[4] – Kaseta Michael (CIK 0001724346)

Rhea-AI Filing Summary

Liquidia (LQDA) officer Michael Kaseta (CFO and COO) reported a Form 4 showing equity settlement and a tax-related sale. On 10/10/2025, he acquired 5,828 shares of common stock upon the conversion of performance stock units, which convert one-for-one into common stock. On 10/13/2025, he sold 11,630 shares at $23.41 per share pursuant to a Rule 10b5-1 plan.

The filing states the sale was made to cover taxes from the settlement of previously granted RSUs and PSUs. Following the transactions, Kaseta beneficially owned 352,646 shares directly. The derivative table lists 52,453 derivative securities beneficially owned after the reported transactions.

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

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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^*

Kaseta Michael

(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)
	CFO and COO

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		5,828(2)	A	(1)	364,276(3)	D
Common Stock	10/13/2025		S(4)		11,630(5)	D	$23.41	352,646(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
Performance Stock Unit	(1)	10/10/2025		M			5,828	(1)	(1)	Common Stock	5,828	$0	52,453	D

Explanation of Responses:

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

2. On January 11, 2024, the Reporting Person was granted 93,250 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 40,797 have vested as of the date of this Form 4.

3. Includes (i) 38,958 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 52,453 unvested RSUs and 28,125 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 112,797 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) 11,257 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

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

5. 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, January 11, 2024 and January 15, 2024.

	/s/ Michael Kaseta	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 did Liquidia (LQDA) report in this Form 4?

Michael Kaseta reported converting 5,828 PSUs into common stock on 10/10/2025 and selling 11,630 shares at $23.41 on 10/13/2025.

Were the LQDA share sales made under a 10b5-1 plan?

Yes. The filing states the transaction was effected pursuant to a Rule 10b5-1 plan adopted on 12/15/2023.

How many LQDA shares does the insider own after these transactions?

Following the reported transactions, the insider beneficially owned 352,646 shares directly.

What price were the LQDA shares sold at?

The 11,630 shares were sold at $23.41 per share.

Why were shares sold by the insider?

The filing states the shares were sold to cover taxes related to the settlement of RSUs and PSUs previously granted.

What derivative securities remain after the transactions?

The derivative table shows 52,453 derivative securities beneficially owned after the reported transactions.

What roles does the reporting person hold at Liquidia (LQDA)?

The reporting person is listed as CFO and COO of Liquidia.