Liquidia (LQDA) Wells Fargo 21st Annual Healthcare Conference summary

Product performance and adoption

• YUTREPIA launched in May 2025, generating $170 million in Q2 revenue with rapid patient uptake and strong profitability growth.

• 75% of prescriptions are from prostacyclin-naive patients, driving market expansion, with 25% from switches.

• Sales force expanded by 33% to penetrate under-served PH-ILD market, which is less than 20% penetrated.

• Targeting a $1 billion run rate by Q4 2025, with consistent $40 million quarterly revenue growth.

• Physician feedback highlights dosing flexibility, tolerability, and deep lung deposition as key differentiators.

Clinical development and pipeline

• Phase III placebo-controlled trial for L606 in PH-ILD launched, with first patient enrolled in Q2; top-line data expected in 2029.

• Up to 10 clinical trials planned by next year, including studies in PH-COPD and systemic sclerosis with Raynaud's phenomenon.

• Open label studies in oral prostacyclin switch patients and dose-finding studies in Raynaud's to start soon, with data expected in 2027 and first half of next year, respectively.

• L606 offers improved tolerability via liposomal formulation, enabling higher dosing with reduced cough.

• Clinical strategy leverages historical prostacyclin data, focusing on demonstrating non-inferiority and potential efficacy improvements.

Market opportunities and strategy

• PH-ILD market estimated at 60,000+ patients, with long-term opportunity valued at $3–5 billion.

• PAH market is mature but still offers over $2 billion in short- to medium-term opportunity.

• PH-COPD trial to start in 2027, targeting a U.S. population of up to 300,000 patients.

• Raynaud's phenomenon study to begin this year, with phase II data expected in the first half of next year.

• Strategy includes expanding indications and leveraging product differentiation to capture market share.