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Liquidia (NASDAQ: LQDA) CHRO logs PSU vesting and tax-related share sale

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Liquidia Corp's Chief Human Resource Officer, Sarah Krepp, reported equity compensation activity and a related share sale. On January 9, 2026, 12,716 performance stock units converted into the same number of common shares at an exercise price of $0, increasing her directly held common stock to 153,934 shares and leaving 38,145 derivative securities beneficially owned. On January 12, 2026, she sold 13,165 common shares at $37.43 per share, primarily to cover taxes tied to the settlement of RSUs and PSUs granted in 2024 and 2025 under company plans. After these transactions, she directly held 140,769 common shares, alongside sizable unvested RSU and PSU awards that continue to vest over time.

Positive

  • None.

Negative

  • None.
Insider Krepp Sarah
Role Chief Human Resource Officer
Sold 13,165 shs ($493K)
Type Security Shares Price Value
Sale Common Stock 13,165 $37.43 $493K
Exercise Performance Stock Units 12,716 $0.00 --
Exercise Common Stock 12,716 $0.00 --
Holdings After Transaction: Common Stock — 140,769 shares (Direct); Performance Stock Units — 38,145 shares (Direct)
Footnotes (1)
  1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis. On January 11, 2025, the Reporting Person was granted 50,861 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 12,716 have vested as of the date of this Form 4. Includes (i) 29,482 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,787 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4 and (v) 5,312 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023. These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2024, July 1, 2024 and January 11, 2025.
Form 4 Insider Transactions: What Each Field Means →
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 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)
Chief Human Resource Officer
3. Date of Earliest Transaction (Month/Day/Year)
01/09/2026
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 01/09/2026 M 12,716(2) A (1) 153,934(3) D
Common Stock 01/12/2026 S(4) 13,165(5) D $37.43 140,769(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
Performance Stock Units (1) 01/09/2026 M 12,716 (1) (1) Common Stock 12,716 $0 38,145 D
Explanation of Responses:
1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
2. On January 11, 2025, the Reporting Person was granted 50,861 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 12,716 have vested as of the date of this Form 4.
3. Includes (i) 29,482 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,787 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4 and (v) 5,312 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 and PSUs that were initially granted to the Reporting Person on January 11, 2024, July 1, 2024 and January 11, 2025.
/s/ Sarah Krepp 01/13/2026
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

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

Liquidia reported that Chief Human Resource Officer Sarah Krepp had 12,716 performance stock units convert into common stock on January 9, 2026, and then sold 13,165 common shares on January 12, 2026.

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

The 13,165 Liquidia common shares were sold at a price of $37.43 per share on January 12, 2026.

Why were the Liquidia (LQDA) shares sold by Sarah Krepp?

According to the disclosure, the 13,165 common shares were sold to cover taxes associated with the settlement of restricted stock units and performance stock units granted on January 11, 2024, July 1, 2024, and January 11, 2025.

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

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

How many Liquidia (LQDA) shares does Sarah Krepp hold after these transactions?

Following the reported transactions, Sarah Krepp beneficially owned 140,769 shares of Liquidia common stock directly, in addition to unvested equity awards.

What performance stock units and RSUs are outstanding for the Liquidia (LQDA) CHRO?

The filing notes that 12,716 PSUs vested and converted into common stock, and that remaining equity includes 38,145 derivative securities and multiple blocks of unvested RSUs granted in 2024 and 2025 under company plans.

What is Sarah Krepp’s role at Liquidia (LQDA) as disclosed in the Form 4?

Sarah Krepp is identified as an officer of Liquidia Corp, serving as the company’s Chief Human Resource Officer.