Liquidia Corp (LQDA) investor relations material

Launch performance and commercial uptake

• Eutrebia launched in May 2025 with over 900 prescriptions and 550 patient starts in the first 11 weeks, exceeding expectations.

• Uptake has been robust across both PAH and PHILD, with continued momentum into Q3 and strong patient stacking driving growth.

• Differentiation centers on delivery, device, and dose flexibility, with print technology enabling higher dosing and better tolerability.

• Early feedback from physicians highlights ease of use and positive patient experiences, supported by ASCENT clinical data.

• Market penetration is still early, especially in PHILD, with significant opportunity for expansion as awareness and education increase.

Market opportunity and growth drivers

• The addressable market for inhaled prostacyclins in PAH is estimated at up to 60,000 patients, with some KOLs suggesting even higher potential.

• PHILD remains underpenetrated, with only about 10% uptake and significant room for growth through community outreach and education.

• Annual churn in PAH is about 30%, translating to roughly 6,000 new patients entering therapy each year.

• Both organic growth and patient switches from oral and parenteral therapies are contributing to expansion.

• The company is investing in sales force and infrastructure to support both academic and community settings.

Payer access, revenue, and profitability

• Contracts signed with three national commercial payers, with a 75% fill rate achieved in the first six weeks of launch.

• Medicare Part D represents about 50% of the market, commercial 35%, and government channels 15%.

• SG&A expenses are expected to remain relatively flat, with infrastructure in place to support growth.

• The company maintains over $170 million in cash and expects to reach profitability within three to four quarters after launch.

• Net sales of Eutrebia reached $6 million in Q2, with strong momentum continuing into Q3.