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Image source: The Motley Fool. Wednesday, Aug. 12, 2026 at 8:30 a.m. ET Chief Business Officer - Jason Adair Chief Executive Officer - Roger Jeffs Chief Operating Officer and Chief Financial Officer - Michael Kaseta Chief Medical Officer - Rajeev Saggar Chief Commercial Officer - Scott Moomaw General Counsel - Rusty Schundler Operator: Good morning, and welcome to the Liquidia Corporation Second Quarter 2026 Financial Results and Corporate Update Conference Call. My name is Daniel, and I will be your operator today. [Operator Instructions] Please note that today's call is being recorded. I'll now turn the call over to Jason Adair, Liquidia's Chief Business Officer. Jason Adair: Thank you, and good morning, everyone. It's my pleasure to welcome you to our second quarter 2026 financial results and corporate update call. Joining me today are Dr. Roger Jeffs, Chief Executive Officer; Michael Kaseta, Chief Operating Officer and Chief Financial Officer; Dr. Rajeev Saggar, Chief Medical Officer; Scott Moomaw, Chief Commercial Officer; and Rusty Schundler, General Counsel. Before we begin, please note that today's discussion will include forward-looking statements, including statements regarding future results, product performance and ongoing clinical or commercial activities. These statements are subject to risks and uncertainties that may cause actual results to differ materially. For further information, please refer to our filings with the SEC, which are available on our website. Please also note that our earnings release and our commentary include non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in our earnings press release. With that, I'll turn the call over to Roger. Roger Jeffs: Thanks, Jason, and good morning, everyone. We're delighted to share our business results and clinical progress with you today. One year ago, we launched YUTREPIA and believed the medical community would find value in our differentiated approach to inhaled treprostinil. One year later, we have the answer. Physicians are prescribing it; patients are starting to switch to it and referrals and starts continue to accrue at a robust and sustained pace. As you saw in our numbers this morning, as of July 31, we have received approximately 5,900 unique patient prescriptions, started more than 5,000 patients on therapy and had more than 1,100 physicians write for the product. 30% of those physicians have prescribed to 5 or more patients. What's especially notable is where that growth is coming from. The overall inhaled prostacyclin market grew again this quarter from $573 million in Q1 to $607 million in Q2 or approximately 6%. And YUTREPIA's growth alone was larger than the growth of the entire category, even as we saw flat to declining use of oral infused and competing inhaled formulations. That tells us something important. Not only are the numbers of new starts for inhaled treprostinil growing, YUTREPIA has taken an ever-growing share of the total market for inhaled treprostinil. On a net revenue basis, YUTREPIA is approaching 30% of the entire inhaled market, a tremendous result just over a year into launch, especially as the market is growing in concert with YUTREPIA's growth. This implies the majority of new patient starts are coming to YUTREPIA. What matters more than the numbers is the impact we're seeing in patient lives. I spent my career in this field and have watched the delivery of prostacyclin move from complex IV and subcutaneous infusion to cumbersome nebulized therapy to intolerable oral formulations and now to inhaled dry powder delivery. Across that history, one simplistic but guiding principle has remained constant. Better tolerability enables higher dosing, higher dosing can drive greater efficacy and greater efficacy can support durable clinical benefit. The linchpin in this therapeutic chain is solving first and foremost for tolerability as the ability to drive dose and improve symptoms while minimizing both off and on-target adverse events is the holy grail. That's the lesson I've learned from my 30-plus years in the field, and to me, explains why YUTREPIA has had such broad adoption and early commercial success to date as it offers all of these attributes. This critical link between tolerability, dose and efficacy was beautifully demonstrated in our 24-week ASCENT study in PH-ILD patients. Specifically, progressively higher median doses of YUTREPIA at weeks 8, 16 and 24 was accompanied by progressive improvements in 6-minute walk distance of 21.5, 31.5 and 41 meters, respectively, without worsening cough scores. The only caveat is that YUTREPIA requires a 4 times daily dose regimen, which is why we are going from strength to strength and aggressively building on these same principles with twice daily L606, which we believe has the potential to raise the tolerability bar even further. As we've previously shown, in our 48-week open-label study, L606 patients titrated across a broad range while incurring a low burden of adverse events, most notably the lowest incidence of cough we are aware of in any study of an inhaled treprostinil formulation, and we were able to observe enduring clinical benefit as peak 6-minute walk improvements were preserved at trough, or said another way, throughout the dosing interval. These results are especially impressive when you consider that patients enrolled reflected the prevalent population in the U.S. and were on combinatory background standard of care. We are not aware of any other product in clinical development that has matched the dose range, tolerability and durability that we have already seen with L606. We believe YUTREPIA and L606 have significantly raised the bar that every current and future product in this space will be measured against. And it is with this confidence that we've stood up a thoughtful R&D plan to best elucidate the current and future uses of inhaled treprostinil across a wide array of indications. In fact, between YUTREPIA and L606, we now have 10 clinical studies either underway or planned to begin over the next 12 months. And as Mike will explain, we can confidently make these investments because of the cash flow that this business now generates. With that, I'll turn it over to Mike. Michael Kaseta: Thank you, Roger, and good morning, everyone. I'm pleased to say the second quarter financial performance continued to reflect the growth trajectory for YUTREPIA we've described to-date. Quarterly sales of YUTREPIA have more than tripled over the last 3 quarters, and we've gone from reporting a net loss in Q2 2025 to 4 consecutive quarters of increasing profitability. Looking specifically at the second quarter of 2026, net product sales of YUTREPIA were $170.4 million, up over $40 million or 31% quarter-over-quarter. Net income increased to approximately $74.7 million and non-GAAP adjusted EBITDA increased to approximately $96.3 million. Turning to cash. We ended the quarter with approximately $284.2 million in cash and cash equivalents, up $61.4 million from the first quarter and nearly $93.5 million since the start of the year, a clear sign how we are seeing the operating leverage inherent in our business flow through to the balance sheet. I'd also like to note a few other financial metrics. As we had previously forecasted to you, R&D and SG&A expenses both increased this quarter to support continued investment in our pipeline and the ongoing commercialization of YUTREPIA, which includes the expanded sales team that hit the field in June and additional patient support services. Going forward, I'd note these 2 lines will behave differently. SG&A will increase as we scale commercially with certain components moving in proportion to revenue. We also expect R&D to increase in the coming quarters as enrollment ramps up in Re-Spire and we initiate multiple studies to inform the current and future use of YUTREPIA. More specifically, we expect R&D expense in the second half of 2026 to be double the expense in the first half of the year and to increase again in 2027 as we build the best inhaled treprostinil products for future and current patients. In closing, we expect to continue to grow revenue, consistent with quarterly growth we've observed to date, increase our investment in our pipeline and even with that investment, continue to grow profitability at the same time. We have a commercial product that generates significant cash flow and a clear set of priorities for where we will invest it. With that, Roger, back to you. Roger Jeffs: Thanks, Mike, for that summary. These results give us confidence that we're well on our way to more than $1 billion in net revenue in 2027. And just as importantly, confidence that we're building the right foundation for the next decade of this franchise. We look forward to updating you on our progress in the quarters ahead. With that, operator, please open the line for questions. Operator: [Operator Instructions] And our first question comes from Amy Li with Jefferies. Amy Li: Congrats on all the continued momentum. I just wanted to start with 2 non-launch-related questions. The first one, on your 75-patient RE-WARM Raynaud's study, what efficacy signal would you need to see to move this directly into a registrational trial? And how should we think about the design in that context? Was the low-dose arm primarily driven by tolerability considerations in this population? Or is there a reason to believe that the efficacy threshold in Raynaud's maybe below the dose needed than PAH and PH-ILD? And then finally, on L606, you suggested that the competitive advantage isn't just the BID dosing, but also the combination of exposure and tolerability. So what evidence have you seen that higher achievable exposure and 24-hour coverage could translate to a clinically meaningful advantage compared to other long-acting inhaled treprostinil approaches? And what should we look for in the Phase III to validate that thesis? Roger Jeffs: Thank you very much for the question. For the RE-WARM study on efficacy and dose, I'll ask Rajeev to answer that, and then I'll answer the question around L606 and more how we're thinking about that from a dose comparison versus anything else. So Rajeev, if you could talk about the RE-WARM study, please? Rajeev Saggar: Sure. Thanks, Roger, and thanks, Amy, for the question. So maybe just to step back, the RE-WARM study is going to be evaluating patients with systemic sclerosis associated with Raynaud's phenomenon. Just for many that don't know, systemic sclerosis, of course, is a very rare autoimmune disease in which Raynaud's phenomenon effectively manifests in around 90% of those patients. And consistent with other conditions that affect arteriopathy and systemic sclerosis such as PAH and PH-LD, Raynaud's is also a vasculopathy of the small digits, usually of the bilateral hands in nature. What's really interesting about this condition is that there's no FDA-approved therapies. However, there is plenty decades of experience with prostacyclin and prostacyclin analogs that have been studied in this condition, including treprostinil. And many of those are actually used off-label to treat the moderate and severe complications of Raynaud's that manifest. So these are life-saving therapies. One of the challenges with studies that have used prostacyclins is the tolerability of those varied medications, including parenteral and oral prostacyclins, which in those studies have been limited by dose tolerability issues. So the purpose of RE-WARM, first and foremost, is to evaluate the typical doses that we use in YUTREPIA in both PAH and in PH-LD and to assess the tolerability profile. At the same time, we compare it against the lowest dose versus maximizing the dose titration of YUTREPIA in the study and seeing what is the clinical response to those doses, that will inform us of how to appropriately lead into the Phase III study, depending on the results that we see. But we have a high, strong clinical suspicion that -- we anticipate that a very similar dosing profile will be used eventually in the management of symptoms associated with Raynaud's phenomenon. Roger Jeffs: Thank you, Rajeev, on that. So Amy, maybe what I'll do is kind of go back to the script a little bit when we make comparisons to TPIP and that it's -- again, it's tolerability drives [indiscernible] drives durability and the linchpin being tolerability. And the only way to kind of make comparisons is to sort of match on dose equivalents. And typically, that's been done to date through labeling with YUTREPIA, for example, through breath equivalent to Tyvaso and Tyvaso DPI. So -- maybe just to clarify because I think there might be some confusion in the field around TPIP. [Audio Gap] So, if you look at TPIP, if you took the 640-microgram dose, really only 64% of that is treprostinil mass because the 16 chain palmitoyl -- lipophilic carbon chain contributes about 35% of the mass. And then there's about an 85% admitted dose from the capsule. So you have to subtract that as well. So when you look at the 640, and we know that 1 breath of Tyvaso is 6 micrograms, so 15 breaths would be 90 micrograms. The 640 essentially, if you do 640 times 0.64 times 0.85 you get to just [indiscernible] 90 micrograms or 15 breath equivalents. So, that's what they're delivering with the 640 and then the 1,280 obviously will be twice that of 30 breath equivalents. Now when you look at [Audio Gap] 15 breath equivalents and then -- and above that would be more. So when you then make a comparison for R-210, 15 breath equivalents in our open-label study, 21% of patients had a -- I'm sorry, 71% of patients had a 15 breath equivalents or more and 21% of patients had 30 breath equivalents or more or more. So how does that compare to TPIP? Well, they only had 21% above 640 or 15 breath equivalents and only 8% reached 1,280 or 30% (sic) [ 30 breath ] equivalent. So significantly lower dose attainment on a percentage basis between the 2 trials. Now I'm making cross-study comparisons, and it's difficult. And I think it's probably inappropriate in particular, to talk about efficacy comparisons because the efficacy is going to be driven by the sample that you're studying and what the selection bias is. And obviously, as we said, ours was a prevalent population in the U.S. who had transitioned essentially from Tyvaso or Tyvaso DPI versus theirs, which was ex U.S. studies, perhaps not on background therapy and with a lower baseline walk. So those comparisons get complicated. But I think if you believe the paradigm that tolerability drives dose, then what you can see with L606 is that we've already shown a favorable profile vis-a-vis TPIP and the rest will sort itself out because as you achieve dose, you will get effect and as you achieve effect, you will get durability. So we feel very confident that L606 is extremely well positioned in our Phase III Re-Spire trial to be successful and actually be incrementally [Audio Gap] in development. So that's kind of how we look at [Audio Gap] standpoint, at least today. And certainly, I don't want to make any performative statements around kind of how we'll share market or not until we get the Phase III results. But I think, again, we feel very confident about what we're building and very happy that the Phase III Re-Spire study is already enrolling patients and on target to meet its time line. Operator: Our next question comes from Julian Harrison with BTIG. Julian Harrison: Congrats on the progress. I have 3, and I'll just ask them all at once. First, considering your recently expanded sales force, I'm wondering how you're thinking about the balance between deepening relationships with existing prescribers of YUTREPIA versus expanding your prescriber base going forward. Second, with a little more than a year into YUTREPIA's launch, can you give us an update on where payer coverage stands? Wondering if you're satisfied where access is today and if there are any remaining gaps or hurdles that when resolved could maybe even accelerate growth further? Third, can you -- maybe a refresher type of question, but can you walk us through the range of outcomes you're prepared for in the [ 327 ] trial? And do you have any updated expectations in the timing of decisions there? Roger Jeffs: Great. Good to hear from you, Julian. So Scott, if you wouldn't mind asking kind of your view on the sales force expansion and where we currently are with payer coverage and then Rusty, if you'll update on the legal. Scott Moomaw: Julian, so on the sales force expansion, I think the good news is, we have a lot of opportunity both on the existing customer front as well as the expanding front as you phrased it, Julian. So we will be able to get more visits, more frequency, if you will, on the current customers, and we will be able to get deeper in the community, which is sort of our stated intent of doing the expansion. So when you look at PAH centers, we still feel like we have an amazing amount of opportunity there to get in front of the oral prostacyclins and the inhaled prostacyclins to be the first PAH prostacyclin of choice. In the PH-ILD centers, there's both opportunity to get in front of the other inhaled prostacyclins and also patient identification. We still feel like those -- even the academic PH-ILD centers can do a better job of diagnosing the patients. And then finally is the community, which was, as I mentioned, one of the main reasons we did the expansion, and this enables us to get further out into the community deeper where we know many of these 60,000 patients are, they just need to be identified and usually referred, but if they will diagnose them and treat them in that venue, then that's great as well. So I think the answer is, it's nice, which is that we have opportunities on both fronts. From the payer perspective, I think we feel good where we are. I think we've reached sort of a stasis. We have, I would say, very good availability across the board. I would say we are generally at parity across the board. And therefore, it just comes down to product choice. And as you can see from our numbers and the revenue growth, we feel like folks are taking advantage of that product choice and choosing YUTREPIA. So thanks, Julian. Operator: Our next question comes from Ben Burnett with Wells Fargo. Unknown Analyst: This is [ TianQi ] calling in for Ben. Congratulations on the quarter. So I have a question regarding the new patient adds. So based on our back of the envelope math, new patient add during this period is still showing about middle-single-digit acceleration versus last period. So just thinking about for the remainder of the year, how should that growth trend for the rest of the year? And where do you see it kind of lands over the long term? Roger Jeffs: Yes. I appreciate the question. Maybe first, Rusty, if you could answer Julian's question around the 327 update. And then, Mike, if you'll talk about patient numbers going forward. Russell Schundler: Sure, happy to. And thanks for the question, Julian. So as for the 2 questions you asked me. First is the range of outcomes, no change there. It's the same things we've been talking about for over a year now. Obviously, in the upside scenario where we win on all claims, we continue forward as is, unimpeded. If the ruling goes against us, it's the full range of outcomes we've been talking about in the past. It could be a royalty, it could be some form of adjunctive relief. So again, no change on that front. We don't know -- we don't have any visibility into what the judge's workload is, where he is in sort of his process. I think looking at past data as to how long it typically has taken Judge Andrews to get to decisions following a bench trial, I'd say our expectation is we could see a decision any day now. But again, it's hard for us to provide much more color than that just because we don't have visibility into this process. Roger Jeffs: Yes. And I would add that nothing has changed in our confidence based on the probability of success and the arguments that we made in court. So, Mike, if you want to talk about kind of how we look at patient adds going forward and the implications that may have for down the road? Michael Kaseta: Yes. Thanks, Roger, and thanks for the question. What we've seen since launch is really a linear trajectory of referrals and new patient starts really since the beginning of the launch last June. So we're very confident in what we're doing, as Scott had spoken earlier, increasing our -- the size of our sales force, looking to increase our patient support services. We feel very confident that we can stay on the same trajectory that we're on right now. Roger has said in the prepared statements that we believe we'll be more than $1 billion in sales in 2027. And we say that with confidence and believe that we will stay on the same trajectory and see significant increases as we move forward. Operator: Our next question comes from Ryan Deschner with Raymond James. Ryan Deschner: Congrats on the impressive results this quarter. Two for me. Where are you seeing the biggest areas of script growth in terms of specific patient subpopulations in both PAH and PH-ILD at this point? And then also, in one of your PAH posters this year, you cite the diverse responsibilities of the pharmacists, the diverse responsibilities that they have in supporting PAH patients, including assistance with transitioning patients across different prostacyclins. How have those findings change your commercial strategy with respect to pharmacist interactions? Roger Jeffs: Yes. Great. So Scott, I think both of those are directed in your field. Scott Moomaw: Yes. So in terms of the growth, I think there's kind of a short- and long-term aspect to this. The short term is, we still have loads of opportunity in the centers where these patients are coming in today and tomorrow. And I think the flywheel of YUTREPIA is turning only more strongly as time goes along and more prescribers get a chance to try it. And so we have many examples of when one prescriber who's tried it and really found it to be satisfying has talked to better -- has talked to another prescriber and said, "Look, it's not the same. You really need to try this." And so as that flywheel turns more in the short term, those physicians who are using prostacyclins and treating PAH, whether that's PAH or PH-ILD, there's a lot of opportunity there. And of course, those patients, as I said, are coming in right now. And so therefore, the prescriber has the opportunity to make that decision today or tomorrow. Longer term is what I referenced earlier, which is the patients out in the community and that tide will raise as the education around that takes place and as we get deeper out. It is rising right now. I mean a lot of the PH-ILD academic centers are being overwhelmed by the number of patients that are coming in from the community because it's becoming more -- there's more awareness around this. So it's starting. It's happening right now, but it's going to continue to happen. On the pharmacist question, Ryan, I wasn't quite sure I understood it. I mean we have a very expansive care model. We work with the specialty pharmacies who are high touch with the patients and in touch with the patients all the time. One of the things we found is early on, I think they were almost -- despite our -- trying to convince them, I think they were almost sort of stuck in the old paradigm of tolerability and dosing. And as those folks have experienced the new paradigm where the dosing and the tolerability are better leading to, as Roger mentioned, the efficacy, I think the lights have gone on there a little bit as well. And so they've become believers as well. But feel free to elaborate, Ryan, on the question if I didn't get it. Rajeev Saggar: Scott, it's Rajeev. Maybe I can just add in something. Ryan, on that particular poster. So first of all, what we recognize in the market is that the care team that provides care to patients with Group 1 PH and PH-ILD is multifactorial from the physician to the nurse practitioner and to the pharmacist and the PH coordinators. So I think one of the key things that we're doing on the ground is heavy education about the benefits of YUTREPIA, the ease of prescribability and titratability of the drug respective to both conditions. So the pharmacists are, I think, critical in many of the larger programs. They help coordinate the care of the patient. They manage the side effect profile, and they also support how to titrate those patients. So it's a key target for us. And I think the results have spoken is what you see here today at the earnings call. Roger Jeffs: Yes. I think maybe I'll just add to both of the comments. So again, I think we're taking a fulsome approach to the centers, not just the physicians, the pharmacists, but also the nurse practitioners who are critical to the therapeutic success in this category. I think one thing on the numbers, we're starting to see a shift. If you just look, and we said a little bit about this in the prepared remarks. So inhaled category is now about, on a run rate of $600 million. The total prostacyclin pathway is about $1.2 billion, so in the quarter in total. So you're getting into like a $5 billion market and half of that is in inhaled segment, which is growing. So that inhaled starting to infringe on the oral and parenteral category. So if you look at the oral categories between Uptravi and Orenitram, it's about [ $500 million ]. And if you look at Remodulin, it's about $100 million. So -- and those are shrinking or flat. So the only growth that you're seeing is in the inhaled category. And the only reason for that growth is YUTREPIA launch. So what we're starting to do is broadly take share, not only from the competitive inhaled brand, but also from oral and parenteral as people figure out that, again, this paradigm of tolerability is key and the linchpin to success for these patients. This is where the field is moving. So a very attractive opportunity in PAH and PH-ILD, as Scott said, which is virtual white space still. So lots of upside. And I think just in the current indications that are approved, there's opportunity to grow beyond the $5 billion that's here today. So a very attractive market, especially when you have a very attractive molecule like YUTREPIA. Operator: Our next question comes from Serge Belanger with Needham. Serge Belanger: I guess just one for -- probably for Rajeev. What is the current thinking for the development and regulatory path to potentially expand YUTREPIA usage to PPF and IPF? Rajeev Saggar: Yes. Thanks for the question. So, obviously, just to remember, the safety profile of YUTREPIA has been studied in patients with pulmonary hypertension associated with a broad range of underlying interstitial lung disease, inclusive of IPF, autoimmune disease and most likely progressive chronic fibrosis as well given the definition of that condition. So I think there's a lot of confidence in the safety profile of YUTREPIA in these patients. I think as you see in the slides, we are going to be advancing a study in the first half of 2027, evaluating the safety, efficacy and dose titratability of YUTREPIA. I think this is really critical to really highlight the fact that every study that's been done to date with inhaled treprostinil continues to highlight that dose absolutely matters. And if you extrapolate what we saw in the INCREASE study as well as in the TETON study, there is at least a minimally acceptable dose and anything above that still needs to be studied. This is where we believe we can shine. So, evaluating how high of a dose that we should use to treat those patients is going to be critical in that assessment. Also, we do acknowledge that the antifibrotic world with oral therapies has advanced with the new therapy in the mix, and we do want to see what our -- how YUTREPIA will respond on top of some of these therapies so that we can adequately power future studies as well and modify inclusion/exclusion criteria. So we're taking it, I think, in a very sophisticated approach, and we have a lot of support through KOLs throughout the United States and the rest of the world to help guide us to the best trial design. Operator: Our next question comes from Jason Gerberry with Bank of America. Jason Gerberry: Congrats on the quarter. I got a few. So just thinking about the growth here, is it fair to say that most of the growth is coming from category expansion and limited more on the switch from inhaled competitor agents? And then as we think about the expanded pool of patients, do you have any anecdotes, any commentary to what extent patients with comorbid IPF are seeking treatment with inhaled options and that might be expanding the pie? And then lastly, just a question around thinking about like drug adherence. You have 5,000 patients treated roughly since the launch. If we think about 10% free drug, about maybe 10% drop off. It gets you into that sort of patient number that could support the sales number for the quarter. So are those the right ways to maybe think about patient adherence for some of those early patients who started drug at the early point of the launch? Roger Jeffs: Yes. So maybe I'll pick on the adherence and then maybe Scott and Mike, you guys can talk about the growth in the pool of patients. I will say, though, I don't think IPF is yet sort of expanding the market. I think what we're seeing is on-label expansion. So nothing there from an IPF standpoint, although certainly in the future, I think there will be more interest and seeing what the value of YUTREPIA could be in that indication by physicians. In terms of drug adherence, really don't -- aren't talking about it much. Obviously, we've said it over and over again that the tolerability to our therapy is best-in-class. And I think because of that, that the adherence to the drug will be best-in-class. So we would expect that would be underneath sort of the typical discontinuation rate of competitive inhaled agents for sure. But we need more time to think about it. What we do know is that AEs they manifest at first exposure. And if somebody is going to be intolerant to the drug, it's usually somewhat in the first 1 to 3 months that they become intolerant and we'll move off of the therapy if it's because of intolerance. Again, let's remind ourselves, this is a life-threatening disease. These patients are severely ill. And with ILD, they have comorbid disease. So patients do die and clip off at a pace just due to other comorbidities. So we're still looking at that. And I don't think you can do the kind of parallel match that you're trying to assign here in terms of what you were doing. So, again, we'll -- as we get more and more information, we'll get a little bit more granular about that as we move forward. But nothing is concerning in terms of our DC rate. And again, it all because of our PRINT-enabled formulation we're not getting discontinuation because of AEs at the rate that the competitive agents are. So again, all good news there. And I think one way that we can grow the revenues is to stack on patients quarter-over-quarter, and that's what you're seeing. So that's why it looks to be quite linear. And then maybe, Scott, you want to talk about the growth specifically that Jason was asking about. Scott Moomaw: Yes. Jason, so I'll handle the switch part of that question first, and then I'll come back to the kind of market expansion, although obviously, they're related. I mean I think we absolutely are still seeing switches. We're seeing switches from other inhaled therapies for the reasons we've been outlining since before launch. And we are seeing switches from the oral prostacyclins as well. I think generally because of the rough tolerability of those drugs and the inability to titrate to effect, but also with the decreased promotion in that sector coming from J&J backing away as well. I think that's kind of propelling that. In terms of market expansion, I think if you walk through the math that Roger walked through earlier, I think you have to say that we are expanding the market just globally from a revenue standpoint. However, when I'm in the market, when I'm talking to folks, I think the dynamic is, yes, there are some switches when patients -- for the reasons I mentioned earlier. But more often than not, what happens is, it's a prescriber who used to use one of the other inhaled first or oral prostacyclin first. And they've come around to the fact that this is a better therapy to use first. And so now they are putting us ahead of those therapies and that's how we are gaining share. So the good news is both are happening and as sort of a student of the market, having been in it 16 years, I'm fascinated to watch it happen. But I think the answer is both are happening. You can't argue with the math that the market is expanding, and I'm seeing it every day in terms of us gaining share within the market. Rajeev Saggar: Maybe I can just step in, just last comment. I think it's important, Jason, to recognize that the hemodynamic definition has just changed, and it's been slightly under 2 years since the hemodynamic profile of the definition of pulmonary hypertension has been modified. So, that education, I think, is starting to become a lot more universal across both the centers and the community itself. And I think we can learn a lot from that by a study designed by one of our -- another company called PHINDER, which essentially was looking at what is actually the prevalence of pulmonary hypertension in the setting of ILD, just highlighting the market growth potential here. And these proactively performed right heart catheterization, suggesting that actually the diagnosis of pulmonary hypertension was on the order of over 70% of which pre-capillary pulmonary hypertension using the new definition was around 55%. I think that just highlights that the demand and the amount of pulmonary hypertension, especially in Group III is actually acutely being understood by the market. There's -- and because of the safety profile of YUTREPIA and the ability to titrate higher titer doses and modify this condition, I think, is being well received in the marketplace, and we continue to focus on that exclusive growth. Operator: Our next question comes from Gaurav Maini with LifeSci Capital. Gaurav Maini: Congrats on another great quarter, guys. So just a quick one for me here. As we think about YUTREPIA growth moving forward, can you just give us a refresher on sort of the patient setting plan as we think about targets, right? So do you see the community setting as still relatively underpenetrated? And is this going to be a key area of growth moving forward? And then put another way, could we potentially see acceleration in patient adds as community penetration increases, especially with the recent sales force expansion? Roger Jeffs: Yes. Scott, if you wouldn't mind talking about that? Scott Moomaw: Yes. There is absolutely a lot of room for growth in the community. I mean, we know those patients are out there. Rajeev talks about the prevalence of PH-ILD being whatever it is, 30% to 60% in ILD patients. And so clearly, in all of those patients that are out there, there's an opportunity to better identify, diagnose and refer or treat those patients. And so it's a little bit of a -- I don't want to say a slow burn because it's going to happen this year and next year. But there's definitely some work there to penetrate, which we're doing with the expansion. In terms of patient numbers, I don't think we're ready to say that's going to -- the pace is going to increase as a result of that. But clearly, there is a lot of room in that 60,000 patients that are -- a lot of those are out there in the community that just haven't been identified yet. Operator: I'm showing no further questions at this time. I would now like to turn it back to Dr. Roger Jeffs for closing remarks. Roger Jeffs: Great. Thank you, everyone, for joining the call. We're very excited about the results and clinical update that we could provide today and look forward to updating you again in the near future. Bye-bye. Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Before you buy stock in Liquidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Liquidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Liquidia (LQDA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Shares of Liquidia Corporation LQDA have lost 15.4% since the company reported second-quarter results on Aug. 11. Liquidia reported second-quarter 2026 earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 70 cents. The company reported a loss of 49 cents per share in the year-ago quarter. Total revenues surged to $171.7 million from $8.8 million a year ago and surpassed the Zacks Consensus Estimate of $165 million, driven by continued adoption of its lead drug, Yutrepia. Despite the earnings and revenue beats, investors appeared unimpressed, likely due to the relatively modest magnitude of the upside versus expectations. The recent weakness has added to LQDA’s underperformance over the past month. Shares have lost 3.5% during this period compared to a 4.5% gain for the industry. The stock has also lagged the broader sector and the S&P 500 Index. Image Source: Zacks Investment Research Against this backdrop, a closer examination of Liquidia’s key strengths and potential challenges could help investors determine whether the stock remains an attractive investment opportunity. Launched in June 2025, Yutrepia was approved by the FDA in May 2025 for the treatment of both pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The drug is an inhaled dry-powder version of treprostinil made with the company’s proprietary PRINT technology, designed to deliver medicine deeper into the lungs through an easy-to-use inhaler and allow higher doses than other inhaled treprostinil treatments. Yutrepia net product sales reached $170.4 million in the second quarter, up from $6.5 million a year earlier, driven by higher Yutrepia volume. Product sales increased 31.0% sequentially. As of July 31, 2026, Liquidia had received approximately 5,900 unique prescriptions since launch and started more than 5,000 patients on therapy. More than 1,100 physicians had prescribed Yutrepia since its launch as of July 31, with more than 30% having written prescriptions for at least five patients. The prescription-to-start conversion rate remained above 85%. Strong Yutrepia sales helped drive the company's fourth consecutive profitable quarter, with net income reaching $74.7 million in the second quarter. Yutrepia appears to be gaining market share while expanding the inhaled prostacyclin market. Liquidia currently generates revenues from sales of Yutrepia inhalation powder, and through a profit-sharing arrangement with Sandoz under a promotion agreement originally signed in August 2018 and subsequently amended. The agreement allows Liquidia to share in the profits generated from sales of Sandoz's generic Treprostinil Injection in the United States. LQDA plans to explore Yutrepia in additional indications, including pulmonary hypertension associated with chronic obstructive pulmonary disease, idiopathic pulmonary fibrosis, progressive pulmonary fibrosis and Raynaud’s phenomenon associated with systemic sclerosis. Liquidia is leveraging its expertise in respiratory and vascular diseases to advance a pipeline of novel therapies that could support long-term growth. A key pipeline asset is L606, an investigational liposomal formulation of treprostinil licensed from Pharmosa Biopharm, designed for twice-daily administration using a short-duration, next-generation nebulizer. It is also being evaluated in PAH and PH-ILD. The phase III Re-Spire study on L606 is currently enrolling. While Yutrepia is driving LQDA’s top-line growth, the company remains heavily dependent on the drug as its primary growth driver. LQDA’s relatively lean pipeline further increases this concentration risk. Liquidia is also involved in a patent dispute with United Therapeutics UTHR over Yutrepia’s use in PH-ILD. Management said an adverse ruling could result in a royalty or other injunctive/adjunctive relief. A decision could come at any time, so this is a binary risk that could affect Yutrepia economics or commercialization. Going by the price/sales ratio, LQDA shares currently trade at 6.89X forward sales, higher than the industry’s average of 1.94X but lower than its mean of 14.68X. Image Source: Zacks Investment Research The Zacks Consensus Estimate for 2026 earnings per share has moved south to $2.57 from $2.97 and that for 2027 EPS has declined to $4.38 from $4.81 in the past 60 days. Image Source: Zacks Investment Research Liquidia's products and pipeline candidates for PAH compete across several established and clinically validated treatment pathways. UTHR markets four medicines in the United States to treat PAH, namely Remodulin, an injectable formulation of treprostinil, Orenitram, an oral version of treprostinil, Tyvaso, an inhaled version of treprostinil, and Adcirca (tadalafil; under an in-license from Eli Lilly and Company) tablets. Remodulin is approved for both subcutaneous (SC) and intravenous (IV) use. Johnson & Johnson’s JNJ Uptravi (selexipag) is approved to treat PAH. JNJ has another PAH drug in its portfolio, named Opsumit. Despite Yutrepia’s strong launch, Liquidia’s investment case carries several risks. The company remains heavily dependent on Yutrepia, with a relatively lean pipeline, making any slowdown in prescriptions, reimbursement challenges or competitive pressure a significant threat to growth. The ongoing patent litigation with UTHR over Yutrepia’s PH-ILD indication is another major overhang. Competition from established PAH therapies could also limit Yutrepia’s market-share gains. While 2026 and 2027 EPS estimates have declined, rising R&D spending could pressure future profitability. Overall, LQDA’s high dependence on Yutrepia, litigation risk, competitive pressures, elevated valuation and rising costs create an unfavorable risk-reward profile. Hence, we advise current and prospective investors to avoid the stock for now. LQDA has a Zacks Rank #4 (Sell) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Liquidia Corporation (LQDA) : Free Stock Analysis Report Johnson & Johnson (JNJ) : Free Stock Analysis Report United Therapeutics Corporation (UTHR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Liquidia stock has delivered an extremely strong run over the past few years, yet the valuation checks now suggest investors are dealing with a mixed picture rather than a clear bargain or clear overvaluation. After such a sharp move, the recent pullback raises the question of how much of the good news is already reflected in the current price. Liquidia has returned about 28.7x over the last 5 years, which puts recent pricing under closer scrutiny for anyone considering fresh capital. Growing use of YUTREPIA and progress in the L606 program can support expectations for future revenue. However, any setback in clinical development or product uptake may weigh heavily on what investors are willing to pay. The stock scores 3 out of 6 on broader valuation checks, which points to a mixed picture rather than an obvious bargain or clear excess according to these valuation metrics. For investors, the debate is whether Liquidia's rapid share price gains leave enough valuation support for the next five years. Liquidia delivered 176.4% returns over the last year. See how this stacks up to the rest of the Pharmaceuticals industry. The P/E ratio suits Liquidia because it now reports consistent earnings, so investors can compare what they pay per dollar of profit. Right now the stock trades on about 46.6x earnings, which is far above the Pharmaceuticals industry average of roughly 17.2x and above the peer group around 19.6x. That puts Liquidia on a much richer earnings multiple than many other drug developers. The fair P/E ratio that would be expected for Liquidia based on factors such as size, margins and risk sits closer to 32.8x. Against that yardstick, the current 46.6x implies investors are paying a premium for each dollar of earnings. Despite the recent report of four consecutive profitable quarters and growing YUTREPIA sales, the current P/E already reflects a significant amount of optimism about what comes next for the business. On this P/E multiple, Liquidia stock currently appears overvalued compared with what the company’s earnings profile would usually justify. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Liquidia take the valuation puzzle a step further and spell out the future that would need to unfold for the current share price to look either cheap or expensive. Instead of stopping at a single ratio or model output, they unpack the growth, margins and earnings path that sits underneath those numbers so you can see what story the market is pricing in and track whether it still fits Liquidia's reality over time. If you have a clear view on whether Liquidia's recent YUTREPIA performance and progress in the L606 program support today's pricing, this is a chance to add your voice and set out a number driven Narrative for the community. Share your case on Liquidia and track how it holds up as fresh results and clinical updates come through. Do you think there's more to the story for Liquidia? Head over to our Community to see what others are saying! Liquidia now trades on an earnings multiple that screens as overvalued relative to its sector and to what its own profile would usually support. After such a strong multi year move, the valuation case rests less on past returns and more on whether earnings from YUTREPIA and the L606 program can grow into this richer P/E. The key question for both bulls and bears is whether current expectations for product uptake and execution prove realistic, or whether the market is already paying too much for that growth story. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LQDA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Liquidia Corporation LQDA reported second-quarter 2026 earnings per share (EPS) of 74 cents, which topped the Zacks Consensus Estimate of 70 cents. In the year-ago quarter, the company reported a loss per share of 49 cents. Total revenues surged to $171.7 million from $8.8 million in the year-ago quarter and beat the Zacks Consensus Estimate of $165 million. The quarterly performance was powered by continued adoption of lead drug Yutrepia. However, shares were down 10% following the second-quarter results. Shares of LQDA have surged 128.5% year to date compared with the industry’s growth of  5.9%. Image Source: Zacks Investment Research Yutrepia is a dry-powder inhaled formulation of treprostinil delivered through a compact, easy-to-use device. It is approved to treat pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) to improve exercise capacity. Yutrepia net product sales reached $170.4 million in the second quarter, up from $6.5 million a year earlier driven by higher Yutrepia volume. Product sales increased 31.0% sequentially. LQDA began commercial shipments of Yutrepia in the United States in June 2025, shortly after receiving full FDA approval on May 23, 2025. As of July 31, 2026, Liquidia had received approximately 5,900 unique prescriptions since launch and started more than 5,000 patients on therapy. More than 1,100 physicians had prescribed Yutrepia since launch as of July 31, and more than 30% of them had written prescriptions for at least five patients. The prescription-to-start conversion rate remained above 85%. LQDA also generates service revenues through its promotion agreement with Sandoz, under which the companies share profits from U.S. sales of Treprostinil Injection. Service revenues totaled $1.3 million in the second quarter, down from $2.3 million in the prior-year quarter mainly due to unfavorable gross-to-net adjustments. Research and development expenses skyrocketed 185% year over year to $17.2 million. The increase primarily reflected higher L606 program spending, greater Yutrepia research activity and increased personnel costs. Selling, general and administrative expenses increased 48.0% to $57.4 million, caused by higher personnel costs, increased stock-based compensation expenses, and commercial and consulting costs. Net income was $74.7 million in the quarter. The company had reported a net loss of $41.6 million in the year-ago quarter. Strong Yutrepia sales drove its fourth consecutive quarter of increasing profitability. Cash and cash equivalents totaled $284.2 million as of June 30, up from $222.8 million at the end of the first quarter. Management said cash flow from the commercial business allows Liquidia to fund expanded clinical investment alongside ongoing commercialization. Liquidia now has 10 clinical studies, between Yutrepia and L606, either underway or planned to start over the next 12 months. L606 is a twice-daily, liposomal formulation of treprostinil delivered through a next-generation nebulizer and is being evaluated in PAH and PH-ILD. The phase III Re-Spire study on L606 is currently enrolling. The company also plans to explore Yutrepia in additional indications, including pulmonary hypertension associated with chronic obstructive pulmonary disease, idiopathic pulmonary fibrosis (IPF), progressive pulmonary fibrosis and Raynaud’s phenomenon associated with systemic sclerosis. Liquidia said it is confident that it is on track for more than $1 billion in net revenues in 2027 while continuing to grow profitability. Management expects revenues to keep increasing in line with the quarterly growth trajectory seen since launch. LQDA expects second-half 2026 R&D spending to be double the first-half level and to increase again in 2027 as Re-Spire enrollment and other studies ramp up. SG&A expenses are expected to rise as the company scales commercially, with certain costs increasing in line with revenues. LQDA topped both revenue and earnings estimates in the second quarter. Yutrepia has emerged as a leading player in the inhaled prostacyclin market for PAH and PH-ILD. Liquidia Corporation price-consensus-eps-surprise-chart | Liquidia Corporation Quote Liquidia’s solid commercial performance is strengthening its financial position, with cash and equivalents reaching $284.2 million at quarter-end. The differentiated tolerability and dosing profiles of both Yutrepia and L606 should enable the company to tap into incremental opportunity in the PAH market. Management expects revenues to exceed $1 billion in 2027, supporting a favorable long-term growth outlook. Yutrepia’s primary competitor is United Therapeutics' UTHR Tyvaso (treprostinil), the long-established inhaled therapy approved for PAH in 2009 and PH-ILD in 2021. United Therapeutics highlighted two major regulatory filings — ralinepag tablets for PAH and nebulized Tyvaso for IPF — as potentially significant catalysts for long-term growth. Additional planned filings for ralinepag DPI and treprostinil SMI could further expand UTHR’s pipeline and growth opportunities. LQDA currently carries a Zacks Rank #1 (Strong Buy). Another top-ranked stock in the biotech sector is Repligen RGEN, which carries a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here. Over the past 60 days, estimates for Repligen’s 2026 earnings per share have risen from $1.99 to $2.06, while those for 2027 EPS have increased from $2.57 to $2.62 during the same time. RGEN shares have gained 1.1% year to date. Repligen’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 16.80%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Liquidia Corporation (LQDA) : Free Stock Analysis Report United Therapeutics Corporation (UTHR) : Free Stock Analysis Report Repligen Corporation (RGEN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Liquidia Corporation LQDA used its Q2 2026 earnings call to reinforce a forward message centered on YUTREPIA adoption, commercial expansion and a path to more than $1 billion in net revenue in 2027. Management also emphasized a broader inhaled-treprostinil strategy, pairing cash generation with a larger clinical program for YUTREPIA and L606. The Q&A focused on patient growth, payer access, community penetration and patent litigation. Chief executive officer (CEO) Roger Jeffs said Liquidia is on track for more than $1 billion in net revenues in 2027, setting a longer-term benchmark for the franchise. Chief operating officer and chief financial officer Michael Kaseta said referrals and new patient starts have followed a linear trajectory since launch and expressed confidence that the company can maintain that pace. For Q2, EPS of $0.74 topped the Zacks Consensus Estimate of $0.7, while revenues of $171.7 million exceeded the $165.2 million consensus. Michael Kaseta said profitability should continue growing even as investment rises. Liquidia Corporation price-consensus-eps-surprise-chart | Liquidia Corporation Quote Roger Jeffs said YUTREPIA generated $170.4 million in Q2 net product sales, up 31% sequentially. As of July 31, Liquidia had about 5,900 unique patient prescriptions and more than 5,000 patient starts. Jeffs added that the inhaled prostacyclin market grew from $573 million in Q1 to $607 million in Q2, while YUTREPIA approached 30% of that market on a net revenue basis. The CEO tied the adoption to management's tolerability-dose-efficacy framework, arguing that higher tolerable dosing supports the company's confidence in continued uptake. Chief commercial officer Scott Moomaw said the expanded sales force will increase contact with existing prescribers while pushing deeper into community settings, particularly for PH-ILD patient identification. Moomaw also said payer access has reached broad parity, leaving product choice rather than coverage as the main commercial variable. In Q&A, a Wells Fargo analyst asked about patient additions, while a LifeSci Capital analyst pressed on community penetration. Kaseta and Moomaw said current growth can continue, but did not commit to faster patient adds. Michael Kaseta pointed to $284.2 million of quarter-end cash and said second-half 2026 R&D expense is expected to double from the first half and rise again in 2027. The CEO said Liquidia has 10 clinical studies underway or planned over the next 12 months across YUTREPIA and L606. He positioned L606's twice-daily dosing and tolerability profile as the next step in the franchise. Chief medical officer Rajeev Saggar said a YUTREPIA study in progressive pulmonary fibrosis and idiopathic pulmonary fibrosis is planned for the first half of 2027. He also said RE-WARM is designed to inform a potential Phase III path in Raynaud's phenomenon. A BTIG analyst asked about the pending 327 litigation. General Counsel Russell Schundler said outcomes remain unchanged, ranging from continued commercialization if Liquidia prevails to a royalty or injunctive relief if the ruling goes against the company. Schundler also said that management lacks visibility into the judge's timing, while Roger Jeffs reiterated confidence in Liquidia's legal arguments and probability of success. A BofA Securities analyst questioned adherence. Jeffs said Liquidia has no current concern about discontinuation rates and expects YUTREPIA's tolerability to support adherence, while noting that more time is needed for greater detail. The CEO framed the quarter around sustained adoption, growing inhaled-market share and continued clinical investment, with YUTREPIA funding a broader development agenda. Kaseta's outlook paired continued revenue growth with higher R&D and SG&A spending while maintaining a goal of growing profitability. The operating focus remains commercial scale, pipeline expansion and the 2027 revenue objective. LQDA sports a Zacks Rank #1 (Strong Buy), the highest rank in the system, which is designed around earnings-estimate revisions and near-term outperformance potential. Its Growth Score of A is the strongest of its style readings. You can see the complete list of today’s Zacks #1 Rank stocks here. The Value Score of D, Momentum Score of F and VGM Score of C make the style picture mixed, since Zacks identifies an A or B Style Score as the strongest complements to Rank #1 or #2 stocks. The Zacks Rank can change as analyst estimates are revised following the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Liquidia Corporation (LQDA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Net Product Sales (YUTREPIA): $170.4 million in Q2 2026, up 31% quarter-over-quarter. Net Income: Approximately $74.7 million for Q2 2026. Non-GAAP Adjusted EBITDA: Approximately $96.3 million for Q2 2026. Cash and Cash Equivalents: Approximately $284.2 million at quarter end, up $61.4 million from Q1 2026. R&D and SG&A Expenses: Both increased in Q2 2026 to support pipeline investment and commercialization; R&D expected to double in H2 2026 versus H1. Market Share: YUTREPIA approaching 30% of the total inhaled prostacyclin market on a net revenue basis. Prescriptions: Approximately 5,900 unique patient prescriptions received and more than 5,000 patients started on therapy as of July 31, 2026. Warning! GuruFocus has detected 6 Warning Signs with LQDA. Is LQDA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Liquidia Corp (NASDAQ:LQDA) reported strong Q2 2026 financial results with YUTREPIA net product sales of $170.4 million, up 31% quarter-over-quarter, and net income of approximately $74.7 million. The company has achieved four consecutive quarters of increasing profitability and generated significant cash flow, ending the quarter with $284.2 million in cash, up $61.4 million from Q1. YUTREPIA has seen robust commercial adoption with over 5,000 patients started on therapy and 1,100 physicians prescribing, with 30% of those physicians having prescribed to five or more patients. The company's pipeline is advancing with 10 clinical studies underway or planned, including the Phase 3 Re-Spire trial for L606, which has shown promising tolerability and dose attainment data. Liquidia Corp (NASDAQ:LQDA) is confident in its growth trajectory, projecting more than $1 billion in net revenue in 2027, driven by market expansion and increasing share of the inhaled prostacyclin market. The company's ASCENT study demonstrated progressive improvements in six-minute walk distance with higher doses of YUTREPIA, supporting the tolerability-dose-efficacy paradigm. The company faces ongoing legal uncertainty regarding the '327 patent trial, with no visibility into the judge's decision timeline, which could result in royalties or other adjunctive relief if the ruling goes against them. R&D expenses are expected to double in the second half of 2026 and increase again in 2027, which could pressure near-term profitability despite revenue growth. YUTREPIA requires a 4 times daily dosing regimen, which may be a burden for patients compared to potentially more convenient alternatives like L606. The company acknowledges that patient discontinuation rates could be affected by comorbidities in the severely ill patient population, and long-term adherence data is still being collected. Growth in the community setting is described as a 'slow burn,' with significant work needed to penetrate and identify the estimated 60,000 patients in the community, which may limit near-term acceleration in patient adds. The company faces competition from other inhaled treprostinil products, and cross-study comparisons with TPIP suggest potential differences in dose attainment and efficacy that could impact market positioning. Q: What efficacy signal would you need to see in the 75-patient RE-WARM Raynaud's study to move directly into a registrational trial, and was the low-dose arm driven by tolerability considerations? Also, what evidence suggests L606's higher achievable exposure and 24-hour coverage could translate into a clinically meaningful advantage over other long-acting inhaled treprostinil approaches?A: Dr. Rajeev Saggar (CMO) and Dr. Roger Jeffs (CEO): The RE-WARM study aims to evaluate typical YUTREPIA doses used in PAH and PH-ILD to assess tolerability and clinical response, comparing the lowest dose against maximized dose titration. This will inform the Phase 3 design, with a strong clinical suspicion that a similar dosing profile will be used for Raynaud's. Regarding L606, Dr. Jeffs emphasized that tolerability drives dose, which drives durability. He clarified that TPIP's 640-microgram dose only delivers about 90 micrograms of treprostinil (15 breath equivalents) after accounting for the lipophilic carbon chain and admitted dose. In L606's open-label study, 71% of patients achieved 15 breath equivalents or more, and 21% reached 30 breath equivalents, compared to TPIP's 21% and 8%, respectively. This favorable dose attainment profile positions L606 well for the Phase 3 Re-Spire trial. Q: With YUTREPIA's launch now over a year old, where are you seeing the biggest areas of script growth in specific patient subpopulations within PAH and PH-ILD, and how have findings on pharmacists' roles changed your commercial strategy?A: Scott Moomaw (CCO) and Dr. Rajeev Saggar (CMO): Short-term growth is driven by opportunity in existing centers where patients are currently being treated, with a "flywheel" effect as satisfied prescribers convert peers. Long-term growth lies in the community, where many of the estimated 60,000 patients are undiagnosed. On pharmacists, the company recognizes the care team is multifactorial, including physicians, nurse practitioners, pharmacists, and PH coordinators. They are heavily educating pharmacists on YUTREPIA's ease of prescribability and titratability, as pharmacists are critical in managing side effects and supporting titration in larger programs. Q: Is it fair to say most of YUTREPIA's growth is coming from category expansion rather than switches from inhaled competitors? Are patients with comorbid IPF seeking treatment and expanding the pie? And what are the right ways to think about patient adherence?A: Dr. Roger Jeffs (CEO) and Scott Moomaw (CCO): Growth is coming from both switches and market expansion. Switches are occurring from other inhaled therapies and oral prostacyclins, the latter due to their poor tolerability and reduced promotion from J&J. Market expansion is evident as YUTREPIA's growth alone exceeds the entire category's growth. IPF is not yet expanding the market, but there is future interest. On adherence, Dr. Jeffs noted that tolerability is best-in-class, so discontinuation rates should be lower than competitors. He cautioned against simple math for patient counts, as patients with life-threatening diseases can discontinue due to comorbidities, but nothing concerning has been observed in discontinuation rates. Q: How are you thinking about the balance between deepening relationships with existing YUTREPIA prescribers versus expanding the prescriber base with the recently expanded sales force? And can you provide an update on payer coverage?A: Scott Moomaw (CCO): The expanded sales force allows for more visits and frequency with current customers while also enabling deeper penetration into the community. There is significant opportunity in PAH centers to be the first prostacyclin of choice, in PH-ILD centers for patient identification, and in the community where many of the 60,000 patients are. On payers, coverage is at parity across the board, and the company feels good about access, with growth now driven by product choice. Q: Can you walk us through the range of outcomes you're prepared for in the 327 trial and provide updated expectations on timing?A: Russell Schundler (General Counsel): The range of outcomes is unchanged. In an upside scenario where the company wins on all claims, it continues unimpeded. If the ruling goes against them, the range includes a royalty or some form of adjunctive relief. There is no visibility into the judge's process, but based on historical timelines for Judge Andrews, a decision could come "any day now." Dr. Jeffs added that confidence in the arguments made in court remains high. Q: What is the current thinking on the development and regulatory path to potentially expand YUTREPIA usage to PPF and IPF?A: Dr. Rajeev Saggar (CMO): The safety profile of YUTREPIA has been studied in PH associated with a broad range of ILD, including IPF. A study is planned for the first half of 2027 to evaluate safety, efficacy, and dose titratability. The company believes dose matters, as seen in INCREASE and TETON studies, and evaluating higher doses is critical. They are also considering how YUTREPIA will perform on top of new antifibrotic therapies to adequately power future studies, taking a sophisticated approach with KOL support. Q: As we think about YUTREPIA growth moving forward, do you see the community setting as still relatively underpenetrated, and could we see an acceleration in patient adds as community penetration increases with the sales force expansion?A: Scott Moomaw (CCO): There is absolutely a lot of room for growth in the community, where many of the 60,000 patients are undiagnosed. The expansion is aimed at better identifying, diagnosing, and treating these patients. While the company is not ready to say the pace of patient adds will accelerate as a direct result, there is clearly significant opportunity in the community setting. Q: Based on back-of-the-envelope math, new patient adds are showing mid-single-digit acceleration versus last period. How should that growth trend for the rest of the year, and where does it land over the long term?A: Michael Kaseta (CFO): Since launch, the company has seen a linear trajectory of referrals and new patient starts. With the expanded sales force and increased patient support services, the company is confident it can stay on the For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Liquidia Corporation (LQDA) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.7 per share. This compares to a loss of $0.49 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +5.71%. A quarter ago, it was expected that this company would post earnings of $0.34 per share when it actually produced earnings of $0.52, delivering a surprise of +52.94%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Liquidia Corporation, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $171.68 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.89%. This compares to year-ago revenues of $8.84 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Liquidia Corporation shares have added about 155.3% since the beginning of the year versus the S&P 500's gain of 12.9%. While Liquidia Corporation has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Liquidia Corporation was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.74 on $163.09 million in revenues for the coming quarter and $3.02 on $658.24 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the bottom 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Alpha Cognition Inc. (ACOG), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13. This company is expected to post quarterly loss of $0.39 per share in its upcoming report, which represents a year-over-year change of +40%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Alpha Cognition Inc.'s revenues are expected to be $4.32 million, up 160.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Liquidia Corporation (LQDA) : Free Stock Analysis Report Alpha Cognition Inc. (ACOG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Tango Therapeutics TNGX incurred a loss of 37 cents per share in the second quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 31 cents. The company had reported a loss of 35 cents per share in the year-ago quarter. Collaboration revenues were zero compared with $3.2 million a year earlier. Tango shares were down 4.8% on Tuesday, likely due to investor disappointment over the earnings miss. Higher operating expenses weighed on the result. In the absence of a marketed product, Tango has no regular source of income. The company instead reports collaboration revenues periodically, depending on the terms and progress of its collaboration arrangements. All remaining deferred revenues from upfront and research option-extension payments under the Gilead collaboration were recognized during 2025. This followed the truncation of the collaboration agreement, which concluded all research activities. Consequently, Tango recorded no collaboration revenues in the reported quarter. Research and development expenses increased 13% year over year to $37.2 million in the second quarter of 2026. The increase primarily reflected higher spending related to the advancement of the vopimetostat and TNG456 clinical programs. The rise was partly offset by lower spending resulting from Tango's portfolio prioritization efforts. Year to date, TNGX stock has skyrocketed 197.3% compared with the industry’s 5.5% growth. Image Source: Zacks Investment Research General and administrative expenses almost doubled year over year to $22.6 million, mainly due to higher personnel-related costs, including share-based compensation. Vopimetostat is Tango's lead pipeline candidate and an MTAP-selective, once-daily PRMT5 inhibitor. In June, the company reported initial data from a phase I/II study evaluating vopimetostat in combination with Revolution Medicines' RAS(ON) inhibitors daraxonrasib or zoldonrasib in patients with MTAP-deleted, RAS-mutant pancreatic cancer. Per the data readout, the combo achieved a 92% objective response rate and 90% six-month progression-free survival rate in this patient population, with a generally well-tolerated safety profile. The findings strengthened Tango's focus on advancing vopimetostat in pancreatic cancer. The company is working internally and has begun discussions with regulators and Revolution Medicines toward developing a registrational plan and path forward for vopimetostat plus daraxonrasib in MTAP-deleted pancreatic cancer. The design of this impending phase III study of the combo drug in front-line pancreatic cancer is expected to be finalized later in 2026. Beyond pancreatic cancer, Tango expects to disclose phase I/II vopimetostat lung cancer monotherapy data later in 2026. The update is expected to provide another clinical readout for the company's lead PRMT5 program in a different tumor setting. The company also plans to release initial data from an early- to mid-stage study of TNG456 for glioblastoma and other cancers and to initiate a phase I/II study of vopimetostat in combination with Erasca's ERAS-0015 in patients with MTAP-deleted RAS-mutant cancers later in 2026, thereby extending development across its broader oncology pipeline. Tango Therapeutics, Inc. price-consensus-eps-surprise-chart | Tango Therapeutics, Inc. Quote Tango currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Amarin AMRN, Repligen RGEN and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. The estimate for Amarin’s 2026 loss per share is currently pegged at 65 cents, while that for 2027 is currently pegged at 51 cents. AMRN shares have gained 2.2% year to date. Amarin’s earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, delivering an average surprise of 62.27%. Over the past 60 days, estimates for Repligen’s 2026 earnings per share have risen from $1.99 to $2.06, while estimates for 2027 have increased from $2.57 to $2.62 during the same time. RGEN shares have declined 3.2% year to date. Repligen’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 16.80%. Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $2.97 to $3.02, while estimates for 2027 have increased from $4.81 to $5.31 during the same time. LQDA shares have surged 158.4% year to date. Liquidia’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 54.40%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tango Therapeutics, Inc. (TNGX) : Free Stock Analysis Report Repligen Corporation (RGEN) : Free Stock Analysis Report Amarin Corporation PLC (AMRN) : Free Stock Analysis Report Liquidia Corporation (LQDA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Liquidia Corporation? Here are five stocks we like better. YUTREPIA growth accelerated: Second-quarter net product sales reached $170.4 million, up 31% sequentially, while Liquidia reported $74.7 million in net income and $96.3 million in adjusted EBITDA. The company had recorded about 5,900 prescriptions and started more than 5,000 patients on therapy by July 31. Market share and outlook expanded: YUTREPIA approached 30% of the inhaled prostacyclin market, and management said it expects revenue above $1 billion in 2027. Liquidia plans to increase commercialization spending and substantially ramp R&D investment as clinical enrollment and new studies expand. Pipeline and legal catalysts remain: Liquidia is advancing the twice-daily inhaled treprostinil candidate L606, a Raynaud’s phenomenon study and additional pulmonary-fibrosis research. A decision in the pending ’327 trial could arrive at any time, with outcomes ranging from no change to potential royalties or injunctive relief. MarketBeat Week in Review: 12/25 - 12/29 Liquidia (NASDAQ:LQDA) reported second-quarter 2026 results marked by continued growth for its inhaled treprostinil product YUTREPIA, increased profitability and expanding investment in its clinical pipeline. Chief Executive Officer Roger Jeffs said the company had received approximately 5,900 unique YUTREPIA prescriptions as of July 31, started more than 5,000 patients on therapy and had prescriptions from more than 1,100 physicians. About 30% of those prescribers had written prescriptions for five or more patients, he said. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Liquidia: Court victory the awakening of an industry giant? “Physicians are prescribing it, patients are starting to switch to it, and referrals and starts continue to accrue at a robust and sustained pace,” Jeffs said. Chief Operating Officer and Chief Financial Officer Michael Kaseta said YUTREPIA net product sales reached $170.4 million in the second quarter, an increase of more than $40 million, or 31%, from the prior quarter. The company reported net income of about $74.7 million and adjusted EBITDA of about $96.3 million. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Kaseta said quarterly YUTREPIA sales have more than tripled over the past three quarters and that Liquidia has posted four consecutive quarters of increasing profitability after reporting a net loss in the second quarter of 2025. Cash and cash equivalents totaled approximately $284.2 million at the end of the quarter, up $61.4 million from the first quarter and nearly $93.5 million from the start of the year, according to Kaseta. → First Solar’s Profit Engine Faces a New Policy Test in Washington Management said it expects selling, general and administrative expenses to rise as the company expands commercialization of YUTREPIA, including an enlarged sales force that began field activity in June and additional patient-support services. Research and development expense is expected to increase more sharply as clinical enrollment ramps and new studies begin. Kaseta said R&D expense in the second half of 2026 is expected to be double the first-half level and increase again in 2027. Despite those investments, he said the company expects to continue increasing profitability while growing revenue. Jeffs said the company believes it is on track to generate more than $1 billion in net revenue during 2027. Jeffs said the overall inhaled prostacyclin market rose to $607 million in the second quarter from $573 million in the first quarter, representing growth of about 6%. According to management, YUTREPIA’s growth exceeded that of the full category while use of oral, infused and competing inhaled formulations was flat to declining. On a net revenue basis, YUTREPIA is approaching 30% of the overall inhaled market, Jeffs said. He attributed adoption to the company’s view that improved tolerability can support higher dosing, which may in turn support efficacy and durable benefit. During the call, Jeffs cited findings from the company’s 24-week ASCEND study in patients with pulmonary hypertension associated with interstitial lung disease, or PH-ILD. He said progressively higher median doses at weeks eight, 16 and 24 were accompanied by 6-minute walk distance improvements of 21.5 meters, 31.5 meters and 41 meters, respectively, without worsening cough scores. Chief Commercial Officer Scott Moomaw said the expanded sales organization is intended both to deepen engagement with existing prescribers and broaden the company’s reach in community settings. He said Liquidia sees opportunity among pulmonary arterial hypertension, or PAH, treatment centers, PH-ILD centers and community providers, where patients may be underidentified or referred later for treatment. Moomaw said payer access has reached what he described as “a stasis,” with generally good availability and broad parity, leaving product choice as a key factor in prescribing decisions. Liquidia said it has 10 clinical studies either underway or planned to start during the next 12 months across YUTREPIA and L606, its twice-daily inhaled treprostinil candidate. Jeffs said the company’s 48-week open-label study of L606 showed patients titrated across a broad dose range with a low adverse-event burden. He also said the study observed a low incidence of cough and preservation of peak 6-minute walk improvements at trough, or throughout the dosing interval. The Phase 3 RESPIRE study of L606 is enrolling patients and remains on target for its planned timeline, according to management. Chief Medical Officer Rajeev Saggar discussed the REWARM study, which will evaluate YUTREPIA in 75 patients with systemic sclerosis-associated Raynaud’s phenomenon. He said the study will compare lower-dose treatment with dose maximization and assess tolerability and clinical response, with results intended to inform a potential Phase 3 design. Saggar said there are no FDA-approved therapies for Raynaud’s phenomenon in this patient population, though prostacyclins and prostacyclin analogs have been used and studied for moderate and severe complications. The company also plans a study in the first half of 2027 to evaluate YUTREPIA’s safety, efficacy and dose titratability in progressive pulmonary fibrosis and idiopathic pulmonary fibrosis-related settings, Saggar said. He added that Liquidia wants to assess how YUTREPIA performs alongside newer antifibrotic therapies to support future trial design. General Counsel Rusty Schundler provided an update on the pending ’327 trial. He said the range of possible outcomes remains unchanged: a favorable ruling would allow the company to continue as it is, while an adverse ruling could result in a royalty or some form of injunctive relief. Schundler said Liquidia does not have visibility into the judge’s process or workload, but based on historical timing following bench trials, the company believes a decision could come at any time. Liquidia Technologies, Inc is a clinical-stage biopharmaceutical company headquartered in Research Triangle Park, North Carolina. The company leverages its proprietary PRINT® (Particle Replication In Non-wetting Templates) platform to engineer precisely shaped and sized drug particles, with the goal of improving delivery, efficacy and safety profiles. By controlling particle characteristics at the nanoscale, Liquidia seeks to enhance respiratory and other therapies that depend on targeted delivery. The company's lead product candidate, LIQ861, is a dry powder formulation of treprostinil designed for inhalation in patients with pulmonary arterial hypertension (PAH). This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Liquidia Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Liquidia Corporation (NASDAQ:LQDA) shares fell 4.58% in premarket trading on Wednesday after the biopharmaceutical company reported second-quarter earnings below Wall Street expectations, despite revenue coming in slightly ahead of forecasts. Adjusted earnings per share reached $0.74, missing the analyst consensus estimate of $0.76. Revenue totalled $171.68 million, marginally exceeding expectations of $170.98 million and rising sharply from $8.8 million in the same quarter last year. The substantial increase in revenue was primarily supported by YUTREPIA, which generated sales of $170.4 million during the quarter. That represented growth of 31% compared with the first quarter of 2026. Liquidia recorded quarterly net income of $74.7 million, while adjusted EBITDA reached $96.3 million. Dr. Roger Jeffs, Chief Executive Officer, said: “We are pleased by the sustained adoption of YUTREPIA as the inhaled prostacyclin of choice. The inhaled category has grown almost 40% since launch, and YUTREPIA has captured an ever-increasing share of that growth.” Since YUTREPIA was launched in June 2025, Liquidia has received approximately 5,900 prescriptions from unique patients and initiated treatment for more than 5,000 patients as of July 31, 2026. The company maintained a prescription-to-treatment conversion rate above 85%. More than 1,100 healthcare professionals have prescribed YUTREPIA, with over 30% having prescribed the treatment to at least five patients. Liquidia ended June with $284.2 million in cash and cash equivalents, compared with $190.7 million at the end of 2025. The cash position increased by $61.4 million from the first quarter of 2026, providing additional financial resources as the company continues investing in commercial expansion and clinical development. Research and development expenses climbed 185% year on year to $17.2 million. The increase primarily reflected an additional $7.0 million of expenditure related to the L606 programme and a $2.0 million rise in YUTREPIA research spending. Selling, general and administrative expenses increased 48% to $57.4 million, largely due to higher personnel costs and additional commercial spending associated with the rollout of YUTREPIA. These increases were partially offset by a $5.5 million reduction in legal expenses. Liquidia is currently progressing 10 clinical studies involving YUTREPIA and L606 as it evaluates inhaled treprostinil across both established and potential new indications. The expanding clinical programme comes as YUTREPIA continues to gain adoption following its 2025 launch, with its commercial performance providing the primary driver behind Liquidia’s substantial year-on-year revenue growth. Liquidia Technologies stock price

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes YUTREPIA's rapid adoption to a 'tolerability-first' paradigm, where superior delivery enables higher dosing and more durable clinical benefits compared to legacy formulations. The company reported four consecutive quarters of increasing profitability, driven by YUTREPIA net sales reaching $170.4 million in Q2 2026, a 31% sequential increase. YUTREPIA's growth is outpacing the overall inhaled prostacyclin category, with management noting that the product is taking share from oral, infused, and competing inhaled formulations. The inhaled market grew approximately 6% this quarter, yet YUTREPIA's individual growth exceeded the total category expansion, implying it is capturing the majority of new patient starts. Operational leverage is manifesting on the balance sheet, with cash reserves increasing by $61.4 million in the quarter despite rising investments in the clinical pipeline. Management emphasizes that YUTREPIA has reached approximately 30% of the total inhaled market just over one year into its commercial launch. Management reiterated confidence in achieving more than $1 billion in net revenue by 2027 based on the current linear trajectory of patient referrals and starts. R&D expenses are projected to double in the second half of 2026 as enrollment ramps for the Re-Spire Phase III trial and multiple new studies are initiated. The company plans to begin or advance 10 clinical studies over the next 12 months to expand the inhaled treprostinil franchise across new indications like Raynaud's and IPF. SG&A expenses are expected to scale in proportion to revenue growth as the company expands its sales force and patient support services to penetrate community-based care. Management anticipates that the twice-daily L606 formulation will raise the tolerability bar further, potentially offering a competitive advantage over other long-acting approaches. The company expanded its sales force in June 2026 specifically to target the community setting, where many of the estimated 60,000 PH-ILD patients remain undiagnosed or under-treated. Regarding the ongoing 327 legal trial, management noted that while a decision could come 'any day now', they remain prepared for a range of outcomes including royalties or adjunctive relief. A shift in the hemodynamic definition of pulmonary hypertension is viewed as a market catalyst, increasing the pool of patients eligible for treatment in Group 3 (PH-ILD). Management highlighted that while competitive promotion in the oral prostacyclin sector is declining, Liquidia is aggressively positioning YUTREPIA as the first-choice therapy. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management argued that L606 achieves higher dose attainment than competitors like TPIP, with 71% of patients reaching 15 breath equivalents compared to 21% in competing trials. They emphasized that while cross-study comparisons are difficult, L606's low incidence of cough and 24-hour coverage at trough levels provide a superior clinical profile. Growth is coming from both switching patients from other inhaled/oral therapies and expanding the total market through better identification of PH-ILD patients. Management noted that as prescribers gain experience with YUTREPIA's tolerability, they are increasingly using it as a first-line prostacyclin rather than a later-stage option. A study evaluating YUTREPIA in progressive chronic fibrosis is planned for the first half of 2027 to assess safety and efficacy on top of current antifibrotic standards of care. The goal is to determine the optimal high-dose titration needed to modify these conditions, leveraging the drug's established safety profile in broad ILD populations.