Liquidia (LQDA) Proxy filing summary

Executive summary

• Achieved a highly successful commercial launch of YUTREPIA, reaching profitability within four months and generating hundreds of millions in net product sales in less than a year.

• Ended the year with $190.7 million in cash and continued positive cash flow, supporting ongoing investments in pipeline and workforce expansion.

• Initiated plans for six new clinical studies in 2026 to reinforce YUTREPIA's value, advance L606, and explore new indications.

• Expanded workforce by over 100 positions to support growth and future opportunities.

• Maintained strong investor confidence, reflected in significant stock price and market capitalization appreciation.

Voting matters and shareholder proposals

• Election of three Class II directors for terms expiring at the 2029 annual meeting.

• Ratification of PricewaterhouseCoopers LLP as independent registered public accounting firm for 2026.

• Advisory vote on the compensation of named executive officers (say-on-pay).

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

• Board consists of nine directors, eight of whom are independent under Nasdaq standards.

• Directors are divided into three classes with staggered three-year terms.

• Board committees include Audit, Compensation, and Nominating and Corporate Governance, all comprised solely of independent directors.

• Board leadership structure separates CEO and Chairperson roles to enhance governance and oversight.

• Code of conduct and related governance policies updated in May 2025.