Liquidia (LQDA) CAO Boyle sells 445 shares to cover RSU taxes

Rhea-AI Filing Summary

Liquidia Corp Chief Accounting Officer Dana Boyle reported an open-market sale of 445 shares of common stock at $30.58 per share. The trade was executed under a pre-arranged Rule 10b5-1 trading plan adopted on June 3, 2022, and was made to cover taxes tied to the settlement of previously granted restricted stock units. After this transaction, Boyle directly holds 178,840 shares of Liquidia common stock, which includes multiple unvested RSU awards and shares acquired through the company’s 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

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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).

X

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)
03/02/2026

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	03/02/2026		S(1)		445(2)	D	$30.58	178,840(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

Explanation of Responses:

1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 3, 2022.

2. These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 16, 2022.

3. Includes (i) 12,500 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 28,542 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 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, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dana Boyle	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Liquidia Corp (LQDA) disclose for Dana Boyle?

Liquidia Corp disclosed that Chief Accounting Officer Dana Boyle sold 445 shares of common stock at $30.58 per share. The sale was reported as an open-market transaction and is part of a pre-arranged Rule 10b5-1 trading plan adopted in June 2022.

Why did Liquidia Corp officer Dana Boyle sell 445 LQDA shares?

The 445-share sale by Dana Boyle was made to cover taxes associated with the settlement of previously granted restricted stock units. This is a common method for employees to satisfy tax obligations when equity awards vest and convert into shares.

How many Liquidia Corp (LQDA) shares does Dana Boyle hold after the sale?

After the reported transaction, Dana Boyle directly holds 178,840 shares of Liquidia common stock. This total includes multiple blocks of unvested RSUs from grants made between 2023 and 2026 and shares acquired under the company’s 2020 Employee Stock Purchase Plan.

Was the Liquidia Corp insider sale by Dana Boyle under a Rule 10b5-1 plan?

Yes. The filing states the transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by Dana Boyle on June 3, 2022. Such plans allow insiders to pre-schedule trades, helping separate trading decisions from later nonpublic information.

What RSU awards are included in Dana Boyle’s Liquidia (LQDA) holdings?

Boyle’s holdings include unvested RSUs from grants of 50,000 units in 2023, 57,085 in 2024, and 50,861 in 2025, plus RSUs granted on July 1, 2025 and January 16, 2026. Some RSUs remain entirely unvested as of this Form 4.

How many RSUs and ESPP shares are part of Dana Boyle’s Liquidia position?

The position includes several unvested RSU blocks—12,500, 28,542, 38,145, 25,000, and 23,728 units from various grant dates—plus 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan, all counted in the reported total ownership.