利奎迪亚公司（LQDA）：ATS数据展示PH-ILD概况；Yutrepia即将获批；目标价升至27美元

2025E2026E2027E45.4211.7347.6139.3-(1.30)0.562.02(0.21)- -- Kambiz Yazdi * | Equity Analyst(415) 229-1443 | kyazdi@jefferies.com The Long View: Liquidia CorporationInvestment Thesis / Where We Differ•Yutrepia showed favorable safety and administration profiles in the Ph3INSPIRE trial.•Due to its ease of administration, deep-lung deposition, and less irritant,Yutrepia is well-positioned to become a preferred inhaled option and topenetrate the oral and parenteral PAH markets.•PRINT technology can precisely control drug particles in various molecules(e.g., Yutrepia) and has some platform value.Base Case,$27, +59%•Peak-adjusted Yutrepia sales of ~$900M in2037 (Regulatory PoS of 85%).•Platform value $50M.Sustainability MattersTop Material Issues: 1) Employee Engagement, Diversity & Inclusion:Co values diversity at all levels andcontinues to extend D&I initiatives across its entire workforce, from working with managers to developstrategies for building diverse teams to promoting leaders from different backgrounds.2) BusinessEthics:All employees are responsible for adhering to the highest moral, legal and ethical standardsof behavior, the same standards co complies with in the course of its business.3) Supply ChainManagement:Co relies on third parties for clinical and commercial supplies, including single suppliersfor the active ingredient, the device, encapsulation, and packaging of YUTREPIA. In the event of anydisruption in these supplies, co’s ability to develop and commercialize YUTREPIA may be adverselyaffected.Company Targets:NAQs to mgmt:1)How will you price Yutrepia to provide better access DPI treprostinil to PAH and PH-ILDpatients?2)How will you factor diversity into your hiring decisions when building out a salesforce forYutrepia if approved?ESG Deep Dive: US Biotech, Pharma, Specialty PharmaPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Upside Scenario,$33, +94%•Peak-adjusted Yutrepia sales of ~$1.1B in 2037(Regulatory PoS of 100%).•Platform value $50M. Downside Scenario,$2, -88%(cash - debt) / sharecount = ~$2.00.Catalysts•May 24: Yutrepia PDUFA•June: Company DescriptionLiquidia CorporationLiquidia Corporation leverages its PRINT technology platform to develop drugs that can improve PK/PD, safety, tolerability, and efficacy advantagesand potentially faster path to market through FDA’s 505(b)2 pathway compared to existing approved drugs. Its lead program is Yutrepia (tentativelyapproved), an inhalable version of treprostinil for the treatment of pulmonary arterial hypertension. Liquidia is headquartered in Morrisville, NorthCarolina.Company Valuation/RisksLiquidia CorporationOur PT is DCF-based. Risks include clinical, regulatory, legal, and commercial.Analyst Certification:I, Kambiz Yazdi, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from LiquidiaCorporation within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromLiquidia Corporation.Within the past twelve months, Liquidia Corporation has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated