Summary

• Liquidia shares increased from $34.49 at the end of 2025 to $37.74 at the end of the first quarter.
• The launch of Liquidia's Yutrepia product has been nothing short of outstanding, and expectations continue to be high.
• If Liquidia wins outright with no infringement found, Liquidia should be able to produce $1.2 billion in revenue in 2027 with net margins of at least 60%.
• Liquidia is extremely cheap today under any outcome, even if the patent infringement decision goes against the company.
• Liquidia has shown they can take the majority of the treprostinil market and expand the total addressable market by treating patients who are currently being treated by non-treprostinil treatments.

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