Liquidia (LQDA) 44th Annual J.P. Morgan Healthcare Conference summary

Corporate Performance and Financial Highlights

• Achieved profitability in the first quarter post-launch, with $148.3 million in net product sales for 2025 and $30 million in positive cash flow, ending 2025 with $190.6 million in cash and equivalents.

• Net product sales grew 75% quarter over quarter in 2025, with rapid market penetration and robust uptake among payers and prescribers.

• Captured 25% share of the inhaled treprostinil market within seven months, with 2,800 new prescriptions and 2,300 new patient starts.

• 85% prescription-to-patient conversion rate, with most new patients new to prostacyclin or treprostinil therapy.

• Pulmonologists and specialty centers drive most prescriptions, with strong prescriber engagement.

Product and Clinical Development

• Yutrepia, based on PRINT technology, FDA approved in May 2025 for PAH and PH-ILD, launched within one week of approval.

• L606, an extended-release inhaled treprostinil, offers twice-daily dosing, high tolerability, and reduced cough incidence.

• Multiple ongoing and planned clinical studies, including transitions from Tyvaso DPI and oral therapies, PAH-sotatercept combination, and studies in IPF, PPF, scleroderma-associated Raynaud's, and PH-COPD.

• ASCENT and INSPIRE studies confirm Yutrepia's tolerability, titrability, and improved six-minute walk distance at higher doses, without increased cough.

• RESPIRE Phase III trial for L606 initiated, targeting 350 patients globally with a modern breath-actuated mesh nebulizer.

Market Opportunity and Strategy

• The prostacyclin market is valued at $4.3 billion, with a cumulative opportunity approaching $20 billion across PAH, PH-ILD, IPF, scleroderma, and PH-COPD.

• Yutrepia is displacing both inhaled and oral prostacyclin therapies, with 30% of switches from oral therapies.

• Focus on increasing prescription depth and breadth, targeting major centers and key opinion leaders, with pulmonologists accounting for 63% of scripts.

• Marketing emphasizes deep lung delivery, ease of use, and titration to higher therapeutic doses, now demonstrated in real-world use.

• Plans to double manufacturing capacity in 2026 and open a new facility in 2027 to support growth and new indications.