Liquidia (LQDA) CDO receives 34,274 RSUs in new equity award

Rhea-AI Filing Summary

Liquidia Corp’s Chief Development Officer, Sanjeev Khindri, reported a stock-based award related to 34,274 shares of common stock on January 16, 2026. These shares reflect restricted stock units (RSUs) that convert into common stock on a one-for-one basis at no cash cost to him.

According to the filing, 71,266 shares of common stock are beneficially owned following this transaction, consisting entirely of unvested RSUs. The vesting schedule states that 25% of the RSUs vest on January 11, 2027, with an additional 6.25% vesting every three months thereafter.

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).

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^*

Khindri Sanjeev

(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 Development Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/16/2026

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	01/16/2026		A(1)		34,274(2)	A	$0	71,266(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. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

2. (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

3. Includes (i) 36,992 RSUs granted to the Reporting Person on February 10, 2025, none of which have vested as of the date of this Form 4 and (ii) 34,274 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4.

	/s/ Sanjeev Khindri	01/21/2026
	** 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.

FAQ

What did Liquidia (LQDA) disclose in this Form 4 for Sanjeev Khindri?

The filing shows that Chief Development Officer Sanjeev Khindri was awarded stock-based compensation tied to 34,274 shares of Liquidia common stock on January 16, 2026, through restricted stock units (RSUs) that convert into common shares.

How many Liquidia (LQDA) shares does Sanjeev Khindri beneficially own after this transaction?

Following the reported award, Sanjeev Khindri beneficially owns 71,266 shares of Liquidia common stock, all represented by RSUs and reported as direct ownership.

What is the vesting schedule for Sanjeev Khindri’s new Liquidia RSUs?

The filing states that 25% of the RSUs vest on January 11, 2027, and 6.25% of the RSUs vest every three months after that initial vesting date.

What are restricted stock units (RSUs) in the context of Liquidia (LQDA)?

The document explains that RSUs convert into Liquidia common stock on a one-for-one basis, meaning each RSU becomes one share of common stock when it vests.

What prior RSU grants to Sanjeev Khindri are included in this Liquidia Form 4?

The beneficial ownership total of 71,266 shares includes 36,992 RSUs granted on February 10, 2025 and 34,274 RSUs granted on January 16, 2026, none of which had vested as of this Form 4.

Did Sanjeev Khindri pay cash for the newly reported Liquidia shares?

No cash price was paid for the newly reported shares; the Form 4 lists a transaction price of $0 because the award consists of RSUs that convert into common stock upon vesting.