Liquidia insider Form 4 shows 35,656-share option exercise and sale

Rhea-AI Filing Summary

Liquidia Corp (LQDA) reported an insider equity transaction by its Chief Business Officer on a Form 4. On 11/18/2025, the officer exercised stock options to acquire a total of 35,656 shares of common stock at an exercise price of $5.89 per share and then sold 35,656 shares of common stock in a market transaction. The sale price was a volume-weighted average of $30.0289 per share for trades between $30.00 and $30.15, executed under a pre-arranged Rule 10b5-1 trading plan adopted on May 29, 2025.

Following these transactions, the officer beneficially owned 174,998 shares of Liquidia common stock directly. This amount includes unvested restricted stock units granted in 2023, 2024 and 2025, as well as shares acquired under the company’s 2020 Employee Stock Purchase Plan.

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
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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^*

Adair Jason

(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 Business Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

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	11/18/2025		M		35,291	A	$5.89	210,289(1)	D
Common Stock	11/18/2025		M		365	A	$5.89	210,654(1)	D
Common Stock	11/18/2025		S(2)		35,656	D	$30.0289(3)	174,998(1)	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
Incentive Stock Option (right to buy)	$5.89	11/18/2025		M			35,291	01/05/2020(4)	01/05/2026	Common Stock	35,291	$0	0	D
Non-Qualified Stock Option (right to buy)	$5.89	11/18/2025		M			365	01/05/2020(4)	01/05/2026	Common Stock	365	$0	0	D

Explanation of Responses:

1. Includes (i) 10,937 unvested restricted stock units ("RSUs") of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 22,268 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 61,895 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) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

2. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 29, 2025.

3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $30.00 to $30.15. 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. The option vested with 25% vesting on January 5, 2017 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on January 5, 2020.

	/s/ Jason Adair	11/20/2025
	** 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.
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FAQ

What insider transaction did Liquidia (LQDA) report in this Form 4?

Liquidia reported that its Chief Business Officer exercised stock options for 35,656 shares of common stock at $5.89 per share and sold 35,656 shares in the open market on 11/18/2025.

What prices were involved in the Liquidia (LQDA) insider’s trades?

The officer exercised options at an exercise price of $5.89 per share and sold the acquired shares at a volume-weighted average price of $30.0289 per share, with trades between $30.00 and $30.15.

How many Liquidia (LQDA) shares does the insider own after the transaction?

After the reported transactions, the officer beneficially owned 174,998 shares of Liquidia common stock directly, including various unvested RSUs and shares acquired under the 2020 Employee Stock Purchase Plan.

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

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 29, 2025, as disclosed in the footnotes.

What stock option grants were exercised in the Liquidia (LQDA) Form 4?

The officer exercised an Incentive Stock Option for 35,291 shares and a Non-Qualified Stock Option for 365 shares, both with an exercise price of $5.89 per share and an expiration date of 01/05/2026.

What RSU awards are included in the Liquidia (LQDA) insider’s holdings?

The holdings include 10,937 unvested RSUs from a July 6, 2023 grant, 22,268 unvested RSUs from a January 11, 2024 grant, and 61,895 RSUs granted on January 11, 2025, which had not vested as of the reporting date.

What is the vesting history of the Liquidia (LQDA) options exercised?

The options vested with 25% vesting on January 5, 2017, with the remainder vesting monthly over three years and becoming fully vested on January 5, 2020.