LQDA Form 144: Paul Manning Plans to Sell 947,328 Shares ($26.1M)

Rhea-AI Filing Summary

Paul Manning filed a Form 144 reporting proposed and recent sales of Liquidia Corporation (LQDA) common stock. The filing lists a proposed sale of 947,328 shares with an aggregate market value of $26,146,252.80, using Fidelity Brokerage Services (NASDAQ) with an approximate sale date of 08/29/2025. The filer disclosed prior acquisitions between 2018 and 2022 totaling reported lots of shares, and a sale on 08/28/2025 of 154,337 shares that generated $4,312,469.02 in gross proceeds. The filer certifies no undisclosed material adverse information.

Positive

• None.

Negative

• Planned sale of 947,328 shares with aggregate market value of $26,146,252.80 (approximate sale date 08/29/2025)
• Recent sale on 08/28/2025 of 154,337 shares generating $4,312,469.02 in gross proceeds

Insights

Securities Analyst

TL;DR: Insider reported a planned sale of 947,328 shares (~1.1% of outstanding), with a recent 154,337-share sale for $4.31M; impact appears limited.

The filing discloses a planned sale that represents roughly 1.1% of the company’s reported outstanding common shares (947,328 of 86,091,454). The recent executed sale of 154,337 shares produced $4,312,469.02 of gross proceeds. These quantities are below common materiality thresholds used by investors (e.g., 5%), so the transactions are unlikely to materially affect share supply or valuation on their own. Monitor for additional filings or larger aggregated sales.

Corporate Governance Expert

TL;DR: Reported sales are disclosed per Rule 144; the signer affirms no undisclosed material information, making this a routine compliance disclosure.

The Form 144 follows Rule 144 disclosure requirements and lists acquisition dates and payment methods for the shares being sold. The filer’s certification that no material, nonpublic information is known is standard. From a governance perspective, timely public disclosure of insider sales supports market transparency; there is no indication in this filing of unusual trading plans, restrictions, or unresolved compliance issues.

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	Fidelity Brokerage Services LLC 245 Summer Street Boston MA 02110	947328	26146252.80	86091454	08/29/2025	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	04/13/2022	Secondary	Exchange			392156	04/13/2022	Cash/Check
Common	04/22/2019	Open market Buy	Exchange			20000	04/22/2019	cash/check
Common	04/12/2019	Open market Buy	Exchange			20000	04/12/2019	cash/check
Common	04/11/2019	Open market Buy	Exchange			20000	04/11/2019	cash/check
Common	08/02/2018	Open market Buy	Exchange			649509	08/02/2018	cash/check

* 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
Paul Manning C/O Liquidia Corp 419 DAVIS DRIVE, SUITE 100 morrisville NC 27560	Common Stock	08/28/2025	154337	4312469.02

144: Remarks and Signature

Remarks

Date of Notice

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

Who is the filer on the Form 144 for Liquidia (LQDA)?

The filer is Paul Manning, listed with an address tied to Liquidia Corporation.

How many Liquidia shares does the Form 144 propose to sell?

The Form 144 reports a proposed sale of 947,328 common shares with aggregate market value $26,146,252.80.

Was any insider sale already executed before this filing?

Yes, the filing discloses a sale on 08/28/2025 of 154,337 shares for gross proceeds of $4,312,469.02.

On which exchange and through which broker are the shares to be sold?

The filing lists Fidelity Brokerage Services LLC and the exchange as NASDAQ.

What portion of outstanding shares does the proposed sale represent?

The filing reports 86,091,454 shares outstanding; the proposed 947,328 share sale is about 1.1% of that total.