Liquidia Corporation Common Stock Wells Fargo 21st Annual Healthcare Conference

Hey, thanks for having us, Ben.

Yeah, Ben, really appreciate you having us. It is a really exciting time for Liquidia. Our first product launch, YUTREPIA, has gotten off to a very important start for us. Just in Q2 alone, we recorded $170 million of revenue, all while increasing our profitability quarter-on-quarter. We launched this product back in May of 2025. We have had a rapid uptake. We have been on a linear curve of patient additions, and feel that we are taking a disproportionate share of new patient starts in the space in both PAH and PH-ILD. We are very excited for where we are going.

This is a very important time for these patients that have suffered for a long time, to be able to have a product that has the tolerability profile, and ease of use profile that really helps, and ultimately allows us to look at other opportunities, where we are now pursuing our next generation product, L606, where we have launched our phase III placebo-controlled trial in PH-ILD, enrolled our first patient in Q2, and looking forward, where this time next year we will have between 8 and 10 clinical trials in place across a variety of disease states, both open label phase IV studies and also potentially two additional registrational studies in PH-COPD and systemic sclerosis with Raynaud's phenomenon.

We have created a tremendous amount of value already, but we feel like we are really just scratching the surface here of being able to do much more while increasing sales of YUTREPIA, increasing profitability, and reinvesting part of that profitability back into our pipeline. It is a great time for Liquidia, and we are really looking forward to the future here.

Yeah. So like we said, every metric that we have tracked at the launch has been ultra successful in both PAH and PH-ILD. What we have seen since the launch, we have really seen an even split of scripts in both PAH and PH-ILD. We are seeing about 75% of our scripts are coming from naive patients, which is really market-growing scripts, which we are very excited about and 25% are coming from switch from other prostacyclins like Tyvaso DPI, Remodulin and oral prostacyclins. As we look forward to the rest of the year and beyond, as I said, we are at $170 million of revenue in Q2. We have for the last three quarters, grown $40 million revenue each quarter. We see that continuing and our goal and our plan is to be on a billion-dollar run rate of $250 million by Q4 of 2025.

The opportunity in PH-ILD, I think we have talked about this time and again, that this is still a relatively under-penetrated disease state, that we believe is probably penetrated less than 20%. So there is still a tremendous amount of white space for us to pursue there. We have increased the size of our sales force in the last quarter by 33% to help penetrate that area, especially in the local community setting. But then in PAH, we think there is an equal opportunity through new patients, but also we are very interested in switches of oral prostacyclins. There is over 10,000 patients that are on oral prostacyclins currently. We feel the flexibility of the product profile of YUTREPIA is very conducive to switch those patients.

We are about to enroll an open label study in oral prostacyclin switch patients, which we are very excited about and hope to have data in the first half of 2027 on that. While the early launch has been extremely successful, we feel like there is still tremendous opportunity to grow and grow for the foreseeable future here.

Yeah, I think for years especially in PH-ILD, only Tyvaso and Tyvaso DPI were available for patients. I think what YUTREPIA brings is a differentiated product profile that provides dosing flexibility to allow patients to titrate to higher doses. Our PRINT technology, which is really the cornerstone of what our differentiation is, where we manufacture particles of uniform size and shape that were specifically designed to bypass the back of the throat and the upper airways, to achieve deep lung deposition. Our ability to titrate to those high doses we feel is critically important and what we've seen, we had launched in 2024 a study called ASCENT, which was an open label study in PH-ILD, where the goal was to take PH-ILD patients and start them in YUTREPIA and try to titrate them to higher doses in a very short period of time.

What we saw in that was very telling. Our drug, the target dose of Tyvaso has always been between 9 and 12 breaths of Tyvaso. What we were able to do with ASCENT is show that you can get to high doses in that relatively short amount of time. So we really measured at 8 weeks, at 16 weeks, and 24 weeks. At 8 weeks, we were able to get to the equivalent, on average, of 15 breaths of Tyvaso, and achieve a 21-meter walk improvement. At 16 weeks, we were able to get to the equivalent of 18 breaths of Tyvaso and saw a 31-meter improvement.

At 24 weeks, we were able to get to the equivalent of 21 breaths and see a 41-meter improvement, all while cough, which at the time of initiation was really deemed as more of a minor transient cough, that cough stayed the same, even though we were getting up to that 21 breath. So the feedback we're getting from doctors is really the consensus is unanimous here that we offer a profile that is easy to take, dry powder inhaled, and we're able to titrate to higher doses, which we think has been a welcome addition to the treatment paradigm for these patients in both PAH and PH-ILD.