Liquidia HR chief sells 274 shares at $67.76

Liquidia Corp (LQDA) reported that Chief Human Resource Officer Sarah Krepp sold 274 shares of common stock on September 1, 2026 at a volume weighted average price of $67.76 per share.

Rhea-AI Filing Summary

Liquidia Corp (LQDA) reported that Chief Human Resource Officer Sarah Krepp sold 274 shares of common stock on September 1, 2026 at a volume weighted average price of $67.76 per share. The sale was effected pursuant to a Rule 10b5-1 trading plan and was made to cover taxes on settling Restricted Stock Units. After the sale, she directly held 117,308 shares, including multiple grants of unvested RSUs and shares acquired under the 2020 Employee Stock Purchase Plan.

Insider Trade Summary 10b5-1

Net Seller: 274 shares

Net Sell 1 txn

Insider Krepp Sarah

Role Chief Human Resource Officer

Sold 274 shs ($19K)

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F2, F3, F4	274	$67.7603	$19K

Holdings After Transaction: Common Stock — 117,308 shares (Direct)

Footnotes (4)

1. F1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
2. F2. These shares of common stock were sold to cover taxes associated with the settlement of Restricted Stock Units ("RSUs").
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 $67.76 to $68.24. 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. Includes (i) 21,174 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 6,229 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 31,787 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 18,750 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 1, 2025, (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) 404 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

Key Figures

Shares sold: 274 shares Sale price (VWAP): $67.76 per share Shares held after transaction: 117,308 shares +5 more

8 metrics

Shares sold 274 shares Common stock sale on September 1, 2026

Sale price (VWAP) $67.76 per share Volume weighted average price for trades between $67.76 and $68.24

Shares held after transaction 117,308 shares Direct holdings of reporting person following the sale

Unvested RSUs from 01/11/2024 grant 21,174 RSUs Portion of 61,465 RSUs granted January 11, 2024 remaining unvested

Unvested RSUs from 07/01/2024 grant 6,229 RSUs Portion of 12,459 RSUs granted July 1, 2024 remaining unvested

Unvested RSUs from 01/11/2025 grant 31,787 RSUs Portion of 50,861 RSUs granted January 11, 2025 remaining unvested

Unvested RSUs from 07/01/2025 grant 18,750 RSUs Portion of 25,000 RSUs granted July 1, 2025 remaining unvested

RSUs from 01/16/2026 grant 23,728 RSUs RSUs granted January 16, 2026, none vested as of this Form 4

Key Terms

Rule 10b5-1 plan, Restricted Stock Units ("RSUs"), volume weighted average price, Employee Stock Purchase Plan

4 terms

Rule 10b5-1 plan regulatory

"Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

Restricted Stock Units ("RSUs") financial

"These shares of common stock were sold to cover taxes associated with the settlement of Restricted Stock Units"

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.

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.

Employee Stock Purchase Plan financial

"404 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan"

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

FAQ

What insider transaction did Liquidia Corp (LQDA) report for Sarah Krepp?

Liquidia reported that Chief Human Resource Officer Sarah Krepp sold 274 shares of common stock on September 1, 2026, classified as a sale in the open market or a private transaction.

At what price were the Liquidia (LQDA) shares sold in this Form 4 filing?

The 274 Liquidia shares were sold at a volume weighted average price of $67.76 per share, based on trades between $67.76 and $68.24, as disclosed in the filing.

Why did the Liquidia (LQDA) insider sell 274 shares?

The filing states the 274 shares of Liquidia common stock were sold to cover taxes associated with the settlement of Restricted Stock Units (RSUs).

Was the Liquidia (LQDA) insider sale made under a Rule 10b5-1 plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 15, 2023, as indicated in the footnotes.

How many Liquidia (LQDA) shares does Sarah Krepp hold after this transaction?

After the transaction, Sarah Krepp directly held 117,308 shares of Liquidia common stock, including various grants of unvested RSUs and 404 shares acquired under the 2020 Employee Stock Purchase Plan.

What unvested RSUs for Liquidia (LQDA) does the reporting person hold?

Post-transaction holdings include unvested RSUs from several grants: 21,174, 6,229, 31,787, 18,750, and 23,728 RSUs from awards dated in 2024, 2025 and 2026, as listed in the filing.

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Available on EDGAR 09/03/2026 - 04:43 PM Accepted by SEC EDGAR 09/03/2026 - 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).

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^*

Krepp Sarah

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Human Resource Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2026

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	09/01/2026		S(1)		274(2)	D	$67.7603(3)	117,308(4)	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 December 15, 2023.

2. These shares of common stock were sold to cover taxes associated with the settlement of Restricted Stock Units ("RSUs").

3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $67.76 to $68.24. 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. Includes (i) 21,174 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 6,229 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 31,787 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 18,750 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 1, 2025, (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) 404 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Sarah Krepp	09/03/2026
	** 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)