Liquidia (LQDA) Insider Files Form 144 to Sell 26,057 Shares

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) Form 144 notice reports a proposed sale of 26,057 common shares with an aggregate market value of $729,596.00, to be sold approximately on 08/28/2025 on NASDAQ. The filing identifies the securities were acquired as 13,425 performance stock units on 11/10/2021 and 12,632 restricted stock units on 03/18/2024, both from the issuer. It discloses prior open-market sales by the same seller in the past three months totaling 7,078 shares for $114,243.82. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information and follows Rule 144 disclosure requirements.

Positive

• Filing provides clear disclosure of the proposed sale including share count, aggregate market value, approximate sale date, and exchange (NASDAQ).
• Securities to be sold were acquired as performance stock units (11/10/2021) and restricted stock units (03/18/2024), showing they originated from issuer compensation rather than open-market purchases.
• The filer includes the required attestation that they are not aware of any undisclosed material adverse information about the issuer.

Negative

• The filer conducted prior open-market sales in the past three months totaling 7,078 shares for $114,243.82, which may be viewed by some investors as insider selling activity.
• The form does not include details of any Rule 10b5-1 trading plan adoption date or related plan documentation on its face, limiting context about whether sales follow a pre-established plan.

Insights

Securities/Equity Analyst

TL;DR: Routine Rule 144 disclosure of a planned insider sale; size is small relative to outstanding shares and shows prior sporadic sales.

The filing documents a proposed disposition of 26,057 common shares tied to prior equity compensation (performance stock units and restricted stock units). The seller previously sold 7,078 shares in the past three months for $114,243.82, indicating intermittent liquidity events rather than a large, concentrated exit. The filing is procedural and provides required compliance confirmations under Rule 144.

Corporate Governance Expert

TL;DR: Standard insider sale notice with required attestations; no governance red flags disclosed in this document.

The notice includes the attestation that the filer is unaware of undisclosed material adverse information and cites acquisition origins as issuer-granted PSUs and RSUs, which is common for executive compensation. There is no indication of accelerated disposal or trading-plan details on the form itself. From a governance perspective, the filing satisfies disclosure obligations but does not provide broader context such as trading-plan adoption dates or intent beyond the sale schedule.

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	26057	729596.00	86091454	08/28/2025	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	11/10/2021	Performance Stock Units	Issuer			13425	11/10/2021	N/A
Common	03/18/2024	Restricted Stock Units	Issuer			12632	03/18/2024	N/A

* 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
JASON ADAIR 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	07/28/2025	454	8870.52
JASON ADAIR 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	07/14/2025	2576	36772.40
JASON ADAIR 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	06/04/2025	3597	61051.16
JASON ADAIR 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	06/02/2025	451	7549.74

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

What shares does the LQDA Form 144 propose to sell?

The notice reports a proposed sale of 26,057 common shares of Liquidia Corporation.

When is the approximate sale date and on which exchange will LQDA shares be sold?

The approximate sale date is 08/28/2025 and the filing lists NASDAQ as the exchange.

How were the securities being sold originally acquired according to the filing?

The securities were acquired from the issuer as 13,425 performance stock units on 11/10/2021 and 12,632 restricted stock units on 03/18/2024.

What insider sales occurred in the past three months per this filing?

The filing discloses prior sales by the same seller of 7,078 shares on 07/28/2025, 07/14/2025, 06/04/2025, and 06/02/2025, with aggregate gross proceeds of $114,243.82.

What is the aggregate market value of the shares planned for sale on Form 144?

The aggregate market value reported for the proposed sale is $729,596.00.