Form 8-K

8-K — Liquidia Corp

Accession: 0001104659-26-058234

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001819576

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2614109d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2614109d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2614109d1_ex99-2.htm)

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8-K — FORM 8-K

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0001819576

2026-05-11

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2026

LIQUIDIA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-39724

85-1710962

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

419 Davis Drive, Suite 100, Morrisville, North Carolina

27560

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including

area code: (919) 328-4400

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction

A.2. below):

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock

LQDA

The Nasdaq Stock Market LLC

Indicate by check mark whether the

registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this

chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02

Results of Operations and Financial Condition.

On May 11, 2026, Liquidia Corporation, a

Delaware corporation (the “Company”), issued a press release announcing its financial results for the quarter ended March 31, 2026, and also

provided a corporate update. A copy of the press release is furnished herewith as Exhibit 99.1.*

Item 8.01

Other Events.

On May 11, 2026, the Company updated its corporate

presentation that it uses for presentations at healthcare conferences and to analysts, current stockholders, and others. A copy of the

Company's presentation that it intends to use at such events is filed herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibit

No.

Exhibit

99.1

Press Release of Liquidia Corporation, dated May 11,

2026.

99.2

Liquidia Corporation Corporate Presentation - May 2026.

104

Cover Page Interactive Data File (embedded within the

Inline XBRL document).

* The information in Item 2.02 of this Form 8-K shall not be deemed

“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or

otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities

Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

May 11, 2026

Liquidia Corporation

By:

/s/ Michael Kaseta

Name: Michael Kaseta

Title: Chief Financial Officer and Chief Operating Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2614109d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Liquidia Corporation Reports First Quarter

2026 Financial Results

· YUTREPIA® (treprostinil) inhalation powder net product sales of approximately $130 million in the first quarter of 2026

· More than 4,500 unique patient prescriptions and approximately 3,750 patients treated between launch in June 2025 and April 30, 2026

· Recorded third consecutive quarter of profitability, with net income of approximately $53 million, adjusted EBITDA of $71 million

and an increase in cash and cash equivalents by $32 million compared to the fourth quarter of 2025

· Actively screening PH-ILD patients in Phase 4 Tyvaso® and Tyvaso DPI® transition study and pivotal Phase 3 Re-Spire study

of L606

MORRISVILLE,

N.C., May 11, 2026 – Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company driven by science and

compassion to revolutionize care for patients with challenging respiratory and vascular diseases, today reported financial results for

the first quarter ended March 31, 2026. The company will also host a webcast at 8:30 a.m. ET on May 11, 2026, to discuss its financial

results and provide a corporate update.

Dr. Roger Jeffs, Liquidia’s Chief Executive

Officer, said: “In its third full quarter on the market, YUTREPIA continued to demonstrate sustained uptake in pulmonary arterial

hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), consistent with its growing adoption

as the preferred inhaled prostacyclin of choice. Having initiated additional Phase 4 studies of YUTREPIA and our pivotal Phase 3 Re-Spire

study of L606, our focus in 2026 is on making the full benefit of prostacyclin therapy available to more patients who need it, across

a broader set of serious pulmonary and vascular diseases where high unmet need remains prevalent.”

YUTREPIA Commercial Launch Highlights (as

of April 30, 2026)

· Received more than 4,500 unique patient prescriptions since launch in June 2025

· Started approximately 3,750 patients on treatment since launch in June 2025

· Prescription-to-start conversion remained strong at or above the 85% level as previously reported

· Increased total number of prescribers to more than 980 since launch

· Increased the number of prescribers that have prescribed YUTREPIA to at least 5 patients by approximately 25% since end of February

to approximately 270

First Quarter 2026 Financial Results

YUTREPIA sales led to the company’s third consecutive quarter

of profitability with net income of $52.9 million and positive non-GAAP adjusted EBITDA of $71.2 million in the first quarter

of 2026.

Cash and

cash equivalents totaled $222.8 million as of March 31, 2026, compared to $190.7 million as of December 31,

2025.

Product

sales, net, were $129.9 million for the three months ended March 31, 2026. We began shipping YUTREPIA to our customers in the

United States in June 2025, following receipt of full FDA approval for YUTREPIA on May 23, 2025. We did not recognize any revenue from

product sales during the three months ended March 31, 2025.

Service

revenue, net, was $3.0 million for the three months ended March 31, 2026, compared to $3.1 million for the three months ended

March 31, 2025. Service revenue, net was related primarily to the promotion agreement with Sandoz, Inc. pursuant to which we share profits

from the sale of Treprostinil Injection in the United States. The decrease of $0.1 million was primarily due to the impact of unfavorable

gross-to-net chargeback and managed care adjustments.

Cost of

product sales was $11.1 million for the three months ended March 31, 2026. Cost of products sales is related to sales of YUTREPIA.

We did not record any cost of product sales during the three months ended March 31, 2025.

Cost of

service revenue was $0.8 million for the three months ended March 31, 2026, compared to $1.5 million for the three months ended

March 31, 2025. The decrease from 2025 to 2026 reflects a lower allocation of the cost of our commercial field force to Treprostinil Injection

resulting from the commercial launch of YUTREPIA in the second quarter of 2025.

Research

and development expenses were $12.6 million for the three months ended March 31, 2026, compared to $7.0 million for the three

months ended March 31, 2025. The increase of $5.6 million was due primarily due to a $2.5 million increase in clinical expenses for our

L606 program, a $1.8 million increase in expenses related to our YUTREPIA research and development activities, and a $1.1 million increase

in personnel expenses driven by higher headcount.

Selling,

general and administrative expenses were $46.9 million for the three months ended March 31, 2026, compared to $30.1 million

for the three months ended March 31, 2025. The increase of $16.8 million was primarily due to an $8.6 million increase in personnel expenses

and a $1.7 million increase in stock-based compensation driven by higher headcount, a $7.9 million increase in commercial and consulting

expenses to support the commercialization of YUTREPIA, and a $1.0 million increase in facilities and infrastructure expenses. These increases

were partially offset by a $3.7 million decrease in legal fees related to our ongoing YUTREPIA-related litigation.

Total other

expenses, net was $4.7 million for the three months ended March 31, 2026, compared to $2.9 million for the three months ended

March 31, 2025. The increase of $1.8 million was primarily attributable to the higher borrowings under our revenue interest financing

agreement with HealthCare Royalty Partners IV, L.P.

Income

tax expense was $3.9 million for the three months ended March 31, 2026. We did not recognize any income tax expense during

the three months ended March 31, 2025.

Net income

for the three months ended March 31, 2026 was $52.9 million, or $0.60 per basic and $0.52 per diluted share, as compared to

a net loss of $38.4 million, or $0.45 per basic and diluted share, for the three months ended March 31, 2025.

Webcast Information

Liquidia

will host a live webcast at 8:30 a.m. Eastern Time on May 11, 2026, to discuss the first quarter 2026 financial results and

corporate update. The webcast will be available on Liquidia's website at https://liquidia.com/investors/events-and-presentations.

A rebroadcast of the event will be available and archived for a period of one year at the same location.

About

YUTREPIA® (treprostinil) Inhalation Powder

YUTREPIA is an inhaled dry-powder formulation of treprostinil delivered through

a convenient, low-effort, palm-sized device. YUTREPIA is indicated for the treatment of pulmonary arterial hypertension (PAH) and pulmonary

hypertension associated with interstitial lung disease (PH-ILD) to improve exercise ability. YUTREPIA was designed using Liquidia’s

PRINT® technology, which enables the development of drug particles that are precise and uniform in size, shape and composition, and

that are engineered for enhanced deposition in the lung following oral inhalation. YUTREPIA was previously referred to as LIQ861 in investigational

studies.

About

L606 (liposomal treprostinil inhalation suspension)

L606 is an investigational, extended-release formulation of treprostinil

administered twice-daily with a next-generation nebulizer. The L606 suspension uses a proprietary liposomal formulation to encapsulate

treprostinil which can be released slowly at a controlled rate into the lung, enhancing drug exposure over an extended period of time.

L606 is currently being evaluated in an open-label study in the United States for treatment of pulmonary arterial hypertension

(PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) and is the subject of Re-Spire, a global pivotal

placebo-controlled efficacy study for the treatment of PH-ILD.

About Treprostinil Injection

Treprostinil Injection is the first-to-file,

fully substitutable generic treprostinil for parenteral administration. Treprostinil Injection contains the same active ingredient, same

strengths, same dosage form and same inactive ingredients as Remodulin® (treprostinil) and is offered to patients and physicians with

the same level of service and support, but at a lower price than the branded drug. Liquidia PAH promotes the appropriate use of Treprostinil

Injection for the treatment of PAH in the United States in partnership with its commercial partner, Sandoz, who holds the Abbreviated

New Drug Application (ANDA) with the FDA.

About

Pulmonary Arterial Hypertension (PAH)

Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused

by hardening and narrowing of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, an estimated

45,000 patients are diagnosed and treated in the United States. There is currently no cure for PAH, so the goals of existing

treatments are to alleviate symptoms, maintain or improve functional class, delay disease progression and improve quality of life.

About

Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD)

Pulmonary hypertension (PH) associated with interstitial

lung disease (ILD) includes a diverse collection of up to 150 different pulmonary diseases, including interstitial pulmonary fibrosis,

chronic hypersensitivity pneumonitis, connective tissue disease-related ILD, and chronic pulmonary fibrosis with emphysema (CPFE) among

others. Any level of PH in ILD patients is associated with poor 3-year survival. A current estimate of PH-ILD prevalence in the

United States is greater than 60,000 patients, though actual prevalence in many of these underlying ILD diseases is not yet known

due to factors including underdiagnosis and lack of approved treatments until March 2021 when inhaled treprostinil was first approved

for this indication.

About Liquidia

Corporation

Liquidia Corporation is a biopharmaceutical

company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases through

precise, innovative therapies and applications of its proprietary PRINT® technology. PRINT enabled the development of YUTREPIA®

(treprostinil) inhalation powder for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with

interstitial lung disease (PH-ILD). The company is also developing L606, an investigational extended-release formulation of treprostinil

administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of

PAH. To learn more about Liquidia, please visit www.liquidia.com.

Tyvaso®,

Tyvaso DPI® and Remodulin® are registered marks of United Therapeutics Corporation.

Cautionary

Statements Regarding Forward-Looking Statements

This press release may include forward-looking statements within the meaning

of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical

facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives,

our business strategy and plans and our objectives for future operations, are forward-looking statements.

Forward-looking statements, including statements

regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety

data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines,

the timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware

and U.S. District Court for the Middle District of North Carolina, or other litigation between Liquidia and United Therapeutics or others,

including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute

on our strategic or financial initiatives, our estimates regarding future expenses, capital requirements and needs for additional financing,

and potential revenue and profitability of YUTREPIA involve significant risks and uncertainties and actual results could differ materially

from those expressed or implied herein. Our ability to maintain YUTREPIA’s approval and to continue commercialization of YUTREPIA

remain subject to ongoing litigation in which United Therapeutics is seeking injunctive relief, which could block our ability to continue

to sell YUTREPIA for one or both of PAH and PH-ILD. The words “anticipate,” “believe,” “continue,”

“could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,”

“predict,” “project,” “should,” “target,” “would,” and similar expressions

are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations

and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business

strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject

to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions. Moreover, we operate

in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is

not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which

any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements

we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and

actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this

press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update

our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Information

This press release and the accompanying tables

include U.S. Generally Accepted Accounting Principals (GAAP) and non-GAAP financial measures. For a description of such non-GAAP financial

measures, including the reasons for using such measures, and reconciliations of such non-GAAP financial measures to the most directly

comparable financial measures prepared in accordance with GAAP, please see the section entitled “About Non-GAAP Financial Information”

below.

Contact Information

Investors:

Jason Adair

Chief Business Officer

919.328.4350

Jason.adair@liquidia.com

Media:

media@liquidia.com

Liquidia Corporation

Select Consolidated Balance Sheet Data

(in thousands)

March 31,

December 31,

2026

2025

Cash and cash equivalents

$ 222,786

$ 190,680

Total assets

$ 401,533

$ 327,934

Total liabilities

$ 292,954

$ 283,186

Accumulated deficit

$ (573,451 )

$ (626,313 )

Total stockholders’ equity

$ 108,579

$ 44,748

Liquidia Corporation

Consolidated Statements of Operations and Comprehensive Income (Loss)

(unaudited)

(in thousands, except share and per share amounts)

Three Months Ended

March 31,

2026

2025

Revenues:

Product sales, net

$ 129,881

$ —

Service revenue, net

2,984

3,120

Total revenue

132,865

3,120

Costs and expenses:

Cost of product sales

11,079

—

Cost of service revenue

773

1,517

Research and development

12,571

6,966

Selling, general and administrative

46,938

30,062

Total costs and expenses

71,361

38,545

Income (loss) from operations

61,504

(35,425 )

Other income (expense):

Interest income

1,772

1,728

Interest expense

(6,494 )

(4,670 )

Total other expense, net

(4,722 )

(2,942 )

Income (loss) before income taxes

56,782

(38,367 )

Income tax expense

3,920

—

Net income (loss) and comprehensive

income (loss)

$ 52,862

$ (38,367 )

Net income (loss) per common

share, basic

$ 0.60

$ (0.45 )

Net income (loss) per common

share, diluted

$ 0.52

$ (0.45 )

Weighted average common shares outstanding, basic

88,006,244

85,172,696

Weighted average common shares outstanding, diluted

101,112,095

85,172,696

About Non-GAAP Financial Information

To supplement

our financial results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this press release includes certain

non-GAAP financial measures, such as Adjusted EBITDA. We believe the use of such non-GAAP financial measures provides investors with additional

insight into our operational performance. While we compute non-GAAP financial measures using a consistent method from quarter to

quarter and year to year, we may consider whether other significant items that arise in the future should be excluded from our non-GAAP

financial measures.

Adjusted EBITDA is a non-GAAP measure that represents net

income for the period before the impact of interest income, interest expense, other income and expense, income taxes, depreciation and

amortization, and certain items that impact comparison of the performance of our business either period-over-period or with other businesses.

Adjusted EBITDA should not be considered in isolation or as a substitute

to net income or any other measure of financial performance calculated and presented in accordance with GAAP. Our calculation of

Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate them

in the same manner as we calculate these measures.

For a reconciliation

of such non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the

table titled “Reconciliation of Non-GAAP Financial Information” below.

Liquidia Corporation

Reconciliation

of Non-GAAP Financial Information

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(unaudited)

(in

thousands)

Three Months

Ended

Three Months

Ended

March 31,

December 31,

2026

2025

Net income

$ 52,862

$ 14,555

Interest expense, net

4,722

5,232

Income tax expense

3,920

Depreciation and amortization

497

321

EBITDA

$ 62,001

$ 20,108

Stock-based compensation

9,217

7,206

Adjusted EBITDA

$ 71,218

$ 27,314

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2614109d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

2 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Forward - looking statements This presentation may include forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . All statements contained in this presentation other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward - looking statements . Forward - looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, the timelines or outcomes related to patent litigation with United Therapeutics in the U . S . District Court for the District of Delaware and U . S . District Court for the Middle District of North Carolina, or other litigation between Liquidia and United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein . Our ability to maintain YUTREPIA’s approval and to continue commercialization of YUTREPIA remain subject to ongoing litigation in which United Therapeutics is seeking injunctive relief, which could block our ability to continue to sell YUTREPIA for one or both of PAH and PH - ILD . The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward - looking statements . We have based these forward - looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short - term and long - term business operations and objectives and financial needs . These forward - looking statements are subject to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions . Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks . New risks emerge from time to time . It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward - looking statements we may make . In light of these risks, uncertainties and assumptions, the future events discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward - looking statements . Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward - looking statements, whether as a result of new information, future events or otherwise .

3 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Use of Non - GAAP Financial Information To supplement our financial results presented in accordance with U . S . Generally Accepted Accounting Principles (GAAP), this presentation includes certain non - GAAP financial measures, such as Adjusted EBITDA . We believe the use of such non - GAAP financial measures provides investors with additional insight into our operational performance . While we compute non - GAAP financial measures using a consistent method from quarter to quarter and year to year, we may consider whether other significant items that arise in the future should be excluded from our non - GAAP financial measures . Adjusted EBITDA is a non - GAAP measure that represents net income for the period before the impact of interest income, interest expense, other income and expense, income taxes, depreciation and amortization, and certain items that impact comparison of the performance of our business either period - over - period or with other businesses . Adjusted EBITDA should not be considered in isolation or as a substitute to net income or any other measure of financial performance calculated and presented in accordance with GAAP . Our calculation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate them in the same manner as we calculate these measures . For a reconciliation of such non - GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the table titled “Reconciliation of Non - GAAP Financial Information” below .

4 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED First quarter 2026 highlights LEADING CATEGORY GROWTH BROADENING THE FRANCHISE SELF - FUNDED INVESTMENT $129.9 net product sales 8 studies $71.2M adj. EBITDA* +44% Q/Q growth in Q12026 from Q4 2025 • >4,500 unique patient prescriptions through 30 - Apr • ~980 prescribers since launch • ~25% growth in physicians prescribing to ≥5 patients since end of February On - going, recruiting or planned clinical studies in 2026 • Recruiting ASCENT Cohort B Tyvaso Transitions (PH - ILD) • Recruiting Phase 3 Re - Spire globally (PH - ILD) • Advancing IPF/PPF, PH - COPD, SSc - Raynaud’s programs 3rd consecutive quarter of profitability • 2.6x increase in adjusted EBITDA* Q/Q • $222.8M ending cash +$32.1M from 2025 year - end *Non - GAAP financial measure. See definition and full reconciliation on slide 10 or in our earnings press release at https://liquidia.com/investors/press - releases .

5 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED YUTREPIA is leading the growth of the inhaled prostacyclin category As of April 30, 2026 0 1,000 2,000 3,000 4,000 5,000 6/3 8/8 10/30 12/31 2/28 4/30 New Prescription New Patient Start % conversion rate prescription to patient start for Rx’s through March 2026 85%+ ~3,750 >4,500 Cut - off dates for patient reporting used in public disclosures Source: Press Release May 11, 2026, https://liquidia.com/investors/press - releases ~980 prescribers referred patients for YUTREPIA adding to breadth and depth Prescribers with 5+ referrals ↑ ~ 25% in 2 months

6 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Status Notes Disease Phase IV Approved Phase III Phase I & II Program Completed INSPIRE : Open - label, r egistrational trial, patients new to treprostinil (n=66) and transitioning from Tyvaso ® (n=55) PAH LIQ861* (treprostinil) inhalation powder 4x daily, DPI *FDA approved LIQ861 to treat PAH and PH - ILD using brand name YUTREPIA ® (treprostinil) inhalation powder Planning 2027 Pivotal RCT PH - COPD Planning 2026 Open - label SSc - RP Planning 2026 Open - label IPF & PPF Completed ASCENT Cohort A: Patients new to treprostinil (n=54) PH - ILD Recruiting ASCENT Cohort B: Inadequate response to Tyvaso, Tyvaso DPI ® PH - ILD Planning 2026 Transition from oral selexipag , open - label PAH Planning 2026 Transition IV/SC to inhaled in sotatercept patients, open - label PAH Recruiting Re - Spire - Patients new to treprostinil, RCT placebo - controlled PH - ILD L606 treprostinil liposome inhalation suspension 2x daily, nebulizer On - going Transitions from inhaled treprostinil, open - label, in extension PAH or PH - ILD NCT03399604 NCT07285655 NCT04691154 NCT06129240 NCT06129240 Advancing clinical studies to expand the role of inhaled prostacyclin Pulmonary Arterial Hypertension (PAH), Pulmonary Hypertension associated with Interstitial Lung Disease (PH - ILD), Pulmonary Hype rtension associated with Chronic Obstructive Pulmonary Disease (PH - COPD) Systemic Sclerosis - associated Raynaud’s Phenomenon ( SSc - RP), Idiopathic Pulmonary Fibrosis (PPF), Progressive Pulmonary Fibrosis (PPF), Randomized Controlled Trial (RCT), Dry Powder Inhaler (DPI); Tyvaso ® and Tyvaso DPI ® are registered trademarks of United Therapeutics Corporation

7 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Q3 2025 → Q1 2026 $51.7M - $3.5M $10.1M $90.1M $14.6M $27.3M $129.9M $52.9M $71.2M Net product sales Net income Adjusted EBITDA* $ millions (M) Q3 2025 Q4 2025 Q1 2026 ADJUSTED EBITDA +2.6x Q/Q increase in profitability 4Q25 → 1Q26 *Non - GAAP financial measure. See definition and full reconciliation on slide 10 or in our earnings press release at https://liquidia.com/investors/press - releases . A profitable, self - funded business three quarters after launch NET PRODUCT SALES +44% Q/Q growth net product sales 4Q25 → 1Q26

8 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Key financial metrics $222.8M Ending cash and cash equivalents for 1Q 2026 • Increase of $32.1 million in cash during 1Q 2026 • 1Q 2026 was third consecutive quarter of profitability Three Months Ended Select Consolidated Statements of Operations Data 3/31/25 3/31/26 in thousands - 129,881 Product sales, net 3,120 2,984 Service revenue, net $3,120 $132,865 Total revenue - 11,079 Cost of product sales 1,517 773 Cost of service revenue 6,966 12,571 R&D 30,062 46,938 SG&A $38,545 $71,361 Total Costs and Expenses $(35,425) $61,504 Operating Income (Loss)

9 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Scott Moomaw Chief Commercial Officer Rajeev Saggar Chief Medical Officer Dr. Roger Jeffs Chief Executive Officer Michael Kaseta COO & CFO Russell Schundler General Counsel Q&A session

10 ©2026 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Reconciliation of Net Income to Adjusted EBITDA Three months ended (unaudited, in thousands) Adjusted EBITDA is a non - GAAP measure. See definition and full reconciliation in our earnings press release at https:// liquidia.com /investors/press - releases . Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 $52,862 $14,555 $(3,533) Net income 4,722 5,232 5,300 Interest expense, net 3,920 – – Income tax expense 497 321 476 Depreciation & amortization $62,001 $20,108 $2,243 EBITDA 9,217 7,206 7,899 Stock - based compensation $71,218 $27,314 $10,142 Adjusted EBITDA

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