Analogy 1: The Keurig of inhaled medicines, simplifying complex drug delivery for serious respiratory conditions.

Analogy 2: A biopharma company focused on making existing, critical drugs easier to use for patients, much like Novo Nordisk has innovated with user-friendly insulin pens for diabetes management.

Analogy 3: A biopharma company modernizing the delivery of established, life-saving medications, similar to how Nest reinvented thermostats for smart homes.

• YUTIQ: An FDA-approved intravitreal implant used to treat chronic non-infectious uveitis affecting the posterior segment of the eye.
• LIQ861: An investigational dry powder inhaled formulation of treprostinil, currently under review by the FDA for the treatment of pulmonary arterial hypertension (PAH).

Liquidia Corporation (LQDA) primarily sells its pharmaceutical products to other companies, specifically a limited number of specialty distributors in the U.S. These distributors then supply healthcare providers and pharmacies.

While Liquidia's SEC filings indicate a significant concentration of its revenue from a few direct customers, the company does not publicly disclose the specific names of its major customers.

According to Liquidia's 2023 Annual Report (10-K), for the year ended December 31, 2023, one customer accounted for approximately 75% of the company's total revenue, and a second customer accounted for approximately 18% of total revenue. These direct customers are typically large pharmaceutical wholesalers and specialty distributors responsible for distributing prescription medications to healthcare providers (such as ophthalmology practices and hospitals) and pharmacies.

Common major pharmaceutical distributors in the U.S. market, which often serve as direct customers for biopharmaceutical companies, include:

• McKesson Corporation (NYSE: MCK)
• Cencora, Inc. (formerly AmerisourceBergen Corporation) (NYSE: COR)
• Cardinal Health, Inc. (NYSE: CAH)

However, Liquidia has not confirmed that these specific companies are its major customers.

• Recro Pharma, Inc.

Roger Jeffs, Ph.D. Chief Executive Officer

Dr. Jeffs joined Liquidia as CEO in 2022, after serving on the company's Board of Directors since 2020. He is also the Co-Founder and Vice-Chairman of Kryia Therapeutics. Previously, he retired as President & Co-CEO of United Therapeutics Corporation in 2016 after an 18-year tenure, where he joined during its start-up phase in 1998, helped lead its IPO, oversaw the clinical development and regulatory approval of six rare disease products, and managed commercial efforts resulting in a >$1.5 billion annual revenue run rate and an $8 billion peak market capitalization. Prior to United Therapeutics, he held positions in clinical development at Amgen, Inc. and Burroughs Wellcome Co.

Michael Kaseta Chief Operating Officer & Chief Financial Officer

Mr. Kaseta joined Liquidia in 2020 as Chief Financial Officer and took on the additional role of Chief Operating Officer in January 2023. Before Liquidia, he served as Chief Financial Officer at Aerami Therapeutics, a private biotech company. He also held the CFO position at Aralez Pharmaceuticals Inc. Mr. Kaseta spent eleven years at Sanofi in various financial roles, culminating as Chief Financial Officer for North America Global Services and the North America Pharmaceutical Region, where he managed a $10 billion business. He currently serves on the Board of Directors at Heron Therapeutics and Bryn Pharma.

Rajeev Saggar, M.D. Chief Medical Officer

Dr. Saggar joined Liquidia in 2022 and brings over 20 years of experience as a practicing pulmonologist. He previously served as Vice President of Clinical Development at Theravance Biopharma, overseeing all phases of clinical development across its respiratory disease portfolio.

Scott Moomaw Chief Commercial Officer

Mr. Moomaw joined Liquidia in 2020. He is an experienced biopharmaceutical leader with extensive experience in product launches and developing commercial strategies and organizations.

Jason Adair Chief Business Officer

Mr. Adair joined Liquidia in 2016 and is responsible for corporate development activities, including strategy, investor relations, communications, and the pursuit of collaboration and licensing opportunities. Prior to Liquidia, he led business development efforts as Executive Director of Corporate Development at BioCryst Pharmaceuticals.

Litigation Risk

Financial Risk (High Leverage and Negative Cash Flow)

Dependency on YUTREPIA

The primary clear emerging threat for Liquidia (LQDA) is the established market position of United Therapeutics' **Tyvaso DPI** (treprostinil inhalation powder) in the pulmonary arterial hypertension (PAH) market. Liquidia's key product, **YUTREPIA** (also treprostinil inhalation powder), received FDA approval in October 2023. However, Tyvaso DPI was approved in May 2021 and has since gained significant market share and physician/patient adoption. This creates a challenging competitive environment for Liquidia, as it must differentiate YUTREPIA and capture market share from an already entrenched and similar therapeutic product offered by a larger pharmaceutical company.

Liquidia's primary products, YUTREPIA (treprostinil inhalation powder) and its pipeline candidate L606, as well as the generic treprostinil injection they promote, target the Pulmonary Arterial Hypertension (PAH) and Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD) markets.

The addressable market sizes are as follows:

• Global Pulmonary Arterial Hypertension (PAH) Market: The global PAH market was estimated at approximately USD 8.02 billion in 2024 and is projected to reach about USD 13.34 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.9% from 2025 to 2033. Other estimates for the global PAH market include USD 8.3 billion in 2024, with a projected growth to USD 13.9 billion in 2034 at a CAGR of 5.4%. Another source valued the global market at USD 7.91 billion in 2024, expecting it to reach USD 12.18 billion by 2032 with a CAGR of 5.60%.

• U.S. Pulmonary Arterial Hypertension (PAH) Market: The U.S. market is a significant portion of the global market, with North America holding the largest share of 41.85% in 2024. The U.S. pulmonary arterial hypertension market was valued at USD 4 billion in 2024. It is projected to be valued at USD 2.5 billion in 2024 and is expected to grow to USD 4.0 billion in 2033, at a CAGR of 5.3%. Another estimate indicates the U.S. market size was USD 2.31 billion in 2024 and is expected to reach approximately USD 3.90 billion by 2034, with a CAGR of 5.37%. The prevalence of PAH in the United States was estimated to be between 25,000 and 30,000 patients by 2020.

Here are three to five expected drivers of future revenue growth for Liquidia (LQDA) over the next 2-3 years:

1. Robust Commercial Adoption and Market Penetration of YUTREPIA: Liquidia's primary revenue growth driver is the continued strong uptake and market penetration of YUTREPIA™ (treprostinil) inhalation powder for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company has reported rapid adoption, with over 2,000 unique prescriptions and more than 1,500 patients initiated on therapy within five months of its launch in Q2 2025, generating $51.7 million in net product sales in its first full quarter. Liquidia anticipates sustained growth in its prescriber base and favorable improvements in the payer landscape.
2. Expanding Payer Coverage and Access for YUTREPIA: A crucial driver for sustained revenue growth is Liquidia's success in securing and expanding payer coverage for YUTREPIA. The company has already signed contracts with three major commercial payers, which is expected to enhance patient access and drive prescription volumes.
3. Expansion of YUTREPIA's Clinical Utility and Potential New Indications: Liquidia is actively exploring additional clinical utility for YUTREPIA, including studies on transitions from oral prostacyclins and proof-of-concept studies in Idiopathic Pulmonary Fibrosis (IPF) and Progressive Pulmonary Fibrosis (PPF). Successful expansion into new indications would significantly broaden YUTREPIA's addressable market and contribute to future revenue growth.
4. Advancement and Potential Commercialization of L606: The progression of L606 (treprostinil liposome inhalation suspension), an investigational sustained-release formulation of treprostinil, into pivotal trials and its eventual commercialization represents a significant potential future revenue stream. Liquidia plans to initiate the pivotal RESPIRE trial for L606 in late 2025 or early 2026, with ongoing investment in its development.

Share Issuance

• In July 2020, Liquidia completed a public offering of 9,375,000 shares of common stock, generating gross proceeds of $75 million.
• In April 2022, Liquidia closed an underwritten public offering of 11,274,510 shares of common stock for approximately $57.5 million in gross proceeds.
• In September 2024, Liquidia sold 6,460,674 shares of common stock in an underwritten public offering, resulting in gross proceeds of approximately $57.5 million.

Inbound Investments

• In January 2024, Liquidia secured an additional $100 million in capital through agreements with Patient Square Capital and HealthCare Royalty (HCRx), including a private placement of common stock and an amendment to a Revenue Interest Financing Agreement.
• In the month leading up to January 4, 2024, Liquidia obtained a total of $126 million in gross proceeds from these financings, along with a previously announced public offering and private placement.

Capital Expenditures

• Liquidia's capital expenditures were -$3.59 million in the last 12 months as of November 7, 2025.
• Capital expenditures have been a principal use of cash for the company.