Liquidia (NASDAQ: LQDA) director to sell shares after option exercises

Rhea-AI Filing Summary

Liquidia Corp (LQDA) received a notice that director Katherine T. Rielly-Gauvin plans to sell up to 55,182 shares of Liquidia common stock. The shares are to be obtained through the exercise of stock options with cash payment and sold through Morgan Stanley Smith Barney LLC.

The filing lists an aggregate market value of approximately $4,101,678.06 for the shares to be sold and indicates 89,508,891 Liquidia common shares outstanding as of 08/19/2026. The remarks state that the securities were and will be received upon option exercises over the next three months, with acquisition and payment occurring on the exercise/sale dates.

Key Figures

Shares to be sold: 55,182 shares Aggregate market value: $4,101,678.06 Shares outstanding: 89,508,891 shares +2 more

5 metrics

Shares to be sold 55,182 shares Number of Liquidia common shares covered by the Form 144

Aggregate market value $4,101,678.06 Aggregate market value of the 55,182 shares to be sold

Shares outstanding 89,508,891 shares Number of Liquidia common shares outstanding as of 08/19/2026

Planned sale date reference 08/19/2026 Date listed with securities information and option exercise sale details

Shares via option exercise 55,182 shares Shares to be received upon exercise of stock options over three months

Key Terms

Rule 144, Exercise of Stock Options, aggregate market value, Number of Shares or Other Units Outstanding

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Exercise of Stock Options financial

"Common | 08/19/2026 | Exercise of Stock Options | Issuer"

aggregate market value financial

"55182 | 4101678.06 | 89508891 | 08/19/2026"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

Number of Shares or Other Units Outstanding financial

"55182 | 4101678.06 | 89508891 | 08/19/2026"

FAQ

What does Liquidia Corp (LQDA) disclose about the planned stock sale by Katherine T. Rielly-Gauvin?

Liquidia discloses that director Katherine T. Rielly-Gauvin plans to sell up to 55,182 common shares. These shares will be obtained via exercise of stock options and sold for cash through Morgan Stanley Smith Barney LLC.

How many Liquidia (LQDA) shares are covered by this Form 144 notice?

The notice covers up to 55,182 shares of Liquidia common stock. This is the stated number of shares to be sold, obtained through stock option exercises over a period of three months.

What is the aggregate market value of the Liquidia (LQDA) shares to be sold?

The filing lists an aggregate market value of approximately $4,101,678.06 for the 55,182 Liquidia common shares. This figure reflects the market value used in the Form 144 securities information section.

How many Liquidia (LQDA) shares are outstanding according to this Form 144?

The Form 144 states that 89,508,891 Liquidia common shares were outstanding as of 08/19/2026. This figure is provided in the securities information section as the number of shares or units outstanding.

How will Katherine T. Rielly-Gauvin acquire the Liquidia (LQDA) shares she plans to sell?

She will receive the shares upon the exercise of stock options, with payment in cash. The remarks explain that the securities were and will be received upon option exercise over three months, with acquisition and payment on the exercise/sale dates.

Which broker is involved in the planned sale of Liquidia (LQDA) shares under this Form 144?

The shares are to be sold through Morgan Stanley Smith Barney LLC Executive Financial Services at 1 New York Plaza. This broker is identified in the securities information section of the Form 144.

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Available on EDGAR 08/19/2026 - 04:27 PM Accepted by SEC EDGAR 08/19/2026 - 04:26 PM Learn about SEC filing dates

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	0001791718
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	LIQUIDIA CORPORATION
SEC File Number	001-39724
Address of Issuer	419 Davis Drive, Suite 100, Morrisville NORTH CAROLINA 27560
Phone	9193284400
Name of Person for Whose Account the Securities are To Be Sold	Katherine T. Rielly-Gauvin
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	Director

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	55182	4101678.06	89508891	08/19/2026	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	08/19/2026	Exercise of Stock Options	Issuer			55182	08/19/2026	Cash

* 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

Nothing to Report

144: Remarks and Signature

Remarks	The securities to be sold were and will be received upon the exercise of stock options over the next three months. The dates of acquisition and payment were and will be the dates of exercise/sale.
Date of Notice	08/19/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	05/20/2026
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	/s/ Katherine T. Rielly-Gauvin
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)