Liquidia (NASDAQ:LQDA) released first-quarter financial results and hosted an earnings call on Monday. Read the complete transcript below.
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Summary
Eutrepia has become a leading product in the inhaled prostacycline category, with significant prescription growth and a strong uptake among physicians, demonstrating its potential as a foundational therapy.
The company is expanding its clinical studies, including transitioning patients from other therapies to Eutrepia and exploring new indications such as PH-COPD and scleroderma-associated Raynaud’s phenomenon, aiming to significantly grow the franchise value.
Laquinia Corporation has reported its third consecutive quarter of profitability, with a 44% sequential growth in net product sales, and is funding its growth initiatives through operating cash flow.
The company has achieved a half-billion-dollar annualized revenue run rate for Eutrepia in less than a year, with aspirations to reach at least $1 billion in net revenue by 2027.
Management emphasized the importance of expanding their market reach through increased sales force and driving awareness in the PH-ILD and community pulmonologist sectors.
Full Transcript
Jonathan, Operator
Good morning and welcome to Laquinia Corporation First Quarter 2026 Financial Results and Corporate Update conference call. My name is Jonathan and I will be your operator today. All participants are currently in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions for joining the queue will be provided at that time. Please note that today’s call is being recorded. And now I’d like to turn the call over to Jason Adair, Laquinia’s Chief Business Officer.
You may proceed.
Jason Adair, Chief Business Officer
Thank you and good morning everyone. It’s my pleasure to welcome you to our first quarter 2026 financial results and Corporate Update call. Joining me today are Dr. Roger Jeffs, Chief Executive Officer, Michael Caseta, Chief Operating Officer and Chief Financial Officer, Dr. Rajeev Sagar, Chief Medical Officer, Scott Moonmaw, Chief Commercial Officer, and Rufti Sundar, our General Counsel. Before we begin, please note that today’s discussion will include forward-looking statements including statements regarding future results, product performance, and ongoing clinical or commercial activities.
These statements are subject to risks and uncertainties that may cause actual results to differ materially. For further information, please refer to our filings with the SEC which are available on our website. Please also note that our earnings release and our commentary include non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in our earnings press release. With that, I’ll turn the call over to Roger.
Roger Jeffs, Chief Executive Officer
Thanks Jason and good morning everyone. We’re delighted to share our business results with you today. We’ll keep our prepared remarks somewhat brief this morning as we’d like to allow as much time for questions as we can. Having said that, I’d like to share some bigger picture thoughts regarding the state of the business and allow the Q&A to serve as time to delve into the specifics. Three full quarters into the commercial launch of Eutrepia, I would summarize the state of our business with three main points.
The first is that in the third full quarter on the market, Eutrepia is now leading the growth of the inhaled prostacycline category. Eutrepia is well on its way to becoming the anchored inhaled therapy for patients with PAH and PH ID. As of April 30th, we have received approximately 4,500 unique patient prescriptions and started approximately 3,750 patients on therapy since launch, and approximately 980 physicians have prescribed Eutrepia since launch.
This breadth of prescriptions is also complemented by increasing depth of prescriptions. For example, just since the end of February, the number of physicians who have prescribed Eutrepia to five or more patients has grown 25% to approximately 270 physicians. What this clearly demonstrates is that physicians who try Eutrepia are coming back to it for more and more of their patients. That is the pattern you see when a therapy is becoming foundational to a treatment paradigm, not when it is being trialed as an alternative, and strongly suggests that Eutrepia is already establishing itself as the best-in-class and first-in-choice inhaled therapy.
This increasing breadth and depth of prescriptions is driven by a product profile that is setting a new bar for others to match, one where targeted pulmonary delivery minimizes off-target effects with a formulation technology that preferentially lessens upper airway intolerance while enhancing local effects on the alveolar capillary membrane. This allows for higher dose attainment and most importantly better and more durable patient outcomes. The second main point is that we are purposefully and diligently broadening the opportunity in front of us by launching additional studies.
We have started recruiting into Cohort B of the ASCENT study to transition inadequate responders from Tyvaso DPI to Eutrepia in order to provide empiric evidence that higher doses of Eutrepia are uniquely well tolerated and advantaged versus competitive alternatives. Additionally, we are actively screening patients in our pivotal phase 3 RESPire study of L606, the most tolerable inhaled treprostinil studied to date, as evidenced by our 48-week data from the open-label US study in PAH and PH ID patients.
In addition, we are also advancing clinical programs to expand the role of inhaled prostacycline into other serious pulmonary and vascular diseases such as IPF, PPF, PH-COPD, and scleroderma-associated Raynaud’s phenomenon. For all of these opportunities, the mechanistic validation largely exists, yet unmet need and high opportunity value remain. We believe the differentiated tolerability and dosing profiles of both Eutrepia and L606 is foundational to that opportunity as it may support improved patient retention while also enabling higher therapeutic exposures over time.
The through line of our clinical investment is that we have extraordinary and real potential to expand the franchise value of our portfolio by multiples in the years to come with therapies that reimagine what a best-in-class profile must be. The third main point is that we have established a profitable self-funded business in a remarkably short period of time. We have now delivered our third consecutive quarter of profitability with top line growing, bottom line growing, and cash growing, which Mike will expand on shortly.
What that gives us is the freedom to reinvest our own profits into the next phase of the company’s growth. We are building new manufacturing capacity. We’re advancing both Eutrepia and L606 in a related array of clinical studies, and we are doing all of it from operating cash flow rather than via the capital markets. This is rare in our business, especially at this early stage of our commercial life cycle. To put it all in context, we could not be happier with where the business is today, and we are even more excited about where it is going.
Eutrepia has already exceeded a half billion dollars in annualized net revenue run rate in less than one full year on the market. Our clinical programs are fully funded by operating cash flow, and we have a clear line of sight to at least a billion dollars in net revenue in 2027 with multiple growth opportunities to sustain further growth well into the future. And what gives us confidence in achieving our ambitions is that the engine that gets us there is already up and running flawlessly.
With that, I’ll turn it over to Mike to walk you through the financials.
Michael Caseta, Chief Operating Officer and Chief Financial Officer
Thank you, Roger, and good morning everyone. As Roger has indicated, the first quarter is a continuation of the story that we discussed in March: sustained patient growth and disciplined execution. Net product sales of Eutrepia were $129.9 million in the first quarter of 2026, up from $90.1 million in the fourth quarter of 2025, representing 44% sequential growth in net product sales. The first quarter also marked our third consecutive quarter of increasing profitability, and the growth from quarter to quarter is striking.
Net income was approximately $52.9 million, up from $14.6 million in the fourth quarter of 2025. Non-GAAP adjusted EBITDA was approximately $71.2 million, up from $27.3 million. We almost tripled our EBITDA profitability from Q4 to Q1. We’ve achieved this increase in profitability while continuing to invest more heavily into the commercial organization through our sales force expansion and expanding our manufacturing capacity and footprint in North Carolina and in our clinical development programs.
We ended the quarter with approximately $222.8 million in cash and cash equivalents, an increase of $32.1 million from year end. So in addition to growing the top line, we continue to grow the balance sheet that funds our priorities and are confident in our ability to remain profitable in the future. Roger, back to you.
Roger Jeffs, Chief Executive Officer
Thanks, Mike. As we close out our third quarter on the market, what stands out to me is how much we have built in such a short period of time. A product that is leading the growth of the inhaled prostacycline category in PAH and PH ID, a pipeline with multiple paths to extend the franchise well beyond where it stands today, and a self-funded business with the freedom to invest in its own future. We have never been more confident in where this company is headed based on the robust momentum we continue to see in this business.
With that, operator, please open the line for questions.
Jonathan, Operator
Certainly. Ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone. If your question has been answered and you’d like to remove yourself from the queue, simply press star 11. Again, our first question comes from the line of Amy Lee from Jefferies. Your question please.
Amy Lee, Jefferies
Excellent. Congrats on the amazing progress and thanks so much for taking your question. Based on our math, it looks like you’re seeing a slight acceleration of unique scripts and patient adds as well as an improvement in script to start in March and April. Can you give us a sense of what current growth is being driven by in terms of PAH versus PH, new patients or switches, academic or community, and any other relevant metrics? And then just a quick follow up.
Do you see any read across from the HCMA vs. Amarin Supreme Court case to the 327 litigation? Thanks so much.
Roger Jeffs, Chief Executive Officer
Good morning Amy. Thanks for the question. So there has been a slight acceleration in referrals and patient starts, but I’d say largely things are sustained and consistent. You know, we don’t want to forecast accelerating growth here. I think if we sustain the growth that we’ve seen since the beginning of launch and you just take that as your average, I think everything we’ve predicted around 2027 being a billion dollars in net revenues still holds true for us.
I think where we’re seeing robust growth is, as we sort of highlighted in the script, is in the depth of prescriptions. So what, we are gaining more prescribers and we’re just getting them to trial the drug. And certainly as they get to two, three, four and five starts, then you start to see sort of this almost trigger change where they just begin using Eutrepia preferentially. And I think, you know, the product profile is speaking for itself. It is redefining kind of what is required for a prostacycline therapy.
You need one that’s direct to the site of injury, so to the, you know, has to be to the lung. It has to minimize lung intolerance as well as off-target effects, which, you know, the formulation certainly does. And then, because tolerability and dosing are inextricably linked, it allows for higher dosing which allows for better outcomes. So you know, when you have that type of product profile and sites have their own quote unquote critical mass of trialing the drug, it quickly then becomes the preferred therapy, you know, at centers.
And that’s what we’re seeing. We’re certainly driving all of the growth in the space currently. If you sort of aggregate our revenue and our competitor revenue over the quarter, the market grew about 5% and we were responsible for all of that growth, which we’re quite pleased about. And I think it speaks for itself about what the leading therapy is. We still see equal scripting between PH and PH ID. The pull-through still remains around 85% which is extraordinarily good.
And the naive and transitions are again about 75, 25 as it has been before. So it’s a bit more of the little engine that could doing all that it has from day one and sustaining that trajectory. And then Rusty, maybe you could talk to sort of thinking around HCMA and if there’s any read-through from that case. Sure. Thanks, Roger, and thanks for the question, Amy. So, you know, I think if you look at the HCMA case and look at the briefing and the oral argument, that case really is a case about what’s necessary to show induced infringement. You know, obviously that’s, you know, what’s at issue in our case with at least four of the six claims where the parties are contesting, you know, therapeutics patents. I think also if you look at some of the conduct that’s at issue in the HCMA case, I think there are some clear parallels to the conduct that United Therapeutics has cited in our case.
So you know, I think there are certainly some similarities now, you know, whether how HCMA is going to be decided, whether it’s going to affect Judge Andrews’ decision, whether it affects the timing of Judge Andrews’ decision. You know, I think that would be speculation on speculation and not an area we’re going to get into. But, but I think, you know, at least based on what we know today, certainly there are some parallels between the cases, but it’s really hard to comment beyond that.
Jason Adair, Chief Business Officer
Yeah, and I think I would add, look, we remain very confident in the arguments that we made in the case and are bullish on the outcome of the opinion when it’s rendered. And I think if there’s any read through from HCMA, we also feel that potentially would go in our favor as well. Operator, next question please.
Jonathan, Operator
Certainly. And our next question comes from the line of Ryan Deschner from Raymond James. Your question please.
Ryan Deschner, Raymond James
Thanks for the question and congrats on another really strong quarter. By my math, the Utrepio launch has now eclipsed the early launch trajectory for your competitor in terms of net sales. What does the current split between prescribers in major centers and smaller community prescribers look like and how has this evolved thus far for the launch? And then I have a follow up. Thanks.
Roger Jeffs, Chief Executive Officer
Yeah, we’re fortunate to have Scott Muma, our chief commercial officer on. So Scott, if you wouldn’t mind responding to that question.
Scott Muma, Chief Commercial Officer
Yeah, thanks. So you know, as you would expect and as we mentioned on earlier calls, the centers were jumping in early, you know, as they had those patients there prevalent and ready to go and they continue to be a mainstay. Although I will say we have centers that are coming on even still now, whether they would be late adopters or they’re starting to see those patients back after six months and starting to see the results of Utrepia. Having said that, we are having more success in the community, whether that be physicians who have used a PH drug before or even some physicians who are ILD prescribers with the anti-fibrotics but who are ready to try a prostacycline. So the balance is definitely changing a bit more towards what we call the community. But the centers are still the largest cohort and of course they actually are still growing as well.
Roger Jeffs, Chief Executive Officer
Great. Thanks, Scott. I would just maybe add again, it’s a bit anecdotal but one of the favorite feedback stories that we continue to get is, you know, again, the competitor product had been on the market for years ahead of us and it counter detailed us quite strongly. So when we went to centers, people would, you know, some of the physicians would say, you know, they felt that these drugs were sort of more alike than not. But then when we go back to them and they begin prescribing Eutrepia, they come back with their own anecdote around that they’re seeing a night and day difference, particularly around the cough and the ability to iterate and drive outcomes. So you know, it’s those types of stories that resonate with me. And I think, you know, again, it’s very hard to beat a better product profile and I think that’s what Eutropia reports. Operator, our next question please.
Jonathan, Operator
Certainly. And our next question comes from the line of Serge Bellinger from Needham. Your question please.
Serge Bellinger, Needham
Hi, good morning. Thanks for taking my questions, Roger. We’re coming up on the one year anniversary of FDA approval Etripia, you’ve been on the market for close to a year now. How large do you think the PH-ILD opportunity currently stands at and how large do you think it could be? And then one question for Mike. I notice you’re now an income taxpayer. The company just curious if this is a one-off or you expect to continue being paying income taxes going forward and at what rate.
Roger Jeffs, Chief Executive Officer
Thanks, Serge. So I’ll take the first question around PH-ILD. So if you aggregate just the inhaled prostacycline market today in real dollars it’s about 2 billion and that seems to be split somewhat evenly between PH and PH-ILD at least for us. So clearly the PH-ILD market is massively underpenetrated. I think, you know, we’re driving awareness, I think our competitors are driving awareness. So I think there’s going to be a rising tide phenomenon for that.
Our belief is that’s well in excess of 2 to 3 billion dollars on its own in PH-ILD. And then don’t forget with the oral prostacyclines, if you assign $1 billion in today’s revenue value, the oral market, there is 2 billion in value, so there’s another 3 billion. So just across PH and PH-ILD there’s a potential, you know, again with clear line of sight without a lot of exaggeration or hyperbole to, you know, $6 billion in revenue. So a lot more runway here for us to continue to grow this franchise significantly.
And certainly as we begin to develop L606 which we’re actively recruiting, we’ve had patients in screening already that, you know, that’s the next-gen molecule that can further open up access to these markets. So again, very pleased with where we are today, but excited about where we’re going to go tomorrow as well. And maybe Mike, I’ll turn it over to you, the tax question.
Michael Caseta, Chief Operating Officer and Chief Financial Officer
Yeah, thanks Roger. And thanks for the question, Serge. You know, as you saw, we did record income tax expense in Q1. As Roger has said in the prepared remarks, we’re growing profitability, we’re growing at a quick pace. We would expect to continue to, you know, show income tax expense as we move forward. As you know, as we’ve been saying since launch, and we’ll continue to say our goal is to obviously grow sales but also grow profitability and reinvest some of that profitability into the business. So the expectation is that we will have increasing net income and adjusted EBITDA as we move forward. And, you know, correspondingly we’ll have additional income tax expenses.
Jonathan, Operator
Thank you. And our next question comes to the line of Julian Harrison from BTIG. Your question please.
Julian Harrison, BTIG
Hi, let me add my congratulations on all the recent progress and thank you for taking the questions. Two for me. First, are you seeing any emerging trends among patients switching to Eutrepia from other therapies? Has there been acceleration on that front at all? And what is the most common product you’re seeing switching from at this point? And then second, thinking a little bit more about your $1 billion revenue by 2027 guidance that you announced earlier this year, is there a chance you could achieve that on a run rate basis before 2027?
Any thoughts there?
Roger Jeffs, Chief Executive Officer
Thanks. So in terms of trends and switching, maybe I’ll ask Rajeev to talk about that from his observations when he’s been out in the field talking to docs. And then also maybe Rajeev, if you could speak to the studies that we’re doing to direct patients from other prostacyclines to Eutrepia as well. And then Mike, if you’ll not answer the question on run rate, I’m going to take your best answer for Julian that you can when you get there. So, Rajeev.
Rajeev Sagar (Chief Medical Officer)
Thanks, Julian, for the question. So I think what is clear is that I’ve said this before. I think the community and the centers alike, I think we’re experiencing an inhaled renaissance and I think this is clearly being led by Eutropia’s product profile. I think that Roger continues to highlight in this call, and that’s really that the tolerability of our print formulation has led to the ability to dose to dose higher. And we showed in our sent cohort, especially in PH-ILD, that as we go up every higher every eight weeks, that has resulted in notable changes in exercise capacity for these patients to distances and changes that we have not seen in the past. And where this has gone is that practitioners, in our opinion, when we speak to them, has realized that, especially with this vast armamentarium that’s now available in both group one and now also in group three, that we’re moving more towards making the patient not only clearly wanting to feel better, walk further, live longer, but we need to do that in a way that is extremely tolerable. The construct of using pumps and even oral prostacyclines, especially given their significant GI intolerability, has allowed the market to take a look at Eutropia in a different perspective.
In particular, what we’re realizing is that the oral prop cycling market has in those practitioners we’ve seen a large switch over to Eutrepia. And although the pharmacokinetics are different, I think again the fact that we can dose Eutrepia 1.5 to 3 fold what has traditionally been used with inhaled true prostanol has really opened their eyes to this fact. And the argument can be made, well, it’s four times a day and that’s correct. But the advantage of inhaled is that it’s directly being administered to the lungs.
We can negate all the, you know, significantly negate many of the off target systemic side effects that are notable with oral prostacyclines regardless of the dosing frequency of that prostacycline. And finally with the use of citaterase coming abroad, I think we’re seeing a huge number of practitioners starting to say why are we putting patients on parenteral therapy and a pump which obviously had its advantages historically, but now we can wean that pump down, transition that also to Eutropia.
And I think we’ll see some abstracts being presented at ATS highlighting this, the utility of Eutropia in combinatory treatment with Citadercept. And I think, you know, from a company’s perspective, you know, we realize this is where we need to continue to create the data and show physicians how to also do it. From a trial perspective, we’ve now started recruiting into Ascent cohort B which is patients that are inadequately responsive to either Tabaso nebulizer or Tabaso DPI and transitioning that to Eutrepia.
We’re also planning in the very near future to initiate transitioning from oral celexapeg to open label Eutropia. I think that one, of course we initiated doing that because of again what is happening in the community. And finally, just to re-highlight, we need to provide how to actually transition from parenteral therapy patients on statuseps and how to transition off the pump directly to Eutropia. And that study we hope to be initiating sometime in 2026, 2027.
So hopefully that provides a detailed response to your question.
Roger Jeffs, Chief Executive Officer
Julian and Mike, if you’ll talk about the run rate.
Julian Harrison, BTIG
Yeah, so just to take a step back and thanks for the question, Julian. Just looking back from Q3 to Q4 and Q4 to Q1, we showed from a revenue share in inhaled process cyclones we we’ve gone from Q3 of a 10% market share to Q4 at about a little over 16% and in Q1 of 26, we’ve grown that to almost 23%. All while the market grew in Q4 and Q1 each by 5%. And this is in spite of the supposed terrible weather in the winter months here in Q4 and Q1. So I think what we’ve shown is nothing short of amazing in terms of that growth. We see continued growth as we move forward. As Roger talked about, the opportunities in both PAH and PH ID we think are massive. We have a tremendous amount of momentum. We have a best in class product, we have a best in class commercial organization and medical affairs organization. And we have nothing but confidence as we move forward here.
We’re not going to talk about run rate as we get towards the back end of the year. Rogers talked about at least a billion dollars in 2027. But we feel that we have a tremendous amount of momentum that we will continue to build on as we move through the rest of 2026.
Jonathan, Operator
Thank you. And our next question comes from the line of Ben Burnett from Wells Fargo. Your question please.
Ben Burnett, Wells Fargo
Hey, good morning. I wanted to actually ask about L606 and sort of expectations for the phase three based off the phase two or the open label. I think patients were able to get up to kind of 229 micrograms. I guess that’s the median. But what are your expectations for kind of the dose that’s achievable in phase three?
Roger Jeffs, Chief Executive Officer
Yeah. Good morning Ben. So thanks for the question. Again, over to Rajeev for that.
Rajeev Sagar (Chief Medical Officer)
Yeah, Ben, thanks for the question. I think just to re acclimate to the audience, L6.06 is our true prosthomal episode inhalation suspension that is delivered twice a day. And I think one of the things Eutropia cannot solve is the four times a day and L606 we are confident is going to be able to achieve a result that will be robust. We’re obviously studying this in the setting of PhLD and we anticipate the first patient to imminently come through in a short time period. In the open label study. I think what we highlighted was really our construct that if you can deliver this twice a day, you can also sustain pharmacokinetics of treprostinol not only during the day, but an equivalent amount at nighttime.
So that when you do a six minute walk test, we anticipate that we will not see a notable difference between trough and peak. And I think that is, that’s very important because when the patient wakes up they should feel as good as they did. As the day before when they’re walking around in terms of dosing. I think what we have learned with Eutrepia is that we need to continue to provide customization to dosing to the patients. And to do that we should be able to dose to maximum effect and those that can tolerate and clinically need it. And there’ll also be patients that also need maybe less amounts based on their own clinical response. So I think the jury’s still out.
I think what is clear is that the way that we created our dose levels do allow for significant dose titratability to levels that we also have been achieved in our with Eutrepi if we sort of are to use comparable dose level effects.
Ben Burnett, Wells Fargo
Great. Thank you, Rajeev.
Jonathan, Operator
Thank you. And our next question comes from the line of Jason Gerberry from Bank of America. Your question please.
Melanie, Bank of America
Hi, this is Melanie on for Jason, thanks for taking your question. Going back to the PHLD market opportunity, assuming no change to the market indication statement, can you talk about the challenges and opportunities with opening up that market opportunity? I know you talked about market penetration already, but how penetrated is that market currently with inhaled trepacitanil? And is there a hurdle? Market is the hurdle Market education, improved diagnosis.
Roger Jeffs, Chief Executive Officer
Great. So Scott, maybe you could take the answer on kind of what our expectations are in PHLD and where we are today.
Scott Muma, Chief Commercial Officer
Yeah, sure. Thanks. So I think we’ve said that we started with ph I L D being a smaller percentage of the patients as we, you know, that they are just a little bit of a slower burn in that market. But we’re now to the point where it’s pretty balanced in terms of 50 50. So you can see already that Ph I L D has increased. I think, you know, with that said, the market is still 60,000 patients and there is a lot of headroom here for this to continue to grow.
I think as Roger alluded to earlier, two companies in this space educating, working on awareness, diagnosis and treatment is going to rise the tide for sure. One of the reasons we’re doing the salesforce expansion here over the next couple of months is because we want to penetrate further out into the community market where these are physicians, community pulmonologists who prescribe, who see ILD patients. But they don’t spend a lot of time thinking about, if any time thinking about whether those patients have ph, you know, they’ll give them anti fibrotics and then they’ll, you know, they’ll do the best that they can.
But having said that, I think that there’s an opportunity to get out there to talk to these physicians, because many of those patients are out there in the community and they haven’t made it to a center yet. So you go to that doctor, you make them aware, you get them thinking about, you explain to them what a terrible disease this is and what the mortality looks like for it, and then ask them to look for it. And if they’re either treat it or diagnosis, I should say diagnose it and then either treat it or send it into a center.
But I think that’s where the opportunity lies is those patients that are out there kind of in the jungle. And that’s why, as I mentioned earlier, we’re expanding the sales force. So we think there’s a great deal of opportunity left there.
Roger Jeffs, Chief Executive Officer
Yeah. Another thing I would add, there’s recent registry type data that’s coming out that’s showing that 50 to 75% of these patients actually have a PH component to their ild. So, you know, really, as Scott said, it’s driving awareness and getting them to refer to a cath lab to do a definitive right heart cath so that they can then have the authorization to get scripted for a drug that can help them. So, you know, a lot of it is driving the disease awareness, driving the PH incidence within the ILD population.
So there’s sort of an expectation that it’s actually there rather than not there. And then finally, either they’re going to learn to treat or they’re going to learn to refer and what the best referral network is for them. So that’s what we’re doing. And that’s, as Scott said, one of the reasons we scaled the salesforce significantly.
Jonathan, Operator
Thank you. And our next question comes from the line of Gaurav, many from LifeSci Capital. Your question, please.
Philip Eckert, LifeSci Capital
Yeah, Good morning. Philip Eckert jumping in for Gaurav today. Thanks for taking the question. I guess any more color you can give on the potential expansion opportunity for Utopia in PHCOPD? Of course, this is a pretty wide open indication, but any color here on how the team is thinking about this will be helpful.
Roger Jeffs, Chief Executive Officer
Yes, I’ll start. So we think there’s a clear opportunity here. And I think part of what will drive the value of sort of capturing that opportunity is doing a study that is enriched, if you will, for success. So we’re at ATS, for example, we’re going to have steering committee meetings with luminaries in the space to talk about kind of if we’re going to study this disease. What, what is the best sample of patients to study. And I think if we get that right, we all know that Treprostino will improve the PH component of disease and that obviously would benefit the outcome of patients with PHCOPD.
So I think that’s where we’re gonna focus our time and attention on is making sure we get the inclusion exclusion criteria right. We then, you know, we’ll drive a, do a protocol that’s with all our experience that we think will be enriched for success and, and then we’ll take it to goal. So that’s kind of where we are with that program. So it won’t get going until 27 at best. So I think more to come on that. But appreciate the question. It’s a massive opportunity in excess of $4 billion or more on its own.
Jonathan, Operator
Thank you. This does conclude the question and answer session of today’s program. I’d like to hand the program back to Dr. Roger Jeffs for any further remarks.
Roger Jeffs, Chief Executive Officer
Yeah, thank you, operator. And thank you everybody for joining us. I think, you know, just leave you with what we’re really excited about, where the business is headed. I think we’re going to focus on four key areas. One is the continued success in the launch of Eutrepia and its growth, doing market support studies to cement our position for Eutrepia as the anchored anchoring prostacycline in the market both for transitions from inhaled and oral.
Looking at synergies with Sertatocept. We’re also going to focus on L6.06 advancement and get that to go as soon as we can. And then as we just answered a question around evolving broader indications such as IPF, PPF, PHCOPD and RayNotes so that we can expand this business by multiples and not percents. So again, thank you everyone for your time and attention today. We look forward to speaking to you at conferences in the coming future.
Jonathan, Operator
Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.
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