Liquidia (LQDA) CFO/COO logs small stock sale and RSU conversion

Rhea-AI Filing Summary

Liquidia Corp executive Michael Kaseta, the CFO and COO, reported a mix of stock sales and equity awards. He sold 1,165 shares of common stock in an open-market transaction at $30.58 per share under a pre-arranged Rule 10b5-1 trading plan to cover taxes tied to restricted stock units (RSUs) granted in January 2022. After this sale, he directly owned 411,855 common shares. On February 27, 2026, 2,344 RSUs converted into 2,344 common shares at no cost, reflecting the vesting and settlement of a portion of his long-term equity awards.

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^*

Kaseta Michael

(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)
	CFO and COO

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

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	02/27/2026		M		2,344(2)	A	(1)	413,020(3)	D
Common Stock	03/02/2026		S(4)		1,165(5)	D	$30.58	411,855(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
Restricted Stock Units	(1)	02/27/2026		M			2,344	(1)	(1)	Common Stock	2,344	$0	0	D

Explanation of Responses:

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

2. On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 37,500 have vested as of the date of this Form 4.

3. Includes (i) 31,167 unvested RSUs of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 46,625 unvested RSUs and 25,000 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 84,597 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025, (iv) 59,320 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 11,694 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 of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

	/s/ Michael Kaseta	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 did Liquidia (LQDA) executive Michael Kaseta report in this Form 4?

Michael Kaseta reported a small open-market sale and an RSU conversion. He sold 1,165 common shares and had 2,344 restricted stock units convert into 2,344 common shares as part of his ongoing equity compensation program.

How many Liquidia (LQDA) shares did Michael Kaseta sell and at what price?

He sold 1,165 shares of Liquidia common stock at $30.58 per share. This open-market transaction was executed under a Rule 10b5-1 trading plan and was specifically used to cover tax obligations from vested restricted stock units.

What RSU activity did Michael Kaseta disclose for Liquidia (LQDA)?

He disclosed that 2,344 restricted stock units converted into 2,344 common shares at a price of $0.00 per share. The RSUs stemmed from equity awards initially granted on January 16, 2022, vesting over time according to the award schedule.

Why were some of Michael Kaseta’s Liquidia (LQDA) shares sold?

The shares were sold to cover taxes associated with the settlement of previously granted restricted stock units. This type of tax-related sale is common when RSUs vest and convert into common stock, creating taxable income for the executive.

How many Liquidia (LQDA) shares does Michael Kaseta own after these transactions?

Following the reported transactions, Michael Kaseta directly owned 411,855 shares of Liquidia common stock. This figure reflects his holdings after both the sale of 1,165 shares and the conversion of 2,344 restricted stock units into common shares.

Were Michael Kaseta’s Liquidia (LQDA) stock sales pre-planned?

Yes. The filing notes the sale was effected under a Rule 10b5-1 trading plan adopted on December 15, 2023. Such plans allow insiders to schedule trades in advance, helping separate routine sales from short-term market considerations.