LQDA insider sales reported; post-trade holding 155,334 shares

Rhea-AI Filing Summary

Liquidia (LQDA) insider transaction: The company’s Chief Accounting Officer reported two open‑market sales of common stock on 11/07/2025. The sales were 8,342 shares at $25.16 and 20,662 shares at $25.06. Following these transactions, the reporting person beneficially owned 155,334 shares, held directly.

Footnote details list unvested and plan-related holdings, including 1,884 unvested RSUs from a 01/16/2022 grant, 15,625 unvested RSUs from a 01/25/2023 grant, 32,110 unvested RSUs from a 01/11/2024 grant, 50,861 RSUs granted on 01/11/2025 (none vested), 25,000 RSUs granted on 07/01/2025 (none vested), and 3,527 shares acquired under 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).

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)
11/07/2025

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/07/2025		S		8,342	D	$25.16	175,996(1)	D
Common Stock	11/07/2025		S		20,662	D	$25.06	155,334(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes (i) 1,884 unvested restricted stock units ("RSUs") of the 15,075 RSUs granted to the Reporting Person on January 16, 2022, (ii) 15,625 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (iii) 32,110 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iv) 50,861 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4 (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 and (vi) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dana Boyle	11/12/2025
	** 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.
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FAQ

What insider activity did LQDA report?

The Chief Accounting Officer sold 8,342 shares at $25.16 and 20,662 shares at $25.06 on 11/07/2025.

How many LQDA shares does the insider hold after the sales?

Beneficial ownership was 155,334 shares following the reported transactions, held directly.

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

The reporting person is an officer, serving as Chief Accounting Officer.

Were the LQDA sales direct or indirect?

Ownership form is listed as Direct (D).

What RSUs are reported in the footnote for LQDA?

Unvested RSUs include 1,884 (01/16/2022), 15,625 (01/25/2023), 32,110 (01/11/2024), plus 50,861 (01/11/2025) and 25,000 (07/01/2025), and 3,527 ESPP shares.

What were the sale prices for the LQDA transactions?

The shares were sold at $25.16 and $25.06.