Liquidia Corp (LQDA) CMO awarded new RSU and PSU grants

Rhea-AI Filing Summary

Liquidia Corp's Chief Medical Officer, Dr. Rajeev Saggar, reported new equity awards. He received 32,955 restricted stock units (RSUs) that convert into common stock on a one-for-one basis. According to the vesting schedule, 25% of these RSUs vest on January 11, 2027, with 6.25% vesting every three months thereafter.

Following this grant and prior awards, Dr. Saggar beneficially owns 209,838 shares of common stock, including unvested RSUs and shares acquired under the 2020 Employee Stock Purchase Plan. He was also granted 49,433 performance stock units (PSUs) that convert into common stock one-for-one. These PSUs vest 25% on the Initial Vesting Date or when the company files its Form 10-K for the year ending December 31, 2026, with additional 6.25% vesting quarterly, subject to a milestone based on 2026 net product sales revenue from YUTREPIA as disclosed in that Form 10-K.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Saggar Rajeev

Role Chief Medical Officer

Type	Security	Shares	Price	Value
Grant/Award	Performance Stock Units	49,433	$0.00	--
Grant/Award	Common Stock	32,955	$0.00	--

Holdings After Transaction: Performance Stock Units — 49,433 shares (Direct); Common Stock — 209,838 shares (Direct)

Footnotes (1)

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis. (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. Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 28,246 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 53,835 unvested RSUs of the 71,780 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 2,213 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Performance stock units ("PSUs") convert into common stock on a one-for-one basis. On January 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

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
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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^*

Saggar Rajeev

(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 Medical 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)		32,955(2)	A	$0	209,838(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
Performance Stock Units	(4)	01/16/2026		A		49,433		(5)	(5)	Common Stock	49,433	$0	49,433	D

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) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 28,246 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 53,835 unvested RSUs of the 71,780 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 2,213 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

5. On January 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

	/s/ Dr. Rajeev Saggar	01/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Liquidia Corp (LQDA) report for its CMO?

The filing reports that Chief Medical Officer Dr. Rajeev Saggar received equity awards consisting of 32,955 restricted stock units (RSUs) and 49,433 performance stock units (PSUs), both convertible into common stock on a one-for-one basis.

How many shares of Liquidia Corp (LQDA) common stock does the CMO beneficially own after the reported transactions?

After the reported RSU grant, Dr. Rajeev Saggar beneficially owns 209,838 shares of Liquidia common stock, which includes multiple unvested RSU awards and 2,213 shares acquired under the 2020 Employee Stock Purchase Plan.

What is the vesting schedule for the 32,955 RSUs granted to Liquidia’s CMO?

The 32,955 RSUs vest as follows: 25% on January 11, 2027, referred to as the Initial Vesting Date, and 6.25% every three months after that date until fully vested, assuming continued service under the award terms.

What are the key terms of the 49,433 performance stock units (PSUs) granted to the Liquidia CMO?

The 49,433 PSUs convert into common stock one-for-one. Time-based vesting provides for 25% to vest on the Initial Vesting Date or, if later, when the company files its Form 10-K for the year ending December 31, 2026, with 6.25% vesting every three months thereafter, subject to a milestone condition.

How are the PSUs for Liquidia’s CMO linked to YUTREPIA revenue performance?

The PSUs include a milestone-based vesting condition tied to net product sales revenue from YUTREPIA in 2026. The applicable percentage of the units vests based on that revenue level as disclosed in Liquidia’s Form 10-K for the fiscal year ending December 31, 2026.

Do the RSUs and PSUs granted to the Liquidia CMO involve any cash payment by him?

The reported awards show a transaction price per unit of $0 for both RSUs and PSUs, indicating they are equity compensation grants rather than open-market purchases.