Liquidia Corporation · NASDAQ:LQDA

Liquidia — J.P. Morgan Healthcare Conference 2026

21 slides from Liquidia's conference presentation, Jan 14, 2026

  1. Slide 1: Corporate Overview

    Corporate Overview J.P. Morgan Healthcare Conference 2026 January 14, 2026 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED

  2. 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,

  3. Slide 3: Shaping the Future of Care in Pulmonary and Vascular Disease

    Shaping the Future of Care in Pulmonary and Vascular Disease 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 hope I

  4. Slide 4: Liquidia is well positioned today for potential breakout growth

    Liquidia is well positioned today for potential breakout growth YUTREPIA (treprostinil) inhalation dry powder Product • FDA Approved May 23, 2025 for PAH & PH-ILD • Launched to patients in 1 week L606 (liposomal treprostinil inhaled suspension) Pipeline • Extended-release formulation for PAH & PH-IL

  5. Slide 5: Most successful launch of an inhaled prostacyclin product to date

    Most successful launch of an inhaled prostacyclin product to date Achieved profitability in first full quarter after launch in 3Q25 2025 4Q2025 Net product sales Positive cash flow $90.1 $148.3 $30+ million million $51.7 $6.5 2Q25 3Q25 4Q25 Source: Press Release January 9, 2026, https://liquidia.com

  6. 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 PAH and PH-ILD Prostacyclin market has continued to grow Many more patients may benefit from inhaled $4.3 Billion net sales U.S. in 3Q24 thru 2Q25 Estimated Prostacyclin Treated 2024 PAH

  7. Slide 7: Commercial momentum already proving blockbuster potential

    Commercial momentum already proving blockbuster potential As of December 31, 2025 3000 >2,800 New Prescription % conversion rate 2500 New Patient Start >2,200 85% prescription to patient start for Rx’s thru Nov 2025 2000 1500 1000 500 ~3 out of 4 ~1 in 4 are transitioning 0 patients starting from ot

  8. Slide 8: Driving depth and breadth in targeted prescribers

    Driving depth and breadth in targeted prescribers Most prescriptions written for PAH patients Most new prescriptions from Centers Pulmonologists wrote more prescriptions 24% Community Pulmonologist Center 29% Cardiologist 63% Other 76% 3.8 Rx per 24% 5 or more Rx 42% 2 to 4 Rx prescriber 1 Rx on ave

  9. Slide 9: Planning additional high-impact studies to build on product profile

    Planning additional high-impact studies to build on product profile Planned clinical studies PH-ILD Naïve On-going Confirms tolerability, titratability & 6MWD in PH-ILD ASCENT Cohort 1 Study completion in end Q12026 PH-ILD Open label Treat inadequate responders Tyvaso Transition FPI 1H26 to Tyvaso®

  10. Slide 10: Emerging medical literature on complementary mechanisms

    Emerging medical literature on complementary mechanisms Sotatercept has shown best outcome on top of background prostacyclins • Rapid ↓ RV afterload Sotatercept rapidly reduces lung vessel • ↓ RV contractility pressure, (adaptive) Planned IIT leading to a more efficient RV1 • Stable coupling to tran

  11. Slide 11: YUTREPIA's differentiation is resonating with prescribers and patients

    YUTREPIA’s differentiation is resonating with prescribers and patients The Three D’s 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

  12. Slide 12: Evaluated accelerated dose titration in ASCENT given tolerability

    Evaluated accelerated dose titration in ASCENT given tolerability ASCENT is open label study in PH-ILD (n=54) Dose chart for transitioning from Tyvaso nebulizer Tolerable doses well above Tyvaso 9–12 bps target Tyvaso® dose YUTREPIA (treprostinil) inhalation powder Comparable breaths per session equ

  13. Slide 13: In PH-ILD, increasing dose correlated with 6MWD but not cough

    In PH-ILD, increasing dose correlated with 6MWD but not cough ASCENT: Week 24 Cough has not been rate limiting to titration Median 𝚫𝚫6MWD continued to increase Change from baseline for Simplified Cough Score1 Change from baseline for patients completing 6MWD 3 Week 8 Week 16 Week 24 n=51 n=43…

  14. Slide 14: Committed to investigating broader indications

    Committed to investigating broader indications Planned clinical studies IPF & PPF Open label Confirm tolerability & dose response FPI 2H26 of higher inhaled doses SSc-RP Phase II Investigate positive signal FPI 4Q26 seen with prostacyclins PH-COPD Phase III Study with improved profile, FPI 2027 bett

  15. Slide 15: Investing in the growing interest to open new markets

    Investing in the growing interest to open new markets Potential patients needing inhaled prostacyclin treatment 300,000+ Estimated 200,000+ Addressable Patient 60,000+ Population 18,000+ 30,000+ PAH PH-ILD SSc-RP IPF/PPF PH-COPD PGI2 treated Prevalent Mod-Severe Prevalent Prevalent* Estimated $3B+ $

  16. Slide 16: Preparing for future markets by advancing L606

    Preparing for future markets by advancing L606 Extended-release formulation provides more consistent exposure over 24 hours Similar daily AUC modeled for 4x vs. 2x dosing More consistent exposure over 24 hours 2,800 Tyvaso L606 2,400 54 µg, 4x daily 102 µg, 2x daily 2,000 AUC (pg*hr/mL) 1,600 1,200

  17. Slide 17: L606 may be most tolerable inhaled treprostinil studied to date

    L606 may be most tolerable inhaled treprostinil studied to date Safety and Dosing data from L606 Open-Label at Week 48 (n=24) n=4 (14%) reported mild cough after nearly 1 yr 90%+ patients dosing above Tyvaso target dose L606 comparable dose equivalents to Tyvaso bps 4x daily TEAE L606 Related Most c

  18. Slide 18: Most patients maintained or improved 6MWD over time

    Most patients maintained or improved 6MWD over time L606 Open-Label: Week 48 All participants (N=24) Minimal variability btwn. peak & trough measures Median change from baseline in 6MWD at peak Median change from baseline in 6MWD Mean Mean Week 12 +17.2 Week 48, Trough +24.3 23.6 ± 34.3 23.6 ± 57.8

  19. Slide 19: Re-Spire study initiated!

    Re-Spire study initiated! Phase III, multicenter, randomized (1:1), double-blind, placebo-controlled (n~350) L606 can be rapidly Initiating sites administered in about 1 minute globally 20+ countries FOX Mobile uses breath-activated technology Powered by Bing ©2026 LIQUIDIA CORPORATION ALL RIGHTS RE

  20. Slide 20: Well-capitalized to achieve objectives in 2026

    Well-capitalized to achieve objectives in 2026 Ended 4Q25 with Investing in $190.6M Profitable cash & cash equivalents Growth Added $~30M in positive Selective investment cash flow to balance to scale high-value sheet in 4Q 2025 programs in a rapidly expanding market ©2026 LIQUIDIA CORPORATION ALL R

  21. Slide 21: Q&A

    Q&A Dr. Roger Jeffs Chief Executive Officer Michael Kaseta Chief Operating Officer & Chief Financial Officer ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED

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