Liquidia (LQDA) grants new RSUs and PSUs to Chief Business Officer

Rhea-AI Filing Summary

Liquidia Corp’s Chief Business Officer, Jason Adair, reported new equity awards. On January 16, 2026, he was granted 27,683 restricted stock units (RSUs) that convert into common stock on a one-for-one basis. These RSUs vest with 25% on January 11, 2027 and 6.25% every three months thereafter.

On the same date, he was also granted 41,525 performance stock units (PSUs), which also convert into common stock one-for-one. The PSUs follow a similar time-based vesting schedule tied to the Initial Vesting Date or the filing of the company’s Form 10-K for the year ending December 31, 2026, and include a milestone condition based on 2026 net product sales revenue from YUTREPIA. After these transactions, Adair beneficially owned 211,857 shares of common stock and 41,525 PSUs, all held directly.

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).

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)
01/16/2026

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	01/16/2026		A(1)		27,683(2)	A	$0	211,857(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	(4)	01/16/2026		A		41,525		(5)	(5)	Common Stock	41,525	$0	41,525	D

Explanation of Responses:

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

2. (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

3. Includes (i) 10,937 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 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) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

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

5. On January 16, 2026, the Reporting Person was granted 41,525 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

	/s/ Jason Adair	01/21/2026
	** 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.

FAQ

What insider transaction did Liquidia (LQDA) report for Jason Adair?

Liquidia reported that Chief Business Officer Jason Adair received equity awards on January 16, 2026, including 27,683 RSUs and 41,525 PSUs, both converting into common stock on a one-for-one basis.

How many Liquidia (LQDA) restricted stock units were granted to the CBO?

On January 16, 2026, Jason Adair was granted 27,683 restricted stock units (RSUs), which convert into Liquidia common stock on a one-for-one basis.

What is the vesting schedule for Jason Adair’s RSUs at Liquidia (LQDA)?

The RSUs vest with 25% on January 11, 2027, the Initial Vesting Date, and 6.25% every three months after that, so long as he remains eligible under the award terms.

How many performance stock units (PSUs) did Jason Adair receive from Liquidia (LQDA)?

Jason Adair was granted 41,525 performance stock units (PSUs) on January 16, 2026. These PSUs convert into common stock on a one-for-one basis.

What conditions affect vesting of Jason Adair’s Liquidia PSUs tied to YUTREPIA sales?

The 41,525 PSUs vest based on both time and a milestone: vesting depends on the applicable percentage tied to 2026 net product sales revenue from YUTREPIA as disclosed in Liquidia’s FY2026 Form 10-K.

How many Liquidia (LQDA) shares does Jason Adair beneficially own after these grants?

Following the reported transactions, Jason Adair beneficially owned 211,857 shares of Liquidia common stock and 41,525 PSUs, all held directly.

Are Jason Adair’s Liquidia equity awards reported as directly owned?

Yes. Both the common stock and the performance stock units reported in this Form 4 are listed as direct (D) ownership with no indirect ownership entity noted.