Liquidia director David Johnson granted 5,882 shares

Liquidia Corp director David Johnson received a grant of 5,882 shares of common stock at no cost, reflected as a direct holding of 5,882 shares.

Rhea-AI Filing Summary

Liquidia Corp director David Johnson received a grant of 5,882 shares of common stock at no cost, reflected as a direct holding of 5,882 shares. The grant is tied to restricted stock units that convert into common stock on a one-for-one basis.

The RSUs vest upon the earlier of the one-year anniversary of the grant date or the day prior to Liquidia’s next annual shareholder meeting. Johnson is deemed to hold these securities for the benefit of Caligan-managed funds and accounts, which also indirectly hold 8,157,347 common shares.

Insider Trade Summary

Grant/Award: 5,882 shares

Grant/Award 2 txns

Insider JOHNSON DAVID EDWARD, Caligan Partners LP

Role Director, 10% Owner | Director, 10% Owner

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, $0.001 par value per share ("Common Stock")	5,882	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock, $0.001 par value per share ("Common Stock") — 5,882 shares (Direct); Common Stock — 8,157,347 shares (Indirect, See footnote)

Footnotes (4)

1. F1. Restricted stock units ("RSUs") convert into Common Stock on a one-for-one basis.
2. F2. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.
3. F3. David Johnson ("Mr. Johnson") is deemed to hold the securities reported herein for the benefit of certain funds (the "Caligan Funds") and managed accounts (the "Caligan Accounts", and together with the Caligan Funds, the "Caligan Funds and Accounts") to which Caligan Partners LP ("Caligan") serves as investment manager, and may, after vesting, if applicable, transfer the securities directly to such Caligan Funds and Accounts.
4. F4. Securities held by the Caligan Funds and Accounts to which Caligan serves as investment manager and related entities. Mr. Johnson (together with Caligan, the "Reporting Persons") is the Managing Partner of Caligan and a Managing Member of Caligan Partners GP LLC, the general partner of Caligan.

Key Figures

Equity grant: 5,882 shares Grant price: $0.00 per share Direct holdings after grant: 5,882 shares +1 more

4 metrics

Equity grant 5,882 shares Common stock granted to David Johnson at $0.00 per share

Grant price $0.00 per share Price per share for 5,882-share award of common stock

Direct holdings after grant 5,882 shares David Johnson’s direct common stock position following the transaction

Indirect Caligan-related holdings 8,157,347 shares Common stock held indirectly by Caligan Funds and Accounts and related entities

Key Terms

Restricted stock units ("RSUs"), one-for-one basis, annual shareholder meeting, investment manager, +1 more

5 terms

Restricted stock units ("RSUs") financial

"Restricted stock units ("RSUs") convert into Common Stock on a one-for-one basis."

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.

one-for-one basis financial

"RSUs convert into Common Stock on a one-for-one basis."

annual shareholder meeting financial

"the day prior to the Issuer's next annual shareholder meeting following the date of grant."

A yearly gathering where a company’s owners (shareholders) and its leaders meet to review performance, approve key decisions like electing directors, and vote on issues such as executive pay or major policy changes. Think of it as an annual town hall for people who own part of the business: investors use it to ask questions, influence direction through votes, and gauge management’s plans and transparency, all of which can affect the stock’s outlook.

investment manager financial

"Caligan Partners LP ("Caligan") serves as investment manager"

Caligan Funds and Accounts financial

"the Caligan Funds and managed accounts (the "Caligan Accounts", and together with the Caligan Funds, the "Caligan Funds and Accounts")"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider equity award did David Johnson receive at Liquidia (LQDA)?

David Johnson received a grant of 5,882 shares of Liquidia common stock at a price of $0.00 per share. The grant is linked to restricted stock units that convert into common stock on a one-for-one basis after they vest under the stated schedule.

How many Liquidia (LQDA) shares does David Johnson hold directly after this filing?

After the reported grant, David Johnson holds 5,882 shares of Liquidia common stock as a direct holding. These shares are associated with restricted stock units and represent his personal position, separate from larger indirect holdings tied to Caligan-managed funds and accounts.

What are the vesting terms for David Johnson’s Liquidia (LQDA) RSUs?

The restricted stock units vest at the earlier of two dates: the one-year anniversary of the grant date or the day prior to Liquidia’s next annual shareholder meeting. Once vested, each RSU converts into one share of common stock under the one-for-one conversion ratio.

How many Liquidia (LQDA) shares are indirectly held through Caligan-related entities?

The filing reports 8,157,347 Liquidia common shares held indirectly by Caligan Funds and Accounts and related entities. Caligan Partners LP serves as investment manager, and David Johnson is the Managing Partner of Caligan and a Managing Member of its general partner entity.

What is the relationship between David Johnson and Caligan Partners LP regarding Liquidia (LQDA) shares?

David Johnson is the Managing Partner of Caligan Partners LP and a Managing Member of Caligan Partners GP LLC, Caligan’s general partner. He is deemed to hold certain securities for the benefit of Caligan-managed funds and accounts that hold Liquidia shares indirectly.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/18/2026 - 05:30 PM EDT Learn about SEC filing dates

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^*

JOHNSON DAVID EDWARD

(Last) (First) (Middle)

780 THIRD AVENUE

30TH FLOOR

(Street)

NEW YORK NEW YORK 10017

(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)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/16/2026

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

	Form filed by One Reporting Person
X	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, $0.001 par value per share ("Common Stock")	06/16/2026		A(1)		5,882(2)	A	$0	5,882	D(3)
Common Stock								8,157,347	I	See footnote(4)

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

1. Name and Address of Reporting Person^*

JOHNSON DAVID EDWARD

(Last) (First) (Middle)

780 THIRD AVENUE

30TH FLOOR

(Street)

NEW YORK NEW YORK 10017

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Caligan Partners LP

(Last) (First) (Middle)

780 THIRD AVENUE

30TH FLOOR

(Street)

NEW YORK NEW YORK 10017

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks.

Explanation of Responses:

1. Restricted stock units ("RSUs") convert into Common Stock on a one-for-one basis.

2. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.

3. David Johnson ("Mr. Johnson") is deemed to hold the securities reported herein for the benefit of certain funds (the "Caligan Funds") and managed accounts (the "Caligan Accounts", and together with the Caligan Funds, the "Caligan Funds and Accounts") to which Caligan Partners LP ("Caligan") serves as investment manager, and may, after vesting, if applicable, transfer the securities directly to such Caligan Funds and Accounts.

4. Securities held by the Caligan Funds and Accounts to which Caligan serves as investment manager and related entities. Mr. Johnson (together with Caligan, the "Reporting Persons") is the Managing Partner of Caligan and a Managing Member of Caligan Partners GP LLC, the general partner of Caligan.

Remarks:

Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Caligan may be deemed to be a director by deputization of the Issuer by virtue of the fact that Mr. Johnson currently serves on the Issuer's board of directors.

	Caligan Partners LP, By: /s/ David Johnson, Managing Partner	06/18/2026
	/s/ David Edward Johnson	06/18/2026
	** 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)