity expires in May 2025.

• Pipeline includes L606, a sustained-release inhaled treprostinil offering 24-hour exposure with twice-daily dosing and improved tolerability.

• Strategic initiatives are supported by strong cash reserves, commercial infrastructure, and active engagement with the PH community.

• Advanced pipeline aims to address unmet needs in both established and emerging pulmonary hypertension markets.

Market Opportunity and Competitive Landscape

• Addressable PAH market stable at 45,000 treated patients, with 18,000 on prostacyclins and 6,000 new annual starts; PH-ILD market has 60,000 prevalent and 27,000 addressable patients, with only 6,000 currently treated.

• Prostacyclin class revenue reached $3.3B in 2023, with dry powder formulations rapidly gaining share.

• Inhaled treprostinil is the only FDA-approved therapy for both PAH and PH-ILD, with over 21,000 untreated patients.

• Current dry powder therapies face tolerability and dosing limitations, leading to high discontinuation rates.

• Yutrepia demonstrated higher tolerated doses and broader titration range compared to competitors, with potential to prolong inhaled treatment.

Clinical Data, Product Differentiation, and Development

• Yutrepia achieves higher, more rapid dosing (up to 3x label) with no dropouts at eight weeks in PH-ILD patients.

• PRINT technology enables precise, lower airway deposition, reducing cough and throat irritation seen with competitors.

• Early ASCENT trial data show improved tolerability and potential for better patient outcomes.

• L606 is advancing in a global pivotal phase 3 trial for PAH and PH-ILD, enrolling 344 patients at 120 sites.

• Durable, titratable therapy profile positions Yutrepia as a potential first-choice prostacyclin.