Blue Duck Cap - Analyst

Please bro, just one more Q bro, we're going to accelerate. DAP adoption will carry the stock, assuming that even happens. Hearing good things about it from folks who've used it. Expensive as all hell, but should help accel numbers. Think Akram was saying will help double sales over the next 18 months if DAP picks up.

@zipjet Good, but here are the reasons why they can't: .

$LQDA worth more than 36 IF it can earn $8-10 in '27:

@bglangner @AnnaFlorcia Ha! was actually making a joke on the quad therapies all the PAH/PH-ILD patients are put on.

@BDC_Analyst @AnnaFlorcia Here I was thinking 'Quad Therapy' was just 'Four Roses, applied liberally with or without ice'

$LQDA - Sad to announce that I have been diagnosed with a severe case of LDS. Liquidia Derangement Syndrome. Unfortunately, the doctors have told me it's terminal. If you are a fellow LQDA shareholder, please get a check up asap, you're at an elevated risk if you've been holding it for over a year.

@AnnaFlorcia Doctors have put me on a 'Quad Therapy' to manage the symptoms. Regimen consists Buffalo Trace, Angels Envy, Jefferson's and Red Breast 15.

@BDC_Analyst Year 5 for me. I was diagnosed years ago with no cure insight. I've been on alcohol, it helps kinda 😂

“OpenClaw exceeded what Linux did in 30 years”

$LQDA Yutrepia can provide higher titration without increasing cough. Yutrepia can dominate IPF.

$LQDA

@idonas11 Makes for perfect exit liquidity.

@BDC_Analyst even more comedic is the price action this gets. buybacks or not, market doubts nothing this freak says.

$LQDA - Absolutely comedic call by $UTHR today @ Leerink. CEO says peak sales for Ralinepag is ~20x launch revenue and then corrects it says 5x. Launch revenue supposed to be ~$1.5B in year 1, says $3B launch revenue target within 24 months of launch. So $7.5B-$15B peak sales. Insurers: Am I a joke to you?

$LQDA - Where is the efficient market when you need it? LQDA price action being all over the place after what is an excellent print & call is ridiculous. Hopefully gets the reaction it deserves.

Two new orders from Andrews today. Here is Claude's take on relevance to $LQDA. This second order from the same day is actually quite useful as additional signal. Here's the incremental takeaway for LQDA: Timing (reinforced): Two substantive opinions in a single day — both signed March 4, 2026 — confirms Judge Andrews is in an active writing phase right now. The '327 post-trial opinion has been pending since the June 2025 bench trial. The probability of it dropping soon has meaningfully increased. Legal philosophy — what's new here vs. the Dryfhout order: 1. Ruthless internal consistency checking. This is the most important new signal. He dismissed the SEC 10(b) claim not because the underlying fraud story was unbelievable, but because the plaintiffs' own pleadings contradicted their reliance argument — they simultaneously described the CDK SPV transfer as something done to them without their knowledge, while also claiming they relied on misrepresentations in making that investment. He caught that tension explicitly and used it to sink the claim. This matters for the '327 case because UTHR's litigation posture has a well-documented internal tension: they've publicly told investors that Liquidia "is not a commercial threat" and would only take 5% market share, while simultaneously arguing in court that YUTREPIA's launch would cause "irreparable harm" and push UTC "out of major segments of the market." Judge Andrews has already shown he noticed this — he denied the preliminary injunction partly because he was "unpersuaded" UTHR's products even met market need. This opinion shows he will lean into that kind of contradiction. 2. Strict element-by-element pleading discipline. He dismissed the federal securities claim on a single missing element (reliance) without needing to resolve the rest. In the '327 patent context, this maps onto his likely approach at trial: if Liquidia can defeat infringement or validity on any single claim element, that ends the analysis. His prior preliminary injunction denial was already grounded in finding Liquidia's obviousness challenge had substantial merit — suggesting he may already see a path to invalidity that doesn't require reaching every issue. 3. Candid forecasting + door left open. He called the EFSI claim "an uphill struggle" and described it as a mountain to climb — but still allowed amendment. He's direct about his skepticism without prejudging. In the '327 ruling, expect him to be equally candid about which arguments he found compelling and which he didn't, rather than a diplomatic split-the-baby result. 4. Active docket management with tight deadlines. He gave plaintiffs 14 days to amend. This is consistent with how he runs tight timelines across his docket — and suggests when the '327 opinion drops, any post-trial motions or injunction proceedings will move quickly. Bottom line: Two opinions on the same day from the same judge is a strong signal the '327 ruling is imminent. And this order adds an important new data point: Judge Andrews has demonstrated today a specific willingness to use a party's own internal contradictions to dispose of claims — a pattern that has historically cut sharply against UTHR's litigation strategy in this case.

I think these assumptions are a bit aggressive. There is some seasonality to the business where things slow a bit in the winter and then ramp up again in the Spring. Any script number over 3,100 given that seasonality is very bullish for $LQDA. Just need to see continued forward momentum in patient adds and hopefully get some color on the patient mix - PAH versus ILD. By the end of Q2, one year after launch, $LQDA could easily be over 4,000 scripts with 3,500 patient starts which translates to close to $800mm in run rate revenue. That would be one of the great drug launches of all time. Could have +3,000 PAH patients alone on this by the end of the year with a trajectory to 6,000 in just PAH. That would give them peak revenue of $1.3 bn in just one indication and make today's price look very cheap even if they somehow ended up with a restricted label (which to be clear we don't think will happen).

Excited for the print tomorrow on $LQDA. The print itself is de minimis as it was preannounced, what matters here is scripts & starts. Biotech's Tony Stark (RJ) will surprise us like he always has been, that I'm sure of.

@svix_enjoyoor @AnnaFlorcia Fyi, on your question about generics entering next year. Settlement dates are sometime in 2027.

@AnnaFlorcia @BDC_Analyst It may have beaten uptravi but not orenitram. they sell orenitram. most of ralinepag sales may end up being cannibalized

No 6MWD data from UTC, what a joke 😂 $LQDA TTCW is the horse they want to show FDA. Relanipeg is just a more potent (once a day vs twice a day) Uptravi which loses its patent this year. Generics of it will flood the market early next year. More potent (to make it a once a day) equals higher levels of side effects: Headache Ralinepag: 81.1% (vs. 41.5% placebo) Uptravi: 65% (vs. 32% placebo) → Higher incidence with ralinepag. Diarrhea Ralinepag: 58.3% (vs. 28.2% placebo) Uptravi: 42% (vs. 18% placebo) → Higher with ralinepag. Nausea Ralinepag: 45.1% (vs. 25.5% placebo) Uptravi: 33% (vs. 18% placebo) → Higher with ralinepag. Myalgia (Muscle Pain) Ralinepag: 36.0% (vs. 10.7% placebo) Uptravi: 16% (vs. 6% placebo) → Notably higher with ralinepag. Pain in Jaw Ralinepag: 35.7% (vs. 8.9% placebo) Uptravi: 26% (vs. 6% placebo) → Higher with ralinepag. Please tell me how it's going to make any money when Uptravi generic is better tolerate and much cheaper?

@DanielCDrolet Fwiw, I don't think we would have gotten the data today had it not been for @AnnaFlorcia flagging the sale plan.

@BDC_Analyst For the record, I never thought Ralinepag had potential to gain share over Yutrepia. $LQDA My questions are aimed at considering whether UTHR's recent disclosure serve as a distraction (like their SMI) to facilitate the liquidation of Martine’s 1.7M shares under her plan.

Don't tell me $LQDA hurting on Ralinepag lol. Selexipag (Uptravi) already got generic approval from FDA, will likely launch next year. Don't think insurers will cover this when AEs are much worse vs generic when the latter is 10th of the price. Even if they do cover it would likely be step-in where patients need to go on generic first and then drop off. Any ways, this does not effect LQDA's pipeline. These are background therapies. I would hope patients live longer which would be good for Yutrepia and L606.