Slide 1: First Quarter 2026 Earnings & Corporate Update
First Quarter 2026 Earnings & Corporate Update Liquidia Corporation May 11, 2026 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED
Slide 2: Forward-looking statements
Forward-looking statements This presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation other than statements of historical facts, including statements regarding our future results o
Slide 3: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information To supplement our financial results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this presentation includes certain non-GAAP financial measures, such as Adjusted EBITDA. We believe the use of such non-GAAP financial measures
Slide 4: First quarter 2026 highlights
First quarter 2026 highlights LEADING CATEGORY BROADENING THE SELF-FUNDED GROWTH FRANCHISE INVESTMENT $129.9 net product sales 8 studies $71.2M adj. EBITDA* +44% Q/Q growth in Q12026 On-going, recruiting or planned 3rd consecutive quarter of from Q4 2025 clinical studies in 2026 profitability • >4,5
Slide 5: YUTREPIA is leading the growth of the inhaled prostacyclin category
YUTREPIA is leading the growth of the inhaled prostacyclin category As of April 30, 2026 5,000 New Prescription >4,500 % conversion rate 4,000 New Patient Start 85%+ prescription to patient start ~3,750 for Rx’s through March 2026 3,000 ~980 2,000 prescribers 1,000 referred patients for YUTREPIA add
Slide 6: Advancing clinical studies to expand the role of inhaled prostacyclin
Advancing clinical studies to expand the role of inhaled prostacyclin Program Phase I & II Phase III Approved Phase IV Disease Notes Status LIQ861* NCT03399604 PAH INSPIRE: Open-label, registrational trial, patients new to Completed (treprostinil) treprostinil (n=66) and transitioning from Tyvaso® (
Slide 7: A profitable, self-funded business three quarters after launch
A profitable, self-funded business three quarters after launch Q3 2025 → Q1 2026 NET PRODUCT SALES Net product sales Net income Adjusted EBITDA* $129.9M +44% Q/Q growth net product sales $90.1M 4Q25 → 1Q26 $71.2M $ millions (M) $51.7M $52.9M ADJUSTED EBITDA $14.6M $10.1M $27.3M +2.6x Q/Q increase in
Slide 8: Key financial metrics
Key financial metrics Select Consolidated Ending cash and $222.8M cash equivalents for 1Q 2026 Statements of Operations Data Three Months Ended in thousands 3/31/26 3/31/25 Product sales, net 129,881 - Service revenue, net 2,984 3,120 Total revenue $132,865 $3,120 • Increase of $32.1 million in cash
Slide 9: Q&A session
Q&A session Dr. Roger Jeffs Scott Moomaw Chief Executive Officer Chief Commercial Officer Michael Kaseta Rajeev Saggar COO & CFO Chief Medical Officer Russell Schundler General Counsel ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 9
Slide 10: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended (unaudited, in thousands) Sept 30, 2025 Dec 31, 2025 Mar 31, 2026 Net income $(3,533) $14,555 $52,862 Interest expense, net 5,300 5,232 4,722 Income tax expense – – 3,920 Depreciation & amortization 476 321 497 EBITDA $2,243 $20,108