Liquidia (LQDA) Wells Fargo 20th Annual Healthcare Conference 2025 summary

Commercial launch and market uptake

• Early launch of YUTREPIA in May 2025 exceeded expectations, with over 900 prescriptions and 550 patient starts in the first 11 weeks.

• Uptake includes a mix of naive, transition, and switch patients, with positive feedback from physicians and patients.

• PRINT technology enables uniform particle delivery, supporting higher dosing, dose flexibility, and ease of use.

• ASCENT data showed patients titrated to high doses with improved six-minute walk distance, supporting the "more is better" hypothesis.

• Commercial footprint covers both academic centers and community settings, with ongoing investment in disease education and patient identification.

Market opportunity and growth potential

• PH-ILD market is under-penetrated, with an estimated 6,000 patients on inhaled therapy but up to 60,000 addressable; some KOLs suggest even higher potential.

• PAH market is mature but still sees switches from oral and parenteral therapies; oral treprostinil market is valued at $2 billion.

• Annual churn in PAH is about 30%, translating to roughly 6,000 new patients entering therapy each year.

• Company aims to expand both PH-ILD and PAH markets through education and broader access.

• Belief that higher dosing and better tolerability will drive longer therapy duration and increased asset value.

Payer access, reimbursement, and financials

• Contracts signed with three national commercial payers; Medicare Part D and commercial represent 85% of the market.

• Achieved a 75% fill rate in the first six weeks, with efforts underway to remove new-to-market blocks and further improve access.

• SG&A expected to remain flat, with infrastructure in place to support growth; potential to scale sales force if needed.

• Net sales of $6 million in Q2, with strong momentum continuing into Q3.

• Over $170 million in cash at end of Q2, with confidence in reaching profitability within three to four quarters post-launch.