[144] Gilead Sciences Inc SEC Filing

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) – Form 4 filing dated 15-Jul-2025 details two insider transactions by Chief Commercial Officer Scott Moomaw.

• 07-11-2025: 3,107 common shares were acquired through the conversion of vested performance stock units (Code M). This increased Moomaw’s direct holdings to 228,028 shares.
• 07-14-2025: 4,797 shares were sold at $14.28 per share (Code S) under a pre-arranged Rule 10b5-1 plan to cover tax obligations arising from recent RSU/PSU settlements. Post-sale, the executive directly owns 223,231 shares.

The filing also discloses a sizeable pipeline of unvested equity: 31,249 RSUs from a 2023 grant, 31,077 RSUs from a 2024 grant, and 69,729 RSUs granted in 2025. In addition, 11,002 shares were accumulated via the company’s 2020 ESPP.

No cash proceeds were reported for the acquisition; the sale generated roughly $68.5 k in gross proceeds. The net effect is a marginal reduction of 1,690 shares (<1% of the executive’s stake), suggesting a routine tax-related transaction rather than a directional view on Liquidia’s prospects.

Positive

• Executive retains a substantial direct stake of 223,231 shares, indicating continued alignment with shareholder interests.
• Sizeable unvested RSU/PSU pool (≈132 k units) suggests long-term incentive structure tied to company performance.

Negative

• Sale of 4,797 shares at $14.28 could be perceived as a mild negative, though context indicates it was tax-related.
• Net reduction of 1,690 shares marginally decreases insider ownership, albeit by less than 1 %.

Insights

Senior Securities Analyst

TL;DR: Minor tax-related sale; insider still retains >223 k shares – negligible impact on valuation.

The Form 4 shows Mr. Moomaw converting 3,107 PSUs and immediately disposing of 4,797 shares to settle tax liabilities under a 10b5-1 plan. The gross sale value (~$68 k) and the net share reduction (~0.7 % of his total holdings) are immaterial to the float and do not indicate strategic divestment. Importantly, the executive’s remaining equity plus 132 k unvested RSUs/PSUs continues to align his interests with shareholders. From a capital-markets perspective, this is routine insider activity with no signaling value regarding Liquidia’s fundamentals.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	3000	333090.00	1243929121	07/15/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	12/10/2023	Restricted Stock	Issuer			877	12/10/2023	Not Applicable
Common	07/24/2023	Restricted Stock	Issuer			649	07/24/2023	Not Applicable
Common	09/10/2023	Restricted Stock	Issuer			1474	09/10/2023	Not Applicable

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
JOHANNA MERCIER 333 Lakeside Drive Foster City CA 94404	Common	06/16/2025	3000	330510.00
JOHANNA MERCIER 333 Lakeside Drive Foster City CA 94404	Common	05/22/2025	12500	1343961.25
JOHANNA MERCIER 333 Lakeside Drive Foster City CA 94404	Common	05/22/2025	12500	1344037.50
JOHANNA MERCIER 333 Lakeside Drive Foster City CA 94404	Common	05/22/2025	860	92468.23
JOHANNA MERCIER 333 Lakeside Drive Foster City CA 94404	Common	05/22/2025	1458	156765.91
JOHANNA MERCIER 333 Lakeside Drive Foster City CA 94404	Common	05/22/2025	682	73329.46

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Liquidia (LQDA) shares did the CCO sell?

Scott Moomaw sold 4,797 shares on 14-Jul-2025 at $14.28 per share.

Why were the shares sold?

The shares were sold to cover taxes on recently vested RSUs and PSUs, executed under a Rule 10b5-1 plan.

How many shares does the executive now hold?

After the transactions, Moomaw directly owns 223,231 Liquidia common shares.

What equity awards remain unvested?

He holds 31,249 unvested RSUs from 2023, 31,077 from 2024, and 69,729 RSUs granted in 2025.

Did the insider purchase any shares with cash?

No cash purchase occurred; shares were acquired via PSU conversion at no stated cost.