Rule 144 notice: 133,789 shares tied to option exercise

Morgan Stanley Smith Barney LLC submitted a Rule 144 notice relating to 133,789 shares of Common stock tied to an exercise of stock options on 04/09/2026, with cash payment indicated.

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted a Rule 144 notice relating to 133,789 shares of Common stock tied to an exercise of stock options on 04/09/2026, with cash payment indicated. The excerpt also lists previous reported sales by Michael Kaseta: 1,165 shares on 03/02/2026 and 36,932 shares on 01/12/2026.

Key Figures

Proposed resale: 133,789 shares Prior sale 1: 1,165 shares Prior sale 2: 36,932 shares +1 more

4 metrics

Proposed resale 133,789 shares Exercise of stock options on 04/09/2026

Prior sale 1 1,165 shares Sold on 03/02/2026 for $35,625.70

Prior sale 2 36,932 shares Sold on 01/12/2026 for $1,382,364.76

Payment method Cash Method listed for 04/09/2026 transaction

Key Terms

Exercise of Stock Options, Rule 144, Form 144

3 terms

Exercise of Stock Options financial

"Exercise of Stock Options | Issuer | 04/09/2026"

Rule 144 regulatory

"144: Securities To Be Sold"

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.

Form 144 regulatory

"form_type: 144"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the LQDA Form 144 filing report?

The filing reports a proposed sale of 133,789 shares tied to an exercise of stock options on 04/09/2026. It also lists prior reported dispositions by Michael Kaseta of 1,165 and 36,932 shares on stated dates.

Who is listed as the selling party in the LQDA excerpt?

The excerpt lists Morgan Stanley Smith Barney LLC Executive Financial Services in connection with the 133,789-share stock-option exercise on 04/09/2026, and names Michael Kaseta for prior sales on earlier dates.

What were the prior reported sales by Michael Kaseta in this filing?

Michael Kaseta reported selling 1,165 shares on 03/02/2026 for $35,625.70 and 36,932 shares on 01/12/2026 for $1,382,364.76, as shown in the excerpt.

Does the Form 144 excerpt state how proceeds will be handled?

The excerpt indicates the 04/09/2026 transaction stems from an exercise of stock options and lists cash as the payment method. No further allocation or use-of-proceeds details are provided in the excerpt.

What date is associated with the proposed resale under Rule 144?

The proposed resale tied to the stock-option exercise is dated 04/09/2026, which is the date shown for the 133,789-share transaction in the provided excerpt.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/09/2026 - 04:21 PM EDT 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	0001724346
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	MICHAEL KASETA
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	Officer

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	133789	5109401.91	88114429	04/09/2026	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	04/09/2026	Exercise of Stock Options	Issuer			133789	04/09/2026	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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
MICHAEL KASETA 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	03/02/2026	1165	35625.70
MICHAEL KASETA 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	01/12/2026	36932	1382364.76

144: Remarks and Signature

Remarks
Date of Notice	04/09/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	11/05/2025
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/ Michael Kaseta
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)