{"id":33,"date":"2026-07-22T12:42:18","date_gmt":"2026-07-22T12:42:18","guid":{"rendered":"https:\/\/arenasignals.com\/?p=33"},"modified":"2026-10-07T20:16:16","modified_gmt":"2026-10-07T20:16:16","slug":"liquidia-report-2026-07-22","status":"publish","type":"post","link":"https:\/\/arenasignals.com\/?p=33","title":{"rendered":"Liquidia (NASDAQ: LQDA): Can Liquidia Become the Next Great Specialty Pharma?"},"content":{"rendered":"
\n
\n

Liquidia (NASDAQ: LQDA): Can Liquidia Become the Next Great Specialty Pharma?<\/h1>\n
Arena Signals report \u00b7 Pulmonary vascular disease \u00b7 Specialty pharmaceuticals \u00b7 Inhaled prostacyclin \u00b7 Published July 22, 2026<\/div>\n
\n
\n
Company<\/div>\n

Liquidia Corporation<\/strong><\/p>\n<\/div>\n

\n
Ticker<\/div>\n

NASDAQ: LQDA<\/strong><\/p>\n<\/div>\n

\n
Share Price at Publication<\/div>\n

US$87.24<\/strong><\/p>\n

Refresh before publication<\/div>\n<\/div>\n
\n
Market Cap<\/div>\n

Approx. US$7B<\/strong><\/p>\n

Approx. at publication<\/div>\n<\/div>\n
\n
Sector<\/div>\n

Specialty Pharma \u00b7 Pulmonary Vascular Disease<\/strong><\/p>\n<\/div>\n

\n
New Catalyst<\/div>\n

YUTREPIA launch scale-up \u00b7 L606 Phase 3 Re-Spire<\/strong><\/p>\n<\/div>\n

\n
Key Products<\/div>\n

YUTREPIA \u00b7 L606 \u00b7 Generic Treprostinil Injection \u00b7 PRINT\u00ae<\/strong><\/p>\n<\/div>\n

\n
Signal Rating<\/div>\n

Very Strong Signal \u00b7 Commercial transformation<\/strong><\/p>\n<\/div>\n<\/div>\n

\n\n\n
\n\"Roger<\/p>\n
Roger Jeffs, M.D.<\/div>\n
Chief Executive Officer<\/div>\n<\/td>\n
\n
\u201cOur focus in 2026 is on making the full benefit of prostacyclin therapy available to more patients.\u201d<\/div>\n
\u2014 Roger Jeffs, M.D., First Quarter 2026<\/div>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\n

01<\/span>What the Company Does \u2014 In Plain English<\/h2>\n

Liquidia is building a specialty pharmaceutical company around pulmonary and vascular diseases. Its first major commercial product, YUTREPIA<\/strong>, is an inhaled dry-powder form of treprostinil for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. The drug was engineered with Liquidia\u2019s proprietary PRINT<\/strong> particle-manufacturing technology to create uniform particles designed for efficient delivery deep into the lungs.<\/p>\n

But YUTREPIA is only the commercial foundation. Liquidia is also developing L606<\/strong>, a twice-daily sustained-release inhaled treprostinil delivered through a portable nebulizer, while using new studies to test inhaled prostacyclin across additional diseases and treatment settings. The emerging strategy is not one product for one indication. It is a broader pulmonary vascular franchise built around better delivery, stronger evidence and wider use of prostacyclin therapy.<\/p>\n<\/section>\n

\n

02<\/span>Why Now<\/h2>\n

Liquidia has crossed the line from development-stage biotech to profitable commercial company at unusual speed. YUTREPIA launched in June 2025 and generated $148.3 million<\/strong> in net product sales during 2025, including $90.1 million<\/strong> in the fourth quarter. First-quarter 2026 sales then reached approximately $129.9 million<\/strong>, helping produce a third consecutive profitable quarter, net income of roughly $52.9 million<\/strong> and adjusted EBITDA of approximately $71.2 million<\/strong>.<\/p>\n

Commercial adoption is also widening. By April 30, 2026, Liquidia had received more than 4,500 unique patient prescriptions<\/strong>, started approximately 3,750 patients<\/strong> and expanded the prescriber base to more than 980 physicians<\/strong>. That rapid launch gives the company something most emerging biotechs lack: a self-funding commercial engine capable of financing additional studies, sales-force expansion and development of a second major product.<\/p>\n<\/section>\n

\n

03<\/span>Investment Thesis<\/h2>\n

Liquidia is attempting to turn one of the strongest recent specialty-drug launches into a broad pulmonary vascular disease franchise.<\/strong> YUTREPIA is the first commercial engine, but it is not the entire story. Management is using the product\u2019s rapid uptake and cash generation to deepen penetration in pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), expand the clinical role of inhaled prostacyclin, and advance L606 as a second differentiated product.<\/p>\n

The Existing Market Is Already Multibillion-Dollar<\/h3>\n

The most concrete way to size the immediate opportunity is to look at the market that already exists. United Therapeutics generated approximately $1.88 billion of Tyvaso revenue in 2025<\/strong> from Tyvaso DPI and nebulized Tyvaso. In the first quarter of 2026 alone, the Tyvaso franchise generated approximately $457.5 million<\/strong>. That establishes an annualized existing inhaled-treprostinil market approaching $2 billion before considering potential expansion into additional diseases.<\/p>\n

The diagnosed-and-treated U.S. populations are also meaningful for a rare-disease market. Liquidia estimates approximately 45,000 treated PAH patients<\/strong> and more than 60,000 patients with PH-ILD<\/strong>. Those figures suggest an initial addressable population exceeding 100,000 patients, although not every patient will be appropriate for inhaled prostacyclin and actual penetration will depend on disease severity, physician practice, reimbursement and competing therapies.<\/p>\n

What Is on the Market Today?<\/h3>\n
\nCurrent competitive landscape:<\/strong>
\n\u2022 Tyvaso DPI<\/strong> \u2014 United Therapeutics\u2019 dry-powder inhaled treprostinil, the leading incumbent.
\n\u2022 Nebulized Tyvaso<\/strong> \u2014 inhaled treprostinil delivered through a nebulizer.
\n\u2022 Remodulin and generic treprostinil injection<\/strong> \u2014 continuous parenteral prostacyclin therapy for more advanced PAH.
\n\u2022 Orenitram<\/strong> \u2014 oral treprostinil.
\n\u2022 Uptravi<\/strong> \u2014 an oral prostacyclin-receptor agonist.
\n\u2022 Winrevair<\/strong> \u2014 a newer disease-modifying PAH therapy that may be used alongside, rather than necessarily replace, prostacyclin-pathway drugs.\n<\/div>\n

Liquidia\u2019s Differentiation<\/h3>\n

YUTREPIA is a palm-sized dry-powder product engineered with Liquidia\u2019s PRINT\u00ae particle technology. Management is positioning it around dosing flexibility, efficient lung delivery, ease of use and the ability to transition appropriate patients from oral, inhaled and systemic prostacyclin therapies. The early commercial evidence is unusually strong: approximately $129.9 million of first-quarter 2026 product sales<\/strong>, more than 4,500 prescriptions<\/strong>, approximately 3,750 patient starts<\/strong>, more than 980 prescribers<\/strong> and prescription-to-start conversion at or above 85%.<\/p>\n

The Larger Addressable Opportunity<\/h3>\n

The upside is not limited to taking share from Tyvaso. Liquidia is funding studies intended to broaden the use of inhaled prostacyclin across patients inadequately controlled on oral therapies, patients transitioning from competing inhaled products, and potential future disease settings including idiopathic pulmonary fibrosis, progressive pulmonary fibrosis, PH-COPD and systemic-sclerosis-associated Raynaud\u2019s phenomenon<\/strong>. The company is also studying YUTREPIA in combination with Winrevair and advancing L606, a twice-daily sustained-release nebulized treprostinil, through the global Phase 3 Re-Spire study.<\/p>\n

If management executes, Liquidia could evolve from a one-product launch story into a specialty pharmaceutical platform with multiple products, expanding indications, recurring commercial cash flow and a focused sales infrastructure. That is the real investment question: can Liquidia use YUTREPIA as the first proof point in building the next great specialty pharma company?<\/strong><\/p>\n

Arena Signals Market View:<\/strong> The currently proven commercial market is already close to $2 billion annually, based on the incumbent Tyvaso franchise. The broader opportunity could become materially larger if inhaled treprostinil succeeds in additional fibrotic lung diseases and earlier treatment settings. Those expansion markets should be treated as clinical upside\u2014not yet as established addressable revenue.<\/div>\n<\/section>\n
\n

04<\/span>CEO Playbook<\/h2>\n

Mission \u2014 Expand Access to Prostacyclin<\/h3>\n
\n

\u201cOur focus in 2026 is on making the full benefit of prostacyclin therapy available to more patients.\u201d<\/p>\n

Roger Jeffs, M.D. \u00b7 Q1 2026 results<\/div>\n<\/div>\n

Jeffs is defining the company around a treatment modality rather than a single brand. The mission is to make prostacyclin easier to start, easier to tolerate and practical for more patients across more diseases. That framing creates a much larger strategic canvas than simply competing against one incumbent inhaled product.<\/p>\n

Prize \u2014 Establish a New Standard<\/h3>\n
\n

\u201cYUTREPIA and L606 have the potential to establish a new standard for the use of inhaled prostacyclin.\u201d<\/p>\n

Roger Jeffs, M.D. \u00b7 Preliminary full-year 2025 update<\/div>\n<\/div>\n

The prize is category leadership. YUTREPIA provides the dry-powder option; L606 could add a differentiated twice-daily nebulized formulation. Together, they could allow Liquidia to serve different patient needs while building a broader evidence base around inhaled treprostinil.<\/p>\n

Edge \u2014 Product Design and Delivery<\/h3>\n
\n

\u201cYUTREPIA has taken hold in clinical practice, placing it among the top specialty drug launches of the past five years.\u201d<\/p>\n

Roger Jeffs, M.D. \u00b7 Q4 and full-year 2025 results<\/div>\n<\/div>\n

The immediate edge is product usability backed by focused commercial execution. YUTREPIA uses a small, low-effort device and PRINT-engineered particles. L606 approaches the same therapeutic class from another direction: sustained release, twice-daily dosing and rapid nebulization. Liquidia is effectively assembling a portfolio of delivery solutions around a proven molecule.<\/p>\n

Proof \u2014 Commercial Adoption and Profitability<\/h3>\n
\n

\u201cAdoption continues to broaden across PAH and PH-ILD, with increasing depth in treatment centers.\u201d<\/p>\n

Roger Jeffs, M.D. \u00b7 Q4 and full-year 2025 results<\/div>\n<\/div>\n

The strongest proof is no longer a clinical endpoint\u2014it is behavior in the market. Prescriptions, patient starts, repeat prescribers and rapid profitability show that physicians are willing to use the product and that Liquidia can convert demand into attractive economics.<\/p>\n

Next Move \u2014 Build the Franchise<\/h3>\n
\n

\u201cWe plan to deepen prescriber adoption, grow our sales force, expand YUTREPIA\u2019s clinical evidence and advance L606 into pivotal trials.\u201d<\/p>\n

Roger Jeffs, M.D. \u00b7 Q4 and full-year 2025 results<\/div>\n<\/div>\n

Management\u2019s next move is a classic specialty-pharma playbook: use cash flow from the lead launch to expand the sales organization, generate evidence that supports switching and earlier use, pursue new indications and fund a second product through pivotal development.<\/p>\n<\/section>\n

\n

05<\/span>CEO Signals Timeline<\/h2>\n
\n
\n
Q2 2025<\/div>\n
Signal:<\/strong> FDA approval transformed Liquidia from a pre-commercial biotech into a launch-stage specialty pharma. Management moved immediately from legal and regulatory defense to commercial execution.<\/div>\n<\/div>\n
\n
Q3 2025<\/div>\n
Signal:<\/strong> Early demand validated management\u2019s belief that YUTREPIA could become a preferred inhaled prostacyclin. Prescription conversion and physician adoption reduced launch risk.<\/div>\n<\/div>\n
\n
Q4 2025<\/div>\n
Signal:<\/strong> $90.1 million in quarterly sales and a second profitable quarter showed operating leverage far earlier than many investors expected. Management shifted the narrative from launch success to franchise expansion.<\/div>\n<\/div>\n
\n
Q1 2026<\/div>\n
Signal:<\/strong> Approximately $130 million in quarterly YUTREPIA sales, more than 980 prescribers and the start of additional Phase 4 and L606 studies confirmed that Liquidia was reinvesting from a position of strength.<\/div>\n<\/div>\n<\/div>\n<\/section>\n
\n

06<\/span>Financial Transformation<\/h2>\n

Liquidia\u2019s financial profile changed almost immediately after the June 2025 launch of YUTREPIA. In the first quarter of 2025, before product launch, the company generated only $3.1 million of service revenue and recorded a net loss of $38.4 million. One year later, first-quarter 2026 total revenue reached approximately $132.9 million, net income reached $52.9 million and adjusted EBITDA reached $71.2 million.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
Metric<\/th>\nPre-Launch \/ Prior Period<\/th>\nLatest Reported Position<\/th>\nArena Signal<\/th>\n<\/tr>\n<\/thead>\n
Product Revenue<\/strong><\/td>\n$0 in Q1 2025<\/td>\n$129.9M in Q1 2026<\/td>\nYUTREPIA created a commercial business almost overnight.<\/td>\n<\/tr>\n
Total Revenue<\/strong><\/td>\n$3.1M in Q1 2025<\/td>\n$132.9M in Q1 2026<\/td>\nThe company is no longer dependent on service revenue.<\/td>\n<\/tr>\n
Net Income<\/strong><\/td>\n$(38.4)M loss in Q1 2025<\/td>\n$52.9M profit in Q1 2026<\/td>\nA roughly $91M year-over-year swing in quarterly earnings.<\/td>\n<\/tr>\n
Adjusted EBITDA<\/strong><\/td>\nLoss-making development-stage profile<\/td>\n$71.2M in Q1 2026<\/td>\nStrong operating leverage from a high-value specialty product.<\/td>\n<\/tr>\n
Cash<\/strong><\/td>\n$176.5M at year-end 2024<\/td>\n$222.8M at March 31, 2026<\/td>\nLaunch economics are strengthening the balance sheet while the company funds expansion.<\/td>\n<\/tr>\n
R&D Investment<\/strong><\/td>\n$7.0M in Q1 2025<\/td>\n$12.6M in Q1 2026<\/td>\nLiquidia can increase pipeline spending from commercial cash flow.<\/td>\n<\/tr>\n
Business Model<\/strong><\/td>\nDevelopment-stage biotech<\/td>\nProfitable specialty pharma with a pipeline<\/td>\nThe valuation debate has shifted from approval risk to durability and franchise scale.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n
Why It Matters:<\/strong> This is not simply revenue growth. It is a change in corporate identity. Liquidia moved from financing clinical development to generating enough cash from operations to expand its sales force, fund new YUTREPIA evidence and advance L606 into pivotal development.<\/div>\n<\/section>\n
\n

07<\/span>The Franchise Architecture<\/h2>\n
\n\n\n\n\n\n\n\n\n\n
Asset \/ Program<\/th>\nRole in the Strategy<\/th>\nWhat It Could Unlock<\/th>\n<\/tr>\n<\/thead>\n
YUTREPIA<\/strong><\/td>\nCommercial dry-powder inhaled treprostinil for PAH and PH-ILD.<\/td>\nCore revenue engine, physician relationships and proof that Liquidia can launch successfully.<\/td>\n<\/tr>\n
YUTREPIA evidence expansion<\/strong><\/td>\nTransition, titration, combination and exploratory studies.<\/td>\nBroader use, stronger differentiation and potential movement earlier in treatment pathways.<\/td>\n<\/tr>\n
L606<\/strong><\/td>\nTwice-daily sustained-release inhaled treprostinil via portable nebulizer.<\/td>\nA second product for patients who may prefer or require a nebulized option, plus international opportunity.<\/td>\n<\/tr>\n
New disease settings<\/strong><\/td>\nIPF, PPF, PH-COPD and systemic-sclerosis-associated Raynaud\u2019s phenomenon.<\/td>\nPotential expansion beyond the current PAH and PH-ILD labels.<\/td>\n<\/tr>\n
PRINT technology<\/strong><\/td>\nPrecision particle engineering platform.<\/td>\nAdditional inhaled products or partnerships beyond treprostinil, though this remains less proven commercially.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/section>\n
\n

08<\/span>Upcoming Catalysts<\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n
Catalyst<\/th>\nExpected Window<\/th>\nWhy It Matters<\/th>\nImpact<\/th>\n<\/tr>\n<\/thead>\n
Continued YUTREPIA prescription and patient-start growth<\/td>\nEach quarterly update<\/td>\nTests whether the launch can sustain momentum after the initial conversion wave.<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
Phase 4 transition-study progress<\/td>\n2026\u20132027<\/td>\nCould document switching from Tyvaso, Tyvaso DPI and oral prostacyclin-pathway therapies.<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/td>\n<\/tr>\n
Re-Spire Phase 3 enrollment for L606<\/td>\n2026 onward<\/td>\nMoves the second major product toward registration in PH-ILD.<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
ASCENT 52-week PH-ILD data<\/td>\nAs reported by company<\/td>\nMay strengthen the durability, tolerability and titration case for YUTREPIA.<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/td>\n<\/tr>\n
Studies in IPF, PPF, PH-COPD and Raynaud\u2019s<\/td>\n2026 onward<\/td>\nTests whether the franchise can expand beyond currently approved indications.<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/td>\n<\/tr>\n
Sales-force expansion and broader physician coverage<\/td>\n2026<\/td>\nCould extend adoption beyond the highest-volume pulmonary hypertension centers.<\/td>\n\u2605\u2605\u2605\u2606\u2606<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/section>\n
\n

09<\/span>News Flow<\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n
Date<\/th>\nDevelopment<\/th>\nSignal<\/th>\nStrength<\/th>\n<\/tr>\n<\/thead>\n
June 2026<\/td>\nCompany highlighted additional portfolio data at pulmonary hypertension meetings.<\/td>\nEvidence generation is becoming a central part of the commercial moat.<\/td>\n\u2605\u2605\u2605\u2606\u2606<\/td>\n<\/tr>\n
May 11, 2026<\/td>\nReported approximately $129.9 million in Q1 YUTREPIA sales and third consecutive profitable quarter.<\/td>\nLaunch momentum and operating leverage remained strong.<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
March 5, 2026<\/td>\nReported $148.3 million of 2025 YUTREPIA sales, including $90.1 million in Q4.<\/td>\nOne of the fastest specialty-drug launches in recent years.<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
January 9, 2026<\/td>\nOutlined multiple YUTREPIA and L606 studies across current and potential future indications.<\/td>\nMade the broader franchise strategy explicit.<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
May 23, 2025<\/td>\nFDA granted full approval for YUTREPIA in PAH and PH-ILD.<\/td>\nRemoved the core regulatory barrier and opened the commercial market.<\/td>\n\u2605\u2605\u2605\u2605\u2605<\/td>\n<\/tr>\n
2024\u20132025<\/td>\nMajor patent and exclusivity barriers were resolved or expired.<\/td>\nReduced the existential legal overhang that had dominated the stock.<\/td>\n\u2605\u2605\u2605\u2605\u2606<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/section>\n
\n

10<\/span>The Debate<\/h2>\n
\n
\n

Bull Case<\/h3>\n
    \n
  • YUTREPIA is already demonstrating blockbuster-level launch characteristics.<\/li>\n
  • Rapid profitability gives Liquidia the ability to fund growth internally.<\/li>\n
  • The company can build a multi-product franchise around YUTREPIA and L606.<\/li>\n
  • Additional diseases could materially expand the addressable market.<\/li>\n
  • Roger Jeffs and the management team have deep pulmonary-hypertension experience.<\/li>\n
  • PRINT may eventually support products beyond treprostinil.<\/li>\n<\/ul>\n<\/div>\n
    \n

    Bear Case<\/h3>\n
      \n
    • At an approximately $7 billion valuation, the market already discounts substantial future success.<\/li>\n
    • United Therapeutics remains a powerful incumbent with strong physician relationships and a broad portfolio.<\/li>\n
    • Initial launch demand may include a bolus of switches that becomes harder to sustain.<\/li>\n
    • New indications and L606 still require clinical and regulatory success.<\/li>\n
    • The franchise remains heavily concentrated in treprostinil and pulmonary hypertension.<\/li>\n
    • Future patent disputes, pricing pressure or reimbursement friction could affect growth.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/section>\n
      \n

      11<\/span>Questions for Management<\/h2>\n
        \n
      1. What proportion of YUTREPIA starts are new-to-prostacyclin patients versus switches from Tyvaso, Tyvaso DPI, oral agents or parenteral therapy?<\/li>\n
      2. How should investors think about the sustainable annualized demand rate after the initial launch and switching wave?<\/li>\n
      3. Which new indication has the strongest scientific and commercial rationale: IPF, PPF, PH-COPD or Raynaud\u2019s phenomenon?<\/li>\n
      4. How will YUTREPIA and L606 be positioned so that the products complement rather than cannibalize each other?<\/li>\n
      5. What evidence would be needed for physicians to use inhaled prostacyclin earlier in the PAH treatment pathway?<\/li>\n
      6. How large can the sales organization become while preserving the company\u2019s current operating leverage?<\/li>\n
      7. What is the long-term role of PRINT beyond YUTREPIA, and when might investors see another internally developed PRINT product?<\/li>\n
      8. At what point could international partnerships or commercialization become a meaningful growth driver for L606?<\/li>\n<\/ol>\n<\/section>\n
        \nPrimary research sources:<\/strong> Liquidia Q1 2026 financial results (May 11, 2026); Liquidia Q4 and full-year 2025 results (March 5, 2026); preliminary 2025 sales and pipeline update (January 9, 2026); Liquidia investor relations materials and clinical-program announcements through July 2026. Recent market data is approximate and should be refreshed before publication.\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        Liquidia (NASDAQ: LQDA): Can Liquidia Become the Next Great Specialty Pharma? Arena Signals report \u00b7 Pulmonary vascular disease \u00b7 Specialty pharmaceuticals \u00b7 Inhaled prostacyclin \u00b7 Published July 22, 2026 Company Liquidia Corporation Ticker NASDAQ: LQDA Share Price at Publication US$87.24 Refresh before publication Market Cap Approx. US$7B Approx. at publication Sector Specialty Pharma \u00b7 Pulmonary […]<\/p>\n","protected":false},"author":1,"featured_media":34,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"arena_status":[2],"arena_format":[4],"class_list":["post-33","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health","arena_status-public","arena_format-report"],"_links":{"self":[{"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/posts\/33","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33"}],"version-history":[{"count":2,"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/posts\/33\/revisions"}],"predecessor-version":[{"id":132,"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/posts\/33\/revisions\/132"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=\/wp\/v2\/media\/34"}],"wp:attachment":[{"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33"},{"taxonomy":"arena_status","embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Farena_status&post=33"},{"taxonomy":"arena_format","embeddable":true,"href":"https:\/\/arenasignals.com\/index.php?rest_route=%2Fwp%2Fv2%2Farena_format&post=33"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}