Liquidia CEO reports PSU conversion of 13,834 shares and sale

Rhea-AI Filing Summary

Liquidia (LQDA): CEO and Director Roger Jeffs reported insider transactions. On 10/10/2025, 13,834 shares of common stock were acquired via the conversion of performance stock units at $0. On 10/13/2025, 20,261 shares were sold at $23.41 under a Rule 10b5-1 plan adopted on December 15, 2023.

After these transactions, direct holdings were 1,032,973 shares. Indirect holdings included 46,595 shares held by the Roger A. Jeffs Living Trust and 1,541,667 shares held by Serendipity BioPharma LLC, over which he has sole voting and dispositive power. The sale was to cover taxes associated with RSU and PSU settlements.

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).

1. Name and Address of Reporting Person^*

JEFFS ROGER

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2025

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	10/10/2025		M		13,834(2)	A	(1)	1,053,234(3)	D
Common Stock	10/13/2025		S(4)		20,261(5)	D	$23.41	1,032,973(3)	D
Common Stock								46,595	I	See footnote(6)
Common Stock								1,541,667	I	See footnote(7)

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
Performance Stock Units	(1)	10/10/2025		M			13,834	(1)	(1)	Common Stock	13,834	$0	124,502	D

Explanation of Responses:

1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

2. On January 11, 2024, the Reporting Person was granted 221,338 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 96,836 have vested as of the date of this Form 4.

3. Includes (i) 90,469 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 124,502 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 229,327 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4 and (iv) 10,696 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

5. These shares were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023 and January 11, 2024.

6. The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.

7. The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.

	/s/ Roger Jeffs	10/15/2025
	** Signature of Reporting Person	Date
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FAQ

What did LQDA’s CEO report on Form 4?

Roger Jeffs acquired 13,834 shares from PSUs on 10/10/2025 and sold 20,261 shares at $23.41 on 10/13/2025.

Were the LQDA share sales pre‑planned?

Yes. The sale was executed under a Rule 10b5-1 plan adopted on December 15, 2023.

Why were some LQDA shares sold by the CEO?

Footnotes state the sale covered taxes from the settlement of RSUs and PSUs granted on January 11, 2023 and January 11, 2024.

How many LQDA shares does the CEO hold directly after the transactions?

Direct holdings were 1,032,973 shares after the reported transactions.

What are the CEO’s indirect LQDA holdings?

Indirect holdings include 46,595 shares via the Roger A. Jeffs Living Trust and 1,541,667 shares via Serendipity BioPharma LLC.

What units converted into LQDA common stock?

Performance stock units (PSUs) converted one‑for‑one into 13,834 shares of common stock.