Liquidia (LQDA) investor relations material

Commercial performance and financial highlights

• Achieved $130 million in Q1 revenue and $70 million in adjusted EBITDA, adding $30 million in cash to the balance sheet within the first three quarters post-launch.

• YUTREPIA market share grew from 10% at launch to over 23% by Q1 2026, with nearly 4,500 unique prescriptions and an 85%+ pull-through rate.

• Projected to reach $1 billion in annual revenue by 2027, with a linear growth trajectory and no need for a sudden surge in patient uptake.

• Financial discipline enables ongoing investment in sales force expansion, clinical studies, and manufacturing capacity.

• Over $220 million in cash reserves support continued growth and reinvestment.

Product differentiation and clinical strategy

• YUTREPIA leverages PRINT technology for deep lung deposition, higher dosing, and ease of use, supporting superior efficacy and tolerability.

• ASCENT phase IV study in PH-ILD demonstrated safe, rapid dose titration without exacerbating cough, supporting broader adoption.

• Ongoing and planned studies in 2026 will address oral and parenteral transitions, aiming to expand indications and improve the product profile.

• L606, a twice-daily inhaled treprostinil, is in development to further improve tolerability and expand into new diseases.

Market opportunity and growth drivers

• PAH market opportunity estimated at $3 billion, with PH-ILD seen as a $3–5 billion long-term opportunity due to under-penetration and ongoing market-building efforts.

• Growth driven by new patient adds (especially in PH-ILD), switches from oral and parenteral therapies, and increased prescriber breadth and depth.

• Sales force expanded by 33% to reach more community physicians and undiagnosed patients, with a focus on education and diagnosis.

• Market access initiatives ensure minimal barriers for prescribers and patients, with stable pricing and high conversion rates.