What does the zero price per share mean in the Liquidia (LQDA) Form 4 entry?

The zero price per share indicates the shares were granted as compensation, not purchased for cash. The 5,882 restricted stock units are awarded at no cost to Joanna Horobin and will become common stock once the stated vesting conditions related to timing and meetings are satisfied.

Liquidia (LQDA) director granted 5,882 RSUs tied to board service

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Liquidia Corp director Joanna Horobin received an equity award in the form of restricted stock units. On the reported date, she was granted 5,882 RSUs, which convert into common stock on a one-for-one basis at no purchase price. After this award, she directly owns 39,637 shares of common stock. The RSUs vest upon the earlier of one year from the grant date or the day before Liquidia’s next annual shareholder meeting, tying the compensation to continued board service.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Horobin Joanna

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	5,882	$0.00	--

Holdings After Transaction: Common Stock — 39,637 shares (Direct, null)

Footnotes (1)

Restricted stock units ("RSUs") convert into common stock on a one-for-one basis. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.

Key Figures

RSUs granted: 5,882 units Price per share: $0.00 Shares owned after grant: 39,637 shares

3 metrics

RSUs granted 5,882 units Equity award to director on 2026-06-16

Price per share $0.00 Grant price for 5,882 RSUs

Shares owned after grant 39,637 shares Director’s direct common stock holdings after award

Key Terms

Restricted stock units ("RSUs"), one-for-one basis, annual shareholder meeting

3 terms

Restricted stock units ("RSUs") financial

"Restricted stock units ("RSUs") convert into common stock on a one-for-one basis."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

one-for-one basis financial

"RSUs convert into common stock on a one-for-one basis."

annual shareholder meeting financial

"The RSUs shall vest upon the earlier of the one-year anniversary or the day prior to the Issuer's next annual shareholder meeting."

A yearly gathering where a company’s owners (shareholders) and its leaders meet to review performance, approve key decisions like electing directors, and vote on issues such as executive pay or major policy changes. Think of it as an annual town hall for people who own part of the business: investors use it to ask questions, influence direction through votes, and gauge management’s plans and transparency, all of which can affect the stock’s outlook.

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Form 4 Insider Transactions: What Each Field Means →

06/18/2026 - 04:32 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^*

Horobin Joanna

(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)
06/16/2026

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)
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	06/16/2026		A⁽¹⁾		5,882⁽²⁾	A	$0	39,637	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. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

2. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.

	/s/ Dr. Joanna Horobin	06/18/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Liquidia Corp (LQDA) report for Joanna Horobin?

Liquidia reported that director Joanna Horobin received 5,882 restricted stock units as an equity award. These RSUs convert into common stock on a one-for-one basis and were granted at no cash cost, reflecting compensation tied to her continued board service.

How many Liquidia (LQDA) shares does Joanna Horobin hold after this Form 4 filing?

Following the reported grant, Joanna Horobin directly owns 39,637 shares of Liquidia common stock. This total includes the new 5,882-share restricted stock unit award, which will convert into common stock when vesting conditions based on time and the next shareholder meeting are met.

What are the vesting terms of Joanna Horobin’s RSUs at Liquidia (LQDA)?

The RSUs granted to Joanna Horobin vest on the earlier of one year after the grant date or the day before Liquidia’s next annual shareholder meeting. Once vested, each restricted stock unit converts into one share of Liquidia common stock, aligning compensation with ongoing service.

Did Joanna Horobin buy or sell Liquidia (LQDA) shares in this Form 4?

She did not buy or sell shares on the open market; she received an equity grant. The Form 4 shows an acquisition coded as a grant or award of 5,882 restricted stock units, with zero purchase price, representing stock-based compensation rather than a market trade.