Liquidia (LQDA) Form 144: Proposed Sale of 5,000 Shares ($135.9K)

Liquidia Corporation (LQDA) notice reports a proposed sale under Rule 144 of 5,000 common shares through Morgan Stanley Smith Barney LLC on NASDAQ, with an approximate sale date of 08/19/2025 and an aggregate market value of $135,850.00.

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) notice reports a proposed sale under Rule 144 of 5,000 common shares through Morgan Stanley Smith Barney LLC on NASDAQ, with an approximate sale date of 08/19/2025 and an aggregate market value of $135,850.00. The filing states total shares outstanding of 86,091,454. The securities were acquired as Restricted Stock Units from Liquidia Corporation on 06/16/2025, representing 20,359 units in the acquisition event; payment is noted as N/A. No sales by the reporting person in the prior three months are reported. The filer affirms there is no undisclosed material adverse information about the issuer and includes a signature/representation regarding Rule 10b5-1 plan adoption if applicable.

Positive

• Compliance representation included confirming no undisclosed material adverse information
• No sales in prior three months reported for the selling person, reducing signs of accelerated disposal

Negative

• None.

Insights

Securities Compliance Analyst

TL;DR: Routine Rule 144 notice for sale of RSU-derived shares; procedural compliance focus, limited market impact.

The filing documents a planned sale of 5,000 common shares under Rule 144 through a major broker, indicating a standard orderly-disposition notice rather than an open-market disclosure of strategic change. The source of the shares is recent Restricted Stock Units granted on 06/16/2025 totaling 20,359 units for the reporting account, which suggests the seller is disposing of a portion of recently vested/issuable equity. The filing confirms no other sales in the prior three months and includes the required representation about material non-public information, aligning with regulatory expectations. For compliance reviewers, key items are the broker routing, the stated approximation of sale date, and confirmation that acquisition and any payment arrangements are disclosed.

Equity Analyst

TL;DR: Small-dollar disposition relative to outstanding shares; unlikely to affect market valuation.

The proposed 5,000-share sale equals roughly 0.0058% of the reported 86,091,454 shares outstanding and carries an aggregate value of $135,850, indicating immaterial dilution or selling pressure at the company level. Because the shares originate from Restricted Stock Units granted on 06/16/2025 (20,359 units noted), this appears to be a personal liquidity action rather than a signal of company strategy change. No prior three-month disposals are reported, which reduces concerns about an ongoing sell-down pattern. From an investor-impact perspective, this filing is routine and not material to valuation.

FAQ

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

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

The Form 144 reports a proposed sale of 5,000 common shares via Morgan Stanley Smith Barney LLC on 08/19/2025, with an aggregate market value of $135,850.00.

Where did the shares originate for the LQDA sale?

The shares were acquired as Restricted Stock Units from Liquidia Corporation on 06/16/2025, totaling 20,359 units in that acquisition event.

How large is the proposed sale relative to outstanding shares?

The filing lists 86,091,454 shares outstanding; the proposed sale of 5,000 shares is immaterial in percentage terms.

Did the filer report any other sales in the past three months?

The filing states Nothing to Report for securities sold during the past three months by the reporting person.

Which broker will handle the sale reported in Form 144?

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

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

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Accepted by SEC EDGAR 08/19/2025 - 07:28 PM 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	0001560959
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 Corp
SEC File Number	001-39724
Address of Issuer	419 Davis Drive, Suite 100 Morrisville NORTH CAROLINA 27560
Phone	919-328-4400
Name of Person for Whose Account the Securities are To Be Sold	Horobin Joanna
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	Director

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	5000	135850.00	86091454	08/19/2025	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	08/19/2025
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/ Joanna Horobin
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)