[Form 3] Liquidia Corporation Initial Statement of Beneficial Ownership

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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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. Date of Event Requiring Statement (Month/Day/Year)
07/01/2025

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

4. 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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	120,172(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Stock Units	(2)	(2)	Common Stock	50,861	(2)	D
Stock Option (Right to Buy)	(3)	06/19/2033	Common Stock	15,000	$8.63	D

Explanation of Responses:

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis. 25% of the RSUs shall vest approximately one-year after the grant date of such RSUs and the remaining RSUs shall vest ratably on a quarterly basis over three years thereafter. Includes (i) 40,381 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 12,459 RSUs granted to the Reporting Person on July 1, 2024, none of which have vested as of July 1, 2025, (iii) 50,861 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of July 1, 2025 and (iv) 4,472 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Excludes an aggregate of 9,085 shares of common stock that were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 11, 2024.

2. Performance stock units ("PSUs") convert into common stock on a one-for-one basis. On January 11, 2025, the Reporting Person was granted 50,861 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter No PSUs have vested as of July 1, 2025.

3. The option vests over a four-year period with 25% of the shares of common stock underlying the option vesting on the one-year anniversary of the grant date and the remaining 75% of the shares of common stock underlying the option vesting in equal monthly installments thereafter, becoming fully vested on June 19, 2027.

	By: /s/ Sarah Krepp	07/03/2025
	** 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 5 (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.
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