Liquidia Corporation

Good morning and welcome to Liquidity Incorporation First Quarter 2026 Financial Results and Corporate Update Conference Call. My name is Jonathan and I will be your operator today. All participants are currently in a listen-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. And now I'd like to turn the call over to Jason Adair, the Quidius Chief Business Officer. You may proceed.

Thank you and good morning, everyone. It's my pleasure to welcome you to our first quarter 2026 Financial Results and Corporate Update call. Joining me today are Dr. Robert Jeffs, Chief Executive Officer, Michael Cassetta, Chief Operating Officer and Chief Financial Officer, Dr. Rajiv Sagar, Chief Medical Officer, Scott Mumal, Chief Commercial Officer, and Rusty Shundler, our 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.

Thanks, Jason, and good morning, everyone. We're delighted to share our business results with you today. We'll keep our prepared remarks somewhat brief this morning as we'd like to allow as much time for questions as we can. Having said that, I'd like to share some bigger picture thoughts regarding the state of the business and allow the Q&A to serve as the time to delve into the specifics. Three full quarters into the commercial launch of Utopia, I would summarize the state of our business with three main points. The first is that in the third full quarter on the market, Utopia is now leading the growth of the inhaled prostacyclin category. eutrapia is well on its way to becoming the anchored inhaled therapy for patients with PAH and PHLD. As of April 30th, we have received approximately 4,500 unique patient prescriptions and started approximately 3,750 patients on therapy since launch. And approximately 980 physicians have prescribed eutrapia since launch. This breadth of prescriptions is also complemented by increasing depth of prescriptions. For example, Just since the end of February, the number of physicians who have prescribed eutrefia to five or more patients has grown 25% to approximately 270 physicians. What this clearly demonstrates is that physicians who try eutrefia are coming back to it for more and more of their patients. That is the pattern you see when a therapy is becoming foundational to a treatment paradigm, not when it is being trialed as an alternative, and strongly suggests that eutrefia is already establishing itself as the best in class and first in choice inhaled therapy. This increasing breadth and depth of prescriptions is driven by a product profile that is setting a new bar for others to match, one where targeted pulmonary delivery minimizes off-target effects with a formulation technology that preferentially lessens upper airway intolerance while enhancing local effects on the alveolar capillary membrane. This allows for higher dose attainment and, most importantly, better and more durable patient outcomes. The second main point is that we are purposefully and diligently broadening the opportunity in front of us by launching additional studies. We have started recruiting into cohort B of the ASCENT study to transition inadequate responders from Tyveso DPI to eutrophia in order to provide empiric evidence that higher doses of eutrophia are uniquely well tolerated and advantage versus competitive alternatives. Additionally, we are actively screening patients in our pivotal phase three respire study of L606 the most tolerable inhaled trypostenol study to date, as evidenced by our 48-week data from the open-label US study in PAH and PHLD patients. In addition, we are also advancing clinical programs to expand the role of inhaled prostacyclin into other serious pulmonary and vascular diseases, such as IPF, PPF, PHCOPD, and scleroderma-associated Raynaud's phenomenon. For all of these opportunities, mechanistic validation largely exist, yet unmet need and high opportunity value remain. We believe the differentiated tolerability and dosing profiles of both eTrophy and L606 is foundational to that opportunity, as it may support improved patient retention while also enabling higher therapeutic exposures over time. The through line of our clinical investment is that we have extraordinary and real potential to expand the franchise value of our portfolio by multiples in the years to come. with therapies that reimagine what a best-in-class profile must be. The third main point is that we have established a profitable, self-funded business in a remarkably short period of time. We have now delivered our third consecutive quarter of profitability, with top line growing, bottom line growing, and cash growing, which Mike will expand on shortly. What that gives us is the freedom to reinvest our own profits into the next phase of the company's growth. We are building new manufacturing capacity. We're advancing both eutrophia and L606 in a related array of clinical studies. And we are doing all of it from operating cash flow rather than via the capital markets. This is rare in our business, especially at this early stage of our commercial life cycle. To put it all in context, we could not be happier with where the business is today, and we are even more excited about where it is going. Utopia has already exceeded a half billion dollars in annualized net revenue run rate in less than one full year on the market. Our clinical programs are fully funded by operating cash flow, and we have a clear line of sight to at least a billion dollars in net revenue in 2027, with multiple growth opportunities to sustain further growth well into the future. And what gives us confidence in achieving our ambitions is that the engine that gets us there is already up and running flawlessly. With that, I'll turn it over to Mike to walk you through the financials.