Positive Outlook for Liquidia Technologies: Strong Financial Performance and Growth Prospects Justify Buy RatingWe remain most focused on the highly binary '327 trial outcome (we recently discussed the case with an IP trial attorney - our takeaways from the call can be found HERE) and expect that the discount in LQDA shares vs. earnings growth potential (along with today's intraday fade, despite the strong beat) is most attributable to this legal overhang. LQDA achieved non-GAAP profitability in 3Q25 and a 189% beat in Yutrepia revenue ($54.3M vs. $18.8M consensus). Yutrepia uptake (>1,500 patients on Tx and >2,000 unique prescriptions to date) likely exceeds our prior expectations of 950 payor-reimbursed pts on Tx by the end of October. Rate of conversion also improved to 85% vs. 75% in 2Q25. Mgmt. indicated that PAH accounts for the majority of Yutrepia's TRx, with steady growth in PH-ILD; we expect the latter over time to emerge as the larger market opportunity for Yutrepia.