Liquidia director sells 17,492 shares in trades

Liquidia Corp director Raman Singh exercised options and sold 17,492 common shares in September 2026 at prices far above the options’ exercise prices.

Rhea-AI Filing Summary

Liquidia Corp director Raman Singh reported multiple option exercises and related share sales. On September 11 and September 14, 2026, he exercised options covering a total of 17,492 shares of common stock at exercise prices of $8.63 and $9.3055 per share and sold the resulting shares in market transactions.

Sales totaled 17,492 shares at per-share prices of $66.16 and a volume weighted average price of $68.6181, with the latter reflecting trades between $68.60 and $68.70. No Rule 10b5-1 trading plan is reported, and the filing notes 5,882 unvested restricted stock units included in his overall equity awards.

Insider Trade Summary

Exercise and Sale: 17,492 shares ($1.02M approx. pre-tax spread)

Exercise and Sale 8 txns

Insider SINGH RAMAN

Role Director

Sold 17,492 shs ($1.18M)

Approx. gross sale proceeds $1.18M

Approx. exercise cost $162K

Approx. pre-tax spread $1.02M

Type	Security	Shares	Price	Value
Exercise	Non-Qualified Stock Option (right to buy) F5	8,468	$0.00	$0.00
Exercise	Common Stock F1	8,468	$9.3055	$79K
Sale	Common Stock F2, F1	8,468	$66.16	$560K
Exercise	Non-Qualified Stock Option (right to buy) F4	556	$0.00	$0.00
Exercise	Non-Qualified Stock Option (right to buy) F5	8,468	$0.00	$0.00
Exercise	Common Stock F1	556	$8.63	$5K
Exercise	Common Stock F1	8,468	$9.3055	$79K
Sale	Common Stock F2, F3, F1	9,024	$68.6181	$619K

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 44,637 shares (Direct)

Footnotes (5)

1. F1. Includes 5,882 restricted stock units granted to the Reporting Person on June 16, 2026, none of which have vested as of the date of this Form 4.
2. F2. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4.
3. F3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $68.60 to $68.70. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
4. F4. The option vested in 36 equal monthly installments and became fully vested on June 19, 2026.
5. F5. The option vested in 36 equal monthly installments and became fully vested on March 7, 2021.

Key Figures

Shares sold: 17,492 shares Option exercises: 17,492 shares Exercise prices: $8.63 and $9.3055 per share +3 more

6 metrics

Shares sold 17,492 shares Total common shares sold by Raman Singh on September 11 and 14, 2026

Option exercises 17,492 shares Total shares underlying options exercised into common stock on September 11 and 14, 2026

Exercise prices $8.63 and $9.3055 per share Exercise prices of non-qualified stock options exercised into Liquidia common stock

Sale price September 14, 2026 $66.16 per share Price for 8,468 common shares sold on September 14, 2026

VWAP sale price September 11, 2026 $68.6181 per share Volume weighted average price for 9,024 common shares sold in a range of $68.60–$68.70

Unvested restricted stock units 5,882 units Restricted stock units granted June 16, 2026 that had not vested as of this Form 4

Key Terms

Non-Qualified Stock Option, restricted stock units, volume weighted average price

3 terms

Non-Qualified Stock Option financial

"Non-Qualified Stock Option (right to buy)"

A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.

restricted stock units financial

"Includes 5,882 restricted stock units granted to the Reporting Person on June 16, 2026"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

volume weighted average price financial

"Price is the volume weighted average price of all transactions made by the Reporting Person"

The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.

FAQ

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

What did Liquidia Corp (LQDA) director Raman Singh report in this Form 4?

He reported exercising options for 17,492 shares of Liquidia common stock on September 11 and 14, 2026, at exercise prices of $8.63 and $9.3055 per share, and selling all 17,492 shares in market transactions on those dates.

How many Liquidia (LQDA) shares did Raman Singh sell and at what prices?

He sold a total of 17,492 shares of Liquidia common stock. On September 14, 2026, he sold 8,468 shares at $66.16 per share. On September 11, 2026, he sold 9,024 shares at a volume weighted average price of $68.6181 per share.

Were Raman Singh’s Liquidia (LQDA) trades under a Rule 10b5-1 plan?

No. The Form 4 indicates that the Rule 10b5-1 checkbox is not marked, and no footnote describes the transactions as being made under a Rule 10b5-1 or other pre-arranged trading plan.

What option exercises did Raman Singh report for Liquidia (LQDA)?

He exercised options for 8,468 shares at an exercise price of $9.3055 per share on both September 11 and September 14, 2026, and additional options for 556 shares at an exercise price of $8.63 per share on September 11, 2026, all into common stock.

What does the Form 4 say about Raman Singh’s restricted stock units in Liquidia (LQDA)?

A footnote states that his holdings include 5,882 restricted stock units granted on June 16, 2026, and that none of these units had vested as of the Form 4 date.

How is the sale price on September 11, 2026 for Liquidia (LQDA) described?

The Form 4 explains that the $68.6181 figure is a volume weighted average price for trades executed that day, with individual sale prices ranging from $68.60 to $68.70 per share.

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

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Available on EDGAR 09/15/2026 - 04:31 PM Accepted by SEC EDGAR 09/15/2026 - 04:30 PM 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^*

SINGH RAMAN

(Last) (First) (Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE NORTH CAROLINA 27560

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2026

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

X	Form filed by One Reporting Person
	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	09/11/2026		M		556	A	$8.63	45,193(1)	D
Common Stock	09/11/2026		M		8,468	A	$9.3055	53,661(1)	D
Common Stock	09/11/2026		S(2)		9,024	D	$68.6181(3)	44,637(1)	D
Common Stock	09/14/2026		M		8,468	A	$9.3055	53,105(1)	D
Common Stock	09/14/2026		S(2)		8,468	D	$66.16	44,637(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
Non-Qualified Stock Option (right to buy)	$8.63	09/11/2026		M			556	06/19/2026(4)	06/19/2033	Common Stock	556	$0	0	D
Non-Qualified Stock Option (right to buy)	$9.3055	09/11/2026		M			8,468	03/07/2021(5)	03/07/2028	Common Stock	8,468	$0	8,468	D
Non-Qualified Stock Option (right to buy)	$9.3055	09/14/2026		M			8,468	03/07/2021(5)	03/07/2028	Common Stock	8,468	$0	0	D

Explanation of Responses:

1. Includes 5,882 restricted stock units granted to the Reporting Person on June 16, 2026, none of which have vested as of the date of this Form 4.

2. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4.

3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $68.60 to $68.70. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The option vested in 36 equal monthly installments and became fully vested on June 19, 2026.

5. The option vested in 36 equal monthly installments and became fully vested on March 7, 2021.

	/s/ Raman Singh	09/15/2026
	** 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)