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Morgan Stanley Smith Barney LLC filed a Rule 144 notice reporting sales and planned transfers of Common stock related to employee plans and option exercises. The filing lists planned transfers of 97,000 shares by exercise on 03/09/2026, 1,314 shares from the Employee Stock Purchase Plan (as of 08/31/2024), and 1,686 restricted stock units (as of 04/11/2025.
The filing also reports recent open-market dispositions by Scott Moomaw: 827 shares sold on 03/02/2026 for $25,289.66 and 20,533 shares sold on 01/12/2026 for $768,550.19.
Liquidia Corporation filed a shelf registration on Form S-3 to permit the sale, "from time to time after the effective date," of common stock, preferred stock, debt securities, warrants and units. The prospectus describes primary offerings sold in one or more transactions and states that specific terms will be provided in prospectus supplements.
The prospectus notes the company’s commercialization of YUTREPIA and ongoing collaboration with Sandoz, and discloses pending litigation with United Therapeutics that seeks remedies including removal of YUTREPIA from the market. The company’s common stock last reported sale price was $34.38 per share on March 4, 2026.
Liquidia Corporation outlines its strategy as a biopharmaceutical company focused on pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company markets YUTREPIA, an FDA-approved dry-powder treprostinil inhalation launched in June 2025, designed for deep-lung delivery and higher titratable doses via a low‑effort inhaler.
Liquidia also shares profits from U.S. sales of Treprostinil Injection, a fully substitutable generic version of Remodulin, through an exclusive promotion agreement with Sandoz. Its pipeline includes L606, a twice‑daily, sustained‑release liposomal treprostinil delivered by next‑generation nebulizers, now in an open‑label PAH/PH‑ILD study and a global pivotal PH‑ILD trial.
The report emphasizes the proprietary PRINT particle engineering platform, an expanding patent estate protecting YUTREPIA into 2037, key licenses with Pharmosa, Vectura, UNC and GSK, and a concentrated commercial focus on U.S. PAH and PH‑ILD centers. As of June 30, 2025, non‑affiliate market value was $847.0 million, and 88,114,429 common shares were outstanding as of February 17, 2026.
Liquidia Corporation reported a transformative 2025 driven by the U.S. launch of YUTREPIA. Product sales, net, reached $148.3 million for the year, contributing to total revenue of $158.3 million compared with $14.0 million in 2024. In fourth quarter 2025 the company generated net income of $14.6 million and non-GAAP adjusted EBITDA of $27.3 million, marking a second consecutive profitable quarter.
For full year 2025, Liquidia recorded a net loss of $68.9 million, an improvement from a $128.3 million loss in 2024. Cash and cash equivalents were $190.7 million as of December 31, 2025, up from $176.5 million a year earlier, while total assets increased to $327.9 million. Research and development expenses fell 18% to $39.3 million, as efforts shifted toward commercialization, while selling, general and administrative expenses nearly doubled to $157.2 million to support the YUTREPIA launch and related legal costs.
Liquidia Corp’s General Counsel Russell Schundler reported several equity transactions. He sold 1,073 shares of common stock in an open‑market trade at $30.58 per share, executed under a Rule 10b5‑1 trading plan and described as covering taxes from previously granted restricted stock units (RSUs). He also exercised 2,344 RSUs, which converted into an equal number of common shares at no cost, increasing his directly held common stock to 614,057 shares. Separately, 14,500 common shares are reported as held indirectly by his spouse, with beneficial ownership disclaimed except to the extent of his pecuniary interest. Footnotes detail multiple prior RSU grants and unvested awards that are included in his overall equity position.
Liquidia Corp Chief Commercial Officer Scott Moomaw reported a mix of RSU activity and a small share sale. On March 2, 2026, he completed an open-market sale of 827 shares of common stock at $30.58 per share under a pre-arranged Rule 10b5-1 trading plan. The filing notes these shares were sold to cover taxes from the settlement of restricted stock units originally granted on January 16, 2022. On February 27, 2026, RSUs converted into 1,875 shares of common stock on a one-for-one basis at a stated price of $0.00 per share, reflecting an exercise or conversion of derivative securities. After these transactions, Moomaw directly owned 188,954 shares of common stock, alongside additional unvested RSUs described in the footnotes.
Liquidia Corp executive Sarah Krepp, the company’s Chief Human Resource Officer, reported an open-market sale of 276 shares of common stock at $30.58 per share. The transaction was effected under a Rule 10b5-1 trading plan adopted on December 15, 2023.
According to the filing, these shares were sold to cover taxes tied to the settlement of restricted stock units granted on January 11, 2024. After this sale, Krepp directly holds 164,658 shares of common stock, including multiple blocks of unvested RSUs granted between January 2024 and January 2026 and 5,749 shares acquired under the company’s 2020 Employee Stock Purchase Plan.
Liquidia Corp executive Michael Kaseta, the CFO and COO, reported a mix of stock sales and equity awards. He sold 1,165 shares of common stock in an open-market transaction at $30.58 per share under a pre-arranged Rule 10b5-1 trading plan to cover taxes tied to restricted stock units (RSUs) granted in January 2022. After this sale, he directly owned 411,855 common shares. On February 27, 2026, 2,344 RSUs converted into 2,344 common shares at no cost, reflecting the vesting and settlement of a portion of his long-term equity awards.
Liquidia Corp Chief Accounting Officer Dana Boyle reported an open-market sale of 445 shares of common stock at $30.58 per share. The trade was executed under a pre-arranged Rule 10b5-1 trading plan adopted on June 3, 2022, and was made to cover taxes tied to the settlement of previously granted restricted stock units. After this transaction, Boyle directly holds 178,840 shares of Liquidia common stock, which includes multiple unvested RSU awards and shares acquired through the company’s employee stock purchase plan.
Liquidia Corp’s Chief Business Officer Jason Adair reported a mix of stock transactions. On March 2, 2026, he sold 689 shares of common stock in an open-market transaction at $30.58 per share, under a Rule 10b5-1 trading plan adopted on June 13, 2022. The shares sold were used to cover taxes tied to vested restricted stock units (RSUs) originally granted on January 16, 2022.
On February 27, 2026, RSUs converted one-for-one into 1,562 shares of common stock. After these transactions, Adair directly held 212,479 common shares, which include multiple blocks of unvested RSUs from prior grants and 12,023 shares acquired under the company’s 2020 Employee Stock Purchase Plan.