[Form 4] Liquidia Corp Insider Trading Activity

Rhea-AI Filing Summary

Liquidia Corp’s Chief Commercial Officer, Scott Moomaw, reported new equity awards. On January 16, 2026, he received 32,955 shares of common stock in the form of restricted stock units (RSUs) at $0 per share, which convert into common stock on a one-for-one basis and vest 25% on January 11, 2027, with 6.25% vesting every three months thereafter. After this grant, he directly beneficially owned 187,469 shares of common stock, including multiple prior RSU grants and shares from the employee stock purchase plan. He was also granted 49,433 performance stock units (PSUs), which convert one-for-one into common stock and vest over time starting on the initial vesting date or the filing of the company’s Form 10-K for 2026, subject to a milestone based on 2026 net product sales revenue from YUTREPIA.

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

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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).

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^*

Moomaw Scott

(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 Commercial 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	187,469(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) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 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) 3,527 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/ Scott Moomaw	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).
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FAQ

What insider transaction did Liquidia Corp (LQDA) report for Scott Moomaw?

The filing shows that Chief Commercial Officer Scott Moomaw received grants of 32,955 RSU-based common shares at $0 per share and 49,433 performance stock units on January 16, 2026, both held directly.

How many Liquidia Corp (LQDA) shares does Scott Moomaw beneficially own after this Form 4?

Following the reported RSU grant, Scott Moomaw beneficially owned 187,469 shares of Liquidia common stock directly, including unvested RSUs and shares acquired under the 2020 Employee Stock Purchase Plan.

What are the vesting terms for Scott Moomaw’s new RSUs at Liquidia Corp (LQDA)?

The 32,955 RSUs granted to Scott Moomaw vest with 25% on January 11, 2027, and 6.25% vesting every three months after that initial vesting date, with each RSU converting into one share of common stock.

How do Scott Moomaw’s performance stock units (PSUs) at Liquidia Corp (LQDA) vest?

The 49,433 PSUs vest 25% on the initial vesting date or, if later, when the company files its Form 10-K for the year ending December 31, 2026, and 6.25% every three months after, subject to meeting a milestone tied to 2026 YUTREPIA net product sales revenue.

What is the relationship between Liquidia Corp (LQDA) RSUs and common stock in this Form 4?

The filing states that restricted stock units (RSUs) convert into Liquidia common stock on a one-for-one basis, meaning each RSU becomes one share when it vests.

What is the relationship between Liquidia Corp (LQDA) PSUs and common stock in this Form 4?

The filing explains that performance stock units (PSUs) also convert into common stock on a one-for-one basis, with vesting tied to time-based schedules and a performance milestone based on YUTREPIA 2026 sales.