Liquidia (LQDA) 25th Annual Needham Virtual Healthcare Conference summary

Commercial performance and market strategy

• Achieved over 3,600 prescriptions and 2,900 patient starts by end of February, with a linear growth trajectory since launch.

• 75% of new starts are new to prostacyclin therapy, and 25% are transitions from other therapies.

• Reached 17% revenue share of the inhaled treprostinil market in Q4, up from 10% in Q3, with expectations for further growth in Q1.

• Prescriber base expanded to 860, with 25% referring five or more patients, indicating deepening adoption.

• Sales force expansion by 33% planned by end of Q2, targeting 8,000 physicians to drive further uptake.

Product differentiation and clinical development

• YUTREPIA leverages PRINT technology for deep lung delivery, improved tolerability, and higher dosing compared to competitors.

• Demonstrated ability to titrate to 3-4x the dose of competitive therapies, mitigating cough and enhancing outcomes.

• Initiated the RESPIRE phase III study, with first patient enrollment expected soon.

• ASCENT study in PH-ILD completed enrollment, showing strong tolerability and dose-dependent clinical benefit.

• Additional studies planned in IPF, PPF, and scleroderma, as well as adjunctive studies with sotatercept.

Financial performance and operational updates

• Achieved profitability in the first two quarters post-launch, with Q4 adjusted EBITDA of $27.3M and net income of $14.6M.

• Generated over $30M in positive cash flow in Q4 and ended December with $190M in cash.

• Investing in a new manufacturing facility to triple YUTREPIA capacity by 2027.

• Confident in funding all clinical, commercial, and operational goals with current cash and future revenue.