Liquidia (LQDA) Insider Files Form 144 to Sell 70,000 Shares

Rhea-AI Filing Summary

Form 144 notice for Liquidia Corporation (LQDA) shows a proposed sale of 70,000 common shares through Morgan Stanley Smith Barney at an aggregate market value of $1,937,600, with an approximate sale date of 09/02/2025 on NASDAQ. The shares were acquired in three tranches: 8,315 via an Employee Stock Purchase Plan on 08/31/2022, 7,650 as Performance Stock Units on 11/10/2021, and 54,035 as Restricted Stock Units on 07/11/2024; payment where applicable was in cash or recorded as N/A. The filing lists two recent sales by the same seller, totaling 11,453 shares for gross proceeds of $181,453.48. The filer represents they are unaware of undisclosed material adverse information.

Positive

• Full Rule 144 disclosure provided including acquisition dates, grant types, and broker information
• Proposed sale documented with aggregate market value ($1,937,600) and targeted sale date (09/02/2025)

Negative

• Insider is selling 70,000 shares, which may be viewed negatively by some investors
• Recent prior sales of 11,453 shares in 2025 suggest ongoing dispositions by the same seller

Insights

Securities Analyst

TL;DR: Routine insider sale notice for 70,000 shares valued at $1.94M; not obviously material relative to share count.

The filing documents a proposed sale by an insider through a broker, with the total 70,000 shares acquired across ESPP, PSUs, and RSUs. The proposed sale value of $1,937,600 represents a small fraction of the reported 86,091,454 shares outstanding (approximately 0.081%). Two prior sales this year total 11,453 shares for $181,453.48, indicating prior partial dispositions. This is a standard Rule 144 disclosure and, by itself, does not provide evidence of company operational changes or material adverse information.

Compliance/Risk Analyst

TL;DR: Filing appears compliant with Rule 144 disclosure requirements; signatures and attestations are included.

The notice includes acquisition dates, nature of grant types (ESPP, PSUs, RSUs), payment information, broker details, and recent sales history, aligning with Rule 144 disclosure norms. The signer affirms no undisclosed material adverse information. There is no indication in this document of trading-plan dates or 10b5-1 adoption. From a compliance perspective, the filing contains the expected elements to permit secondary market sale under Rule 144.

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	70000	1937600.00	86091454	09/02/2025	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	08/31/2022	Employee Stock Purchase Plan	Issuer			8315	08/31/2022	Cash
Common	11/10/2021	Performance Stock Units	Issuer			7650	11/10/2021	N/A
Common	07/11/2024	Restricted Stock Units	Issuer			54035	07/11/2024	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
SCOTT MOOMAW 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	07/14/2025	4797	68501.16
SCOTT MOOMAW 419 Davis Drive, Suite 100 Morrisville NC 27560	Common	06/04/2025	6656	112952.32

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 does Liquidia Corporation's (LQDA) Form 144 report?

The Form 144 reports a proposed sale of 70,000 common shares via Morgan Stanley Smith Barney with an aggregate market value of $1,937,600 and an approximate sale date of 09/02/2025.

Who is the seller named in the Form 144 for LQDA?

The seller listed for recent transactions is Scott Moomaw, with two prior sales on 06/04/2025 and 07/14/2025 totaling 11,453 shares.

How were the 70,000 shares acquired according to the filing?

The shares were acquired as 8,315 via an ESPP (08/31/2022), 7,650 as PSUs (11/10/2021), and 54,035 as RSUs (07/11/2024).

What portion of outstanding shares does the proposed sale represent?

The filing lists 86,091,454 shares outstanding; 70,000 shares represent approximately 0.081% of that total.

Which broker is handling the proposed sale for LQDA shares?

The broker named in the filing is Morgan Stanley Smith Barney LLC Executive Financial Services located at 1 New York Plaza, New York, NY.