Liquidia Corporation · NASDAQ:LQDA

Liquidia — Investor Day (October 2025)

62 slides from Liquidia's investor day presentation, Oct 28, 2025

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 driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases through precise, innovative therapies that restore health and hop
Slide 4: Ideal product profile for inhaled delivery
Ideal product profile for inhaled delivery Therapeutic goal is to optimize each aspect Targeted Portable Tolerable Titratable Dosing lung delivery frequency Reduces Convenience Customizable Wide dose Easy and off-target & ease-of-use and not range to simple toxicity from to support dose limited exte
Slide 5: Yutrepia addresses the first four elements now
Yutrepia addresses the first four elements now Therapeutic goal is to optimize each aspect Targeted Portable Tolerable Titratable Dosing lung delivery frequency PRINT® Low-effort INSPIRE (PAH) Titratable in 4x daily Technology Trusted device ASCENT (PH-ILD) PAH, PH-ILD YUTREPIA (treprostinil) inhala
Slide 6: L606 improves the inhaled product profile as the market expands
L606 improves the inhaled product profile as the market expands Therapeutic goal is to optimize each aspect Targeted Portable Tolerable Titratable Dosing lung delivery frequency Liposomal Rapid, breath- Further Over 48-weeks 2x daily to Technology actuated improved of treatment minimize peak nebuliz
Slide 7: Meet today's invited expert speakers
Meet today’s invited expert speakers Key opinion leaders Dr. Richard Channick, MD Dr. Rajan Saggar, MD Dr. Ricardo Saul Brandman Endowed Chair in Professor of Medicine Restrepo-Jaramillo Pulmonary Arterial Hypertension Director, Pulmonary Hypertension Associate Professor of Medicine, Morsani Co-Dire
Slide 8: Today's outline
Today’s outline Our objectives Understanding PAH and PH-ILD today ASCENT study in PH-ILD (Week 24 data) L606, treprostinil liposomal inhalation suspension in U.S. (Week 48 data) Physician Roundtable Q&A ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 8
Slide 10: WHO clinical classification of PH
WHO clinical classification of PH Group 1 Group 2 Group 3 Group 4 Group 5 PAH PH associated with left PH associated with PH associated with PH with unclear • Idiopathic/heritable heart disease lung disease pulmonary artery or multifactorial • IpcPH • Non-severe PH obstructions mechanisms • Associate
Slide 11: Prevalence estimates may change with increased focus on treatment
Prevalence estimates may change with increased focus on treatment Development of PH is a well-recognized complication of various ILDs1,7 Group 1 Group 3 PAH1 PH associated with IPF iNSIP IIPs2–4 Rare* lung disease1 up to 86% up to 31% Common* at time of lung transplant Other lung ILD w/ SSc ILD w/ C
Slide 12: Recent real-world data reinforces poor outcomes in PAH & PH-ILD
Recent real-world data reinforces poor outcomes in PAH & PH-ILD PVRI GoDeep Registry1 Risk of death is 2x higher in PH-ILD vs PAH PVR is the strongest predictor of survival iPAH PAH ≤ 5 WU PH-ILD > 5 WU 3 yrs 3 yrs Yogeswaran et al “Hemodynamics and PDE5i Treatment in PH-ILD” Am J Respir Crit Care M
Slide 13: Symptoms can be similar with different diagnosis
Symptoms can be similar with different diagnosis Early diagnosis and intervention may result in better clinical outcomes PH Fatigue Dyspnea Syncope PAH1 ILD PH Dyspnea Syncope Cough Fatigue RV failure Right Heart Failure2 Monitor for signs and Perform Confirm symptoms disproportionate screening test
Slide 14: Recently updated 7th WSPH hemodynamic definitions
Recently updated 7th WSPH hemodynamic definitions PH Pre-capillary PH Mortality Hazard Ratio mPAP >20 mmHg mPAP >20 mmHg 6 5 PAWP ≤15 mmHg 5 4 PVR >2 WU 4 Right 6 6 heart 2 2 failure 1 1 PH-ILD1–4 0 10 20 30 40 50 60 0 1 2 3 4 5 6 CLD with PH mPAP > 20 mmHg mPAP (mmHg) PVR (Wood units) PVR ≥3 WU BLP
Slide 15: Prostacyclin pathway will remain critical to treatment
Prostacyclin pathway will remain critical to treatment Targets the major pathologic changes that occur in PAH and PH-ILD Patients with PAH have decreased levels of Prostacyclin mimetics have the potential to endogenous prostacyclin, a potent vasodilator improve blood flow to the lungs, decrease PAP,
Slide 16: The last 30 years has been an effort in optimizing delivery
The last 30 years has been an effort in optimizing delivery Inhaled has potential to maximize the balance of efficacy, tolerability and convenience Parenteral Parenteral Oral 2002 2004 2013 2015 1995 (epoprostenol) IV (treprostinil) SC (treprostinil) IV (treprostinil) tid (selexipag) bid • Proved co
Slide 17: Increasing interest to optimize inhaled delivery given the benefits
Increasing interest to optimize inhaled delivery given the benefits Local delivery for local disease • Reduced risk of systemic adverse effects • Delivery of drug directly to lungs • Enhanced pulmonary specificity KEY FEATURES OF INHALED1-3 • Higher local drug conc. at lower dose • Improved ventilat
Slide 18: Higher doses of inhaled treprostinil correlate to better outcomes
Higher doses of inhaled treprostinil correlate to better outcomes Retrospective analysis of 5,000 PAH patients (2009–18)* Analyses of peak 6MWD at week 16 in PH-ILD1,2 Maximum study Inhaled tre Placebo LS mean difference drug dose (n) (n) (95% CI) 4-6 breaths 6 2 of patients -9.5 (-52.2, 33.1) Only
Slide 19: 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 20: YUTREPIA is a dry-powder formulation of treprostinil enabled by PRINT technology
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 PRINT® is a registered trademark of Liquidia Technologies, Inc. 1. Hill NS et al. Pulm Cir
Slide 21: INSPIRE study reinforced tolerability profile of Yutrepia over time
INSPIRE study reinforced tolerability profile of Yutrepia over time Important related TEAEs decreased from Month 2 to Month 121,2, 3 Tyvaso transition patients Patients naïve to prostacyclin Cough Throat irritation Cough Throat irritation Baseline to Month 2 to Baseline to Month 2 to Baseline to Mon
Slide 22: Standard of care is rapidly changing with new options
Standard of care is rapidly changing with new options Real world experience Major themes of a changing landscape • Dose matters in PAH and PHILD • Inhaled therapy to avoid or delay the need for parenteral • Facilitating transition off parenteral with addition of sotatercept • Inhaled therapy allowin
Slide 24: ASCENT Cohort A
ASCENT Cohort A Open-label, Multicenter Study to Evaluate Safety and Tolerability of LIQ861 in Patients with Newly Diagnosed PH-ILD PATIENTS Screening 52-week TREATMENT PERIOD • N=54 28 days LIQ861+ RS00 Model 8 Dry Powder Inhalation (DPI) Device • Age 18-80 years KEY INCLUSION CRITERIA Week Week We
Slide 25: Most PH-ILD patients remained on treatment at Week 24
Most PH-ILD patients remained on treatment at Week 24 ASCENT: Week 24 Assessed for Eligibility Patients @ Week 8 @ Week 16 @ Week 24 (n=73) Completed n (%) 53 (98.1) 43 (79.6) 39 (72.2) Missed Study visit - - 1 (1.9) - - Discontinued 1 (1.9) 10 (18.5) 15 (27.8) Received LIQ861 Physician Decision 1 (
Slide 26: Baseline demographics
Baseline demographics ASCENT: Week 24 Naïve PH-ILD N=54 Hemodynamics Mean ±SD Age, mean ±SD, y 68.5 ± 8.9 mPAP (mmHg) 33.4 ± 8.4 Sex, Female (%) 28 ± 51.9% PCWP (mmHg) 8.6 ± 3.3 Duration of PH Diagnosis, y 0.5 ± 0.8 Cardiac Output (L/min) 4.5 ± 0.9 Duration of ILD Diagnosis, y 5.1 ± 5.7 PVR (WU) 6.0
Slide 27: At each time point, more than 80% patients receive ≥132.5 mcg
At each time point, more than 80% patients receive ≥ 132.5 mcg ASCENT: Week 24 Week 8 Week 16 Week 24 450.5 n=51 n=43 n=39 424.0 48 45 Comparable Breaths Per Session 397.5 371.0 42 Equivalents of Tyvaso 344.5 39 318.0 36 33 LIQ861 Dose (mcg) 291.5 265.0 30 238.5 27 212.0 24 median 185.5 21 159.0 18
Slide 28: No significant changes in tolerability as dose was titrated
No significant changes in tolerability as dose was titrated ASCENT: Week 24 (n=54) Cumulative TEAEs Treatment-related Week 8 Week 16 Week 24 TEAEs n (%) Cough Severity No discontinuations Median Dose (mcg) 132.5 159 185.5 • Mild n=24 (44.4) due to cough at • Moderate n=2 (3.7) Week 24 Cough 23 (42.6
Slide 29: Mean daytime cough scores remained stable as dose was titrated
Mean daytime cough scores remained stable as dose was titrated ASCENT: Week 24 Score Daytime Cough Cough Scores from Baseline to Week 8, Week 16, Week 24 Mean Cough Score 0 No cough 3 Transient cough 1 occasionally during the daytime 2 Frequent cough 1.3 1.3 1.3 1.2 1.4 1.1 2 mildly affecting daily
Slide 30: Δ6MWD from baseline continued to increase
𝚫𝚫6MWD from baseline continued to increase ASCENT: Week 24 Median change from baseline in 6MWD Mean Week 8 n=49 +21.5 24.3 ± 30.5 Mean Week 16 n=41 +31.5 30.2 ± 36.1 Mean Week 24 n=37 +41 39.6 ± 45.0 0 5 10 15 20 25 30 35 40 45 Meters Mean ± Standard Deviation, Liquidia data on file ©2025…
Slide 31: Most patients improved Δ6MWD by at least 40 meters (54%)
Most patients improved 𝚫𝚫6MWD by at least 40 meters (54%) ASCENT: Week 24 by patient + ≥ 30m = 67.6% + ≥40m = 54.1% + ≥50m = 40.5% 150 ∆ 6MW meters 125 100 75 50 25 0 -25 -50 -75 -100 Liquidia Data on File ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 31
Slide 32: Summary of ASCENT at Week 24
Summary of ASCENT at Week 24 Thoughts on PH-ILD at UCLA • Patients continue to titrate to higher doses • No meaningful change in tolerability • Continued improvement in 𝚫𝚫6MWD to +41 meters ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 32
Slide 34: Classic formulation challenge to optimize exposure over 24 hours
Classic formulation challenge to optimize exposure over 24 hours Illustrative example 0 24 hours ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 34
Slide 35: Introduction to L606 Liposome technology
Introduction to L606 Liposome technology Nanosized liposomes are delivered in micron sizes aerosol droplets Vibrating Mesh Aerosol Droplet ~4 μm A single liposome is between 100-140nm nebulizer contain liposomes Phospholipids Bilayer lipid membrane Inner Aqueous Compartment Pulses to form Aerosol Si
Slide 36: Liposome-containing aerosols are deposited in lung periphery
Liposome-containing aerosols are deposited in lung periphery Pulmonary pharmacokinetics of inhaled L606 liposomes Alveoli Aerosols Liposome ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 36
Slide 37: Liposomes extended drug release with salt-sensitive process
Liposomes extended drug release with salt-sensitive process UPPER AIRWAY  Controlled release rate in lower airway • Low carbonic acid minimizes drug release in upper respiratory tract; trace amounts L606 quickly cleared by mucociliary action Simulated Lung Fluid Simulated Nasal Fluid Drug－ Low H2CO
Slide 39: L606 can be rapidly administered in about 1 minute
L606 can be rapidly administered in about 1 minute Highly portable vibrating mesh nebulizer delivers L606 doses of less than 500µL Older technology FOX Mobile uses breath-activated technology L606 drug is supplied in 6 different dose strengths in disposable ampules that are used in combinations acro
Slide 40: Phase 1 cross-over study supports similar PK, better tolerability
Phase 1 cross-over study supports similar PK, better tolerability Subjects were healthy volunteers 7.3-fold lower Cmax with similar AUC Lower cough incidence with L606 in SAD study Tyvaso L606 Tyvaso L606 PK Parameters1 n = 12 n = 12 (n=12) (n=12) Dose μg 54 51 66% Tmax h (median) 0.18 1.25 Cmax pg/
Slide 41: L606 provides more consistent exposure over 24 hours with bid dosing
L606 provides more consistent exposure over 24 hours with bid dosing Provides therapeutic levels during sleeping hours Modeled AUC of daily dosing (24hrs) is similar L606 offers more consistent exposure 2,800 Tyvaso L606 2,400 54 µg, qid 102 µg, bid 2,000 AUC (pg*hr/mL) 1,600 1,200 800 400 0 0 – 12
Slide 42: Clinical Data from U.S. Open-Label Study
Clinical Data from U.S. Open-Label Study L606 (treprostinil liposomal inhalation suspension) Dr. Ricardo Restrepo-Jaramillo ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 42
Slide 43: Phase 3 study evaluating safety & tolerability in PAH or PH-ILD patients
Phase 3 study evaluating safety & tolerability in PAH or PH-ILD patients Initiated by Pharmosa in 2021 and amended and led by Liquidia since July 2023 PATIENTS Screening 48-week TREATMENT PERIOD • N=28 28 days L606 + Vibrating mesh nebulizer • Age 18-80 years KEY INCLUSION CRITERIA Week Week Week We
Slide 44: Most patients continued treatment with L606
Most patients continued treatment with L606 L606 Open-Label (U.S.): Week 48 Assessed for Eligibility (n=38) Patients Completed Week 48 Visit, n (%) Received L606 Completed 24 (85.7) (n=28) Discontinued 4 (14.3) Protocol 1 Violation Adverse Event 3 • Chest discomfort (related, moderate) Completed Wee
Slide 45: Participant demographics show naïve patients earlier in disease
Participant demographics show naïve patients earlier in disease L606 Open-Label (U.S.): Week 48 Cohort A Cohort B Overall Tyvaso Transition PCY Naïve PAH (N=18) PH-ILD (N=5) Total (N=23) PAH (N=5) (N=28) Age, years 64.5 (21, 75) 66 (56, 74) 65 (21, 75) 57 (29, 60) 61 (21, 75) median (min, max) Femal
Slide 46: Baseline disease characteristics show stable population of patients
Baseline disease characteristics show stable population of patients L606 Open-Label (U.S.): Week 48 Cohort A Cohort B Overall Tyvaso Transition PCY Naïve PAH (N=18) PH-ILD (N=5) Total (N=23) PAH (N=5) (N=28) 6MWD, meters* 390.5 (219.7, 525) 396 (231.7, 446) 396 (219.7, 525) 395 (240, 490) 395.5 (219
Slide 47: Well tolerated with no treatment related SAEs or dose modifications
Well tolerated with no treatment related SAEs or dose modifications L606 Open-Label (U.S.): Week 48 Cohort A Cohort B Overall Tyvaso Transition PCY Naïve PAH (N=18) PH-ILD (N=5) Total (N=23) PAH (N=5) (N=28) Any TEAE 15 (83.3) 5 (100) 20 (87.0) 5 (100) 25 (89.3) Treatment Related TEAE 5 (33.3) 2 (40
Slide 48: Most patients titrated to doses comparable to >12 bps Tyvaso QID
Most patients titrated to doses comparable to >12 bps Tyvaso QID L606 Open-Label (U.S.): Week 48 Week 12 (n=26) Week 48 (n=24) L606 Doses L606 Doses 4% 360mcg 378mcg L606 comparable L606 comparable dose equivalents to 29% dose equivalents to 27% Tyvaso bps QID Tyvaso bps QID 25+ bps 25+ bps Median 1
Slide 49: L606 is very tolerable with 4 (14%) patients reporting related cough
L606 is very tolerable with 4 (14%) patients reporting related cough L606 Open-Label (U.S.): Week 48 Most Common TEAEs TEAE Related TEAE Related TEAE Cough Severity Reported > 10 % % n % n % n Cough 32.1 9 14.3 4 Mild 14.3 4 Dyspnea 28.6 8 3.6 1 Moderate - - Fatigue 21.4 6 3.6 1 Dizziness 21.4 6 3.6
Slide 50: Most patients maintained or improved 6MWD over time
Most patients maintained or improved 6MWD over time L606 Open-Label (U.S.): Week 48 All participants (N=24) Cohort B: PCY Naïve (N=4) Median change from baseline in 6MWD at peak Median change from baseline in 6MWD at peak Mean Week 12 +17.2 23.6 ± 34.3 Week 12 +29 Mean 45.3 ± 55.0 Mean Mean Week 48
Slide 51: Observed minimal variability between peak and trough measures
Observed minimal variability between peak and trough measures L606 Open-Label (U.S.): Week 48 All participants (N=24) Median change from baseline in 6MWD Mean Week 48, Trough +24.3 23.6 ± 57.8 Mean Week 48, Peak +22.5 29.4 ± 64.4 0 10 20 30 40 Meters Trough 6MWD conducted in morning of visit; Peak 6
Slide 52: Most patients maintained or improved Δ6MWD at Week 48
Most patients maintained or improved 𝚫𝚫6MWD at Week 48 L606 Open-Label (U.S.): Week 48 PH-ILD PAH Any improvement = 80% ∆ 6MW 250 meters + ≥30m = 30% 200 by 3 of 4 pts ≥ 60m patient 150 at peak 100 50 0 -50 -100 -150 Liquidia Data on File; PAH patient (-118m) had knee surgery prior to conducting…
Slide 53: Mean TSQM improved across all dimensions measured at 95% CI
Mean TSQM improved across all dimensions measured at 95% CI L606 Open-Label (U.S.): Week 48 Cohort A: Tyvaso Transitions Side Effects Global Satisfaction Effectiveness Convenience -20 0 20 40 TSQM Score Mean Change (95% CI) from Baseline to Week 48/EOS Scores range from 0 to 100, with higher scores
Slide 54: Summary of L606 results
Summary of L606 results Thoughts on inhaled and sustained release • L606 was well-tolerated in patients over 48 weeks • Only 4 patients reports mild related cough over 48 weeks (14%) • Most patients maintained or improved in 6MWD • Observed minimal variability between peak and trough measures ©2025
Slide 56: 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 57: 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) Primary Endpoint • Change from BL in peak 6MWD (wk 16) L606 b.i.d. Secondary Endpoint L606 b.i.d. • Change from BL in peak
Slide 58: Key enrollment eligibility criteria
Key enrollment eligibility criteria Any fibrotic ILD including Combined Pulmonary Fibrosis Emphysema • HRCT Chest to be performed within12-months of ILD diagnosed on screening institutional HRCT Chest • If HRCT Chest > 12-months a scan be performed during screening • Consistent with ILD – evidence o
Slide 60: Q&A session
Q&A session Dr. Roger Jeffs Dr. Richard Channick, MD Chief Executive Officer Dr. Rajeev Saggar Dr. Rajan Saggar, MD Chief Medical Officer Dr. Ricardo Restrepo- Jaramillo ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 60
Slide 61: Drivers of future value for Liquidia's programs
Drivers of future value for Liquidia’s programs Portfolio built on optimizing inhaled delivery Exposure Tolerability Convenience drives drives drives Efficacy Durability Compliance ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 61

Liquidia — Investor Day (October 2025) on 6ix

Liquidia — Investor Day (October 2025)

Slide 1: Liquidia R&D Day

Slide 2: Forward-looking statements

Slide 3: Enhancing drug delivery to the lungs to make every breath count

Slide 4: Ideal product profile for inhaled delivery

Slide 5: Yutrepia addresses the first four elements now

Slide 6: L606 improves the inhaled product profile as the market expands

Slide 7: Meet today's invited expert speakers

Slide 8: Today's outline

Slide 9: Unmet Needs for Patients with PAH and PH-ILD

Slide 10: WHO clinical classification of PH

Slide 11: Prevalence estimates may change with increased focus on treatment

Slide 12: Recent real-world data reinforces poor outcomes in PAH & PH-ILD

Slide 13: Symptoms can be similar with different diagnosis

Slide 14: Recently updated 7th WSPH hemodynamic definitions

Slide 15: Prostacyclin pathway will remain critical to treatment

Slide 16: The last 30 years has been an effort in optimizing delivery

Slide 17: Increasing interest to optimize inhaled delivery given the benefits

Slide 18: Higher doses of inhaled treprostinil correlate to better outcomes

Slide 19: Real-world challenges with Tyvaso DPI in PH-ILD

Slide 20: YUTREPIA is a dry-powder formulation of treprostinil enabled by PRINT technology

Slide 21: INSPIRE study reinforced tolerability profile of Yutrepia over time

Slide 22: Standard of care is rapidly changing with new options

Slide 23: ASCENT Study in PH-ILD @ Week 24

Slide 24: ASCENT Cohort A

Slide 25: Most PH-ILD patients remained on treatment at Week 24

Slide 26: Baseline demographics

Slide 27: At each time point, more than 80% patients receive ≥132.5 mcg

Slide 28: No significant changes in tolerability as dose was titrated

Slide 29: Mean daytime cough scores remained stable as dose was titrated

Slide 30: Δ6MWD from baseline continued to increase

Slide 31: Most patients improved Δ6MWD by at least 40 meters (54%)

Slide 32: Summary of ASCENT at Week 24

Slide 33: L606 (treprostinil liposomal inhalation suspension)

Slide 34: Classic formulation challenge to optimize exposure over 24 hours

Slide 35: Introduction to L606 Liposome technology

Slide 36: Liposome-containing aerosols are deposited in lung periphery

Slide 37: Liposomes extended drug release with salt-sensitive process

Slide 38: ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED

Slide 39: L606 can be rapidly administered in about 1 minute

Slide 40: Phase 1 cross-over study supports similar PK, better tolerability

Slide 41: L606 provides more consistent exposure over 24 hours with bid dosing

Slide 42: Clinical Data from U.S. Open-Label Study

Slide 43: Phase 3 study evaluating safety & tolerability in PAH or PH-ILD patients

Slide 44: Most patients continued treatment with L606

Slide 45: Participant demographics show naïve patients earlier in disease

Slide 46: Baseline disease characteristics show stable population of patients

Slide 47: Well tolerated with no treatment related SAEs or dose modifications

Slide 48: Most patients titrated to doses comparable to >12 bps Tyvaso QID

Slide 49: L606 is very tolerable with 4 (14%) patients reporting related cough

Slide 50: Most patients maintained or improved 6MWD over time

Slide 51: Observed minimal variability between peak and trough measures

Slide 52: Most patients maintained or improved Δ6MWD at Week 48

Slide 53: Mean TSQM improved across all dimensions measured at 95% CI

Slide 54: Summary of L606 results

Slide 55: Re-Spire Pivotal Study

Slide 56: Seeking PAH & PH-ILD indication for L606 with one pivotal trial

Slide 57: Phase 3, multi-center, randomized, double-blind, placebo-controlled study

Slide 58: Key enrollment eligibility criteria

Slide 59: Q&A Discussion

Slide 60: Q&A session

Slide 61: Drivers of future value for Liquidia's programs

Slide 62: Thank you for joining us today!