Liquidia Corporation · NASDAQ:LQDA
Liquidia — J.P. Morgan Healthcare Conference 2025
22 slides from Liquidia's conference presentation, Jan 15, 2025
Slide 1: Corporate Overview
Corporate Overview J.P. Morgan Healthcare Conference 2025 January 15, 2025 ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED
Slide 2: Forward-looking statements
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,
Slide 3: Enhancing drug delivery to the lungs to make every breath count
Enhancing drug delivery to the lungs to make every breath count Liquidia Corporation is a biopharmaceutical company dedicated to the development & commercialization of best-in-class therapies with potential to improve standard of care for patients with pulmonary hypertension. Improving drug delivery
Slide 4: Liquidia positioned for rapid growth in 2025 and beyond
Liquidia positioned for rapid growth in 2025 and beyond YUTREPIA (treprostinil) inhalation dry powder • Tentative approval for PAH & PH-ILD Product • Seeking final FDA approval in 1H’25 • Differentiated product profile L606 (treprostinil) inhaled liposomal suspension Advanced pipeline Pipeline • Sus
Slide 5: PAH and PH-ILD present attractive market opportunities
PAH and PH-ILD present attractive market opportunities Clear opportunity for better product profiles to capture market share WHO Group 1 (PAH) WHO Group 3 (PH-ILD) Market dynamic Established market (since 1995) Emerging, rapidly growing (since 2021) Addressable patients ~100,000 prevalent ~60,000 pr
Slide 6: PAH and PH-ILD are large markets with unmet needs
PAH and PH-ILD are large markets with unmet needs Inhaled treprostinil is the only product approved to treat both groups Prostacyclin market is $3.3B and growing Inhaled treprostinil grew ~300% in last 5 years $Billions net sales U.S. 2023 $Millions net revenues $1,679 Tyvaso DPI® Tyvaso® $1,208 35%
Slide 7: Ideal product profile
Ideal product profile Therapeutic goal is to optimize each aspect Targeted Portable Titratable Durable Dosing lung delivery frequency Reduces Convenience & Customizable Wide dose Easy and off-target ease-of-use per patient range to simple toxicity from to support and not extend time regimen oral, IV
Slide 8: In PAH, Tyvaso dose range has been limited despite clear benefits
In PAH, Tyvaso dose range has been limited despite clear benefits Tyvaso is nebulized 4x daily and titrates dose by increasing breaths per session Most Tyvaso patients receive 9 bps Higher inhaled doses can improve outcomes dosing in 5,000 patients Delayed transition from inhaled to IV/SC 4,000 61%
Slide 9: In PH-ILD, higher inhaled doses correlated to better patient response
In PH-ILD, higher inhaled doses correlated to better patient response INCREASE trial of Tyvaso for PH-ILD Doses >9 breaths led to clinical improvement Doses >9 breaths led to better peak 6MWD at wk 16 6 Minute Walk Distance (6MWD) 1. Nathan et al, CHEST Journal, February 2023, Vol. 163, Issue 2, P39
Slide 10: Real-world challenges with Tyvaso DPI in PH-ILD
Real-world challenges with Tyvaso DPI in PH-ILD Prostacyclin naïve patients showed worse tolerability and discontinued faster Methods Results Rice et al, Tolerability and Efficacy of Treprostinil Dry-Powdered Inhaler in Patients with Pulmonary Hypertension Related to Fibrosing Interstitial Lung Dise
Slide 11: YUTREPIA has potential to become the Prostacyclin of First Choice
YUTREPIA has potential to become the Prostacyclin of First Choice Targeted Portable Titratable Durable Dosing lung delivery frequency Enhanced local Low-effort, Safely dosed Broad Same delivery to the proven DPI ~3x higher dose range frequency deep lung commonly when offers potential 4x daily using
Slide 12: PRINT particles are designed to enhance deep-lung delivery
PRINT® particles are designed to enhance deep-lung delivery Uniform size & shape in deagglomerated powder Particle size influences lung deposition 1.3 µm in size | Trefoil shape | Free flowing within the respirable range (≤ 5 µm) 4.6 µm particle 1.3 µm particle Tc99 scintigraphy of MMAD of PRINT par
Slide 13: PRINT enables use of trusted, low-effort dry-powder inhaler (DPI)
PRINT® enables use of trusted, low-effort dry-powder inhaler (DPI) • Used for decades to treat asthma, COPD and other respiratory diseases • Minimal inspiratory effort due to low resistance • Robust and pocket-sized • Minimizes patient error, spillage, waste • Similar DPIs used with other programs i
Slide 14: In PAH, YUTREPIA was tolerated at doses 3x higher than Tyvaso target
In PAH, YUTREPIA was tolerated at doses 3x higher than targeted maintenance dose of Tyvaso & Tyvaso DPI Comparable doses normalized to YUTREPIA delivers Tyvaso breaths per session (bps) equivalents 36 bps 3x higher 33 bps comparable dose 33 bps equiv. 30 bps INSPIRE & OLE study (PAH) YUTREPIA 27 bps
Slide 15: In PH-ILD, YUTREPIA is taking titration to a whole new level
In PH-ILD, YUTREPIA is taking titration to a whole new level ASCENT study data n= first 20 treated for 8 weeks Patients treated through week 8 Doses normalized to Tyvaso Patients n=20 breaths per session (bps) equivalents • IIPs 12 (60%) 36 bps ILD type • Autoimmune ILD 5 (25%) 33 bps • CPFE 3 (15%)
Slide 16: YUTREPIA checks the boxes for an ideal product profile
YUTREPIA best ’s the boxes for an ideal product profile A single solution to treat PAH & PH-ILD YUTREPIA (treprostinil) inhalation powder Targeted Reducing off-target lung delivery toxicity from oral, IV/SC Convenience & ease-of-use Portable to support compliance Customizable per patient Titratable
Slide 17: Advancing L606 sustained release treprostinil
Advancing L606 sustained release treprostinil Liposomal formulation using modern nebulizer with DPI-like portability Sustained drug exposure over 24 hours ~7x lower Cmax with AUC being similar to Tyvaso • Less frequent dosing (2x daily) • Improved tolerability • Rapid delivery with next-gen, hand-he
Slide 18: Seeking PAH & PH-ILD indication for L606 with one pivotal trial
Seeking PAH & PH-ILD indication for L606 with one pivotal trial Three data sets required per FDA and EMA feedback Comparable bioavailability ✓ Completed Plan to initiate to Tyvaso® in Phase 11 sites globally Open-label safety study ➔ Ongoing in U.S. of PAH & PH-ILD2 Randomized placebo-controlled 20+
Slide 19: Phase 3, multi-center, randomized, double-blind, placebo-controlled study
Phase 3, multi-center, randomized (1:1), double-blind, placebo-controlled, parallel group study Open-Label Screening Blinded Treatment Extension <30 days 24 weeks Phase (OLEP) L606 b.i.d. L606 b.i.d. Primary Endpoint 344 Change from BL in peak patients 6MWD Placebo b.i.d 120 sites Secondary Endpoint
Slide 20: Will seek final FDA approval of YUTREPIA in first half 2025
Will seek final FDA approval of YUTREPIA in first half 2025 No existing legal barriers are blocking Legal decisions Exclusivity Injunctions favorable expiring rejected • Liquidia does not infringe • Regulatory exclusivity • UTHR denied PI in original any valid claims of three awarded to Tyvaso DPI s
Slide 21: $204M Prepared to Launch
Well-capitalized to achieve objectives in 2025 Ended 3Q24 with Upon final FDA approval $204M Prepared to Launch cash and cash equivalents YUTREPIA at any time • Added $~100M to balance sheet • Sales force and Medical Affairs in place in September • Commercial inventory on-hand • Distribution channel
Slide 22: Q&A
Q&A Dr. Roger Jeffs Chief Executive Officer Michael Kaseta Chief Operating Officer & Chief Financial Officer Russell Schundler General Counsel ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED