Form 4: LQDA CMO reports stock sales; 176,549 shares owned

Q: What did the LQDA Form 4 report for the Chief Medical Officer?

It reported two sales on 11/05/2025 : 4,918 shares at $27 and 66,463 shares at $27 , with direct ownership at 176,549 shares after the trades.

Q: How many LQDA shares does the reporting person own after the reported trades?

Beneficial ownership following the transactions is 176,549 shares, held directly.

Q: What RSU awards are referenced in the filing for LQDA?

Unvested RSUs include 26,041 (from an 83,333 grant on Jan 11, 2023 ), 31,777 (from a 56,492 grant on Jan 11, 2024 ), and 71,780 granted on Jan 11, 2025 (none vested as of the filing).

Q: Did the filing mention purchases through an employee stock plan?

Yes. It includes 2,221 shares acquired under the 2020 Employee Stock Purchase Plan .

Q: What is the reporting person’s role at Liquidia (LQDA)?

The reporting person is an Officer , serving as Chief Medical Officer .

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) filed a Form 4 showing stock sales by Chief Medical Officer Dr. Rajeev Saggar. On 11/05/2025, he sold 4,918 shares of common stock at $27 and 66,463 shares at $27. Following these transactions, his beneficial ownership stood at 176,549 shares, held directly.

The filing notes equity awards and purchases: 26,041 unvested RSUs from an 83,333 grant dated January 11, 2023; 31,777 unvested RSUs from a 56,492 grant dated January 11, 2024; and 71,780 RSUs granted on January 11, 2025, none of which had vested as of the filing date. It also includes 2,221 shares acquired under the company’s 2020 Employee Stock Purchase Plan.

Insider Trade Summary

Net Seller: 71,381 shares ($1,927,287)

Net Sell 2 txns

Insider Saggar Rajeev

Role Chief Medical Officer

Sold 71,381 shs ($1.93M)

Type	Security	Shares	Price	Value
Sale	Common Stock	4,918	$27.00	$133K
Sale	Common Stock	66,463	$27.00	$1.79M

Holdings After Transaction: Common Stock — 243,012 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/07/2025 - 04:30 PM

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^*

Saggar Rajeev

(Last)

(First)

(Middle)

419 DAVIS DRIVE

SUITE 100

(Street)

MORRISVILLE

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)
11/05/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/05/2025		S		4,918	D	$27	243,012⁽¹⁾	D
Common Stock	11/05/2025		S		66,463	D	$27	176,549⁽¹⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Includes (i) 26,041 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 31,777 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 71,780 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4, and (iv) 2,221 shares of common stock acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dr. Rajeev Saggar	11/07/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did the LQDA Form 4 report for the Chief Medical Officer?

It reported two sales on 11/05/2025: 4,918 shares at $27 and 66,463 shares at $27, with direct ownership at 176,549 shares after the trades.

How many LQDA shares does the reporting person own after the reported trades?

Beneficial ownership following the transactions is 176,549 shares, held directly.

Were the transactions under a Rule 10b5-1 trading plan?

The form includes a checkbox reference to Rule 10b5-1, but no selection is indicated in the provided excerpt.

What RSU awards are referenced in the filing for LQDA?

Unvested RSUs include 26,041 (from an 83,333 grant on Jan 11, 2023), 31,777 (from a 56,492 grant on Jan 11, 2024), and 71,780 granted on Jan 11, 2025 (none vested as of the filing).

Did the filing mention purchases through an employee stock plan?

Yes. It includes 2,221 shares acquired under the 2020 Employee Stock Purchase Plan.

What is the reporting person’s role at Liquidia (LQDA)?

The reporting person is an Officer, serving as Chief Medical Officer.