Liquidia Corporation

Good morning, and welcome to the Liquidia Corporation third quarter 2025 financial results and corporate update conference call. My name is Carmen, and I will be your operator today. All participants are current in analysis-only mode. Following the presentation, we will conduct a question and answer session. Instructions for joining the queue will be provided at that time. Please note that today's call is being recorded. I now turn the call over to Jason Adair, Chief Business Officer.

Thank you, Carmen, and good morning, everyone. It's my pleasure to welcome you to Liquidia's third quarter 2025 financial results and corporate update conference call. Joining me today are Dr. Roger Jeff, Chief Executive Officer, Michael Cassetta, Chief Operating Officer and Chief Financial Officer, Dr. Rajiv Sagar, Chief Medical Officer, Scott Mummo, 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 activity. 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 available on our website. Please note that our earnings release, our commentary, and our slide deck accompanying this call include non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in our earnings release and the slide deck accompanying this call. With that, I'll turn the call over to Roger Jeffs, our Chief Executive Officer. Roger?

Thanks, Jason, and good morning, everyone. This morning, I want to begin by expressing just how proud we are in what Liquidia has accomplished in a remarkably short period of time. Over the last five months, We've not only brought a new and meaningful medicine in eutropia to patients living with PAH and PHILD, but we've also begun to influence the way physicians consider how to best introduce a prostacyclin into various treatment regimens. Every day, we hear stories from physicians and patients who are thankful to now have an inhaled prostacyclin that fits their lives, one that's simple and well-tolerated. For too long, patients faced limited and difficult choices. Eutropia is offering them an attractive alternative The results speak for themselves. In the third quarter, eutrapia continued to exceed expectations on every front. As of October 30th, we've received more than 2,000 unique prescriptions, initiated therapy for over 1,500 patients, and have over 600 healthcare practitioners who have prescribed eutrapia across the US. In fact, October is our highest month yet for referrals. Through the third quarter, the vast majority of prescriptions are converting to active patient starts. with the referral-to-start ratio hovering around 85%, an incredible figure for a new-to-market therapy and a true testament to the strength of our commercial and market access infrastructure. We've seen broad application of eutropia and would like to share some details on usage patterns. PH has accounted for a majority of total prescriptions, with the use in PHILD growing steadily. Approximately three out of four patients starting eutropia are new to tryprosinil. while about one in four are transitioning from other prostacyclin therapies, typically inhaled. Switches from Tyvesa products are similar for both indications at roughly 25% of prescriptions. Notably, around 10% of PAH prescriptions represent switches from oral therapies, a meaningful indicator that physicians may be starting to view eutropia as a viable option to improve exposure and tolerability for patients who are struggling with systemic side effects from their oral prostacyclin therapy. This balance of naive and transition patients demonstrates the flexibility of eutropia across real-world settings in specialized centers and community practices. The feedback we're hearing has been consistent. Many physicians find eutropia easy to initiate, faster to titrate, and better tolerated than other available options while patients appreciate the convenience and confidence that come with a palm-sized, low-effort device. Eutropia isn't just gaining traction. It's redefining expectations for inhaled delivery of tryprosinol, where exposure drives efficacy, tolerability drives durability, and convenience drives compliance. We intend to translate this early commercial success into long-term sustainable growth. As Mike will explain, Liquidity achieved profitability in its first full quarter following launch, and we are well-positioned to reinvest in innovation without compromising our financial discipline. Our clinical strategy in the near term intends to broaden Eutrophia's clinical utility We are actively planning niched open-label studies to further strengthen the product profile. For example, to help inform what we are already seeing in the field, we will initiate a study in PAH patients transitioning from oral prostacyclines to eutropia. And considering the recent interest in ILD indications, we are evaluating the feasibility of proof-of-concept studies with eutropia in IPF and PPF. We will also explore how eutrophia may be used to treat other diseases where patients have unmet needs, and smart trial design can expand the value of well-tolerated inhaled troposinol with opportunities in PHCOPD and Raynaud's phenomenon as examples. And as you heard during our R&D day, we will further optimize inhaled troposinol with L606, our sustained release formulation that is rapidly delivered twice daily with a palm-sized nebulizer. We believe that the week 48 data from our U.S. clinical study already demonstrates that L606 may be the most tolerable inhaled tryprosinol developed, with clear signals of efficacy in pH and pH IOD patients, whether transitioning from Tyvesa or naive to prostacyclin. Our global pivotal study, called RESPIRE, will initiate later this year and planned enrollment to start in the first half of 26. Now, let me hand the call over to Mike to explain how we can maintain our trajectory for increasing the overall value of the company.