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©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Corporate Overview J.P. Morgan Healthcare Conference 2026 January 14, 2026
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2©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 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 timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware and U.S. District Court for the Middle District of North Carolina, or other litigation between Liquidia and United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, the potential for additional funding under the HCR Agreement, our anticipated use of net proceeds funded under the HCR Agreement, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. YUTREPIA’s approval 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 for one or both of PAH and PH-ILD. 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©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Liquidia Corporation is a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases through precise, innovative therapies that restore health and hope Improving inhaled drug delivery Employing proprietary formulations Focusing on prostacyclin class Changing the standard of care Shaping the Future of Care in Pulmonary and Vascular Disease
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4©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Liquidia is well positioned today for potential breakout growth YUTREPIA (treprostinil) inhalation dry powder • FDA Approved May 23, 2025 for PAH & PH-ILD • Launched to patients in 1 week Product L606 (liposomal treprostinil inhaled suspension) • Extended-release formulation for PAH & PH-ILD • Rapid, portable, next-gen nebulizer Pipeline New clinical studies • Treat inadequate responders in PAH, PH-ILD • Explore new indications IPF, PPF, PH-COPD, SSc-RP Progress Pulmonary arterial hypertension (PAH), Pulmonary hypertension associated with interstitial lung disease (PH-ILD) YUTREPIA and PRINT® are trademarks of Liquidia Technologies, Inc.
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5©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Most successful launch of an inhaled prostacyclin product to date Achieved profitability in first full quarter after launch in 3Q25 $6.5 $51.7 $90.1 2Q25 3Q25 4Q25 $148.3 million 2025 Net product sales $30+ million 4Q2025 Positive cash flow Source: Press Release January 9, 2026, https://liquidia.com/investors/press-releases
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6©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED PAH and PH-ILD are large markets with unmet needs Inhaled treprostinil is the only product approved to treat both PAH and PH-ILD Prostacyclin market has continued to grow U.S. sales sourced from 2024 & 2025 SEC filings of companies with PAH & PH-ILD assets including prostacyclin analogs and prostacyclin receptor agonists $4.3 Billion net sales U.S. in 3Q24 thru 2Q25 Oral, $1,983 IV/SC, $572 Inhaled, $1,725 Treprostinil represented $2.7B (62%) of prostacyclin market Many more patients may benefit from inhaled Estimated Prostacyclin Treated 2024 Intravenous (IV), Subcutaneous (SC), Mechanism of Action (MOA), Prostacyclin (PGI2) Liquidia analysis informed by statements and reports from competitors, data from specialty pharmacies, third-party market research 6,000 4,000 10,000 4,000 PH-ILD PAH Inhaled IV/SCOral 54,000+ Prevalent Untreated Inhaled
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7©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Commercial momentum already proving blockbuster potential As of December 31, 2025 0 500 1000 1500 2000 2500 3000 6/3 8/8 10/30 12/31 New Prescription New Patient Start ~3 out of 4 patients starting YUTREPIA are new to treprostinil ~1 in 4 are transitioning from other prostacyclin therapies, typically inhaled, with 30% PAH switches from oral % conversion rate prescription to patient start for Rx’s thru Nov 2025 85%2,300 2,800 Cut-off dates for patient reporting used in public disclosures
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8©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Driving depth and breadth in targeted prescribers Most prescriptions written for PAH patients Estimated Timing of reported data 2025 EOY 63% 29% Pulmonologist Cardiologist Other 24% 76% Community Center Pulmonologists wrote more prescriptionsMost new prescriptions from Centers 3.8 Rx per prescriber on average 24% 34% 42% 5 or more Rx 2 to 4 Rx 1 Rx n~750
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9©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Planning additional high-impact studies to build on product profile Planned clinical studies First Patient In (FPI), Prostacyclin (PG!2) Tyvaso® and Tyvaso DPI® are registered trademarks of United Therapeutics Corporation, Uptravi® is a registered trademark of Actelion Pharmaceuticals Ltd. PAH Sotatercept Combo Investigator Initiated Study 2H26 PAH Oral Transition Open label FPI Mid-26 Treat inadequate responders to Uptravi® & other PGI2 analogs PH-ILD Tyvaso Transition Open label FPI 1H26 Treat inadequate responders to Tyvaso® & Tyvaso DPI® PH-ILD Naïve ASCENT Cohort 1 On-going Confirms tolerability, titratability & 6MWD in PH-ILD Study completion in end Q12026 1Q 2Q 3Q 4Q 2026
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10©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Planned IIT to transition sotatercept patients using treprostinil from IV/SC to Yutrepia Emerging medical literature on complementary mechanisms Sotatercept has shown best outcome on top of background prostacyclins Right-Ventricular (RV), RV–pulmonary arterial coupling (Ees/Ea), Heart rate (HR), Investigator-Initiated Trial (IIT) 1. Kremer N et al. Circulation. December 2025. “Acute hemodynamic effects of sotatercept” 2. Tello K et al. Am J Respir Crit Care Med. 2022;206(1) “Inhaled Iloprost Improves Right Ventricular Load–Independent Contractility in Pulmonary Hypertension” Sotatercept rapidly reduces lung vessel pressure, leading to a more efficient RV1 • Rapid ↓ RV afterload • ↓ RV contractility (adaptive) • Stable coupling • ↓ HR Inhaled prostacyclin reduces lung vessel resistance and directly improves RH inotropy2 • ↓ Afterload and ↑ RV contractility • ↑ Ees/Ea, ↑ CO • No HR increase
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11©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED YUTREPIA’s differentiation is resonating with prescribers and patients The Three D’s PRINT® is a registered trademark of Liquidia Technologies, Inc. 1. Hill NS et al. Pulm Circ. 2022;12(3):e12119. doi:10.1002/pul2.12119 2. Garcia A et al. J Drug Deliv. 2012;2012:941243. doi:10.1155/2012/941243 3. Roscigno RF et al. Vascul Pharmacol. 2021;138:106840. doi:10.1016/j.vph.2021.106840 4. Patel S et al. Robustness of YUTREPIA, a dry-powder inhaled formulation of treprostinil, in patient misuse scenarios. Poster presented at: CHEST 2022 Annual Meeting; October 16-19, 2022; Nashville, TN. 5. Price D et al. Multidiscip Respir Med. 2015;10:36. doi:10.1186/s40248-015-0033-0 6. National Health Service Sunderland. Sunderland COPD Inhaler Guide. National Health Service; 2020. 7. YUTREPIA. Prescribing information. Liquidia Technologies, Inc; 2024. YUTREPIA is a dry-powder formulation of treprostinil enabled by PRINT® technology1 designed for Enhanced deep-lung delivery1–3 Ease of use with a low-effort device1,4–6 Titration to higher therapeutic doses1,7
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12©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Dose chart for transitioning from Tyvaso nebulizer Tolerable doses well above Tyvaso 9–12 bps target Evaluated accelerated dose titration in ASCENT given tolerability ASCENT is open label study in PH-ILD (n=54) 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® 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+ 0 bps 3 bps 6 bps 9 bps 12 bps 15 bps 18 bps 21 bps 24 bps 27 bps 30 bps 33 bps 36 bps 39 bps 42 bps 45 bps 48 bps YUTREPIA delivers 3 to 4x higher comparable doses relative to Tyvaso target 185.5 mcg median @ wk 24 424 mcg max @ wk 24 Comparable breaths per session equivalents of Tyvaso
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13©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Cough has not been rate limiting to titration Median 𝚫𝚫6MWD continued to increase In PH-ILD, increasing dose correlated with 6MWD but not cough ASCENT: Week 24 1. Wang Z, Wang M, Wen S, Yu L, Xu X. Types and applications of cough-related questionnaires. J Thorac Dis. 2019 Oct;11(10):4379-4388, Six Minute Walk Distance (6MWD), Liquidia data on file 1.3 1.3 1.3 1.2 1.4 1.1 0 1 2 3 BL Week 8 BL Week 16 BL Week 24 +41 +31.5 +21.5 0 10 20 30 40 50 Week 8 n=51 132.5mcg median Week 16 n=43 159mcg median Week 24 n=39 185.5mcg median Meters Week 8 n=49 Week 16 n=41 Week 24 n=37 Mean 24.3 ± 30.5 Mean 30.2 ± 36.1 Mean 39.6 ± 45.0 Change from baseline for Simplified Cough Score1 Change from baseline for patients completing 6MWD
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14©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 2026 Committed to investigating broader indications Planned clinical studies First Patient In (FPI); Uptravi® (selexipag), Systemic Sclerosis associated Raynaud’s Phenomenon (SSc-RP) PH-COPD Phase III FPI 2027 Study with improved profile, better clinical design SSc-RP Phase II FPI 4Q26 Investigate positive signal seen with prostacyclins IPF & PPF Open label FPI 2H26 Confirm tolerability & dose response of higher inhaled doses 2027 2H26 1H27
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15©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Investing in the growing interest to open new markets Potential patients needing inhaled prostacyclin treatment CvRG, 1Q 2025 Pulmonary Hypertension, Liquidia analysis *COPD GOLD 2: mPAP > 35mmHg, PCWP <15mmHg. 18,000+ 60,000+ 30,000+ 200,000+ 300,000+ PAH PH-ILD SSc-RP IPF/PPF PH-COPD $3B+ $4B+ $1B+ $5B+ $5B+ PGI2 treated Prevalent Mod-Severe Prevalent Prevalent* FutureAddressable now Estimated Addressable Patient Population Estimated Prostacyclin Market Size
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16©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Similar daily AUC modeled for 4x vs. 2x dosing More consistent exposure over 24 hours Preparing for future markets by advancing L606 Extended-release formulation provides more consistent exposure over 24 hours Maximum peak concentration (Cmax), Area Under the Curve (AUC) Tully et al. 2024 Annual Congress; 2024 Feb 2, London. 0 400 800 1,200 1,600 2,000 2,400 2,800 0 – 12 hrs 12 – 24 hrs AUC (pg*hr/mL) Tyvaso 54 µg, 4x daily L606 102 µg, 2x daily
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17©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED n=4 (14%) reported mild cough after nearly 1 yr 90%+ patients dosing above Tyvaso target dose L606 may be most tolerable inhaled treprostinil studied to date Safety and Dosing data from L606 Open-Label at Week 48 (n=24) Treatment emergent adverse events (TEAE), Breaths per session (bps), Liquidia data on file Most common TEAEs Reported >10% TEAE L606 Related % n % n Cough 32.1 9 14.3 4 Dyspnea 28.6 8 3.6 1 Fatigue 21.4 6 3.6 1 Dizziness 21.4 6 3.6 1 Nausea 10.7 3 3.6 1 Pruritis 10.7 3 3.6 1 8% 38% 25% 29% Week 48 25+ bps 19-24 bps 13-18 bps 5-12 bps 378mcg 42 mcg Median 229 mcg comparable to ~19 bps L606 comparable dose equivalents to Tyvaso bps 4x daily L606 comparable dose equivalents to Tyvaso bps 4x daily
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18©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED All participants (N=24) Minimal variability btwn. peak & trough measures Most patients maintained or improved 6MWD over time L606 Open-Label: Week 48 Six Minute Walk Distance (6MWD), Mean ± Standard Deviation, Liquidia data on file +22.5 +17.2 0 10 20 30 40 Meters Week 12 Week 48 Mean 23.6 ± 34.3 Mean 29.4 ± 64.4 +22.5 +24.3 0 10 20 30 40 Meters Week 48, Trough Week 48, Peak Mean 23.6 ± 57.8 Mean 29.4 ± 64.4 Median change from baseline in 6MWDMedian change from baseline in 6MWD at peak
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19©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED FOX Mobile uses breath-activated technology L606 can be rapidly administered in about 1 minute Re-Spire study initiated! Phase III, multicenter, randomized (1:1), double-blind, placebo-controlled (n~350) Powered by Bing 20+ countries Initiating sites globally
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20©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Well-capitalized to achieve objectives in 2026 Ended 4Q25 with $190.6M cash & cash equivalents Added $~30M in positive cash flow to balance sheet in 4Q 2025 Investing in Profitable Growth Selective investment to scale high-value programs in a rapidly expanding market
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©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Q&A Dr. Roger Jeffs Chief Executive Officer Michael Kaseta Chief Operating Officer & Chief Financial Officer