Liquidia (LQDA) H.C. Wainwright 4th Annual BioConnect Investor Conference summary

Launch performance and market opportunity

• YUTREPIA launched in May 2025, showing strong, linear growth over its first 10 months on the market.

• Achieved $130 million in revenue in the third full quarter of launch and is already profitable.

• The PAH market opportunity is estimated at over $3 billion, with PH-ILD representing an additional $3–5 billion.

• Sales force expansion by 33% in Q2 aims to deepen penetration into community and local centers.

• Company is funding all ongoing and planned clinical trials through current cash flow and balance sheet.

Product differentiation and clinical data

• YUTREPIA uses PRINT technology for uniform particle size, enabling deep lung deposition and higher dosing.

• Demonstrated ability to titrate to higher doses than competitors, improving patient outcomes.

• ASCENT trial in PH-ILD showed rapid dose escalation and improved walk distance over 24 weeks.

• Ongoing and planned studies include transition protocols and open-label studies to further validate efficacy and tolerability.

• Eight clinical studies are active or planned, including for new indications like Raynaud's and PH-COPD.

Pipeline and innovation

• L606, a next-generation liposomal treprostinil, is in phase III with top-line data expected in 2029.

• L606 aims for twice-daily dosing with improved tolerability and consistent therapeutic exposure.

• Plans to move into a pivotal PH-COPD study in 2027, learning from previous trial designs.

• Exploring opportunities in systemic sclerosis with Raynaud's and PPF, leveraging YUTREPIA's high-dose tolerability.