LQDA insider: RSU/PSU conversions and 3,670-share sale at $23.41

Rhea-AI Filing Summary

Liquidia (LQDA) reported insider activity by its Chief Business Officer. On 10/10/2025, the officer settled equity awards, converting 3,906 RSUs and 2,474 PSUs into common stock. On 10/13/2025, 3,670 shares were sold at $23.41 under a Rule 10b5-1 plan to cover taxes tied to those settlements. Following these transactions, the officer beneficially owned 175,690 common shares, held directly. RSUs and PSUs convert one-for-one into common stock, with remaining unvested awards continuing on their stated vesting schedules.

Insights

Equity compensation and insider transactions analyst

Routine vesting and tax sale; neutral signal.

The officer converted equity awards on 10/10/2025 into common stock and executed a small sale of 3,670 shares at $23.41 on 10/13/2025. Footnotes state the sale was under a Rule 10b5-1 plan and to cover taxes associated with RSU/PSU settlements.

After these actions, direct beneficial ownership is 175,690 shares. The filing also lists continuing unvested RSUs and PSUs; RSUs/PSUs convert one-for-one into common stock. This appears administrative rather than thesis-changing, with activity determined by award vesting and tax obligations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Adair Jason

(Last) (First) (Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE NC 27560

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liquidia Corp [ LQDA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Business Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/10/2025		M		3,906(2)	A	(1)	176,886(3)	D
Common Stock	10/10/2025		M		2,474(4)	A	(1)	179,360(3)	D
Common Stock	10/13/2025		S(5)		3,670(6)	D	$23.41	175,690(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	10/10/2025		M			3,906	(1)	(1)	Common Stock	3,906	$0	19,531	D
Performance Stock Unit	(1)	10/10/2025		M			2,474	(1)	(1)	Common Stock	2,474	$0	22,268	D

Explanation of Responses:

1. Performance stock units ("PSUs") and restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

2. On January 11, 2023, the Reporting Person was granted 62,500 RSUs with 25% of the RSUs vesting on January 11, 2024 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 42,969 have vested as of the date of this Form 4.

3. Includes (i) 12,500 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 22,268 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 61,895 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4 and (iv) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. On January 11, 2024, the Reporting Person was granted 39,588 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 17,320 have vested as of the date of this Form 4.

5. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

6. These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023 and January 11, 2024.

	/s/ Jason Adair	10/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did LQDA's Chief Business Officer report?

On 10/10/2025, conversions of 3,906 RSUs and 2,474 PSUs; on 10/13/2025, a sale of 3,670 shares at $23.41.

Why were 3,670 LQDA shares sold on 10/13/2025?

The sale was to cover taxes from RSU and PSU settlements and was executed under a Rule 10b5-1 plan.

What is the reporting person’s LQDA share ownership after these transactions?

Direct beneficial ownership totals 175,690 common shares after the reported transactions.

How do LQDA RSUs and PSUs convert?

Per the filing, RSUs and PSUs convert one-for-one into common stock.

Were the equity awards newly granted or vesting from prior grants?

They relate to prior grants, including awards granted on January 11, 2023 and January 11, 2024.

Is this Form 4 transaction considered material to LQDA?

This appears to be a routine vesting and tax-related sale, not a thesis-changing event.