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Liquidia (NASDAQ: LQDA) director receives 5,882 RSUs equity award

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Liquidia Corp director Paul B. Manning reported an equity award of 5,882 restricted stock units (RSUs) that convert into common stock on a one-for-one basis. These RSUs vest on the earlier of one year from the grant date or the day before Liquidia’s next annual shareholder meeting. Following this grant, he directly holds 475,465 shares of common stock, with additional large direct and indirect holdings reported through joint ownership with his spouse, a revocable trust, and several investment LLCs described in the footnotes.

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Insider Manning Paul B
Role null
Type Security Shares Price Value
Grant/Award Common Stock 5,882 $0.00 --
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 475,465 shares (Direct, null); Common Stock — 716,311 shares (Indirect, See footnote)
Footnotes (1)
  1. Represents restricted stock units ("RSUs"). The RSUs convert into common stock on a one-for-one basis and 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. The shares are held by Reporting Person jointly with his spouse. The securities are held by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC ("Tiger Lily"), the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB. The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust"). The Reporting Person is the trustee of the PBM 2000 Trust and has sole voting and investment power with respect to the shares held by the PBM 2000 Trust. The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM. The securities are held by PD Joint Holdings, LLC Series 2016-A ("PD"). The Reporting Person is a co-manager of Tiger Lily, the manager of PD, and has shared voting and investment power with respect to the shares held by PD.
RSUs granted 5,882 RSUs Restricted stock units granted to director Paul B. Manning
RSU grant price $0.00 per unit Price per RSU in the June 16, 2026 grant
Direct holdings (position 1) 475,465 shares Common stock directly held after RSU grant
Direct holdings (position 2) 3,131,794 shares Additional directly held common stock reported in filing
Indirect holdings example 798,335 shares One of several indirect common stock positions
restricted stock units ("RSUs") financial
"Represents restricted stock units ("RSUs"). The RSUs convert into common stock"
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
"The RSUs convert into common stock on a one-for-one basis"
annual shareholder meeting financial
"the day prior to the Issuer's next annual shareholder meeting following the date of grant"
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.
Revocable Trust financial
"held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust")"
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
voting and investment power financial
"has shared voting and investment power with respect to the shares held"
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Manning Paul B
(Last)(First)(Middle)
200 GARRETT STREET, SUITE S
(Street)
CHARLOTTESVILLE VIRGINIA 22902
(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)
XDirector10% 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)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock06/16/2026A5,882(1)A$0475,465D
Common Stock3,131,794D(2)
Common Stock716,311ISee footnote(3)
Common Stock798,335ISee footnote(4)
Common Stock435,674ISee footnote(5)
Common Stock198,413ISee footnote(6)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Represents restricted stock units ("RSUs"). The RSUs convert into common stock on a one-for-one basis and 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.
2. The shares are held by Reporting Person jointly with his spouse.
3. The securities are held by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC ("Tiger Lily"), the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB.
4. The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust"). The Reporting Person is the trustee of the PBM 2000 Trust and has sole voting and investment power with respect to the shares held by the PBM 2000 Trust.
5. The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM.
6. The securities are held by PD Joint Holdings, LLC Series 2016-A ("PD"). The Reporting Person is a co-manager of Tiger Lily, the manager of PD, and has shared voting and investment power with respect to the shares held by PD.
/s/ Paul B. Manning06/18/2026
** Signature of Reporting PersonDate
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 (LQDA) director Paul B. Manning report?

Paul B. Manning reported an acquisition of 5,882 restricted stock units (RSUs) in Liquidia. These RSUs are equity awards that convert into common stock on a one-for-one basis, adding to his existing direct and indirect ownership stakes in the company.

How many Liquidia (LQDA) RSUs were granted to director Paul B. Manning?

He was granted 5,882 restricted stock units (RSUs) with a per-share price of $0.00. Each RSU will convert into one share of Liquidia common stock upon vesting, increasing his future direct equity exposure if the vesting conditions are satisfied.

When do Paul B. Manning’s new Liquidia (LQDA) RSUs vest?

The 5,882 RSUs vest on the earlier of the one-year anniversary of the grant date or the day prior to Liquidia’s next annual shareholder meeting. At vesting, they convert into common stock on a one-for-one basis, expanding his direct share ownership.

How many Liquidia (LQDA) shares does Paul B. Manning hold directly after this filing?

After the RSU grant, one direct position in the filing shows 475,465 shares of Liquidia common stock. The Form 4 also reports another large direct holding and several indirect positions through trusts and LLCs, reflecting substantial overall exposure.

What indirect Liquidia (LQDA) holdings are associated with Paul B. Manning?

The filing reports multiple indirect holdings in Liquidia common stock. These include shares held jointly with his spouse, by the Paul B. Manning Revocable Trust, and by entities such as BKB Growth Investments, PBM Capital Finance, and PD Joint Holdings, where he has voting or investment power.

Are Paul B. Manning’s new Liquidia (LQDA) RSUs part of a cash purchase?

No, the 5,882 RSUs were granted at a price of $0.00 per unit, indicating a compensation-related equity award rather than an open-market purchase. The units will convert into common shares upon vesting, subject to the stated vesting schedule conditions.