LQDA is a recent IPO with a 5% ownership stake by Gates Foundation. Lead candidate will have Ph3 results during H1/19 Technological edge would be their PRINT platform for producing uniform drug particles. LIQ861 is an inhalant PAH treatment aimed at reducing off target effects. TAM = ~$1.2Bn MNKD's Tre-T is a competing product. LIQ865 for post-operative pain will enter Ph2 trial Q4/18