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

Strategic Vision, Product Innovation, and Corporate Strategy

• Focus on developing and commercializing therapies for pulmonary hypertension using proprietary PRINT technology and advanced drug delivery systems.

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

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

• PRINT technology enables precise, uniform drug particles for targeted deep-lung delivery and low-resistance inhalation.

• Device design emphasizes portability, ease of use, minimized patient error, and low-effort inhalation.

Market Opportunity and Competitive Landscape

• Addressable PAH market stable at 45,000 treated patients, with 18,000 on prostacyclins and 6,000 annual new starts.

• PH-ILD market is emerging, with 60,000 prevalent patients, 27,000 addressable, and over 21,000 untreated.

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

• Current dry powder therapies face tolerability issues and high discontinuation rates, especially in PH-ILD, leading to persistent use of nebulized formulations.

• Yutrepia aims to capture both new patient starts and transitions from less effective or less tolerated therapies.

Clinical Data, Differentiation, and Development

• Higher doses of inhaled treprostinil correlate with better outcomes and longer duration before transition to parenteral therapy.

• Yutrepia achieves up to 3x higher breath equivalents than competitors, with 90% of patients above 15 breaths and no dropouts at eight weeks in the ASCENT trial.

• Early ASCENT data show rapid dose escalation, mild adverse events, and no increase in cough scores.

• PRINT technology enables lower airway deposition, reducing upper airway side effects and improving tolerability.

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