Liquidia Receives $50 Million from Healthcare Royalty (HCRx) Following First Commercial Sale of

Liquidia Receives $50

Million from Healthcare Royalty (HCRx) Following

First Commercial Sale of YUTREPIA

N.C., June 23, 2025 - Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative

therapies for patients with rare cardiopulmonary disease, today announced the receipt of an additional $50.0 million under its sixth amendment

to its financing agreement (HCR Agreement) with Healthcare Royalty (HCRx) upon the U.S. District Court for the Middle District of North

Carolina denying United Therapeutics Corporation's request for a preliminary injunction and temporary restraining order in its complaint

filed against Liquidia and the first commercial sale of YUTREPIA (treprostinil) inhalation powder.

Michael Kaseta, Liquidia's Chief Financial Officer and Chief

Operating Officer, said: "We are grateful for the continued partnership with HCRx and pleased with the early stages of YUTREPIA's

launch. The proceeds from HCRx will further accelerate our launch execution, advance our clinical pipeline, and support the expansion

of future manufacturing operations, including the build-out of our newly leased manufacturing facility. Our early momentum and strong

financial position reinforce our belief in Liquidia's ability to achieve profitability without the need for additional capital."

Clarke Futch, Chairman and Chief Executive Officer of HCRx added: "Today's

news reflects an important milestone in Liquidia's commercial execution of YUTREPIA and further strengthens our confidence in the

company's long-term vision. We are pleased to support Liquidia as it further advances the commercial launch of YUTREPIA and prepares

to expand future manufacturing capabilities to meet growing market demand in the years ahead."

Under the terms of the HCR agreement, Liquidia has now received $175.0

million of the $200.0 million in total potential funding. An additional $25.0 million remains available upon the mutual agreement of the

parties, if Liquidia achieves aggregate net sales of YUTREPIA in excess of $100.0 million at any time on or prior to June 30, 2026.

The additional $50.0 million that HCRx funded is subject to a fixed payment schedule through 2033. Aggregate payments to HCRx are capped

at 175% of the total amounts funded. A true-up payment may be required if HCRx's internal rate of return falls below a minimum

threshold on the date the cap is reached, which is 13% for this funding of $50.0 million.

Arterial Hypertension (PAH)

Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused by narrowing, thickening or stiffening

of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, an estimated 45,000 patients are diagnosed

and treated in the United States. There is currently no cure for PAH, so the goals of existing treatments are to alleviate symptoms, maintain

or improve functional class, delay disease progression, and improve quality of life.

Hypertension Associated with Interstitial Lung Disease (PH-ILD)

Pulmonary hypertension (PH) associated with interstitial lung disease (ILD) includes a diverse collection of up to 200 different

pulmonary diseases, including interstitial pulmonary fibrosis, chronic hypersensitivity pneumonitis, connective tissue disease-related

ILD, and chronic pulmonary fibrosis with emphysema (CPFE) among others. Any level of PH in ILD patients is associated with poor 3-year

survival. A current estimate of PH-ILD prevalence in the United States is greater than 60,000 patients, though population size in many

of these underlying ILD diseases is not yet known due to factors including underdiagnosis and lack of approved treatments until March 2021,

when inhaled treprostinil was first approved for this indication.

(treprostinil) Inhalation Powder

YUTREPIA is an inhaled dry-powder formulation of treprostinil delivered

through a convenient, low-effort, palm-sized device. YUTREPIA was designed using Liquidia's PRINT technology, which enables

the development of drug particles that are precise and uniform in size, shape and composition, and that are engineered for enhanced deposition

in the lung following oral inhalation. Liquidia has completed the INSPIRE trial (NCT03399604), or Investigation of the Safety

and Pharmacology of Dry Powder Inhalation of Treprostinil, an open-label, multi-center phase 3 clinical study of YUTREPIA in patients

diagnosed with PAH who are na ve to inhaled treprostinil or who are transitioning from Tyvaso (nebulized treprostinil). YUTREPIA

is currently being studied in the ASCENT trial (NCT06129240), or An Open-Label ProSpective MultiCENTer Study to Evaluate Safety

and Tolerability of Dry Powder Inhaled Treprostinil in PH, with the objective of informing YUTREPIA's dosing and tolerability profile

in patients with PH-ILD. YUTREPIA was previously referred to as LIQ861 in investigational studies.

YUTREPIA (treprostinil) inhalation powder is a prostacyclin analog indicated for the treatment of:

SELECTED SAFETY INFORMATION: WARNINGS AND PRECAUTIONS

Information and Instructions for Use for YUTREPIA (treprostinil) inhalation powder are available at YUTREPIA.com.

Liquidia Corporation

Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary

disease. The company's current focus spans the development and commercialization of products in pulmonary hypertension and other

applications of its proprietary PRINT Technology. PRINT enabled the creation of YUTREPIA (treprostinil) inhalation

powder, a drug that has been approved for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated

with interstitial lung disease (PHILD). The company is also developing L606, an investigational sustained-release formulation of treprostinil

administered twice-daily with a next-generation nebulizer and currently markets generic Treprostinil Injection for the treatment of PAH.

To learn more about Liquidia, please visit www.liquidia.com.

HealthCare Royalty is a leading royalty acquisition company focused on commercial or near-commercial biopharmaceutical

products. With offices in Stamford, Conn., San Francisco, Boston, London and Miami. HCRx has invested $5+ billion in over 90 biopharmaceutical

products since inception. For more information, visit https://www.hcrx.com. HEALTHCARE ROYALTY and HCRx are

registered trademarks of HealthCare Royalty Management, LLC.

Statements Regarding Forward-Looking Statements

This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

All statements contained in this press release other than statements of historical facts, including statements regarding our future results

of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for

future operations, are forward-looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical

studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes,

timing or associated costs), regulatory applications and related submission contents and timelines; our ability to successfully commercialize

our products, including YUTREPIA, for which we obtain FDA or other regulatory authority approval; the acceptance by the market of our

products, including YUTREPIA, and their potential pricing and/or reimbursement by third-party payors, if approved (in the case of our

product candidates) and whether such acceptance is sufficient to support continued commercialization or development of our products; the

successful development or commercialization of our products, including YUTREPIA; our revenue from product sales and whether or not we

may become profitable in the near term, or at all; future competitive or other market factors that may adversely affect the commercial

potential for YUTREPIA; and our ability to execute on our strategic or financial initiatives, involve significant risks and uncertainties

and actual results could differ materially from those expressed or implied herein. Despite the approval of YUTREPIA by the FDA, it is

possible that commercialization of YUTREPIA may be blocked or delayed in connection with legal proceedings that have been initiated or

that may in the future be initiated, or we may be required to pay damages, including royalties, in connection with our commercial launch,

as a result of these legal proceedings. We may be unable to achieve the net sales milestone necessary to receive additional funding under

the HCRx agreement and, even if we do achieve the net sales milestone, additional funding is contingent upon the agreement of both HCRx

and us. The words "anticipate," "believe," "continue," "could," "estimate,"

"expect," "intend," "may," "plan," "potential," "predict," "project,"

"should," "target," "would," and similar expressions are intended to identify forward-looking statements.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends

that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations

and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the

SEC, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment

and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor

can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual

results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties

and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely

from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation

by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking

statements, whether as a result of new information, future events or otherwise.

Tyvaso is a registered trademark of United Therapeutics

Chief Business Officer

Director, Corporate Communications