LQDA: Yutrepia Beat Strengthens the Case for Share Capture; We Think Momentum Continues (1Q26 Update)

Research evidence excerpt

LQDA: Yutrepia Beat Strengthens the Case for Share Capture; We Think Momentum Continues (1Q26 Update)

Liquidia Corporation Equity Research

Hikma v Amarin provides limited read-through, in our view. Based on our reading of the supreme

court ruling, the core issue—whether statements tied to a skinny label constitute encouragement to

infringe—differs from the questions at stake in UTHR vs. LQDA. To us, a relevant implication could be,

if LQDA loses the PH-ILD battle, will it still be able to maintain a PAH label? Our base case is that, if

LQDA loses, they will still keep PAH based on our legal KOL check.

LQDA ended 1Q26 with cash & cash equivalents of ~$222.8mm. For the quarter, COGS expense was

~$11.9mm (vs. our estimate of ~$12mm, and FactSet consensus of $11.3mm), R&D expense was ~

$12.6mm (below our estimate of ~$15mm and consensus of $17.2mm) and SG&A was ~$46.9mm

(vs. WFe of ~$44mm and consensus of $48.7mm). LQDA recorded third consecutive profitable

quarter showing sustainability in revenue growth.

Exhibit 1 - LQDA: Near-term catalyst

Timing Asset Comments

Company

any day Yutrepia Judge Andrews' decision on '327 patent trial vs. UTHR

2026 Yutrepia ASCENT open-label study completion

Open-label study initiation in PH-ILD pts w/ inadequate response to

2026 Yutrepia

Tyvaso/Tyvaso DPI

2026 Yutrepia Open-label study initiation in IPF and PPF pts naïve to inhaled treprostinil

2026 Yutrepia Support for IIT trial of Yutrepia in combo with Winrevair

Open-label study initiation in pts w/ systemic sclerosis associated Raynaud's

End of 2026 Yutrepia

phenomenon

2026 L606 Re-Spire study enrollment progress

2027 Yutrepia A pivotal Randomized Controlled Trial in PH-COPD pts

Source: Liquidia company material; Wells Fargo Securities, LLC, Research

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