Liquidia Conference Call Summary Company Overview - **Company**: Liquidia - **Industry**: Biopharmaceuticals, specifically focused on inhaled drug delivery for pulmonary diseases - **Key Product**: Yutrepia, FDA approved on May 23, 2025, for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [3][5] Financial Performance - **2025 Performance**: Achieved profitability in the first quarter post-launch with net product sales of $148.3 million, growing from $51.7 million in Q3 2025 to $90.1 million in Q4 2025, representing a 75% quarter-over-quarter growth [5][6] - **Cash Flow**: Generated over $30 million in positive cash flow, strengthening the balance sheet [6][31] Market Opportunity - **Market Size**: The prostacyclin market for PAH and PH-ILD is estimated at $4.3 billion annually, with inhaled therapies generating $1.7 billion, oral therapies nearly $2 billion, and parenteral therapies about $572 million [6][7] - **Patient Population**: Approximately 18,000 patients for PAH, 60,000 for PHALD, 30,000 for scleroderma, 200,000 for idiopathic pulmonary fibrosis (IPF), and 300,000 for pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD) [24] Product Development and Pipeline - **Yutrepia Launch**: Launched in June 2025, with 2,800 new prescriptions and a conversion rate from referral to start of 85% [8][9] - **Clinical Studies**: Ongoing studies include the ASCENT study for PH-ILD, transitioning patients from Tyvaso to Yutrepia, and a study for transitioning patients from oral therapies [14][15][16] - **L606 Development**: An extended-release liposomal formulation expected to provide more consistent exposure and potentially better tolerability compared to existing therapies [25][27] Competitive Landscape - **Market Share**: Liquidia has captured approximately 25% market share in the inhaled treprostinil space within seven months of launch, compared to competitors who have been in the market longer [39] - **Transition from Competitors**: 30% of new patients on Yutrepia are transitioning from oral therapies, indicating a successful displacement strategy [10][32] Future Outlook - **Growth Projections**: The company aims to achieve over $1 billion in product sales by 2027, driven by increasing prescriptions and market penetration [32][33] - **New Indications**: Plans to explore additional indications for Yutrepia and L606, including studies in IPF and PH-COPD, with potential market opportunities approaching $20 billion cumulatively [24][25] Legal Considerations - **Litigation Status**: Ongoing litigation with United Therapeutics, with confidence in the arguments presented and anticipation of a ruling soon [34] Summary Liquidia is positioned for significant growth in the biopharmaceutical market, particularly in the inhaled drug delivery segment for pulmonary diseases. With a strong financial performance, a robust pipeline, and strategic market penetration, the company is set to capitalize on the substantial unmet needs in this therapeutic area.

©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 2 Corporate Overview J.P. Morgan Healthcare Conference 2026 January 14, 2026 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Forward-looking statements This presentation includes, and our response to questions may include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). All statements contained in this presentation other than statements of historical facts, including statements regarding our future ...

Performance Overview - Laughing Water Capital ("LWC") achieved a return of approximately 6.8% in Q4, resulting in a full-year return of about 3.9% after fees and expenses, compared to the SP500TR and R2000 which returned approximately 2.7% and 2.2% respectively in the same quarter [3] - Since inception, LWC's cumulative return is approximately 400%, outperforming the SP500TR's ~332% and the R2000's ~175% [4] Investment Philosophy - The company emphasizes investing in off-the-beaten-path businesses led by capable management, particularly during periods of uncertainty, believing this approach can yield outsized returns over time [6][8] - Despite the current market enthusiasm for sectors like artificial intelligence and technology, the company remains focused on fundamental business performance rather than market trends [7][8] Market Dynamics - Recent market trends have favored larger, growth-oriented companies, with a significant outperformance of large-cap stocks over small-cap stocks [10][15] - The SP500 has outperformed the equal-weight SP500 by 34% over the past three years, indicating a strong preference for larger companies [15] Specific Investments - Lifecore Biomedical is highlighted as a key investment, with expectations of significant growth due to its competitive advantages and increasing capacity utilization [13][14] - Liquidia Corp has seen early sales success with its drug Yutrephia, which has outperformed expectations, despite ongoing patent litigation with United Therapeutics [30][31] - NextNav Inc is positioned as a potential leader in providing a terrestrial backup to GPS, with bipartisan support for its proposal to repurpose spectrum for 5G use [36][39] Future Outlook - The company anticipates continued improvement in the fundamental performance of its investments, suggesting that over time, market recognition of these fundamentals will lead to better stock performance [62] - Management remains optimistic about the potential for significant upside in investments like Lifecore and Liquidia, while also acknowledging the challenges posed by market sentiment and timing [29][33]

Core Insights - Liquidia Corporation is focused on developing therapies for pulmonary arterial hypertension and has received a bullish price target of $55 from Jefferies, indicating a potential increase of about 48.57% from its trading price of $37.02 [1][6] Stock Performance - Recently, Liquidia's stock price increased by 9.1%, reaching a high of $34.57 and closing at $34.65, with a trading volume of approximately 1.89 million shares, a 14% increase from the average session volume [2] - The stock is currently priced at $37.74, reflecting an increase of 3.11% or $1.14, with fluctuations between $35.28 and $38.19 during the trading day [4] - Over the past year, the stock has reached a high of $39.16 and a low of $11.26, with a market capitalization of approximately $3.22 billion [5] Financial Performance - Liquidia reported preliminary net sales for Q4 of YUTREPIA at approximately $90.1 million, with full-year sales projected to be around $148.3 million for 2025 [3] - The company achieved a positive cash flow exceeding $30 million in Q4 and has approximately $190.7 million in cash on hand [3][6] Commercial Metrics - Since the launch, Liquidia has recorded over 2,800 unique prescriptions, with more than 2,200 patients starting treatment, resulting in a prescription-to-start conversion rate of approximately 85% [4] - The expanding prescriber base supports expectations for durable revenue growth [4]

Core Insights - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by approximately 200 points on Friday [1] Company Highlights - CG Oncology Inc (NASDAQ:CGON) saw its shares rise by 21.8% to $51.05 after announcing an expedited timeline for topline data from the Phase 3 PIVOT-006 clinical trial, now expected in the first half of 2026 [1][2] - Rich Sparkle Holdings Ltd (NASDAQ:ANPA) surged 113.6% to $51.70 following a $39 million offering of 3 million ordinary shares at $13 per share [3] - NovaBay Pharmaceuticals Inc (NYSE:NBY) increased by 34.4% to $12.81 [3] - Quanterix Corp (NASDAQ:QTRX) gained 29.3% to $8.42 after naming Everett Cunningham as President and CEO, effective January 19 [3] - MoonLake Immunotherapeutics (NASDAQ:MLTX) rose 21.7% to $17.45 after receiving FDA feedback on its clinical evidence strategy for Sonelokimab in Hidradenitis Suppurativa [3] - Enliven Therapeutics Inc (NASDAQ:ELVN) increased by 21.5% to $28.24, sharing positive initial data from its Phase 1b ENABLE trial for ELVN-001 in chronic myeloid leukemia [3] - Aeva Technologies Inc (NASDAQ:AEVA) surged 21.2% to $20.47 [3] - Loandepot Inc (NYSE:LDI) rose 20.1% to $2.93 [3] - ASP Isotopes Inc (NASDAQ:ASPI) increased by 19.7% to $7.71 [3] - Allogene Therapeutics Inc (NASDAQ:ALLO) gained 19.5% to $1.78 [3] - Opendoor Technologies Inc (NASDAQ:OPEN) rose 19.2% to $7.67 following a new housing market proposal by President Donald Trump [3] - Liquidia Corp (NASDAQ:LQDA) jumped 14% to $36.22 after announcing preliminary full-year 2025 YUTREPIA net sales [3] - Vistra Corp (NYSE:VST) gained 13.1% to $170.34 after entering into 20-year power purchase agreements for zero-carbon nuclear energy to support Meta's operations [3] - Oklo Inc (NYSE:OKLO) rose 12.6% to $109.95 after announcing an agreement with Meta for a 1.2 gigawatt power campus [3] - Applied Digital Corp (NASDAQ:APLD) surged 11.8% to $35.72, reporting strong second-quarter results and advanced talks with a new hyperscaler tenant [3] - AST SpaceMobile Inc (NASDAQ:ASTS) gained 10% to $99.65 [3] - SanDisk Corp (NASDAQ:SNDK) increased by 9.6% to $366.93 [3] - Mirion Technologies Inc (NYSE:MIR) rose 9.5% to $26.56 [3] - TTM Technologies Inc (NASDAQ:TTMI) gained 9.1% to $72.94 [3] - SoundHound AI Inc (NASDAQ:SOUN) rose 8.5% to $11.96 [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) gained 8.3% to $112.64, with B. Riley Securities maintaining a Buy rating and raising the price target from $105 to $128 [3]

Core Insights - Liquidia Corporation announced preliminary, unaudited full-year 2025 net product sales of YUTREPIA™ (treprostinil) inhalation powder, with a total of approximately $148.3 million in sales for the year and $90.1 million in the fourth quarter [1][5][6] - The company experienced a 74% quarter-over-quarter growth in net product sales, indicating strong market demand and physician confidence in YUTREPIA [6] - Liquidia plans to report fully audited financial results for the year ended December 31, 2025, in February 2026 [1] Financial Highlights - Estimated net product sales for YUTREPIA were approximately $90.1 million in Q4 2025 and $148.3 million for the full year [5][6] - Generated over $30 million in positive cash flow during Q4 2025 [5][6] - Cash and cash equivalents stood at approximately $190.7 million as of December 31, 2025 [6] Commercial Launch and Adoption - YUTREPIA was successfully launched for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [2] - The company received more than 2,800 unique patient prescriptions since the launch in June 2025, with over 2,200 patients starting treatment [5][6] - An 85% conversion rate from prescription to patient start was maintained for prescriptions received through the end of November 2025 [6] Clinical Pipeline and Future Plans - Liquidia aims to advance clinical programs for YUTREPIA and L606, targeting additional indications such as idiopathic pulmonary fibrosis (IPF), progressive pulmonary fibrosis (PPF), and pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD) [3][5] - The company is initiating multiple open-label studies to evaluate YUTREPIA's efficacy in various patient groups, including those with inadequate responses to existing treatments [5][6] - Liquidia is also enrolling patients in the global pivotal Phase III study for L606, an investigational extended-release formulation of treprostinil [7]

Core Viewpoint - The article discusses the investment position of the company LQDA, highlighting a beneficial long position in its shares through various financial instruments [1]. Group 1 - The analyst has a long position in LQDA shares, indicating confidence in the company's future performance [1]. - The article emphasizes that the opinions expressed are personal and not influenced by external compensation [1]. Group 2 - There is a clear distinction made between personal opinions and the views of Seeking Alpha as a whole, indicating that the analysis may not represent the platform's official stance [3].

Core Viewpoint - Investors are evaluating the value opportunities presented by Harmony Biosciences Holdings, Inc. (HRMY) and Liquidia Corporation (LQDA) in the Medical - Biomedical and Genetics sector [1] Group 1: Zacks Rank and Earnings Estimates - HRMY has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to LQDA, which has a Zacks Rank of 3 (Hold) [3] - The stronger earnings estimate revision activity for HRMY suggests an improving analyst outlook, making it a more attractive option for investors [3] Group 2: Valuation Metrics - HRMY has a forward P/E ratio of 10.09, significantly lower than LQDA's forward P/E of 37.43, indicating that HRMY may be undervalued [5] - The PEG ratio for HRMY is 0.39, while LQDA's PEG ratio is 1.03, suggesting that HRMY offers better value relative to its expected earnings growth [5] - HRMY's P/B ratio is 2.59, contrasting sharply with LQDA's P/B of 122.26, further highlighting HRMY's relative undervaluation [6] Group 3: Value Grades - HRMY has been assigned a Value grade of A, while LQDA has a Value grade of D, indicating that HRMY is viewed more favorably by value investors [6] - The combination of Zacks Rank and Style Scores indicates that HRMY is the better investment option compared to LQDA at this time [6]

Core Viewpoint - Liquidia Corporation will present at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026, highlighting its focus on innovative therapies for respiratory and vascular diseases [1]. Group 1: Company Overview - Liquidia Corporation is a biopharmaceutical company dedicated to revolutionizing care for patients with challenging respiratory and vascular diseases through innovative therapies and its proprietary PRINTTechnology [3]. - The company’s first approved product is YUTREPIA™ (treprostinil) inhalation powder, which is used for treating pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [3]. - Liquidia is also developing L606, an investigational extended-release formulation of treprostinil, which is administered twice daily using a next-generation nebulizer [3]. - Additionally, the company markets generic Treprostinil Injection for the treatment of PAH [3]. Group 2: Event Information - Dr. Roger Jeffs, the CEO of Liquidia, will present at the conference starting at approximately 5:15 p.m. Pacific Time (8:15 p.m. Eastern Time) [1]. - A live, audio-only webcast of the presentation will be available on the "Investors" page of Liquidia's website and will be archived for at least 30 days [2].

Company Overview - Intelligent Bio Solutions Inc. (NASDAQ:INBS) announced plans to raise $10 million through a private placement, leading to a significant drop in its share price [1] - Following the announcement, shares of Intelligent Bio fell 19.7% to $7.65 [1] Stock Movements - Lavoro Limited (NASDAQ:LVRO) saw a substantial increase of 181%, reaching $1.2900 [4] - Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) rose 57.7% to $5.32 after issuing FY26 guidance, expecting US net sales of Linzess to be between $1.125 billion and $1.175 billion [4] - Brand Engagement Network, Inc. (NASDAQ:BNAI) jumped 56% to $3.6290 after entering a Vendor Services Project Agreement with a global advertising agency [4] - ChowChow Cloud International Holdings Limited (NYSE:CHOW) increased by 39.7% to $0.8500 due to year-over-year revenue and net income growth in H1 2025 [4] - Sidus Space, Inc. (NASDAQ:SIDU) gained 29% to $4.0314, marking a 470% surge over the past month [4] - Baidu, Inc. (NASDAQ:BIDU) rose 12.1% to $146.57 after announcing a proposed spin-off and Hong Kong listing of its AI unit [4] Declines - Outlook Therapeutics, Inc. (NASDAQ:OTLK) experienced a significant decline of 58% to $0.6632 after receiving a complete response letter from the FDA regarding its biologics license application [4] - ESH Acquisition Corp. (NASDAQ:ESHA) fell 23.5% to $14.68 [4] - Nuvve Holding Corp. (NASDAQ:NVVE) declined 15.3% to $2.1500 after announcing the closing of a private placement [4]