Liquidia (NASDAQ: LQDA) officer sells 1,576 shares under 10b5-1 plan

Rhea-AI Filing Summary

Liquidia Corp Chief Accounting Officer Dana Boyle reported an open-market sale of 1,576 shares of common stock at $37.78 per share. The transaction was executed under a pre-arranged Rule 10b5-1 plan adopted on December 15, 2023 and was made to cover taxes tied to the settlement of previously granted restricted stock units. After the sale, Boyle directly holds 175,342 shares, which include significant unvested RSU awards and shares acquired through the company’s employee stock purchase plan.

Insider Trade Summary 10b5-1

Net Seller: 1,576 shares ($59,541)

Net Sell 1 txn

Insider Boyle Dana

Role Chief Accounting Officer

Sold 1,576 shs ($60K)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,576	$37.78	$60K

Holdings After Transaction: Common Stock — 175,342 shares (Direct, null)

Footnotes (1)

1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023. These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 25, 2023. Includes (i) 9,375 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 24,975 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 34,966 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (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, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

Key Figures

Shares sold: 1,576 shares Sale price: $37.78 per share Shares held after: 175,342 shares +5 more

8 metrics

Shares sold 1,576 shares Open-market sale on April 27, 2026

Sale price $37.78 per share Price for 1,576 sold shares

Shares held after 175,342 shares Direct holdings following transaction

2023 unvested RSUs 9,375 RSUs From 50,000-unit grant on January 25, 2023

2024 unvested RSUs 24,975 RSUs From 57,085-unit grant on January 11, 2024

2025 unvested RSUs (Jan grant) 34,966 RSUs From 50,861-unit grant on January 11, 2025

2025 unvested RSUs (July grant) 25,000 RSUs Grant on July 1, 2025, none vested

2026 unvested RSUs 23,728 RSUs Grant on January 16, 2026, none vested

Key Terms

Rule 10b5-1 plan, restricted stock units ("RSUs"), unvested RSUs, Employee Stock Purchase Plan, +1 more

5 terms

Rule 10b5-1 plan regulatory

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

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

restricted stock units ("RSUs") financial

"These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted..."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

unvested RSUs financial

"Includes (i) 9,375 unvested RSUs of the 50,000 RSUs granted..."

Employee Stock Purchase Plan financial

"and (vi) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan."

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 Insider Transactions: What Each Field Means →

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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Boyle Dana

(Last) (First) (Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE NORTH CAROLINA 27560

(City) (State) (Zip)

UNITED STATES

(Country)

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 Accounting Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/27/2026

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

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

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

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	04/27/2026		S(1)		1,576(2)	D	$37.78	175,342(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 of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 25, 2023.

3. Includes (i) 9,375 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 24,975 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 34,966 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (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, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dana Boyle	04/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Liquidia Corp (LQDA) report for Dana Boyle?

Liquidia reported that Chief Accounting Officer Dana Boyle sold 1,576 shares of common stock at $37.78 per share. The sale was executed under a Rule 10b5-1 trading plan and was made specifically to cover taxes related to the settlement of restricted stock units.

Was Dana Boyle’s LQDA stock sale part of a pre-planned Rule 10b5-1 program?

Yes. The filing states the transaction was effected under a Rule 10b5-1 plan adopted on December 15, 2023. Such plans pre-schedule trades, indicating this sale followed an established trading program rather than a discretionary, opportunistic market decision.

Why did Liquidia’s Chief Accounting Officer sell 1,576 LQDA shares?

The filing explains the 1,576 shares were sold to cover taxes from the settlement of restricted stock units granted on January 25, 2023. This makes the sale a tax-related liquidity event tied to equity compensation rather than a standalone, strategic portfolio shift.

How many Liquidia (LQDA) shares does Dana Boyle hold after this transaction?

After the sale, Boyle directly holds 175,342 shares of Liquidia common stock. This total includes multiple blocks of unvested restricted stock units from grants in 2023, 2024, 2025, and 2026, as well as 3,964 shares acquired under the 2020 Employee Stock Purchase Plan.

What unvested RSUs does Dana Boyle have in Liquidia Corp (LQDA)?

The filing lists 9,375 unvested RSUs from a 50,000-unit grant in 2023, 24,975 from a 57,085-unit grant in 2024, and 34,966 from a 50,861-unit grant in 2025. It also includes 25,000 RSUs from July 2025 and 23,728 RSUs from January 2026, none yet vested.

Are Dana Boyle’s recent LQDA share sales primarily compensation-related?

Yes. The reported 1,576-share sale is described as covering taxes tied to RSU settlement. Combined with substantial unvested RSU holdings and ESPP shares, this indicates the transaction is closely linked to ongoing equity compensation rather than a broad reduction of exposure.