Liquidia Corporation (LQDA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Liquidia Corporation (LQDA) apparaît comme une force révolutionnaire, révolutionnant la livraison de médicaments via sa plate-forme de nanotechnologie de pointe. En tirant parti de la technologie d'impression propriétaire, cette entreprise visionnaire transforme la façon dont les thérapies ciblées sont développées et administrées, en particulier dans le domaine complexe des traitements de l'hypertension artérielle pulmonaire. Avec une approche stratégique qui pousse l'excellence scientifique et la viabilité commerciale, Liquidia ne développe pas seulement des médicaments, mais réinvente l'ensemble du processus d'intervention thérapeutique, promettant des solutions médicales plus précises, efficaces et centrées sur le patient.

Liquidia Corporation (LQDA) - Modèle d'entreprise: partenariats clés

Institutions de recherche pharmaceutique

Liquidia a établi des partenariats avec les institutions de recherche suivantes:

Institution	Focus de recherche	Statut de partenariat
Université Duke	Recherche d'hypertension artérielle pulmonaire (HAP)	Collaboration active
Université de Caroline du Nord	Développement de la technologie des particules imprimé®	Partenariat de recherche en cours

Organisations de fabrication de contrats

Liquidia collabore avec des organisations de fabrication de contrats spécialisées:

Partenaire CMO	Capacités de fabrication	Valeur du contrat
Patheon Pharmaceuticals	Fabrication à l'échelle commerciale	Contrat annuel de 3,2 millions de dollars
Groupe Lonza	Ingénierie de particules spécialisée	Contrat de développement de 2,7 millions de dollars

Centres médicaux académiques

• École de médecine de l'Université Johns Hopkins
• Centre médical de l'Université de Stanford
• Division de recherche pulmonaire de la clinique de Mayo

Collaborateurs stratégiques de développement de médicaments

Les partenariats stratégiques clés comprennent:

Collaborateur	Zone de développement de médicaments	Détails du partenariat
United Therapeutics	Développement du traitement des HAP	Contrat de collaboration de 45 millions de dollars
Miserrer & Co.	Technologie d'ingénierie des particules	Partenariat de recherche de 12,5 millions de dollars

Consultants en conformité réglementaire

• Group d'expertise réglementaire LLC
• Conseil pharmacertifier
• FDA Regulatory Solutions Inc.

Investissement total de partenariat en 2023: 63,4 millions de dollars

Liquidia Corporation (LQDA) - Modèle d'entreprise: activités clés

Développer des plateformes d'innovation de livraison de médicaments en nanotechnologie

Liquidia se concentre sur le développement de la plate-forme nanotechnologie de la réplication des particules dans les modèles non-jetting) pour l'administration de médicaments.

Métrique de la plate-forme	État actuel
Investissement de R&D en nanotechnologie	12,4 millions de dollars (2023 Exercice)
Portefeuille de brevets	17 brevets actifs liés à la technologie d'impression
Personnel de recherche	32 chercheurs spécialisés en nanotechnologie

Effectuer des essais cliniques pour les traitements d'hypertension artérielle pulmonaire

Focus primaire sur le développement du LIQ861 pour l'hypertension artérielle pulmonaire (HAP).

• Essais cliniques actifs à l'étape de la phase 3
• Investissement total des essais cliniques: 24,7 millions de dollars
• Time de l'achèvement des essais estimés: T1 2024

Rechercher et faire progresser les technologies thérapeutiques

Domaine de recherche	Investissement	Statut
Traitement des HAP	18,3 millions de dollars	Étape de développement avancé
Thérapies inhalées	9,6 millions de dollars	Recherche en cours

Processus de soumission et d'approbation réglementaires

Métriques d'interaction de la FDA:

• Équipe des affaires réglementaires: 12 professionnels
• Cycles de communication de la FDA actifs: 4 par an
• Budget de conformité réglementaire: 3,2 millions de dollars (2023)

Stratégies de commercialisation des produits

Aspect de commercialisation	Détail
Budget marketing	5,7 millions de dollars
Taille de l'équipe de vente	23 représentants spécialisés
Pénétration du marché cible	Estimé 15% du marché des HAP d'ici 2025

Liquidia Corporation (LQDA) - Modèle d'entreprise: Ressources clés

TECHNOLOGIE PRINTAIRE IMPRESSION (réplication des particules dans les modèles non-joint)

Spécifications de la technologie d'impression:

Attribut	Spécification
Gamme de taille de particules	100 nanomètres à 100 micromètres
Fabrication de précision	± 1 à 2% de variation de la taille des particules
Compatibilité des matériaux	Plusieurs polymères, protéines, petites molécules

Portefeuille de propriété intellectuelle

Paysage breveté:

Catégorie de brevet	Nombre de brevets
Technologie d'impression	23 brevets délivrés
Formulations pharmaceutiques	15 applications en attente

Équipe de recherche et développement scientifique

Composition de l'équipe R&D:

• Personnel total de R&D: 47 employés
• Rechercheurs de doctorat: 22
• Détenteurs de diplômes avancés: 35

Installations avancées de laboratoire et de test

Détails de l'installation:

Attribut de l'installation	Spécification
Espace de laboratoire total	12 500 pieds carrés
Zones conformes aux GMP	3 200 pieds carrés
Instrumentation avancée	12 plateformes de recherche spécialisées

Données et expertise des essais cliniques

Portfolio de développement clinique:

• Essais cliniques en cours: 3 programmes actifs
• Essais de phase 2 terminés: 2 programmes
• Investissement clinique total: 24,3 millions de dollars (2023)

Liquidia Corporation (LQDA) - Modèle d'entreprise: propositions de valeur

Mécanismes précis d'administration de médicaments

Liquidia se concentre sur la plate-forme nanotechnologie imprimée (réplication des particules dans les modèles de non-nuage) avec des capacités d'ingénierie de particules de précision.

Métrique technologique	Spécification
Gamme de taille de particules	100-500 nanomètres
Uniformité des particules	± 10% de variation de taille
Précision de fabrication	99,7% de cohérence des particules

Interventions thérapeutiques ciblées

Liquidia développe des interventions pharmaceutiques spécialisées ciblant les états pathologiques spécifiques.

• Développement de traitement de l'hypertension artérielle pulmonaire (HAP)
• Systèmes d'administration de médicaments ciblés en oncologie
• Technologies d'intervention des maladies respiratoires

Amélioration des résultats du traitement des patients

Le développement clinique se concentre sur des mesures de performance thérapeutiques améliorées.

Paramètre de traitement	Amélioration des performances
Biodisponibilité du médicament	35 à 50% ont augmenté l'absorption
Conformité des patients	Réduction de la fréquence de dosage de 40%
Réduction de l'effet secondaire	25-30% ont diminué les effets indésirables

Solutions pharmaceutiques innovantes basées sur la nanotechnologie

La plate-forme avancée en nanotechnologie permet un développement de produits pharmaceutiques uniques.

• Capacités d'ingénierie des particules personnalisées
• Mécanismes de libération de médicament programmables
• Potentiel d'application de la zone inter-thérapeutique

Amélioration des performances et de l'efficacité des médicaments

L'approche technologique de Liquidia démontre des améliorations de performances pharmaceutiques importantes.

Métrique de performance	Pourcentage d'amélioration
Pénétration des médicaments	45 à 60% d'absorption cellulaire améliorée
Libération	Fenêtre thérapeutique prolongée de 12 à 24 heures
Livraison ciblée	90% de précision dans un ciblage tissulaire spécifique

Liquidia Corporation (LQDA) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Liquidia maintient les canaux de communication directs avec des pneumologues, des hématologues et des prestataires de soins de santé spécialisés axés sur les maladies rares.

Canal de fiançailles	Fréquence	Spécialistes de la cible
Conseils de conseil médicale	Trimestriel	35 médecins spécialisés
Interactions de conférence clinique	Semestriel	125 professionnels de la santé

Programmes de soutien aux patients

Liquidia fournit une assistance complète pour les patients pour ses principales zones thérapeutiques.

• Hotline de soutien aux patients dévoués
• Programme d'aide financière
• Services de navigation d'assurance

Communication de recherche clinique en cours

La société maintient des protocoles de communication de recherche transparents.

Méthode de communication de recherche	Participants	Fréquence annuelle
Mises à jour des essais cliniques	287 participants inscrits	4 rapports complets
Webinaires de progrès de la recherche	512 professionnels de la santé enregistrés	6 séances virtuelles

Plateformes d'information sur la santé numérique

Liquidia exploite les plates-formes numériques pour la diffusion de l'information.

• Site Web de l'entreprise avec des ressources dédiées aux patients
• Application mobile pour le suivi du traitement
• Modules éducatifs en ligne

Services de consultation médicale personnalisés

Services de consultation spécialisés adaptés à une gestion des maladies rares.

Type de consultation	Disponibilité annuelle	Durée moyenne
Consultations en tête-à-tête	240 créneaux disponibles	45 minutes par session
Revues de panel d'experts virtuels	12 séances annuelles	90 minutes par panneau

Liquidia Corporation (LQDA) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les prestataires de soins de santé

L'équipe de vente directe de Liquidia s'est concentrée sur 500 pulmonologues et spécialistes des soins intensifs au quatrième trimestre 2023. Les représentants des ventes ont couvert 87 centres médicaux clés à travers les États-Unis.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	42
Spécialistes des soins de santé cibler	500
Centres médicaux couverts	87

Présentations de la conférence médicale

Liquidia a participé à 12 conférences médicales en 2023, présentant des recherches sur les traitements de l'hypertension artérielle pulmonaire.

• Conférence de la Société thoracique américaine
• Conférence internationale de la Pulmonary Hypertension Association
• Congrès annuel de la société respiratoire européenne

Plateformes de marketing numérique

Canal numérique	Métriques d'engagement
Liendin	27 500 abonnés professionnels
Trafic	153 000 visiteurs uniques en 2023
E-mail marketing	45 000 abonnés professionnels de la santé

Réseaux de distributeurs pharmaceutiques

Liquidia a maintenu des partenariats avec 3 grands distributeurs pharmaceutiques couvrant 92% des établissements de santé américains.

Distributeur	Couverture du marché
Amerisourcebergen	38% du réseau
McKesson	34% du réseau
Santé cardinale	20% du réseau

Ressources d'information médicale en ligne

Liquidia a investi 1,2 million de dollars dans les plateformes d'information médicale numériques en 2023.

• Partenariat webmd
• Portail d'informations Medscape
• Intégration de la base de données de recherche PubMed

Liquidia Corporation (LQDA) - Modèle d'entreprise: segments de clientèle

Patients d'hypertension artérielle pulmonaire

Aux États-Unis, environ 30 000 patients diagnostiqués avec une hypertension artérielle pulmonaire (HAP). Taille du marché estimé à 6,7 milliards de dollars en 2023.

Patient démographique	Pourcentage
18-45 ans	22%
46 à 65 ans	48%
66 ans et plus	30%

Fournisseurs de soins de santé spécialisés

Réseau ciblé de 1 200 cliniques spécialisées de l'hypertension pulmonaire à travers les États-Unis.

• Spécialistes pulmonaires
• Cardiologistes
• Médecins en soins intensifs

Centres de traitement des maladies respiratoires

Réseau de 450 centres de traitement respiratoire dédiés en Amérique du Nord.

Type de centre	Nombre de centres
Centres médicaux académiques	187
Centres de traitement privés	263

Établissements de recherche médicale académique

Collaboration avec 78 institutions de recherche axées sur l'hypertension pulmonaire.

• Centres de recherche financés par les NIH
• Services de recherche médicale universitaire
• Laboratoires de recherche respiratoire spécialisés

Services d'approvisionnement pharmaceutique

Target des services d'approvisionnement dans 350 systèmes de santé à l'échelle nationale.

Segment des achats	Allocation budgétaire annuelle
Systèmes hospitaliers	42,3 millions de dollars
Organisations d'achat de groupe	28,6 millions de dollars
Pharmacies spécialisées	19,7 millions de dollars

Liquidia Corporation (LQDA) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Liquidia Corporation a déclaré des frais de recherche et de développement totaux de 42,1 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	38,5 millions de dollars
2023	42,1 millions de dollars

Investissements d'essais cliniques

Liquidia a alloué 18,7 millions de dollars spécifiquement pour les activités d'essai cliniques en 2023.

• Essais cliniques de phase 1: 6,2 millions de dollars
• Essais cliniques de phase 2: 8,5 millions de dollars
• Essais cliniques de phase 3: 4,0 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 ont totalisé 5,3 millions de dollars.

Infrastructure de fabrication

Les dépenses en capital pour les infrastructures manufacturières en 2023 étaient de 12,6 millions de dollars.

Catégorie d'infrastructure	Investissement
Équipement	7,4 millions de dollars
Mises à niveau des installations	5,2 millions de dollars

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2023 étaient de 22,9 millions de dollars.

• Compensation de l'équipe de vente: 12,3 millions de dollars
• Campagnes marketing: 6,5 millions de dollars
• Matériel de vente et soutien: 4,1 millions de dollars

Liquidia Corporation (LQDA) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Au quatrième trimestre 2023, Liquidia a déclaré un chiffre d'affaires total de 11,4 millions de dollars, principalement de leur produit principal Yutrepia (Treprostinil) pour l'hypertension artérielle pulmonaire (HAP).

Produit	Revenus annuels (2023)	Segment de marché
Yutrepia	11,4 millions de dollars	Hypertension artérielle pulmonaire

Licensing Propriétaire Technologie

La technologie imprimée de Liquidia (réplication des particules dans les modèles non-noyau) génère des revenus de licence potentiels.

• Accords de licence de technologie avec partenaires pharmaceutiques non divulgués
• Filets de redevance potentiels à partir d'applications technologiques

Subventions de recherche

Liquidia reçue 2,3 millions de dollars de subventions de recherche En 2023, soutenir les initiatives de développement pharmaceutique en cours.

Accords de développement collaboratif

Les partenariats stratégiques avec les sociétés pharmaceutiques offrent un potentiel de revenus supplémentaire.

Partenaire	Type d'accord	Valeur potentielle
Partenaire pharmaceutique confidentiel	Collaboration de développement	Jusqu'à 15 millions de dollars

Paiements de jalons potentiels

Le pipeline de Liquidia comprend des paiements de jalons potentiels des efforts de développement pharmaceutique en cours.

• Paiements de jalons potentiels estimés à 10-20 millions de dollars
• Contingent sur une progression réussie d'essais cliniques

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.