Liquidia Corporation SEC Filings

Form 144 notice for Liquidia Corporation (LQDA) shows a proposed sale of 20,000 common shares through Morgan Stanley Smith Barney with an aggregate market value of $560,000 and an approximate sale date of 08/28/2025 on NASDAQ. The shares were acquired as Restricted Stock Units on 07/18/2023. The filer, Rajeev Saggar, also reported three recent sales in the past three months totaling 15,450 shares for $242,713.33 in gross proceeds on 06/04/2025, 07/14/2025, and 07/21/2025. The filing includes the required representation that the signer is not aware of undisclosed material adverse information.

Liquidia Corporation (LQDA) Form 144 notice reports a proposed sale of 26,057 common shares with an aggregate market value of $729,596.00, to be sold approximately on 08/28/2025 on NASDAQ. The filing identifies the securities were acquired as 13,425 performance stock units on 11/10/2021 and 12,632 restricted stock units on 03/18/2024, both from the issuer. It discloses prior open-market sales by the same seller in the past three months totaling 7,078 shares for $114,243.82. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information and follows Rule 144 disclosure requirements.

Liquidia Corporation (LQDA) filing a Form 144 reports a proposed sale of 154,337 common shares through Fidelity Brokerage Services with an aggregate market value of $4,312,469.02. The filing lists approximately 86,091,454 shares outstanding, and an approximate sale date of 08/28/2025. The shares to be sold were acquired on multiple dates: 392,156 shares on 04/13/2022 (secondary, cash), and earlier open-market purchases in 2018 and 2019 totaling additional shares. No securities were reported sold by the person in the past three months. The filer affirms they are not aware of undisclosed material adverse information and includes the standard Rule 144 representations.

Liquidia Corporation director Dr. Joanna Horobin reported a sale of 5,000 shares of common stock on 08/19/2025 at a price of $27.17 per share. After this disposition she beneficially owns 33,755 shares directly. The filing also discloses 18,396 restricted stock units granted to her on June 17, 2025 that have not vested as of the transaction date.

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.

Michael Kaseta, Liquidia Corporation's CFO and COO, reported a sale of 20,000 shares of common stock on 08/15/2025 executed pursuant to a Rule 10b5-1 trading plan. The weighted average price for the transactions on that date was $26.1837 (prices ranged $25.80–$26.50). After the sale, the reporting person beneficially owned 356,412 shares, which include multiple unvested restricted stock unit grants from 2023–2025 and 10,417 shares purchased under the company ESPP. The Form 4 was filed by one reporting person and is signed by Mr. Kaseta.

Liquidia Corporation reported initial commercial sales following FDA approval of YUTREPIA and posted early-stage revenue while remaining loss-making. YUTREPIA was approved by the FDA on May 23, 2025 and commercially launched on June 2, 2025; product sales for the three months ended June 30, 2025 were $6.5 million and service revenue (from the Sandoz promotion agreement) was $2.3 million, producing total revenue of $8.8 million for the quarter and $12.0 million for the six months.

The company reported a net loss of $41.6 million for the quarter and $79.9 million for the six months, driving an accumulated deficit of $637.3 million. Cash and cash equivalents were $173.4 million and total assets were $257.4 million. Total liabilities rose to $242.2 million driven by long-term debt (carrying value $193.6 million) and litigation finance obligations. Stockholders' equity declined to $15.2 million. The company disclosed ongoing patent and related litigation with United Therapeutics that could affect YUTREPIA, an indemnification asset of $8.3 million and a litigation finance payable of $8.0 million. Management states available cash and anticipated YUTREPIA inflows are expected to satisfy obligations for at least the next twelve months, and the HCR revenue interest financing contains a $15.0 million minimum cash covenant.

Liquidia Corporation furnished a press release announcing its financial results for the quarter ended June 30, 2025 and provided a corporate update. The press release is attached to the Form 8-K as Exhibit 99.1, and the filing includes an Inline XBRL cover page file as Exhibit 104.

The disclosure in Item 2.02 is furnished rather than filed and therefore is not deemed filed under Section 18 of the Exchange Act. No financial figures, operational details or transaction terms are included in this 8-K itself; the substantive results and update are contained in the referenced press release.