Form 8-K

8-K — Liquidia Corp

Accession: 0001104659-26-094411

Filed: 2026-08-12

Period: 2026-08-12

CIK: 0001819576

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2622888d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2622888d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2622888d1_ex99-2.htm)

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8-K — FORM 8-K

8-K (Primary)

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0001819576

2026-08-12

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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):

August 12, 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 ¨

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 August 12, 2026, Liquidia Corporation, a Delaware

corporation (the “Company”), issued a press release announcing its financial results for the quarter ended June 30, 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 August 12, 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 August

12, 2026.

99.2

Liquidia Corporation Corporate Presentation - August

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.

August 12, 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: tm2622888d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Liquidia Corporation Reports Second Quarter

2026 Financial Results

· YUTREPIA®

(treprostinil) inhalation powder net product sales of approximately $170.4 million in the

second quarter of 2026, up 31% from the first quarter of 2026

· Approximately 5,900 unique

patient prescriptions and more than 5,000 patients treated between launch in June 2025

and July 31, 2026

· Recorded fourth consecutive

quarter of increasing profitability, with net income of $74.7 million, adjusted EBITDA of

$96.3 million and an increase in cash and cash equivalents of $61.4 million compared to the

first quarter of 2026

· Progressing 10 clinical

studies supporting YUTREPIA and L606 across known and new indications for inhaled treprostinil

MORRISVILLE,

N.C., August 12, 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 second quarter ended June 30, 2026. The company will also host a webcast at 8:30 a.m. ET on August 12, 2026, to

discuss its financial results and provide a corporate update.

Dr. Roger Jeffs, Liquidia’s Chief

Executive Officer, said: “We are pleased by the sustained adoption of YUTREPIA as the inhaled prostacyclin of choice. The inhaled

category has grown almost 40% since launch, and YUTREPIA has captured an ever-increasing share of that growth. We are building on that

momentum by strengthening the clinical evidence for YUTREPIA in PAH and PH-ILD patients transitioning from other therapies, and advancing

studies in new indications that may broaden its impact. Having reset the bar for tolerability and dose flexibility with YUTREPIA, we

are excited to have begun site activation and enrollment in Re-Spire, our pivotal study for L606, which we believe can raise that bar

even further, beyond any therapy currently available or in development.”

YUTREPIA Commercial Launch Highlights

(as of July 31, 2026)

· Received approximately

5,900 unique patient prescriptions since launch in June 2025

· Started more than 5,000

patients on treatment since launch in June 2025

· Prescription-to-start conversion

remained strong above the 85% level as previously reported

· Increased total number

of prescribers to more than 1,100 since launch, of which more than 30% have prescribed YUTREPIA

to at least 5 patients

Second Quarter 2026 Financial Results

YUTREPIA sales led to the company’s fourth consecutive quarter

of increasing profitability with net income of $74.7 million and positive non-GAAP adjusted EBITDA of $96.3 million in the second

quarter of 2026.

Cash and

cash equivalents totaled $284.2 million as of June 30, 2026, compared to $190.7 million as of December 31,

2025.

Product

sales, net, were $170.4 million for the three months ended June 30, 2026, compared to $6.5 million for the three months

ended June 30, 2025. 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. The increase of $163.9 million was due to higher volume of YUTREPIA sales.

Service

revenue, net, was $1.3 million for the three months ended June 30, 2026, compared to $2.3 million for the three months

ended June 30, 2025. Service revenue, net was related 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 $1.0 million was primarily

due to the impact of unfavorable gross-to-net adjustments.

Cost of

product sales was $10.8 million for the three months ended June 30, 2026, compared to $0.2 million for the three months

ended June 30, 2025. Cost of product sales is related to sales of YUTREPIA. The increase of $10.6 million was primarily due to higher

volume of YUTREPIA sales.

Research

and development expenses were $17.2 million for the three months ended June 30, 2026, compared to $6.0 million for the

three months ended June 30, 2025. The increase of $11.2 million or 185% was primarily due to a $7.0 million increase in expenses

for our L606 program, a $2.0 million increase in expenses related to our YUTREPIA research and development activities, a $0.9 million

increase in personnel expenses driven by higher headcount, and a $1.0 million L606 development milestone recognized during the second

quarter of 2026.

Selling,

general and administrative expenses were $57.4 million for the three months ended June 30, 2026, compared to $38.8 million

for the three months ended June 30, 2025. The increase of $18.6 million or 48% was primarily due to a $10.0 million increase in

personnel expenses and a $3.1 million increase in stock-based compensation driven by higher headcount, and an $8.6 million increase in

commercial and consulting expenses to support the commercialization of YUTREPIA. These increases were partially offset by a $5.5 million

decrease in legal fees related to our ongoing YUTREPIA-related litigation.

Total

other expenses, net was $3.8 million for the three months ended June 30, 2026, compared to $4.1 million for the three

months ended June 30, 2025. The decrease of $0.3 million was primarily attributable to higher money market balances offset by higher

borrowings under our revenue interest financing agreement with HealthCare Royalty Partners IV, L.P.

Income

tax expense was $7.0 million for the three months ended June 30, 2026. We did not recognize any income tax expense during

the three months ended June 30, 2025.

Net income

for the three months ended June 30, 2026, was $74.7 million, or $0.84 per basic and $0.74 per diluted share, as compared

to a net loss of $41.6 million, or $0.49 per basic and diluted share, for the three months ended June 30, 2025.

Webcast Information

Liquidia

will host a live webcast at 8:30 a.m. Eastern Time on August 12, 2026, to discuss the second 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 PAH and 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

PAH and 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)

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)

PH-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 PAH and 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.

Abbreviations

1. PAH: pulmonary arterial hypertension. 2. PH-ILD: pulmonary hypertension

associated with interstitial lung disease.

Remodulin®

is a registered mark 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 Principles (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)

June 30,

December 31,

2026

2025

Cash and cash equivalents

$ 284,181

$ 190,680

Total assets

$ 521,918

$ 327,934

Total liabilities

$ 326,804

$ 283,186

Accumulated deficit

$ (498,729 )

$ (626,313 )

Total stockholders’ equity

$ 195,114

$ 44,748

Liquidia Corporation

Consolidated Statements of Operations and Comprehensive Income (Loss)

(unaudited)

(in thousands, except share and per share amounts)

Three Months

Ended June 30,

2026

2025

Revenues:

Product sales, net

$ 170,382

$ 6,517

Service revenue,

net

1,297

2,320

Total revenue

171,679

8,837

Costs and expenses:

Cost of product sales

10,759

205

Cost of service revenue

791

1,292

Research and development

17,184

6,021

Selling,

general and administrative

57,428

38,824

Total costs and expenses

86,162

46,342

Income (loss) from operations

85,517

(37,505 )

Other income (expense):

Interest income

2,476

1,584

Interest

expense

(6,296 )

(5,658 )

Total other

expense, net

(3,820 )

(4,074 )

Income (loss) before income taxes

81,697

(41,579 )

Income tax

expense

6,975

—

Net income (loss) and comprehensive

income (loss)

$ 74,722

$ (41,579 )

Net income (loss) per common share,

basic

$ 0.84

$ (0.49 )

Net income (loss) per common share,

diluted

$ 0.74

$ (0.49 )

Weighted average common shares outstanding, basic

88,887,744

85,588,108

Weighted average common shares outstanding, diluted

101,397,028

85,588,108

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

June 30,

2026

Net income

$ 74,722

Interest expense, net

3,820

Income tax expense

6,975

Depreciation and amortization

400

EBITDA

$ 85,917

Stock-based compensation

10,370

Adjusted EBITDA

$ 96,287

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2622888d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

Second Quarter 2026 Earnings

& Corporate Update

Liquidia Corporation

August 12, 2026

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.

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.

YUTREPIA continues to lead growth of the inhaled prostacyclin market

As of July 31, 2026 900 2,000

2,800

3,600

4,500

5,900

550

1,500

2,200

2,900

3,750

5,000

6/3 8/8 10/30 12/31 2/28 4/30 7/31

New Prescriptions

New Patient Starts

% conversion rate

prescription to patient start

for Rx’s remains steady

85%+ More than

5,000

Approx.

5,900

Cut-off dates for patient reporting used in public disclosures

Source: Press Release August 12, 2026, https://liquidia.com/investors/press-releases

~1,100 prescribers

referred patients for YUTREPIA

adding to breadth and depth

~30% of prescribers with 5+ referrals

Launch

0.0

26.5

53.0

79.5

106.0

132.5

159.0

185.5

212.0

238.5

265.0

291.5

318.0

344.5

371.0

397.5

424.0

Week 8

n=51

Week 16

n=43

Week 24

n=40

YUTREPIA has raised the bar for inhaled dose range

Data from ASCENT Cohort A (PH-ILD)

*Tyvaso breaths-per-session (bps) comparable dosing is a normalization used to compare dosing across treprostinil products with different delivery frequencies and administration methods. Tyvaso is dosed by inhaled breath, with each breath delivering 6 mcg of treprostinil; total daily exposure is

calculated as breaths per session × sessions per day (4x daily). To enable comparison across products with different dosing regimens (e.g., twice-daily, once-daily), we translate each product's total daily dose into the number of Tyvaso breaths that would deliver a similar exposure. Comparable Tyvaso

bps exposure reflects total daily exposure and is not a measure of breath count, delivery mechanism, or device design across products. Tyvaso® is a registered trademark of United Therapeutics Corporation.; Liquidia data on file

78%

> 132.5

74%

>132.5

31%

>132.5

median

≈ Comparable

dose to Tyvaso®

bps QID

LIQ861 μg

dose QID

Dose range at Week Visit Change in 6-Minute Walk Distance (6MWD) Simplified Cough Score at Week Visit

Week 8: Sallee S, et al. Poster #1037. PHPN Symposium; 2025; Seattle, WA.; Week 16: Kolaitis NA. Oral presentation. Presented at: CHEST Annual Meeting; 2025; Chicago, Illinois; Week 24: Saggar R, et al. Poster #83. PVRi Annual World Congress; 2026; Dublin, Ireland

Patients quickly titrated above ~15 bps.* Median 𝚫𝚫6MWD continued to increase Cough scores essentially unchanged

median

median +41.0

+31.5

+21.5

0 20 40 60

Week 8

n=49

Week 16

n=41

Meters

Week 24

n=37

Mean

24.3 ± 30.5

Mean

30.2 ± 36.1

Mean

39.6 ± 45.0

1.3 1.3 1.3 1.2 1.4 1.1

BL Wk

L606 is raising the bar further for inhaled dose range

Data from Ph3 U.S. Open Label (PAH, PH-ILD)

median

L606 dose range at Week 48 Visit Most common TEAEs (≥10%) thru Week 48* Median change from baseline in 6MWD

Liquidia data on file; 2025.10.29 LQDA RD Day webcast updatedv2.pdf (Oct 28, 2025)

90%+ dosing well above historical target L606 may be most tolerable treprostinil to date Durable response in ∆6MWD at peak & trough

median median

+22.5

+24.3

0 10 20 30 40

Meters

Mean

23.6 ± 57.8

Mean

29.4 ± 64.4

Week 48

n=24

Week 48

n=24

n=28

patients

TEAE* L606 Related

% n % n

Cough 32.1 9 14.3 4

Dyspnea 28.6 8 3.6 1

Fatigue 21.4 6 3.6 1

Dizziness 21.4 6 3.6 1

Nausea 10.7 3 3.6 1

Pruritis 10.7 3 3.6 1

25%

50%

21%

Week 48

n=24

>= 30 bps

~16-29 bps

~9-15 bps

~3-8 bps

210 μg

L606 BID

71%

>210 μg

L606

~14-15 bps QID

comparable

Trough

Peak

Baseline 6MWD for all participants (n=28) = 395.5 m

Trough 6MWD conducted in morning of visit; Peak

6MWD conducted within 90-120 minutes after

administering clinically observed dose

L606 comparable

doses to Tyvaso bps

4x daily*

10 studies on-going, recruiting, or initiating within the next year

Pulmonary Arterial Hypertension (PAH), Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD), Pulmonary Hypertension associated with Chronic Obstructive Pulmonary Disease (PH-COPD) Systemic Sclerosis-associated Raynaud’s Phenomenon (SSc-RP), Idiopathic Pulmonary Fibrosis (PPF), Progressive Pulmonary Fibrosis (PPF), Pharmacodynamics (PD), Randomized Controlled Trial

(RCT), Dry Powder Inhaler (DPI); Right Ventricle (RV); Tyvaso® and Tyvaso DPI® are registered trademarks of United Therapeutics Corporation

Program Phase II Phase III Phase IV Diseases Name Objective Status

LIQ861*

(treprostinil)

inhalation powder

4x daily, DPI

*FDA approved

LIQ861 to treat PAH

and PH-ILD using

brand name

YUTREPIA® (treprostinil)

inhalation powder

PH-ILD ASCENT

Cohort B Safety & efficacy of transitioning from Tyvaso®, Tyvaso DPI® to YUTREPIA Recruiting

PAH LTI-403 Safety and feasibility of transitioning from oral selexipag to YUTREPIA Initiate Q3’26

PAH SPRINT Hemodynamic study of high doses of YUTREPIA Initiate Q4’26

PAH TRANSITION-PAH

Safety and efficacy of transitioning from IV/SC treprostinil to YUTREPIA

on background sotatercept Initiate 1H’27

PAH TRECOR PD effect on RV hemodynamics by continuous wireless telemetric

pressure monitoring Initiate 1H’27

PH-COPD LTI-306 Safety and efficacy in placebo-controlled RCT Initiate 2H’27

PPF, IPF Safety, efficacy and dose titration Initiate 1H’27

SSc-RP RE-WARM Safety, tolerability and PD in dose-finding study Initiate 4Q’26

L606

treprostinil liposome

inhalation suspension

2x daily, nebulizer

PAH, PH-ILD PBI L606p3 Safety and efficacy in U.S. based study On-going

PH-ILD Re-Spire Safety and efficacy in global, placebo-controlled RCT Recruiting

PAH TRECOR PD effect on RV hemodynamics by continuous wireless telemetric

pressure monitoring Initiate 1H’27

NCT04691154

NCT06129240

NCT07759804

NCT07748000

NCT07285655

Exited Q2 2026 at a ~$682M annualized net product sales run-rate

$51.7 $10.1

-$3.5

$157.5

$90.1

$27.3 $14.6

$190.4

$129.9

$71.2

$52.9

$222.8

$170.4

$96.3

$74.7

$284.2

Net Product Sales Adjusted EBITDA* Net Income Cash Balance

$ millions (M)

2025

2026

*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.

Growing profitability over last 4 quarters

+31%

Q2/Q1

+35%

Q2/Q1

+$78.2M

in 12 mo.

+$127M

in 12 mo.

Second quarter 2026 highlights

LEADING CATEGORY

GROWTH

BROADENING THE

FRANCHISE

SELF-FUNDED

INVESTMENT

$170.4M net product sales 10 studies $96.3M adj. EBITDA*

+31% Q/Q growth in Q2 2026

from Q1 2025

• ~5,900 unique patient

prescriptions through 31-Jul

• More than 1,100 prescribers

• 30% of physicians prescribing

to ≥5 patients through 31-Jul

On-going, recruiting or planned

clinical studies in 2026 & 2027

• Recruiting ASCENT Cohort B

Tyvaso Transitions (PH-ILD)

• Enrolling Phase 3 Re-Spire

globally (PH-ILD)

• Advancing IPF/PPF, PH-COPD,

SSc-Raynaud’s programs

4th consecutive quarter of

Increasing profitability

• $284.2M ending cash

up $61.4M from 1Q’2026

*Non-GAAP financial measure. See definition and full reconciliation on slide 12 or in our earnings press release at https://liquidia.com/investors/press-releases.

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

Key financial metrics

Select Consolidated

Statements of Operations

Data Three Months Ended

in thousands 6/30/26 6/30/25

Product sales, net $170,382 $6,517

Service revenue, net 1,297 2,320

Total revenue 171,679 8,837

Cost of product sales 10,759 205

Cost of service revenue 791 1,292

R&D 17,184 6,021

SG&A 57,428 38,824

Total Costs and Expenses 86,162 46,342

Operating Income (Loss) $85,517 $(37,505)

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.

June 30, 2026 Mar 31, 2026 Dec 31, 2025 Sept 30, 2025

Net income $74,722 $52,862 $14,555 $(3,533)

Interest expense, net 3,820 4,722 5,232 5,300

Income tax expense 6,975 3,920 – –

Depreciation &

amortization 400 497 321 476

EBITDA $85,917 $62,001 $20,108 $2,243

Stock-based

compensation 10,370 9,217 7,206 7,899

Adjusted EBITDA $ 96,287 $71,218 $27,314 $10,142

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