PRODUCTYUTREPIA™

YUTREPIA™ (treprostinil) inhalation powder is a dry-powder formulation of treprostinil designed with a therapeutic profile intended to enhance deep lung delivery and dosing potential, while being administered via a convenient, easy-to-use inhaler device. YUTREPIA™ was initially granted tentative approval by the FDA in November 2021 for the treatment of pulmonary arterial hypertension (PAH) and in August 2024 was subsequently granted tentative approval for an amended New Drug Application (NDA) for the treatment of both PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD).

Treprostinil Injection is the first-to-file, fully substitutable generic treprostinil for parenteral administration. Treprostinil Injection contains the same active ingredient, same strengths, same dosage form and same inactive ingredients as Remodulin® (treprostinil) and is offered to patients and physicians with the same level of service and support. Liquidia promotes this product in the United States in partnership with its commercial partner, who holds the Abbreviated New Drug Application (ANDA) with the FDA.

Background

In January 2023, HCRx and Liquidia Corporation (Liquidia) announced a non-dilutive financing of up to $100 million. Under this agreement, Liquidia received $32.5 million at closing and through subsequent amendments HCRx funded an additional $67.5 million across three tranches.

In March 2025, HCRx and Liquidia entered into a further amendment to upsize the existing agreement with additional financing of up to $100 million. An incremental $25 million was funded at closing with the potential for Liquidia to receive two additional tranches following the achievement of certain commercial milestones.

Together, these financings provide capital to support the potential launch of YUTREPIA™ (treprostinil) inhalation powder for the treatment of PAH and PH-ILD, the continued development of YUTREPIA in other clinical trials, including trials for pediatric patients and trials further evaluating the use of YUTREPIA in WHO Group 1 and WHO Group 3 patients, and the clinical development of L606, a sustained release twice-daily nebulized formulation of treprostinil.