[4] – Krepp Sarah (CIK 0002074990)

Rhea-AI Filing Summary

Liquidia (LQDA)10/13/2025, she sold 1,691 shares of common stock at $23.41 per share under a Rule 10b5-1 plan adopted on December 15, 2023. The sale covered taxes tied to RSU settlements from awards granted on January 11, 2024 and July 1, 2024.

After the trade, she beneficially owned 141,439 shares. Her holdings include unvested RSUs from 2024 and 2025 grants and 5,312 shares acquired under the 2020 ESPP.

10/15/2025 - 12:00 AM

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Krepp Sarah

(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 Human Resource Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/13/2025

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	10/13/2025		S(1)		1,691(2)	D	$23.41	141,439(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

Explanation of Responses:

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

2. These shares were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 11, 2024 and July 1, 2024.

3. Includes (i) 33,323 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 8,565 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 50,861 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4 and (v) 5,312 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Sarah Krepp	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) disclose in this Form 4?

The CHRO, Sarah Krepp, reported selling 1,691 shares at $23.41 on 10/13/2025.

Why were the LQDA shares sold by the insider?

The sale was to cover taxes associated with the settlement of RSUs granted on January 11, 2024 and July 1, 2024.

Was the sale under a pre-arranged trading plan?

Yes. It was effected pursuant to a Rule 10b5-1 plan adopted on December 15, 2023.

How many LQDA shares did the insider own after the transaction?

She beneficially owned 141,439 shares following the reported transaction.

What equity awards are noted in the filing?

Unvested RSUs from January 11, 2024 and July 1, 2024, plus RSUs granted on January 11, 2025 and July 1, 2025.

Does the filing mention shares from an employee stock purchase plan?

Yes. It includes 5,312 shares acquired under the 2020 ESPP.