Liquidia Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net product sales for YUTREPIA reached $222.7 million in Q3 2026, a 31% increase from Q2 2026 and a 331% increase from $51.7 million in Q3 2025.
• Total revenue was $225.3 million for the three months ended September 30, 2026, compared to $54.3 million in the same period in 2025.
• Net loss for Q3 2026 was $236.3 million ($2.64 per share), compared to a net loss of $3.5 million ($0.04 per share) in Q3 2025.
• Non-GAAP adjusted EBITDA was $140.5 million for Q3 2026, marking the fifth consecutive quarter of increasing adjusted EBITDA.
• Cash and cash equivalents totaled $396.1 million as of September 30, 2026, prior to settlement payments, up from $190.7 million as of December 31, 2025.
• Cost of product sales was $14.0 million in Q3 2026, up from $2.3 million in Q3 2025, driven by higher sales volume.
• Research and development expenses were $25.3 million in Q3 2026, a 170% increase from $9.3 million in Q3 2025.
• Selling, general and administrative expenses were $59.0 million in Q3 2026, a 47% increase from $40.1 million in Q3 2025.
• Litigation settlement charges totaled $389.7 million in Q3 2026.
• Service revenue was $2.6 million in Q3 2026, down from $2.7 million in Q3 2025, with the related promotion agreement terminated in October 2026.

Guidance and Future Outlook:

• Management aims to cement YUTREPIA's value through Phase 4 studies in PAH to position it as the best-in-class inhaled therapy.
• The company plans to advance its pipeline, including L606 in PAH and PH-ILD, and new indications such as SSc-RP and PH-COPD.
• The settlement agreement requires net payments of $380.7 million in installments during 2026 and 2027, to be funded from current cash and ongoing YUTREPIA sales.
• The company anticipates removing the PH-ILD indication from the YUTREPIA label via a Prior Approval Supplement and has ceased promoting the drug for this indication.

Business Segments and Product Lines:

• YUTREPIA net product sales were $222.7 million in Q3 2026.
• Paid patient demand for YUTREPIA was $212.2 million in Q3 2026, excluding voucher and patient access programs.
• Over 60% of referrals from launch through September 2026 included a PAH diagnosis, rising to over 70% in September.
• Total patient shipments reached their highest monthly level since launch in October 2026.
• The daily referral rate in October 2026 was more than 75% of the daily referral rate for the third quarter.
• Conversion of monthly referrals to patient starts remained above 87%.
• The prescriber base reached 1,300 through October 2026, with more first-time prescribers added in October than in September.
• 77% of YUTREPIA prescribers have written a PAH script since launch.
• L606 enrollment continues in the Re-Spire pivotal study for PH-ILD, with enrollment completion anticipated in 2028 and primary study completion in 2029.
• Preparations are advanced for a pivotal L606 study in PH-COPD, anticipated to initiate in the second half of 2027.
• The AMPLIFY-PAH pivotal study for L606 is anticipated to initiate enrollment in 2027 with primary study completion in 2029.
• The LTI-403 open-label study for YUTREPIA in PAH patients switching from oral selexipag is anticipated to complete in Q2 2027.
• The SPRINT open-label trial for YUTREPIA is anticipated to initiate in Q4 2026.
• The EASY-PAH prospective observational registry for YUTREPIA is anticipated to initiate in 2027.

Market and Competitive Landscape:

• YUTREPIA has established a preferred product profile due to physician valuation of control and flexibility over patient therapy.
• The company is targeting a position as the leading provider of inhaled prostacyclin care.
• The settlement with United Therapeutics resolved all six pending lawsuits between the companies.
• United Therapeutics may assert patents against Liquidia's development programs or future products outside the scope of the settlement.

Risks and Challenges:

• The settlement agreement does not extend to indications other than PAH or to new treprostinil-containing products.
• Fast Track designation for YUTREPIA in SSc-RP does not guarantee FDA approval or adherence to anticipated development timelines.
• Actual results may differ materially from forward-looking statements due to risks and uncertainties, including clinical trial outcomes, regulatory approvals, and market competition.
• The company ceased promoting YUTREPIA for PH-ILD, which may impact revenue from that specific indication.

Management Commentary and Tone:

• Dr. Roger Jeffs, CEO, stated that five quarters after launch, YUTREPIA has rapidly established a preferred product profile with durable affinity and broad adoption.
• Management expressed confidence that YUTREPIA and L606 can meet the needs of many more patients today and in the years ahead.
• The CEO noted that with litigation resolved and commercial availability secure, the company can fully focus on cementing the value of YUTREPIA and advancing the pipeline.

Other Key Points:

• Liquidia entered into a global settlement with United Therapeutics on October 13, 2026, resolving all litigation and securing continuity of care for YUTREPIA patients.
• The FDA granted Fast Track designation to YUTREPIA for the treatment of SSc-RP in September 2026.
• The first patient was enrolled in the RE-WARM Phase 2 randomized open-label dose-finding study for YUTREPIA in SSc-RP.
• The Promotion Agreement with Sandoz, Inc. regarding Treprostinil Injection was terminated in October 2026.
• The company recorded an income tax benefit of $30.1 million in Q3 2026, compared to no benefit in Q3 2025.
• Interest expense, net, decreased to $2.9 million in Q3 2026 from $5.3 million in Q3 2025.
• Total assets were $682.9 million as of September 30, 2026, compared to $327.9 million as of December 31, 2025.
• Total stockholders' deficit was $25.4 million as of September 30, 2026, compared to equity of $44.7 million as of December 31, 2025.