LQDA Rule 144 Notice — 7,500 RSUs to Be Sold via Morgan Stanley

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) filed a Form 144 disclosing a proposed sale of 7,500 common shares with an aggregate market value of $220,650. The shares are to be sold through Morgan Stanley Smith Barney LLC on NASDAQ, with an approximate sale date of 09/03/2025. The securities were acquired as Restricted Stock Units from Liquidia Corporation on 06/16/2025, and the filing reports payment/vesting on that same date. The filing shows 86,091,454 shares outstanding. The form indicates no securities sold by the same person in the past three months. Several standard filer and issuer contact fields in the submitted tables appear blank.

Positive

• Transaction details are clearly disclosed: class, broker, share count, market value, acquisition date and nature (RSUs) are provided
• Brokered sale via a major firm: Morgan Stanley Smith Barney LLC listed as broker
• No prior sales reported: filing states "Nothing to Report" for sales in the past three months

Negative

• Filer and issuer identification fields are blank or not provided in the submitted tables
• Seller name is not shown in the visible table content, limiting immediate identification of the account holder

Insights

Securities Analyst

TL;DR: Routine Rule 144 notice of proposed sale of vested RSUs through a major broker; transaction size is immaterial to outstanding shares.

The filing reports a proposed sale of 7,500 common shares acquired as restricted stock units on 06/16/2025, to be executed via Morgan Stanley Smith Barney on NASDAQ around 09/03/2025. The aggregate market value is stated as $220,650 and outstanding shares are listed at 86,091,454, implying the sale is a negligible fraction of total shares. There are no reported sales by the same person in the prior three months. This filing provides transparency required under Rule 144 but does not disclose the seller's name in the provided tables.

Compliance / Risk Analyst

TL;DR: Filing meets disclosure of proposed sale and acquisition details but omits several filer/issuer contact fields.

The Form 144 includes key transaction details (class, broker, number of shares, acquisition date and nature as RSUs) and the signer attests no undisclosed material information. However, multiple filer and issuer identification fields in the provided tables are blank, which could hamper immediate verification of the filing's provenance. From a compliance perspective, the document satisfies Rule 144 content requirements for the proposed sale but would be stronger if all contact and identifying information were present.

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	7500	220650.00	86091454	09/03/2025	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	06/16/2025	Restricted Stock Units	Liquidia Corporation			20359	06/16/2025	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

Nothing to Report

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

What does Liquidia (LQDA) disclose on this Form 144?

The filing discloses a proposed sale of 7,500 common shares (aggregate market value $220,650) to be sold via Morgan Stanley Smith Barney LLC on NASDAQ with an approximate sale date of 09/03/2025.

When and how were the shares to be sold acquired?

The shares were acquired as Restricted Stock Units from Liquidia Corporation on 06/16/2025, with the filing listing the acquisition/vesting/payment date as 06/16/2025.

Does the filing report any securities sold in the past three months by the same person?

No. The filing states "Nothing to Report" for securities sold during the past three months by the person for whose account the securities are to be sold.

How material is this sale relative to outstanding shares?

The filing lists 86,091,454 shares outstanding; the proposed sale of 7,500 shares represents a very small fraction of total outstanding shares.

Who is the broker handling the proposed sale?

The broker named is Morgan Stanley Smith Barney LLC, address listed as Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.