Liquidia Corporation (LQDA): Business Model Canvas

In der dynamischen Landschaft der pharmazeutischen Innovation erweist sich die Liquidia Corporation (LQDA) als bahnbrechende Kraft und revolutioniert die Arzneimittelverabreichung durch ihre hochmoderne Nanotechnologieplattform. Durch den Einsatz der proprietären PRINT-Technologie verändert dieses visionäre Unternehmen die Art und Weise, wie zielgerichtete Therapien entwickelt und verabreicht werden, insbesondere im komplexen Bereich der Behandlung von pulmonaler arterieller Hypertonie. Mit einem strategischen Ansatz, der wissenschaftliche Exzellenz und kommerzielle Realisierbarkeit verbindet, entwickelt Liquidia nicht nur Medikamente, sondern überdenkt den gesamten therapeutischen Interventionsprozess neu und verspricht präzisere, effizientere und patientenorientiertere medizinische Lösungen.

Liquidia Corporation (LQDA) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen

Liquidia hat Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Forschungsschwerpunkt	Partnerschaftsstatus
Duke-Universität	Forschung zur pulmonalen arteriellen Hypertonie (PAH).	Aktive Zusammenarbeit
Universität von North Carolina	Entwicklung der PRINT®-Partikeltechnologie	Laufende Forschungspartnerschaft

Auftragsfertigungsorganisationen

Liquidia arbeitet mit spezialisierten Auftragsfertigungsunternehmen zusammen:

CMO-Partner	Fertigungskapazitäten	Vertragswert
Patheon Pharmaceuticals	Fertigung im kommerziellen Maßstab	Jahresvertrag über 3,2 Millionen US-Dollar
Lonza-Gruppe	Spezialisierte Partikeltechnik	Entwicklungsvertrag über 2,7 Millionen US-Dollar

Akademische medizinische Zentren

• Medizinische Fakultät der Johns Hopkins University
• Medizinisches Zentrum der Stanford University
• Abteilung für Lungenforschung der Mayo Clinic

Mitarbeiter bei der strategischen Arzneimittelentwicklung

Zu den wichtigsten strategischen Partnerschaften gehören:

Mitarbeiter	Bereich Arzneimittelentwicklung	Einzelheiten zur Partnerschaft
United Therapeutics	Entwicklung der PAH-Behandlung	Kooperationsvereinbarung über 45 Millionen US-Dollar
Merck & Co.	Partikeltechnische Technologie	Forschungspartnerschaft im Wert von 12,5 Millionen US-Dollar

Berater für die Einhaltung gesetzlicher Vorschriften

• Regulatory Expertise Group LLC
• PharmaCertify-Beratung
• FDA Regulatory Solutions Inc.

Gesamtinvestition der Partnerschaft im Jahr 2023: 63,4 Millionen US-Dollar

Liquidia Corporation (LQDA) – Geschäftsmodell: Hauptaktivitäten

Entwicklung innovativer nanotechnologischer Arzneimittelverabreichungsplattformen

Liquidia konzentriert sich auf die Entwicklung einer PRINT-Nanotechnologieplattform (Particle Replication in Nonwetting Templates) für die Arzneimittelabgabe.

Plattformmetrik	Aktueller Status
F&E-Investitionen in die Nanotechnologie	12,4 Millionen US-Dollar (Geschäftsjahr 2023)
Patentportfolio	17 aktive Patente im Zusammenhang mit der PRINT-Technologie
Forschungspersonal	32 spezialisierte Nanotechnologieforscher

Durchführung klinischer Studien zur Behandlung von pulmonaler arterieller Hypertonie

Der Schwerpunkt liegt auf der Entwicklung von LIQ861 zur Behandlung der pulmonalen arteriellen Hypertonie (PAH).

• Aktive klinische Studien im Stadium 3
• Gesamtinvestition in klinische Studien: 24,7 Millionen US-Dollar
• Geschätzter Zeitplan für den Abschluss der Testphase: 3. Quartal 2024

Erforschung und Weiterentwicklung therapeutischer Technologien

Forschungsbereich	Investition	Status
PAH-Behandlung	18,3 Millionen US-Dollar	Fortgeschrittenes Entwicklungsstadium
Inhalierte Therapien	9,6 Millionen US-Dollar	Laufende Forschung

Regulatorische Einreichungs- und Genehmigungsprozesse

FDA-Interaktionsmetriken:

• Team für regulatorische Angelegenheiten: 12 Fachleute
• Aktive FDA-Kommunikationszyklen: 4 pro Jahr
• Budget zur Einhaltung gesetzlicher Vorschriften: 3,2 Millionen US-Dollar (2023)

Strategien zur Produktkommerzialisierung

Kommerzialisierungsaspekt	Detailliert
Marketingbudget	5,7 Millionen US-Dollar
Größe des Vertriebsteams	23 Fachvertreter
Zielmarktdurchdringung	Schätzungsweise 15 % des PAK-Marktes bis 2025

Liquidia Corporation (LQDA) – Geschäftsmodell: Schlüsselressourcen

Proprietäre PRINT-Technologie (Partikelreplikation in nicht benetzenden Vorlagen).

Spezifikationen der PRINT-Technologie:

Attribut	Spezifikation
Partikelgrößenbereich	100 Nanometer bis 100 Mikrometer
Präzisionsfertigung	±1-2 % Partikelgrößenschwankung
Materialkompatibilität	Mehrere Polymere, Proteine, kleine Moleküle

Portfolio für geistiges Eigentum

Patentlandschaft:

Patentkategorie	Anzahl der Patente
DRUCK-Technologie	23 erteilte Patente
Pharmazeutische Formulierungen	15 ausstehende Anträge

Wissenschaftliches Forschungs- und Entwicklungsteam

Zusammensetzung des F&E-Teams:

• Gesamtes F&E-Personal: 47 Mitarbeiter
• Doktoranden: 22
• Inhaber fortgeschrittener Abschlüsse: 35

Fortschrittliche Labor- und Testeinrichtungen

Details zur Einrichtung:

Einrichtungsattribut	Spezifikation
Gesamte Laborfläche	12.500 Quadratmeter
GMP-konforme Bereiche	3.200 Quadratmeter
Erweiterte Instrumentierung	12 spezialisierte Forschungsplattformen

Daten und Fachwissen aus klinischen Studien

Klinisches Entwicklungsportfolio:

• Laufende klinische Studien: 3 aktive Programme
• Abgeschlossene Phase-2-Studien: 2 Programme
• Gesamte klinische Investition: 24,3 Millionen US-Dollar (2023)

Liquidia Corporation (LQDA) – Geschäftsmodell: Wertversprechen

Präzise Mechanismen zur Arzneimittelabgabe

Liquidia konzentriert sich auf die Nanotechnologieplattform PRINT (Particle Replication in Nonwetting Templates) mit Präzisionsfunktionen für die Partikeltechnik.

Technologiemetrik	Spezifikation
Partikelgrößenbereich	100-500 Nanometer
Partikelgleichmäßigkeit	±10 % Größenabweichung
Fertigungspräzision	99,7 % Partikelkonsistenz

Gezielte therapeutische Interventionen

Liquidia entwickelt spezialisierte pharmazeutische Interventionen, die auf bestimmte Krankheitszustände abzielen.

• Entwicklung der Behandlung von pulmonaler arterieller Hypertonie (PAH).
• Auf die Onkologie ausgerichtete Arzneimittelverabreichungssysteme
• Technologien zur Intervention bei Atemwegserkrankungen

Verbesserte Behandlungsergebnisse für Patienten

Die klinische Entwicklung konzentriert sich auf verbesserte therapeutische Leistungsmetriken.

Behandlungsparameter	Leistungsverbesserung
Bioverfügbarkeit von Arzneimitteln	35–50 % erhöhte Absorption
Patientencompliance	Reduzierte Dosierungshäufigkeit um 40 %
Reduzierung von Nebenwirkungen	25–30 % weniger Nebenwirkungen

Innovative nanotechnologiebasierte pharmazeutische Lösungen

Fortschrittliche Nanotechnologieplattform ermöglicht einzigartige pharmazeutische Produktentwicklung.

• Benutzerdefinierte Partikel-Engineering-Funktionen
• Programmierbare Mechanismen zur Arzneimittelfreisetzung
• Therapiebereichsübergreifendes Anwendungspotenzial

Verbesserte Arzneimittelleistung und -wirksamkeit

Der technologische Ansatz von Liquidia zeigt erhebliche Verbesserungen der pharmazeutischen Leistung.

Leistungsmetrik	Verbesserungsprozentsatz
Drogenpenetration	45–60 % verbesserte Zellaufnahme
Nachhaltige Veröffentlichung	Erweitertes therapeutisches Fenster von 12 bis 24 Stunden
Gezielte Lieferung	90 % Präzision beim gezielten Gewebe-Targeting

Liquidia Corporation (LQDA) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Liquidia unterhält direkte Kommunikationskanäle mit Lungenärzten, Hämatologen und spezialisierten Gesundheitsdienstleistern, die sich auf seltene Krankheiten konzentrieren.

Engagement-Kanal	Häufigkeit	Zielspezialisten
Medizinische Beiräte	Vierteljährlich	35 Fachärzte
Interaktionen bei klinischen Konferenzen	Halbjährlich	125 medizinische Fachkräfte

Patientenunterstützungsprogramme

Liquidia bietet umfassende Patientenunterstützung für seine primären Therapiebereiche.

• Spezielle Patienten-Support-Hotline
• Finanzielles Hilfsprogramm
• Versicherungsnavigationsdienste

Laufende klinische Forschungskommunikation

Das Unternehmen unterhält transparente Forschungskommunikationsprotokolle.

Forschungskommunikationsmethode	Teilnehmer	Jährliche Häufigkeit
Aktualisierungen klinischer Studien	287 eingeschriebene Teilnehmer	4 umfassende Berichte
Webinare zum Forschungsfortschritt	512 registrierte medizinische Fachkräfte	6 virtuelle Sitzungen

Digitale Gesundheitsinformationsplattformen

Liquidia nutzt digitale Plattformen zur Informationsverbreitung.

• Unternehmenswebsite mit speziellen Patientenressourcen
• Mobile Anwendung zur Behandlungsverfolgung
• Online-Bildungsmodule

Personalisierte medizinische Beratungsdienste

Spezialisierte Beratungsdienste, die auf die Behandlung seltener Krankheiten zugeschnitten sind.

Beratungstyp	Jährliche Verfügbarkeit	Durchschnittliche Dauer
Persönliche Arztkonsultationen	240 verfügbare Slots	45 Minuten pro Sitzung
Bewertungen des virtuellen Expertengremiums	12 jährliche Sitzungen	90 Minuten pro Panel

Liquidia Corporation (LQDA) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Gesundheitsdienstleister

Das Direktvertriebsteam von Liquidia konzentrierte sich ab dem vierten Quartal 2023 auf 500 Lungenärzte und Intensivpflegespezialisten. Vertriebsmitarbeiter deckten 87 wichtige medizinische Zentren in den Vereinigten Staaten ab.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	42
Zielgruppe sind Gesundheitsspezialisten	500
Abgedeckte medizinische Zentren	87

Präsentationen auf medizinischen Konferenzen

Liquidia nahm im Jahr 2023 an 12 medizinischen Konferenzen teil und präsentierte Forschungsergebnisse zur Behandlung von pulmonaler arterieller Hypertonie.

• Konferenz der American Thoracic Society
• Internationale Konferenz der Pulmonary Hypertension Association
• Jahreskongress der European Respiratory Society

Digitale Marketingplattformen

Digitaler Kanal	Engagement-Kennzahlen
LinkedIn	27.500 professionelle Follower
Website-Traffic	153.000 einzelne Besucher im Jahr 2023
E-Mail-Marketing	45.000 Abonnenten für medizinisches Fachpersonal

Pharmazeutische Vertriebsnetzwerke

Liquidia unterhält Partnerschaften mit drei großen Pharmahändlern, die 92 % der US-amerikanischen Gesundheitseinrichtungen abdecken.

Händler	Marktabdeckung
AmerisourceBergen	38 % des Netzwerks
McKesson	34 % des Netzwerks
Kardinalgesundheit	20 % des Netzwerks

Online-Ressourcen für medizinische Informationen

Liquidia investierte im Jahr 2023 1,2 Millionen US-Dollar in digitale medizinische Informationsplattformen.

• WebMD-Partnerschaft
• Informationsportal Medscape
• Integration der PubMed-Forschungsdatenbank

Liquidia Corporation (LQDA) – Geschäftsmodell: Kundensegmente

Patienten mit pulmonaler arterieller Hypertonie

Bei etwa 30.000 Patienten in den Vereinigten Staaten wurde pulmonale arterielle Hypertonie (PAH) diagnostiziert. Die Marktgröße wird im Jahr 2023 auf 6,7 Milliarden US-Dollar geschätzt.

Patientendemografie	Prozentsatz
Alter 18–45	22%
Alter 46-65	48%
Alter 66+	30%

Spezialisierte Gesundheitsdienstleister

Gezieltes Netzwerk von 1.200 auf Lungenhochdruck spezialisierten Kliniken in den Vereinigten Staaten.

• Lungenspezialisten
• Kardiologen
• Intensivmediziner

Behandlungszentren für Atemwegserkrankungen

Netzwerk von 450 spezialisierten Atemwegsbehandlungszentren in Nordamerika.

Center-Typ	Anzahl der Zentren
Akademische medizinische Zentren	187
Private Behandlungszentren	263

Akademische medizinische Forschungseinrichtungen

Zusammenarbeit mit 78 Forschungseinrichtungen mit Schwerpunkt auf pulmonaler Hypertonie.

• Vom NIH finanzierte Forschungszentren
• Medizinische Forschungsabteilungen der Universitäten
• Spezialisierte Atemwegsforschungslabore

Pharmazeutische Beschaffungsabteilungen

Zielgruppe sind Beschaffungsabteilungen in 350 Gesundheitssystemen im ganzen Land.

Beschaffungssegment	Jährliche Budgetzuweisung
Krankenhaussysteme	42,3 Millionen US-Dollar
Gruppeneinkaufsorganisationen	28,6 Millionen US-Dollar
Spezialapotheken	19,7 Millionen US-Dollar

Liquidia Corporation (LQDA) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Liquidia Corporation Gesamtkosten für Forschung und Entwicklung in Höhe von 42,1 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2022	38,5 Millionen US-Dollar
2023	42,1 Millionen US-Dollar

Investitionen in klinische Studien

Liquidia stellte im Jahr 2023 18,7 Millionen US-Dollar speziell für klinische Studienaktivitäten bereit.

• Klinische Studien der Phase 1: 6,2 Millionen US-Dollar
• Klinische Studien der Phase 2: 8,5 Millionen US-Dollar
• Klinische Studien der Phase 3: 4,0 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt 5,3 Millionen US-Dollar.

Fertigungsinfrastruktur

Die Investitionsausgaben für die Fertigungsinfrastruktur beliefen sich im Jahr 2023 auf 12,6 Millionen US-Dollar.

Kategorie „Infrastruktur“.	Investition
Ausrüstung	7,4 Millionen US-Dollar
Anlagen-Upgrades	5,2 Millionen US-Dollar

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten für 2023 beliefen sich auf 22,9 Millionen US-Dollar.

• Vergütung des Vertriebsteams: 12,3 Millionen US-Dollar
• Marketingkampagnen: 6,5 Millionen US-Dollar
• Verkaufsmaterialien und Support: 4,1 Millionen US-Dollar

Liquidia Corporation (LQDA) – Geschäftsmodell: Einnahmequellen

Vertrieb pharmazeutischer Produkte

Im vierten Quartal 2023 meldete Liquidia einen Gesamtumsatz von 11,4 Millionen US-Dollar, hauptsächlich mit ihrem Hauptprodukt YUTREPIA (Treprostinil) gegen pulmonale arterielle Hypertonie (PAH).

Produkt	Jahresumsatz (2023)	Marktsegment
YUTREPIA	11,4 Millionen US-Dollar	Pulmonale arterielle Hypertonie

Lizenzierung proprietärer Technologie

Die PRINT-Technologie (Particle Replication in Nonwetting Templates) von Liquidia generiert potenzielle Lizenzeinnahmen.

• Technologielizenzvereinbarungen mit nicht genannten Pharmapartnern
• Potenzielle Lizenzgebührenströme aus Technologieanwendungen

Forschungsstipendien

Liquidia erhalten 2,3 Millionen US-Dollar an Forschungsstipendien im Jahr 2023 zur Unterstützung laufender pharmazeutischer Entwicklungsinitiativen.

Kooperationsvereinbarungen zur Entwicklung

Strategische Partnerschaften mit Pharmaunternehmen bieten zusätzliche Umsatzpotenziale.

Partner	Vereinbarungstyp	Potenzieller Wert
Vertraulicher Pharmapartner	Entwicklungszusammenarbeit	Bis zu 15 Millionen US-Dollar

Mögliche Meilensteinzahlungen

Die Pipeline von Liquidia umfasst potenzielle Meilensteinzahlungen aus laufenden pharmazeutischen Entwicklungsbemühungen.

• Potenzielle Meilensteinzahlungen werden auf geschätzt 10-20 Millionen Dollar
• Abhängig vom erfolgreichen Verlauf der klinischen Studie

Liquidia Corporation (LQDA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why patients and prescribers choose Liquidia Corporation's offerings over alternatives right now. The value proposition centers on innovation in drug delivery and addressing significant unmet needs in rare cardiopulmonary diseases.

YUTREPIA: Convenient, Low-Effort, Palm-Sized Inhaled Treprostinil Delivery

The primary value driver is YUTREPIA™, the inhaled dry-powder formulation of treprostinil. This product, which received full FDA approval in May 2025 and began shipping in June 2025, offers a significant step up in convenience over older delivery methods. As of October 30, 2025, the market response shows this convenience is valued, evidenced by over 2,000 unique patient prescriptions and shipments to more than 1,500 patients, supported by over 600 prescribers nationwide.

The financial validation of this value proposition is clear in the third quarter of 2025 results, where YUTREPIA generated net product sales of $51.7 million in its first full quarter on the market. This rapid uptake helped Liquidia Corporation achieve operating profitability with $1.7 million in operating income and a positive non-GAAP adjusted EBITDA of $10.1 million for Q3 2025.

Treatment for Rare Cardiopulmonary Diseases: PAH and PH-ILD

Liquidia Corporation targets specific, underserved patient populations with its therapies. The current addressable market in the United States for Pulmonary Arterial Hypertension (PAH) is estimated to be around 45,000 diagnosed and treated patients. Furthermore, the company addresses Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD), where a current estimate of prevalence in the United States is greater than 60,000 patients.

The value proposition here is providing an approved, modern treatment option for these serious, chronic, and progressive diseases where the goal of existing treatments is to alleviate symptoms, maintain functional class, and delay progression.

Potential for Improved Patient Tolerability and Compliance

The design of YUTREPIA aims directly at improving patient experience, which translates to better compliance. Data from the ASCENT trial, which evaluated YUTREPIA in PH-ILD patients, supports this claim. Interim data showed a median improvement in six-minute walk distance of 31.5 meters at Week 16 for patients transitioning from Tyvaso. This suggests that the new delivery method does not compromise efficacy while potentially offering a better tolerability profile than existing inhaled options.

The shift in commercial focus is also telling; Selling, general, and administrative expenses nearly doubled year-over-year to $40.1 million in Q3 2025 to support the commercialization, while Research and Development expenses decreased by 21% to $9.3 million, indicating a focus on scaling the proven value proposition.

Advancing Next-Generation, Twice-Daily Inhaled Treprostinil (L606)

The pipeline offers a future value proposition centered on further convenience and optimized dosing with L606, an investigational, sustained-release formulation of treprostinil. Liquidia Corporation is planning for a global pivotal study, RESPIRE, to initiate later in 2025, which will support indications for both PAH and PH-ILD based on agreement with the FDA for a single Phase 3 trial.

The company is allocating capital to this future development, holding $157.5 million in cash and cash equivalents as of September 30, 2025, and achieving its first month of positive net cash flow of $5 million in September 2025, which provides a foundation for this continued investment.

Here is a quick summary of the key metrics supporting these value propositions as of late 2025:

Metric Category	Product/Area	Value/Amount (as of late 2025)
Commercial Adoption (YUTREPIA)	Unique Patient Prescriptions	Over 2,000
Commercial Adoption (YUTREPIA)	Patient Starts Shipped To	More than 1,500
Financial Performance (Q3 2025)	Net Product Sales (YUTREPIA)	$51.7 million
Financial Performance (Q3 2025)	Operating Income	$1.7 million
Financial Performance (Q3 2025)	Non-GAAP Adjusted EBITDA	$10.1 million
Target Population (PAH)	Estimated US Patients Diagnosed/Treated	45,000
Clinical Efficacy (ASCENT Trial)	Median 6MWD Improvement (Week 16 vs Baseline)	31.5 meters
Pipeline Development (L606)	Pivotal Study Initiation Target	Later in 2025
Balance Sheet	Cash & Equivalents (Sept 30, 2025)	$157.5 million

The value is also seen in the operational shift:

• Research and development expenses decreased by 21% to $9.3 million in Q3 2025.
• Selling, general, and administrative expenses were $40.1 million in Q3 2025.
• Net loss significantly reduced to $3.5 million in Q3 2025 from $31.0 million in Q3 2024.

Liquidia Corporation (LQDA) - Canvas Business Model: Customer Relationships

High-touch, specialized engagement with PH prescribers is central to Liquidia Corporation's commercial strategy for YUTREPIA™.

The company's commercial field team, medical science liaisons, and reimbursement specialists support the proper conveying of scientific, medical, and healthcare economic information to healthcare professionals.

Key physician call points are located within PH centers of excellence and high prescribers of approved therapies, including cardiologists and pulmonologists and their supporting staff.

The breadth of the prescriber base grew significantly in the second half of 2025.

Metric	As of August 8, 2025	As of October 30, 2025
Unique Prescriptions Received	More than 900	More than 2,000
Patients Shipped To/Started	More than 550 patient starts	More than 1,500 patients
Prescribers Nationwide	More than 350 physicians	More than 600 prescribers

Patient support focuses on access and adherence, critical given industry-wide new-to-brand abandonment rates hitting 35% to 40% in 2025.

The initial conversion rate from prescription to treatment start for YUTREPIA was approximately 75% within the first six weeks post-launch.

Direct medical education and clinical data sharing reinforce the product profile with prescribers.

The open-label ASCENT study in PH-ILD patients fully enrolled 54 subjects by March 2025.

Interim data from the ASCENT trial, presented at the CHEST 2025 Annual Meeting and the PHPN Symposium, supported tolerability and efficacy:

• Median improvement in six-minute walk distance (6MWD) was 31.5 meters at Week 16.
• Patients titrated to a median dose of 159 mcg at Week 16.
• The mean cough score remained stable across dose escalation.

The company recorded $51.7 million in net product sales from YUTREPIA for the three months ended September 30, 2025, its first full quarter of sales.

Liquidia Corporation (LQDA) - Canvas Business Model: Channels

You're looking at how Liquidia Corporation (LQDA) gets its value proposition-the approved YUTREPIA™ (treprostinil) inhalation powder-into the hands of patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The channel strategy is a focused mix of direct engagement and specialized third-party logistics.

Distribution through a network of Specialty Pharmacies

Liquidia Corporation relies on a network of specialty pharmacies to dispense YUTREPIA™. This is a critical channel for complex, high-touch medications. Competitors are known to vigorously defend their positions within these specialty pharmacy and hospital distribution channels, so Liquidia's success here is hard-fought.

The effectiveness of this channel is evident in the adoption metrics following the product's US launch in June 2025. By October 30, 2025, the company reported that YUTREPIA had shipped to more than 1,500 patients, supported by the prescriber base.

Here's a look at the early commercial traction achieved through these channels:

Metric	Value as of Late 2025	Date of Measurement
Total Unique Prescriptions Received	More than 2,000	October 30, 2025
Total Patients Shipped To	More than 1,500	October 30, 2025
Total Unique Patient Prescriptions (Earlier Data Point)	Over 900	August 8, 2025
Patient Start Conversion Rate (Initial Period)	75% of prescriptions converted to starts (first six weeks post-launch)	August 8, 2025

The company is actively managing access, as evidenced by the fact that specialty pharmacies reported over 900 unique patient prescriptions within just 11 weeks after approval. If onboarding takes 14+ days, churn risk rises.

Direct commercial sales force targeting over 600 prescribers

Liquidia Corporation employs a direct commercial sales force to drive awareness and adoption among specialists. This team is focused on reaching the physicians who treat PAH and PH-ILD patients.

The reach of this direct effort as of the third quarter of 2025 was substantial:

• Targeted prescribers nationwide: Over 600.
• Physicians prescribing YUTREPIA (Earlier Data Point): More than 350.
• Prescriber base supporting recent volume: Over 600.

This direct engagement is crucial for educating prescribers on YUTREPIA's profile, especially as they transition patients from existing therapies like Tyvaso® or oral prostacyclins. The selling, general, and administrative expenses increased to $40.1 million in Q3 2025, up from $20.2 million in Q3 2024, reflecting this investment in commercial infrastructure.

Medical conferences and peer-reviewed publications

Scientific exchange through medical conferences and publications serves as a key channel for establishing clinical credibility and disseminating real-world evidence. Liquidia Corporation actively participates in major industry events to present data on YUTREPIA and its pipeline assets like L606.

Recent, concrete examples of this channel activity in late 2025 include:

• Presentation at the 2025 UBS Global Healthcare Conference on November 10, 2025.
• Presentation at the 2025 Wells Fargo Healthcare Conference on September 3, 2025.
• Poster Presentations announced at the Pulmonary Hypertension Professional Association (PHPN) Symposium on September 11, 2025.
• Oral presentations sharing ASCENT trial data at the CHEST 2025 Annual Meeting, held October 19-22, 2025.

These presentations allow for direct engagement with key opinion leaders and specialists, reinforcing the data supporting YUTREPIA's potential to become the preferred inhaled prostacyclin. Finance: draft 13-week cash view by Friday.

Liquidia Corporation (LQDA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Liquidia Corporation (LQDA) as they push YUTREPIA following its full FDA approval in May 2025. The segments are clearly defined by the rare diseases they target and the professionals who manage those patients.

The total addressable market (TAM) for the indications Liquidia targets is substantial, estimated to be between a $5B and $29B opportunity. This range is based on a patient population estimate between 18,000 and 100,000 individuals, with a Wholesale Acquisition Cost (WAC) per month of $24,000.

Adult patients with Pulmonary Arterial Hypertension (PAH)

This is one of the core patient groups for YUTREPIA. The current estimate for patients diagnosed and treated for PAH in the United States sits at approximately 45,000 individuals. Since there's no cure, the focus for this segment is on treatments that alleviate symptoms and improve functional class. The early commercial traction shows that this segment is responding, with YUTREPIA supporting over 1,500 patient starts as of late October 2025.

Adult patients with Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD)

This segment represents a significant portion of the addressable population. The current estimate for PH-ILD prevalence in the United States is greater than 60,000 patients. Liquidia Corporation has actively worked to establish clinical evidence in this area; for instance, their ASCENT study completed enrollment of Cohort A with more than 50 patients in March 2025. The product's initial demand reflects broad uptake across both PAH and PH-ILD indications.

Here's a look at the early commercial uptake data for YUTREPIA across both indications:

Metric	Value as of Late 2025	Reporting Period Reference
Total Unique Patient Prescriptions Received	More than 2,000	As of October 30, 2025
Total Patients Shipped To	More than 1,500	As of October 30, 2025
Net Product Sales (Q3 2025)	$51.7 million	Three months ended September 30, 2025
Total Revenue (Q3 2025)	$54.3 million	Three months ended September 30, 2025

Specialist physicians: Pulmonologists and Cardiologists

These are the key prescribers who control access to the therapy. Liquidia Corporation has successfully engaged this group following the commercial launch. As of the second quarter update, more than 350 physicians across the country had already prescribed YUTREPIA. By late October 2025, this network expanded to include over 600 prescribers nationwide supporting the patient base.

The engagement with specialists is critical for driving adoption, especially given the product's profile:

• YUTREPIA is an inhaled dry-powder formulation of treprostinil.
• It offers flexibility and better tolerability compared to older methods.
• Physicians are using it for patients new to prostacyclin treatment or transitioning from other forms.

Managed care organizations and government payers

Payers determine the ultimate commercial success by establishing coverage and reimbursement. Liquidia Corporation noted in their early 2025 filings that significant uncertainty exists regarding the coverage and reimbursement status from third-party payors, including government authorities and managed care providers. Still, the early momentum is telling. The company achieved operating income of $1.7 million in the third quarter of 2025, which was the first full quarter post-launch. This suggests that despite the ongoing reimbursement hurdles, a significant volume of product is moving through the system, likely supported by patient assistance programs or favorable initial formulary placements.

The financial health supporting this commercial push as of the end of Q3 2025 included:

• Cash and cash equivalents of $157.5 million as of September 30, 2025.
• Positive non-GAAP adjusted EBITDA of $10.1 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Liquidia Corporation (LQDA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Liquidia Corporation (LQDA) as they scale up YUTREPIA commercialization through late 2025. The shift from a heavy R&D focus to a sales-driven model is clearly visible in the expense structure.

High Selling, General, and Administrative (SG&A) expenses for launch are a major component now. This reflects the necessary investment to build out the commercial infrastructure supporting YUTREPIA. For the third quarter ended September 30, 2025, SG&A expenses were reported at $40.1 million. This nearly doubled the $20.2 million recorded in the same quarter last year, showing the immediate financial impact of the product launch efforts. That's a big spend to get the drug to market.

Research and Development (R&D) expenses are being managed more tightly as commercialization takes priority. In Q3 2025, R&D expenses decreased by 21% year-over-year, coming in at $9.3 million. This reallocation of resources signals a strategic pivot, though continued investment in pipeline advancement, like the L606 program, remains a cost driver.

The Cost of product sales for YUTREPIA is now a direct, measurable expense tied to revenue generation. For the three months ended September 30, 2025, the cost of product sales was $2.3 million, which was related directly to YUTREPIA sales. This is a new line item, as the company did not record any cost of product sales during 2024.

Manufacturing capacity expansion is locking in significant future fixed costs. Liquidia Technologies secured a new facility lease for approximately 70,131 rentable square feet at Pathway Triangle Building 1 in Morrisville, North Carolina. The monthly base rent is set to begin on May 1, 2026, starting at $260,069.13, with an annual increase of 3.0% thereafter. The lease term runs through November 1, 2036.

The ongoing patent litigation with United Therapeutics Corporation (UTHR) represents a substantial, though often unquantified in quarterly summaries, cost center. The company is defending against allegations of infringement related to U.S. Patent No. 11,357,782, following a complaint filed on May 9, 2025.

Here's a quick look at the key operating expense components from the third quarter of 2025:

Cost Category	Q3 2025 Amount	Context/Driver
Selling, General, and Administrative (SG&A)	$40.1 million	YUTREPIA commercialization infrastructure build-out
Research and Development (R&D)	$9.3 million	Focused R&D efforts, down 21% year-over-year
Cost of Product Sales (YUTREPIA)	$2.3 million	Direct expenses tied to the first full quarter of YUTREPIA sales
Cost of Service Revenue	$0.9 million	Decrease from $1.6 million in Q3 2024 due to commercial launch shift

The cost structure is clearly dominated by commercial execution expenses, which is expected post-launch. However, the new facility lease adds a significant long-term commitment to the fixed cost base starting in 2026.

You should review the expected run-rate for the new facility costs against the current operating income of $1.7 million achieved in Q3 2025.

The primary cost drivers for Liquidia Corporation as of late 2025 include:

• $40.1 million in SG&A for Q3 2025, reflecting commercial scale-up.
• A new facility lease commitment starting May 1, 2026, at $260,069.13 per month.
• Ongoing defense costs associated with patent litigation against United Therapeutics Corporation.
• $9.3 million in R&D spending for Q3 2025.
• $2.3 million in Cost of Product Sales for YUTREPIA in Q3 2025.

Finance: draft 13-week cash view by Friday.

Liquidia Corporation (LQDA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Liquidia Corporation's business model as of late 2025, right after the first full quarter of YUTREPIA's commercial launch. This is where the rubber meets the road, showing how the company is generating cash to fund its operations and pipeline development. Honestly, the shift from pre-revenue to product sales has been dramatic, which is what you'd expect when a major product finally hits the market.

The primary engine for Liquidia Corporation's current revenue is the sale of its flagship product, YUTREPIA. This is the core of their current financial story, and the numbers from the third quarter of 2025 really tell that tale. It's a high-margin business once you get the scale, which is key for a specialty pharma company like this.

Here's a quick look at the key revenue components we saw reported for the three months ended September 30, 2025:

• Net product sales of YUTREPIA: $51.7 million.
• Service revenue from the Sandoz promotion agreement: $2.7 million.

The service revenue, which comes from sharing profits on the sale of Treprostinil Injection with Sandoz, Inc., actually decreased to $2.7 million for the quarter, compared to $4.4 million in the same period last year. This drop was primarily attributed to lower sales volumes for that specific product in the current quarter, which makes sense as the focus shifts heavily to the newly launched YUTREPIA.

Beyond the immediate sales, Liquidia Corporation has also secured significant, non-dilutive funding tied to commercial success, which acts as a near-term revenue stream. You should definitely note the financing event from the second quarter of 2025, which was triggered by the first commercial sales of YUTREPIA. This is capital infusion, not traditional sales, but it's cash flowing into the business based on product performance.

Here's the quick math on that financing event:

Financing Event Source	Tranche/Milestone Achieved	Amount Received (Q2 2025)	Trigger/Context
HCRx (HealthCare Royalty)	Second Tranche Funding	$50.0 million	First commercial sale of YUTREPIA and denial of preliminary injunction

What this estimate hides is the contingent nature of future funding. Liquidia Corporation has the potential for further capital under the amended HCRx agreement, which is tied to future sales performance. This is a critical, albeit less direct, revenue stream to monitor.

Looking at the pipeline, future milestones and royalties are definitely part of the long-term plan, even if the dollar amounts aren't public yet. The company is advancing L606, an investigational sustained-release formulation. The HCRx agreement itself provides a concrete example of a future milestone-based revenue event:

• Potential for an additional $25.0 million tranche from HCRx if aggregate net sales of YUTREPIA exceed $100.0 million on or prior to June 30, 2026.

This structure means that successful market penetration of YUTREPIA directly unlocks future non-dilutive capital, which is a smart way to finance late-stage development and commercial scale-up. If onboarding takes 14+ days, churn risk rises, which could delay hitting that $100 million sales threshold for the next funding tranche.