Liquidia (LQDA) Chief Accounting Officer sells 1,580 shares to cover RSU taxes

Rhea-AI Filing Summary

Liquidia Corp’s Chief Accounting Officer, Dana Boyle, reported a small automatic share sale. On January 26, 2026, she sold 1,580 shares of common stock at $41.65 per share in a transaction coded “S.”

The sale was effected under a pre-arranged Rule 10b5-1 trading plan adopted on December 15, 2023 and was used to cover taxes tied to the settlement of restricted stock units granted on January 25, 2023. After this transaction, Boyle beneficially owns 178,848 shares, including multiple blocks of unvested RSUs and 3,527 shares acquired through the 2020 Employee Stock Purchase Plan.

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

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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).

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 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 Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2026

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	01/26/2026		S(1)		1,580(2)	D	$41.65	178,848(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) 942 unvested RSUs of the 15,075 RSUs granted to the Reporting Person on January 16, 2022, (ii) 12,500 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (iii) 28,542 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iv) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (v) 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, (vi) 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 (vii) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dana Boyle	01/28/2026
	** 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.
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FAQ

What did Liquidia (LQDA) insider Dana Boyle report in this Form 4?

Dana Boyle reported selling 1,580 shares of Liquidia common stock at $41.65 per share. The transaction occurred on January 26, 2026 and was coded as a sale, while she continued to hold a substantial remaining equity position.

Why were Dana Boyle’s Liquidia (LQDA) shares sold on January 26, 2026?

The 1,580 shares were sold to cover taxes from the settlement of restricted stock units. These RSUs were initially granted on January 25, 2023, making the sale a tax-related, administrative transaction rather than a discretionary open-market liquidation.

Was the Liquidia (LQDA) insider sale made under a Rule 10b5-1 plan?

Yes. The Form 4 states the transaction was effected under a Rule 10b5-1 plan. This trading plan was adopted by Dana Boyle on December 15, 2023, providing a pre-arranged framework for executing trades at predetermined conditions.

How many Liquidia (LQDA) shares does Dana Boyle own after this Form 4 sale?

Following the sale, Dana Boyle beneficially owns 178,848 shares of Liquidia common stock. This figure includes various blocks of unvested RSUs granted between 2022 and 2026, as well as 3,527 shares acquired through the 2020 Employee Stock Purchase Plan.

What RSU grants are included in Dana Boyle’s Liquidia (LQDA) holdings?

Her holdings include unvested RSUs from grants of 15,075 (2022), 50,000 (2023), 57,085 (2024), and 50,861 (2025) shares. Additional grants of 25,000 RSUs on July 1, 2025 and 23,728 RSUs on January 16, 2026 have not yet vested.

What is the role of Dana Boyle at Liquidia (LQDA)?

Dana Boyle serves as Chief Accounting Officer of Liquidia Corp. As an executive officer, her equity transactions, including stock sales and RSU-related activity, must be reported on Form 4 under U.S. securities laws for transparency to shareholders.