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©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED FDA Approval YUTREPIA (treprostinil) inhalation powder Investor Call May 27, 2025
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2©2025 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 results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, the e timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware or other litigation instituted by United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the United States Patent and Trademark Office and our ability to execute on our strategic or financial initiatives, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. FDA’s final approval of YUTREPIA and our launch of YUTREPIA remain subject to ongoing litigation in which United Therapeutics is seeking injunctive relief, which could block our ability to continue to sell YUTREPIA. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the U.S. Securities and Exchange Commission as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment, and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. This presentation includes long-term goals that are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond our control and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary, and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved. We have no obligation under the PSLRA to update any forward-looking statements, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
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3©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 3 Now FDA Approved
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Please see Important Safety Information throughout and Full Prescribing Information available at this presentation.
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5©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED PH-ILDPAH Bringing a new choice to address unmet needs PAH: Pulmonary Arterial Hypertension, PH-ILD: Pulmonary Hypertension with Interstitial Lung Disease ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 45,000 patients treated 18,000 new to prostacyclin or needing better choices 60,000+ patients prevalent 6,000 treated since 2021 Only
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6©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED YUTREPIA offers a new choice to treat PAH & PH-ILD Highlights of Prescribing Information Prescribing Information and Instructions for Use for YUTREPIA (treprostinil) inhalation powder are available at YUTREPIA.com
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7©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Enables wide range of dosing for naïve and transition patients 1. The safety and tolerability of YUTREPIA was evaluated in an open label study (INSPIRE) of 121 patients with PAH (WHO Group 1 and NYHA Functional Class II [80 patients] and Class III [41 patients]) followed for up to 2 months. Most commonly reported adverse reactions are known side effects of nebulized treprostinil. Tyvaso® is a registered trademark of United Therapeutics Corporation Transitioning from Treprostinil Inhalation Solution Adverse Reactions from INSPIRE Study in PAH patients1 Occurring in ≥ 4% of Patients Transitions n=55 n (%) Naïve n=66 n (%) Cough 15 (27) 36 (55) Headache 14 (25) 18 (27) Throat irritation 5 (9) 14 (21) Dizziness 6 (11) 7 (11) Diarrhea 3 (6) 8 (12) Chest discomfort 5 (9) 5 (8) Nausea 4 (7) 5 (8) Dyspnea 3 (6) 3 (5) Flushing 1 (2) 5 (8) Oropharyngeal pain 1 (2) 4 (6) Tyvaso® Dose Breaths per session YUTREPIA (treprostinil) inhalation powder Dose (mcg) Capsule(s) ≤5 26.5 6 to 8 53 9 to 11 79.5 12 to 14 106 15 to 17 132.5 ≥18 159 ≥21 185.5 ≥24 212 26.5 mcg 79.5 mcg 106 mcg 53 mcg 53 mcg 79.5 mcg 79.5 mcg79.5 mcg 79.5 mcg 106 mcg 106 mcg 106 mcg + + + +
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8©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 0 bps 3 bps 6 bps 9 bps 12 bps 15 bps 18 bps 21 bps 24 bps 27 bps 30 bps 0.0 26.5 53.0 79.5 106.0 132.5 159.0 185.5 212.0 238.5 265.0 Median 132.5 Tyvaso® breaths per session (bps) equivalents LIQ861 Dose (mcg) YUTREPIA is taking titration to a whole new level ASCENT study data n= first 20 PH-ILD patients treated for 8 weeks Treatment emergent Adverse Event (TEAE), Adverse Event (AE), Breaths per session equivalents (bps), clinicaltrials.gov: ASCENT (NCT06129240). Saggar, et al, ASCENT Poster, American Thoracic Society (ATS) Annual Meeting 2025 Tyvaso® is a registered trademark of United Therapeutics Corporation. • No dose dependent AEs • Most frequent TEAE is cough, all mild • No discontinuations due to cough Patients achieve tolerable doses quickly Median Dosing at Week 8 was 132.5 mcg1 Cough has not been rate limiting to titration Score Daytime Cough 0 No cough 1 Transient cough occasionally during the daytime 2 Frequent cough mildly affecting daily life 3 Frequent cough severely affecting daily life 1.2 1.3 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Baseline Week 8 Mean Cough Score +53 mcg 79.5 mcg n=18
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9©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Offering patient access and choice with full support services WAC price for 28-day supply is $24,360 and at parity with Tyvaso DPI® Wholesale Acquisition Cost (WAC); Tyvaso DPI® is a registered trademark of United Therapeutics Corporation Voucher Program Co-Pay Program Bridge Program Patient Assistance Program Starter Kit Full Patient Support Services Reimbursement support Patient in-home or virtual training Patient start and Demo kits Follow-up nursing visits Patient education In-office support for patient care teams Adherence support
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10©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Commercial team is fully mobilized and will start detailing today! PH: Pulmonary Hypertension, ILD: Interstitial Lung Disease 6,500 Physicians Treating PH, ILD or Both targeting calling on 60 Commercial Team 10 Medical Science Liaisons Field Force Field Reimbursement Specialists 140 Specialty Centers 650 Community Accounts
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11©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Determined to become the prostacyclin of first choice • PAH & PH-ILD • Deep Lung Delivery, Device, DoseApproved • Detailing physicians nationwide • Available in ~14 daysPrepared • Broad market access • Full suite of patient support servicesAccessible
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12©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Scott Moomaw Chief Commercial Officer Rajeev Saggar Chief Medical Officer Jason Adair Chief Business Officer Dr. Roger Jeffs Chief Executive Officer Michael Kaseta COO & CFO Russell Schundler General Counsel Q&A