LQDA v. UTHR Victory Lap

+ thoughts on the current price action and near term catalysts

Santa Claus came to town a little early this year, with the Federal Circuit handing down a victory for Liquidia in UTHR’s appeal of the ’793 invalidity decision at the PTAB. The decision was unanimous, meaning even the seemingly skeptical Judge Reyna came around to Liquidia’s case.

I won’t talk about the decision itself, as it’s largely a recitation of the standards followed by a short statement that the PTAB decision met the requisite standard, but I do want to take a moment to talk through price action yesterday and what I expect might happen over the next 6-12 months.