Slide 1: Second Quarter 2026 Earnings & Corporate Update
Second Quarter 2026 Earnings & Corporate Update Liquidia Corporation August 12, 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: YUTREPIA continues to lead growth of the inhaled prostacyclin market
YUTREPIA continues to lead growth of the inhaled prostacyclin market As of July 31, 2026 Approx. 5,900 5,900 New Prescriptions % conversion rate 85%+ More than 5,000 prescription to patient start 5,000 New Patient Starts for Rx’s remains steady 4,500 3,750 3,600 ~1,100 2,900 2,800 prescribers 2,200
Slide 5: YUTREPIA has raised the bar for inhaled dose range
YUTREPIA has raised the bar for inhaled dose range Data from ASCENT Cohort A (PH-ILD) Patients quickly titrated above ~15 bps.* Median 𝚫𝚫6MWD continued to increase Cough scores essentially unchanged Dose range at Week Visit Change in 6-Minute Walk Distance (6MWD) Simplified Cough Score at Week…
Slide 6: L606 is raising the bar further for inhaled dose range
L606 is raising the bar further for inhaled dose range Data from Ph3 U.S. Open Label (PAH, PH-ILD) 90%+ dosing well above historical target L606 may be most tolerable treprostinil to date Durable response in ∆6MWD at peak & trough L606 dose range at Week 48 Visit Most common TEAEs (≥10%) thru Week 4
Slide 7: 10 studies on-going, recruiting, or initiating within the next year
10 studies on-going, recruiting, or initiating within the next year Program Phase II Phase III Phase IV Diseases Name Objective Status LIQ861* NCT06129240 PH-ILD ASCENT Safety & efficacy of transitioning from Tyvaso®, Tyvaso DPI® to YUTREPIA Recruiting (treprostinil) Cohort B inhalation powder 4x da
Slide 8: Growing profitability over last 4 quarters
Growing profitability over last 4 quarters Exited Q2 2026 at a ~$682M annualized net product sales run-rate Net Product Sales Adjusted EBITDA* Net Income Cash Balance +31% +35% +$78.2M +$127M $284.2 Q2/Q1 Q2/Q1 in 12 mo. in 12 mo. $222.8 $190.4 $ millions (M) $170.4 $157.5 $129.9 $90.1 $96.3 $71.2 $
Slide 9: Second quarter 2026 highlights
Second quarter 2026 highlights LEADING CATEGORY BROADENING THE SELF-FUNDED GROWTH FRANCHISE INVESTMENT $170.4M net product sales 10 studies $96.3M adj. EBITDA* +31% Q/Q growth in Q2 2026 On-going, recruiting or planned 4th consecutive quarter of from Q1 2025 clinical studies in 2026 & 2027 Increasin
Slide 10: 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 10
Slide 11: Key financial metrics
Key financial metrics Select Consolidated Statements of Operations Data Three Months Ended in thousands 6/30/26 6/30/25 Product sales, net $170,382 $6,517 Service revenue, net 1,297 2,320 Total revenue 171,679 8,837 Cost of product sales 10,759 205 Cost of service revenue 791 1,292 R&D 17,184 6,021
Slide 12: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended (unaudited, in thousands) June 30, 2026 Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 Net income $74,722 $52,862 $14,555 $(3,533) Interest expense, net 3,820 4,722 5,232 5,300 Income tax expense 6,975 3,920 – – Depreciation & 400 497 321 4