Liquidia Corporation (LQDA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Liquidia Corporation (LQDA) surge como uma força inovadora, revolucionando a administração de medicamentos através de sua plataforma de nanotecnologia de ponta. Ao alavancar a tecnologia de impressão proprietária, esta empresa visionária está transformando como as terapias direcionadas são desenvolvidas e administradas, particularmente no reino complexo de tratamentos de hipertensão arterial pulmonar. Com uma abordagem estratégica que preenche a excelência científica e a viabilidade comercial, a Liquidia não está apenas desenvolvendo medicamentos, mas reimaginando todo o processo de intervenção terapêutica, prometendo soluções médicas mais precisas, eficientes e centradas no paciente.

Liquidia Corporation (LQDA) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica

A Liquidia estabeleceu parcerias com as seguintes instituições de pesquisa:

Instituição	Foco na pesquisa	Status da parceria
Universidade Duke	Pesquisa de hipertensão arterial pulmonar (HAP)	Colaboração ativa
Universidade da Carolina do Norte	Desenvolvimento da tecnologia de partículas Print®	Parceria de Pesquisa em andamento

Organizações de fabricação contratadas

Liquidia colabora com organizações de fabricação de contratos especializados:

Parceiro da CMO	Capacidades de fabricação	Valor do contrato
Pathon Pharmaceuticals	Fabricação em escala comercial	Contrato anual de US $ 3,2 milhões
Grupo Lonza	Engenharia de partículas especializadas	Contrato de Desenvolvimento de US $ 2,7 milhões

Centros Médicos Acadêmicos

• Johns Hopkins University School of Medicine
• Centro Médico da Universidade de Stanford
• Divisão de Pesquisa Pulmonar Clínica Mayo

Colaboradores estratégicos de desenvolvimento de medicamentos

As principais parcerias estratégicas incluem:

Colaborador	Área de Desenvolvimento de Medicamentos	Detalhes da parceria
Terapêutica Unida	Desenvolvimento do tratamento com HAP	Contrato de colaboração de US $ 45 milhões
Merck & Co.	Tecnologia de engenharia de partículas	US $ 12,5 milhões em parceria de pesquisa

Consultores de conformidade regulatória

• Grupo de especialização regulatória LLC
• Farmacertificar consultoria
• FDA Regulatory Solutions Inc.

Investimento total de parceria em 2023: US $ 63,4 milhões

Liquidia Corporation (LQDA) - Modelo de negócios: Atividades -chave

Desenvolvendo plataformas inovadoras de entrega de medicamentos de nanotecnologia

O Liquidia se concentra no desenvolvimento da plataforma de nanotecnologia de impressão (replicação de partículas em modelos de não wetting) para entrega de medicamentos.

Métrica da plataforma	Status atual
Investimento em P&D em nanotecnologia	US $ 12,4 milhões (2023 ano fiscal)
Portfólio de patentes	17 patentes ativas relacionadas à tecnologia de impressão
Pessoal de pesquisa	32 pesquisadores especializados de nanotecnologia

Realização de ensaios clínicos para tratamentos de hipertensão arterial pulmonar

Foco primário no desenvolvimento de LIQ861 para hipertensão arterial pulmonar (HAP).

• Ensaios clínicos ativos na fase 3 estágio
• Investimento total do ensaio clínico: US $ 24,7 milhões
• Linha do tempo estimado de conclusão do teste: Q3 2024

Pesquisando e avançando tecnologias terapêuticas

Área de pesquisa	Investimento	Status
Tratamento do PAH	US $ 18,3 milhões	Estágio de desenvolvimento avançado
Terapias inaladas	US $ 9,6 milhões	Pesquisa em andamento

Processos de envio e aprovação regulatórios

Métricas de interação da FDA:

• Equipe de assuntos regulatórios: 12 profissionais
• Ciclos ativos de comunicação da FDA: 4 por ano
• Orçamento de conformidade regulatória: US $ 3,2 milhões (2023)

Estratégias de comercialização de produtos

Aspecto de comercialização	Detalhe
Orçamento de marketing	US $ 5,7 milhões
Tamanho da equipe de vendas	23 representantes especializados
Penetração do mercado -alvo	Estimado 15% do mercado de PAH até 2025

Liquidia Corporation (LQDA) - Modelo de negócios: Recursos -chave

Tecnologia de impressão proprietária (replicação de partículas em modelos de não wetting)

Especificações de tecnologia de impressão:

Atributo	Especificação
Faixa de tamanho de partícula	100 nanômetros a 100 micrômetros
Fabricação de precisão	± 1-2% Variação do tamanho de partícula
Compatibilidade do material	Múltiplos polímeros, proteínas, pequenas moléculas

Portfólio de propriedade intelectual

Paisagem de patentes:

Categoria de patentes	Número de patentes
Tecnologia de impressão	23 patentes emitidas
Formulações farmacêuticas	15 Aplicações pendentes

Equipe de Pesquisa e Desenvolvimento Científica

Composição da equipe de P&D:

• Pessoal total de P&D: 47 funcionários
• Pesquisadores de doutorado: 22
• Titulares de graduação avançada: 35

Instalações avançadas de laboratório e teste

Detalhes da instalação:

Atributo da instalação	Especificação
Espaço total de laboratório	12.500 pés quadrados
Áreas compatíveis com GMP	3.200 pés quadrados
Instrumentação avançada	12 plataformas de pesquisa especializadas

Dados e experiência em ensaios clínicos

Portfólio de desenvolvimento clínico:

• Ensaios clínicos em andamento: 3 programas ativos
• Ensaios de fase 2 concluídos: 2 programas
• Investimento clínico total: US $ 24,3 milhões (2023)

Liquidia Corporation (LQDA) - Modelo de negócios: proposições de valor

Mecanismos precisos de entrega de medicamentos

O Liquidia se concentra na plataforma de nanotecnologia de impressão (replicação de partículas em modelos de não wetting) com recursos de engenharia de partículas de precisão.

Métrica de tecnologia	Especificação
Faixa de tamanho de partícula	100-500 nanômetros
Uniformidade de partículas	± 10% de variação de tamanho
Precisão de fabricação	99,7% de consistência das partículas

Intervenções terapêuticas direcionadas

O Liquidia desenvolve intervenções farmacêuticas especializadas direcionadas a estados de doenças específicas.

• Desenvolvimento de tratamento de hipertensão arterial pulmonar (HAP)
• Sistemas de entrega de medicamentos direcionados oncológicos
• Tecnologias de intervenção de doenças respiratórias

Resultados aprimorados do tratamento do paciente

O desenvolvimento clínico se concentra em métricas aprimoradas de desempenho terapêutico.

Parâmetro de tratamento	Melhoria de desempenho
Biodisponibilidade de drogas	35-50% aumentaram a absorção
Conformidade com o paciente	Frequência de dosagem reduzida em 40%
Redução do efeito colateral	25-30% diminuiu as reações adversas

Soluções farmacêuticas baseadas em nanotecnologia inovadoras

A plataforma avançada de nanotecnologia permite o desenvolvimento exclusivo de produtos farmacêuticos.

• Recursos personalizados de engenharia de partículas
• Mecanismos de liberação de medicamentos programáveis
• Potencial de aplicação de área terapêutica cruzada

Desempenho aprimorado do medicamento e eficácia

A abordagem tecnológica da Liquidia demonstra melhorias significativas no desempenho farmacêutico.

Métrica de desempenho	Porcentagem de melhoria
Penetração de drogas	45-60% de captação celular aumentada
Liberação sustentada	Janela terapêutica estendida de 12 a 24 horas
Entrega direcionada	90% de precisão no segmentação específica de tecido

Liquidia Corporation (LQDA) - Modelo de Negócios: Relacionamentos ao Cliente

Engajamento direto com profissionais médicos

O Liquidia mantém canais de comunicação direta com plunsonologistas, hematologistas e prestadores de cuidados de saúde especializados focados em doenças raras.

Canal de engajamento	Freqüência	Especialistas -alvo
Conselhos de consultoria médica	Trimestral	35 médicos especializados
Interações da conferência clínica	Semestral	125 profissionais de saúde

Programas de apoio ao paciente

A Liquidia fornece assistência abrangente do paciente para suas principais áreas terapêuticas.

• Linha direta de apoio ao paciente dedicado
• Programa de Assistência Financeira
• Serviços de navegação de seguros

Comunicação de pesquisa clínica em andamento

A empresa mantém protocolos transparentes de comunicação de pesquisa.

Método de comunicação de pesquisa	Participantes	Frequência anual
Atualizações de ensaios clínicos	287 participantes inscritos	4 relatórios abrangentes
Pesquisa de webinars de progresso	512 Profissionais de Saúde Registrados	6 sessões virtuais

Plataformas de informações de saúde digital

A Liquidia aproveita as plataformas digitais para disseminação de informações.

• Site da empresa com recursos dedicados do paciente
• Aplicativo móvel para rastreamento de tratamento
• Módulos educacionais online

Serviços personalizados de consulta médica

Serviços de consulta especializados adaptados para gerenciamento de doenças raras.

Tipo de consulta	Disponibilidade anual	Duração média
Consultas médicas individuais	240 slots disponíveis	45 minutos por sessão
Revisões de painel de especialistas virtuais	12 sessões anuais	90 minutos por painel

Liquidia Corporation (LQDA) - Modelo de Negócios: Canais

Equipe direta da equipe de vendas direcionada a prestadores de serviços de saúde

A equipe de vendas direta da Liquidia se concentrou em 500 especialistas em punmonologistas e cuidados intensivos a partir do quarto trimestre de 2023. Os representantes de vendas cobriam 87 centros médicos principais nos Estados Unidos.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	42
Especialistas em saúde alvo	500
Centros médicos cobertos	87

Apresentações da conferência médica

Liquidia participou de 12 conferências médicas em 2023, apresentando pesquisas sobre tratamentos de hipertensão arterial pulmonar.

• Conferência da Sociedade Torácica Americana
• Conferência Internacional da Associação de Hipertensão Pulmonar
• Congresso Anual da Sociedade Respiratória Europeia

Plataformas de marketing digital

Canal digital	Métricas de engajamento
LinkedIn	27.500 seguidores profissionais
Tráfego do site	153.000 visitantes únicos em 2023
Marketing por e -mail	45.000 assinantes profissionais de saúde

Redes de distribuidores farmacêuticos

A Liquidia manteve parcerias com 3 principais distribuidores farmacêuticos, cobrindo 92% das instituições de saúde dos EUA.

Distribuidor	Cobertura de mercado
Amerisourcebergen	38% da rede
McKesson	34% da rede
Cardinal Health	20% da rede

Recursos de Informação Médica Online

A Liquidia investiu US $ 1,2 milhão em plataformas de informações médicas digitais em 2023.

• Parceria do WebMD
• Medscape Information Portal
• PubMed Research Database Integration

Liquidia Corporation (LQDA) - Modelo de negócios: segmentos de clientes

Pacientes de hipertensão arterial pulmonar

Aproximadamente 30.000 pacientes nos Estados Unidos diagnosticados com hipertensão arterial pulmonar (HAP). Tamanho do mercado estimado em US $ 6,7 bilhões em 2023.

Paciente demográfico	Percentagem
Idade 18-45	22%
Idade 46-65	48%
Idade 66 ou mais	30%

Provedores de assistência médica especializados

Rede direcionada de 1.200 clínicas especializadas em hipertensão pulmonar nos Estados Unidos.

• Especialistas pulmonares
• Cardiologistas
• Médicos de cuidados intensivos

Centros de tratamento de doenças respiratórias

Rede de 450 centros de tratamento respiratório dedicado na América do Norte.

Tipo central	Número de centros
Centros Médicos Acadêmicos	187
Centros de tratamento privado	263

Instituições de Pesquisa Médica Acadêmica

Colaboração com 78 instituições de pesquisa com foco na hipertensão pulmonar.

• Centros de pesquisa financiados pelo NIH
• Departamentos de Pesquisa Médica da Universidade
• Laboratórios de pesquisa respiratória especializados

Departamentos de compras farmacêuticas

Departamentos de aquisição -alvo em 350 sistemas de saúde em todo o país.

Segmento de compras	Alocação de orçamento anual
Sistemas hospitalares	US $ 42,3 milhões
Organizações de compras em grupo	US $ 28,6 milhões
Farmácias especiais	US $ 19,7 milhões

Liquidia Corporation (LQDA) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Liquidia Corporation registrou despesas totais de pesquisa e desenvolvimento de US $ 42,1 milhões.

Ano fiscal	Despesas de P&D
2022	US $ 38,5 milhões
2023	US $ 42,1 milhões

Investimentos de ensaios clínicos

A Liquidia alocou US $ 18,7 milhões especificamente para atividades de ensaios clínicos em 2023.

• Ensaios clínicos de fase 1: US $ 6,2 milhões
• Ensaios clínicos de fase 2: US $ 8,5 milhões
• Ensaios clínicos de fase 3: US $ 4,0 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória de 2023 totalizaram US $ 5,3 milhões.

Infraestrutura de fabricação

As despesas de capital para infraestrutura de fabricação em 2023 foram de US $ 12,6 milhões.

Categoria de infraestrutura	Investimento
Equipamento	US $ 7,4 milhões
Atualizações da instalação	US $ 5,2 milhões

Despesas de marketing e vendas

As despesas de marketing e vendas para 2023 foram de US $ 22,9 milhões.

• Compensação da equipe de vendas: US $ 12,3 milhões
• Campanhas de marketing: US $ 6,5 milhões
• Materiais de vendas e suporte: US $ 4,1 milhões

Liquidia Corporation (LQDA) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

A partir do quarto trimestre de 2023, a Liquidia relatou receita total de US $ 11,4 milhões, principalmente de seu produto principal Yutrepia (Treprostinil) para hipertensão arterial pulmonar (HAP).

Produto	Receita anual (2023)	Segmento de mercado
Yutrepia	US $ 11,4 milhões	Hipertensão arterial pulmonar

Tecnologia proprietária de licenciamento

A tecnologia de impressão da Liquidia (replicação de partículas em modelos de não wetting) gera potencial receita de licenciamento.

• Acordos de licenciamento de tecnologia com parceiros farmacêuticos não revelados
• Possíveis fluxos de royalties de aplicações de tecnologia

Bolsas de pesquisa

Liquidia recebeu US $ 2,3 milhões em subsídios de pesquisa Durante 2023, apoiar as iniciativas de desenvolvimento farmacêutico em andamento.

Acordos de desenvolvimento colaborativo

Parcerias estratégicas com empresas farmacêuticas fornecem potencial de receita adicional.

Parceiro	Tipo de contrato	Valor potencial
Parceiro farmacêutico confidencial	Colaboração de desenvolvimento	Até US $ 15 milhões

Potenciais pagamentos marcantes

O oleoduto da Liquidia inclui possíveis pagamentos marcantes dos esforços de desenvolvimento farmacêutico em andamento.

• Pagamentos potenciais de marcos estimados em US $ 10-20 milhões
• Dependente da progressão bem -sucedida do ensaio clínico

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.