Liquidia Corp (LQDA) investor relations material

Business performance and product launch

• Achieved $51.7 million in revenue in the first full quarter post-launch, with over 2,000 referrals and 1,500 new patient starts for YUTREPIA.

• Capturing the majority of new patient starts and transitioning existing patients from competitor products, especially Tyvaso and Tyvaso DPI.

• 85% of referrals are converting to new scripts, with over half of patients initially on a free drug voucher program, expected to decrease as commercial transitions increase.

• Initial focus was on centers of excellence, now expanding to community sites to reach more PH-ILD patients.

• Operational profitability achieved two quarters ahead of expectations, with high gross margins (96% in Q3) and positive cash flow.

Product differentiation and clinical data

• YUTREPIA’s PRINT-enabled formulation offers reduced cough, higher dose tolerance, and a low-resistance device, supporting rapid and sustained patient uptake.

• Majority of early patients are PAH, with 75% being prostacyclin-naive; 25% are switches, many from oral prostacyclin due to GI side effects.

• ASCEND study in PH-ILD showed dose escalation with improved walk distance and a low discontinuation rate (20% at 24 weeks), compared to 70% discontinuation for Tyvaso DPI in a real-world study.

• Physician feedback is increasingly positive, with some practices planning wholesale transitions to YUTREPIA based on durability and tolerability data.

Legal and regulatory outlook

• Awaiting imminent court decision on ongoing litigation; management remains confident in their position and is prepared for all outcomes, including royalty payments or label adjustments.

• Previous patent claims against the company were found invalid or not infringed; management expects the judge to consider both legal facts and patient impact in the remedy.

• Internal readiness and FDA engagement are ongoing to ensure no disruption to patient access regardless of legal outcome.