Liquidia Corporation · NASDAQ:LQDA
Liquidia — Q4 2025 Earnings Presentation
8 slides from Liquidia's earnings presentation, Mar 5, 2026
Slide 1: Full Year 2025 Earnings & Corporate Update
Full Year 2025 Earnings & Corporate Update Liquidia Corporation March 5, 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: One of the top specialty drug launches over the past five years
One of the top specialty drug launches over the past five years Recorded second consecutive quarter of profitability 2025 4Q2025 Net product sales Positive cash flow $90.1 $148.3 $33.2 million million $51.7 $6.5 2Q25 3Q25 4Q25 Source: Press Release March 5, 2026, https://liquidia.com/investors/press
Slide 5: Maintaining our robust launch trajectory into 2026
Maintaining our robust launch trajectory into 2026 As of February 28, 2026 4,000 New Prescription >3,600 3,500 % conversion rate 3,000 New Patient Start >2,900 85%+ prescription to patient start for Rx’s through Jan 2026 2,500 2,000 1,500 1,000 500 0 ~3 out of 4 ~1 in 4 are 6/3 8/8 10/30 12/31 2/28
Slide 6: Focused on driving profitability and reinvesting in R&D
Focused on driving profitability and reinvesting in R&D Select Consolidated Statements $190.7million of Operations Data Three Months Ended Twelve Months Ended Cash and cash in $ thousands 9/30/25 12/31/25 12/31/25 12/31/24 equivalents at 12/31/2025 Product sales, net 51,669 90,102 148,288 — • Increa
Slide 7: 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 7
Slide 8: Reconciliation of Non-GAAP Financial Information
Reconciliation of Non-GAAP Financial Information Reconciliation of Net Loss to Adjusted EBITDA (unaudited) (in thousands) Three Months Non-GAAP basis adjusted EBITDA Ended 12/31/25 Net income $ 14,555 Interest expense, net 5,232 Income tax expense - Depreciation and amortization 321 EBITDA $ 20,108