Raising Our PT to $109 from $59 After Revisiting Our Model, as LQDA Likely Transitions to a Strong Earnings Story.

Research evidence excerpt

Raising Our PT to $109 from $59 After Revisiting Our Model, as LQDA Likely Transitions to a Strong Earnings Story.

Investment Thesis

Liquidia has brought its lead candidate Yutrepia to the doorstep of a blockbuster market opportunity for the treatment of

pulmonary hypertension. Inhaled treprostinil continues to expand as a mainstay and life-extending Tx in pulmonary hypertension

and Liquidia’s Yutrepia was the first tentatively approved dry powder inhaled (DPI) version of the API. DPI is widely expected to

emerge as the inhaled preference for patients and providers in these settings. We find it reasonable based on known labeling and

clinical data to conclude that Yutrepia will likely emerge as the best-in-class DPI trepostinil Tx with more than enough room to grow

in this largely underpenetrated market opportunity.BIOTECHNOLOGY Upcoming Catalysts Price Performance

■ '327 trial verdict - 2026 (BTIG estimate) $80

■ 2Q26 earnings - August 2026 (BTIG estimate) $70

$60EQUITY

$50

$40

Base Case Assumptions: $109 Price Target $30 $20

■ $10RESEARCH

Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

LQDA

S&P 500 (rebased)

Source: FactSet

Company Description

Liquidia is a platform-focused

company focused on developing and

commercializing drugs that represent

improved versions of previously

approved APIs. The company’s core

technology, PRINT, is a differentiated

platform technology with largely

untapped potential. Liquidia’s Particle

Replication In Non-wetting Templates

(PRINT) is technology originally

developed at UNC Chapel Hill. Upside Scenario: $135/sh The platform enables highly uniform

■ LQDA prevails past ongoing legal efforts that seek to impair Yutrepia's freedom to production of particles of specific

operate.